Archive for category American People
Source: Credit Suisse Global Wealth Databook 2014
Financialization of the economy is both a symptom and a major cause of inequality. Financialization is when making money from money becomes more important than providing real goods and services. It’s characterized by risky asset bubbles and periodic crashes that affect everyone in the 99 Percent because we’re not “too big to fail.” Les Leopold: “Wall Street is out of control. Once deregulation started 30 years ago, money has gushed to the top as Wall Street was free to find more and more unethical ways to fleece us.”
The result: Despite the fact we’re the richest country in the world, U.S. median wealth is just $53,352 according to the Credit Suisse Global Wealth Databook (PDF).
The U.S. continues to lead the world in billionaires (571 in 2014, with China a distant second at 190). But after decades of financial deregulation and attacks on employee rights, Americans rank 26th in median wealth (defined as assets owned, minus debts owed for the person on the middle rung of the wealth ladder).
The Gini index for the USA has risen to 84.6 (with 0 representing perfect equality and 100 representing perfect inequality). Very few countries can top that, and not by much.
h/t Think Progress.
From the travel website Skift:
We asked Americans, using Google Consumer Surveys, “Heading into Fall, how many vacation days have you taken so far this year?” The majority, almost 51 percent, say they haven’t taken a single vacation day in 2014 so far.
About 15 percent of Americans say they have taken more than 10 vacation days this year, while the rest is split between those who took fewer than 5, and those who took between 5-10 vacation days this year.
The other topline result from the breakdown, as you will see in the charts below: Women, young, old,and the lower-income Americans are the ones taking the least amount of vacations.
Of course, nearly 1 in 4 US workers don’t get any paid vacation days.
Nearly a quarter of the American private-sector workforce, some 26 million workers, doesn’t get paid time off, according to the Bureau of Labor Statistics — compared with less than one-fifth in the 1990s.The United States is the only advanced economy that doesn’t guarantee paid vacation and one of only 13 countries in the world not to do so, according to the World Policy Analysis Center at the University of California Los Angeles.
The American middle class was great, while it lasted.
Posted sans comment: the never ending series. This time, since I don’t comment, the quoted commentary is provided by some of the rightwing blogs that I read each week. Enjoy….
Because cable TV news has this event blacked out, even MSNBC. It’s happening in Manhattan, right under the noses of the media elite, and they won’t report about it.
Tom Engelhardt: Is Climate Change a Crime Against Humanity?
From two scientific studies just released, for example, comes the news that the West Antarctic ice sheet, one of the great ice accumulations on the planet, has now begun a process of melting and collapse that could, centuries from now, raise world sea levels by a nightmarish 10 to 13 feet. That mass of ice is, according to the lead authors of one of the studies, already in “irreversible retreat,” which means — no matter what acts are taken from now on — a future death sentence for some of the world’s great cities. (And that’s without even the melting of the Greenland ice shield, not to speak of the rest of the ice in Antarctica.)
UPDATE: OK, MSNBC is now reporting that well over 100,000 marchers are on the streets. They have a reporter doing a live shot now (10:30 am).
NEW YORK — More than 400,000 people turned out for the People’s Climate March in New York City on Sunday, just days before many of the world’s leaders are expected to debate environmental action at the United Nations climate summit.
If these people are standing up for children, why is everybody sitting down?
Sorry, I just thought it was funny.
Via Mark Gongloff, HuffPo.
More than 45 million people, or 14.5 percent of all Americans, lived below the poverty line last year, the Census Bureau reported on Tuesday. The percentage of Americans in poverty fell from 15 percent in 2012, the biggest such decline since the year 2000. But the level of poverty is still higher than 12.3 percent in 2006, before the recession began.
The percentage of Americans in poverty went up sharply from 1989 to 1992. Then it went down from 1993 to 2000. Then it went up again from 2001 to 2010. Then it started trending downward, slowly. Does anyone see a connection to politics?
DSWright: Poverty Unchanged By Wall Street Recovery
Trickle-down economics has consistently failed everywhere and every time it has been tried. The theory is simply wrong.
Reportedly 18% of workers in the U.S. now can’t afford to retire.
Lynn Stuart Parramore on AlterNet interviews journalist Jessica Bruder, who gives a bleak picture of the many older Americans who are forced to work past retirement age, and concludes:
The social contract is falling apart. With the death of pensions and the increase of short-term, temporary jobs bearing no benefits, we’re moving toward a winner-take-all economy with no safety net to help people weather hard times.
Lance Roberts looked at employment statistics and found:
With 24% of “baby boomers” postponing retirement, due to an inability to retire, it is not surprising that the employment level of individuals OVER the age of 65, as a percent of the working age population 16 and over, has risen sharply in recent years.
Can’t find a job? Blame grandma
The recent events in Ferguson have put a larger spotlight on racism then usual. I ran across this small portion of a 1971 interview with Muhammad Ali.
Ali is a special guy. He was arrogant to a fault, spit in the eye of the military industrial complex, denounced the power structure, religious leanings and bigotry of his country and is beloved by all.
This is why:
The Obama administration’s foreign policy approach (Don’t do stupid stuff) has been unbelievably better than the Bush administration’s approach (do as much stupid stuff as possible).
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