Archive for category Equality
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.
Martin Longman’s take at Washington Monthly is apt:
Officer Darren Wilson should have been given the opportunity to defend his actions in a court of law. He could well have won an acquittal. But what’s clear is that the moment after he ended Michael Brown’s life, the system went into overdrive to protect him and to justify what he had done. They made sure that killing Michael Brown was not a crime. It wasn’t even maybe a crime. It was just what police officers do in America without having to worry that they might have to answer for it in court.
Seattle-based venture capitalist Nick Hanauer offers a smart policy proposal that President Obama could implement with a stroke of the pen. The President could raise wages and create jobs by directing the Department of Labor to expand the number of workers who can receive overtime pay. Sign the petition.
More from Democracy for America:
President Obama: Expand overtime pay!
We urge you to instruct the Department of Labor to significantly expand the number of workers eligible for federal overtime pay. By raising the salary threshold to $69,000, we would finally achieve the same eligibility for overtime pay that we had in 1975.
We also urge you to revise the rules in order to reduce the number of exemptions from overtime pay. Teachers, federal employees, doctors, computer professionals (anyone who uses a computer), and many more professional workers have been working overtime and increasing their productivity but aren’t seeing the benefits of their labor. They should also be eligible for overtime pay.
Revise the rules to expand overtime pay without delay.
Whatever Happened to Overtime?
Washington Post-ABC News poll Oct. 23-26, 2014
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.
Faux News Channel host Elisabeth Hasselbeck accidentally pulverized the Utah Civics Education Initiative in one interview. Raw Story:
On Monday, Utah Civics Education Initiative co-chair Lorena Riffo-Jensen told Hasselbeck that requiring a civics test was a good first step for encouraging students to be involved in the community.
Hasselbeck suggested taking the idea “one step further” by requiring a test to vote.
It might make elections “more meaningful,” she said. OK, what could possibly go wrong?
Civics education is important, especially if students learn the extent to which our political system has become corrupt and dysfunctional. But any educational change that Overstock.com is pushing makes me very suspicious – millionaire Patrick Byrne, the founder of Overstock, you may recall, was a driving force in the failed attempt 7 years ago to institute a private school voucher system in Utah that would have undermined public education.
Lets be clear for a moment. Rush Limbaugh is one of the most disgusting pieces of raw sewage to ever be flushed through the pipes of the waste system that we call American conservatism. There is no good reason for his continued existence, let alone his being allowed on Armed Forces radio. To refer to him as a waste of good air assumes that he breathes, rather than just drawing power from the festering pile of ignorance that he stores where others have a soul.
But he said something right the other day. Something worth quoting. Something disturbing.
Read the rest of this entry »
At the Bundy Ranch standoff, so-called right-wing militia members aimed assault weapons at law enforcement officers. No arrests were made, and Cliven Bundy remains a free man. Last night in Ferguson, Missouri, an overwhelming police force including SWAT teams rampaged through residential streets firing stun grenades, tear gas, and rubber bullets. They attacked peaceful, unarmed protesters and arrested reporters. The city never imposed a curfew, which means citizens were supposed to be allowed to assemble and exercise their First Amendment rights.
Something is wrong. The media are blaming so-called “homeland security” and the militarization of even small-town police departments, which can buy a surplus MRAP from the Army for only $5,000 even if they don’t need one. Worse than that, there seems to be a trend of police use of deadly force against unarmed suspects – many of whom are being shot multiple times or shot in the back.
Ferguson Seeks Answers After Police Shooting Of Michael Brown
Does the Second Amendment Only Apply to White People?
Alderman, 2 reporters arrested as Ferguson erupts for 4th night
Did Police Use Excessive Force Against Ferguson Protesters?
Ferguson’s Police Got Free Military Gear Straight From The Pentagon
According to new research (PDF) supported by the Russell Sage Foundation, middle class Americans are getting poorer (OK, we knew that, but now the numbers are in – and they are startling).
For the study, researchers gathered information on families in the middle of the wealth distribution continuum. What they found is that in 2003, the inflation-adjusted net worth for the typical household was $87,992. Fast-forward 10 years: that figure is down to a mere $56,335.
Ordinary Americans got 36 percent poorer in just a decade.
…The upshot is that regular people have endured one of the worst periods in recent memory. It will not surprise you to learn that during the same decade of 2003-2013, the rich were partying down. In the 95th percentile of wealth distribution, people got 14 percent richer.
That oughta brighten your day.
h/t The Raw Story (Click on the X to make the ad go away)
Faux News host Bill O’Reilly chided his colleague Megyn Kelly on Thursday for saying income inequality might be a potent issue for Democrats in 2016, and predicted that Elizabeth Warren wouldn’t run for President because “all she wants to do is sell her dopey book.”
“You’re buying into this fraud, Kelly, and I’m very disappointed, so listen to the master,” O’Reilly told Kelly. “You worked your way up. Was there any war on you? Did anybody declare war on you?”
“I just destroyed this inequality myth,” O’Reilly concluded.
We didn’t really need more proof that Faux News inhabits an alternate universe, but here it is anyway.