Narrated public lecture of growing u.s. income inequality

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Growing income inequality in the United States, 2011

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Narrated public lecture of growing u.s. income inequality

  1. 1. Growing U.S. Income Inequality<br />A Lecture Presented for the Osher Program<br />San Diego State University<br />April 18, 2011<br />Denny Braun, Ph.D.<br />Professor Emeritus of Sociology<br />Minnesota State University<br />1<br />
  2. 2. 2<br />
  3. 3. Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)</li></li></ul><li>Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)
  4. 4. The middle class is shrinking</li></li></ul><li>Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)
  5. 5. The middle class is shrinking
  6. 6. Poverty has been increasing</li></li></ul><li>Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)
  7. 7. The middle class is shrinking
  8. 8. Poverty has been increasing
  9. 9. U.S. Multinational Corporations cause more inequality both in the U.S. and in the World</li></li></ul><li>Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)
  10. 10. The middle class is shrinking
  11. 11. Poverty has been increasing
  12. 12. U.S. Multinational Corporations cause more inequality both in the U.S. and in the World
  13. 13. Huge inequalities exist between U.S. locales</li></li></ul><li>Major Findings in my Book:<br /><ul><li>Absolute income inequality is increasing (the rich are “getting richer”!)
  14. 14. The middle class is shrinking
  15. 15. Poverty has been increasing
  16. 16. U.S. Multinational Corporations cause more inequality both in the U.S. and in the World
  17. 17. Huge inequalities exist between U.S. locales
  18. 18. The growth of relative income inequality is </li></ul>not only continuous but has become explosive <br />
  19. 19. A basic truth about absolute income differencesis that the U.S. is NOT the richest country!<br />Source: Inter-national Monetary Fund<br />9<br />
  20. 20. 10<br />
  21. 21. The Best and Worst States on Median Household Income<br />Source: U.S. Census Bureau, American Community Surveys, 2008 and 2009<br />11<br />
  22. 22. 12<br />
  23. 23. 13<br />
  24. 24. Percent Change in Median Household Income <br />Within Last Two Decades (2009 Dollars)<br />14<br />
  25. 25. Who are the poor?<br /><ul><li>What are their characteristics?
  26. 26. Where do they live?
  27. 27. Have their numbers increased over time?
  28. 28. How about the rate of poverty? Is that unchanged?</li></li></ul><li>16<br />
  29. 29. Source: U.S. Census, Income, Poverty, and Health Insurance Coverage (Sep., 2010)<br />
  30. 30. Source: U.S. Census, Income, Poverty, and Health Insurance Coverage (Sep., 2010)<br />
  31. 31. 19<br />
  32. 32. Facts About U.S. Poverty<br /><ul><li>How “poor” is poor? It depends on your family size and your age. In 2009, if you were a single mom with 2 kids under 18, you were “poor” if your annual income was $17,285 or less. For a single person over 65 years old, the cut off was $ 10,289.</li></li></ul><li>Facts About U.S. Poverty<br /><ul><li>How “poor” is poor? It depends on your family size and your age. In 2009, if you were a single mom with 2 kids under 18, you were “poor” if your annual income was $17,285 or less. For a single person over 65 years old, the cut off was $ 10,289.
  33. 33. Within the past decade, the poverty rate has increased 27% for all persons, and 30% for all families. </li></li></ul><li>Facts About U.S. Poverty<br /><ul><li>How “poor” is poor? It depends on your family size and your age. In 2009, if you were a single mom with 2 kids under 18, you were “poor” if your annual income was $17,285 or less. For a single person over 65 years old, the cut off was $ 10,289.
  34. 34. Within the past decade, the poverty rate has increased 27% for all persons, and 30% for all families.
  35. 35. Thus, the poor grew by 12 million in the past decade, totally obliterating the 4 million reduction in poor persons that occurred in the 1990s.</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>The number of Americans who are poor today, over 43 million, is at an all time high and surpasses the population of most nations. One of every 7 persons in our country is poor!</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>The number of Americans who are poor today, over 43 million, is at an all time high and surpasses the population of most nations. One of every 7 persons in our country is poor!
  36. 36. Many, many Americans have such low incomes that they are on the brink of poverty at all times. In the four year period (2004-2007), just before the onset of The Great Recession, nearly one in three Americans fell into poverty for 2 or more months. The 2008-2011 figures will surely be even grimmer!</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>Lastly, one of 11 elderly (65 and over) and 1 of 5 children are living under poverty today. </li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li> Lastly, one of 11 elderly (65 and over) and 1 of 5 children are living under poverty today.
  37. 37. These two innocent, vulnerable groups comprise 44% of poor people, approaching the 20 million mark.</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li> Lastly, one of 11 elderly (65 and over) and 1 of 5 children are living under poverty today.
  38. 38. These two innocent, vulnerable groups comprise 44% of poor people, approaching the 20 million mark.
  39. 39. Unfortunately, the United States does not do a very good job protecting our poor through social services and other governmental programs.</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>The U.S. has an initial poverty rate lower than many of our industrial peers (26.3%, compared to Sweden’s 26.7%, Germany’s 33.6%, U.K.’s 26.3%, Japan’s 26.9%).</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>The U.S. has an initial poverty rate lower than many of our industrial peers (26.3%, compared to Sweden’s 26.7%, Germany’s 33.6%, U.K.’s 26.3%, Japan’s 26.9%).
  40. 40. After taxes and transfers, however, our poverty rate only declines to 17.1%. Of the 20 advanced countries, we are last in reduction.</li></li></ul><li>Facts About U.S. Poverty (Cont.)<br /><ul><li>The U.S. has an initial poverty rate lower than many of our industrial peers (26.3%, compared to Sweden’s 26.7%, Germany’s 33.6%, U.K.’s 26.3%, Japan’s 26.9%).
  41. 41. After taxes and transfers, however, our poverty rate only declines to 17.1%. Of the 20 advanced countries, we are last in reduction.
  42. 42. For example, Sweden goes down to 5.3%, Germany to 11%, U.K. to 8.3%, and Japan to 14.9%. (Source: Org. for Economic Cooperation & Development - OECD)</li></li></ul><li>31<br />
  43. 43. The Best and the Worst in 2009 on Poverty Rates <br />Source: U.S. Census Bureau, American Community Survey, 2009<br />
  44. 44. 33<br />
  45. 45. Poverty translates into Hunger<br /><ul><li>About 15% of U.S. Households experienced “food insecurity” in 2009—which translates to over 17 million American families.</li></ul>Source: USDA, Economic Research Report No. (ERR-108), Nov. 2010<br />
  46. 46. Poverty translates into Hunger<br /><ul><li>About 15% of U.S. Households experienced “food insecurity” in 2009—which translates to over 17 million American families.
  47. 47. These households were stalked by hunger and at times did not have enough money to buy enough food at various times during the year.</li></ul>Source: USDA, Economic Research Report No. (ERR-108), Nov. 2010<br />
  48. 48. Poverty translates into Hunger<br /><ul><li>About 15% of U.S. Households experienced “food insecurity” in 2009—which translates to over 17 million American families.
  49. 49. These households were stalked by hunger and at times did not have enough money to buy enough food at various times during the year.
  50. 50. Nearly 7 million households (with one million children) had such severe financial problems that they were forced to miss meals on a regular basis.</li></ul>Source: USDA, Economic Research Report No. (ERR-108), Nov. 2010<br />
  51. 51. Poverty translates into Hunger (Cont.)<br /><ul><li>The number of households with hunger is at an all-time high since data began to be gathered in 1995.</li></ul>Source: USDA, Economic Research Report No. (ERR-108), Nov. 2010<br />
  52. 52. Poverty translates into Hunger (Cont.)<br /><ul><li>The number of households with hunger is at an all-time high since data began to be gathered in 1995.
  53. 53. The number of households experiencing hunger has tripled in the 3 years between 2006 and 2009.</li></ul>Source: USDA, Economic Research Report No. (ERR-108), Nov. 2010<br />
  54. 54. 39<br />
  55. 55. How is the American Middle Class Doing? In one word—”Badly”!<br />
  56. 56. How is the American Middle Class Doing? In one word—”Badly”!<br />Since peaking in 1999 (at $38,720), median earnings for male workers is 6% lower eleven years later ($36,331 in 2009).<br />
  57. 57. How is the American Middle Class Doing? In one word—”Badly”!<br />Since peaking in 1999 (at $38,720), median earnings for male workers is 6% lower eleven years later ($36,331 in 2009)<br />Female workers have done slightly better, going from $23,738 to $26,030 in the same period—a 9.7% increase.<br />
  58. 58. How is the American Middle Class Doing? In one word—”Badly”!<br />Since peaking in 1999 (at $38,720), median earnings for male workers is 6% lower eleven years later ($36,331 in 2009)<br />Female workers have done slightly better, going from $23,738 to $26,030 in the same period—a 9.7% increase<br />Thus, in a two-earner, husband/wife family, earnings have been stagnant for 10 years.<br />
  59. 59. How is the American Middle Class Doing? In one word—”Badly”!<br />Even more threatening is anemic job growth. Only 7 million new jobs were created in 2002-2007 (before the crash)—compared to 20 million created in the same 5-year period in the 1990s.<br />
  60. 60. How is the American Middle Class Doing? In one word—”Badly”!<br />Even more threatening is anemic job growth. Only 7 million new jobs were created in 2002-2007 (before the crash)—compared to 20 million created in the same 5-year period in the 1990s.<br />The Bottom Line: Fewer Americans are employed today than a decade ago, despite our population growing by 25 million.<br />
  61. 61. 46<br />
  62. 62. How have the very rich been doing?<br />
  63. 63. How have the very rich been doing?<br />In 2007, just before the Great Recession hit us, the top 25 CEOs of investment houses “earned” $22 billion (about the GDP of Costa Rica). The top 5 managers each got over $1 billion. (Page and Jacobs)<br />
  64. 64. How have the very rich been doing?<br />In 2007, just before the Great Recession hit us, the top 25 CEOs of investment houses “earned” $22 billion (about the GDP of Costa Rica). The top 5 managers each got over $1 billion! (Page and Jacobs)<br />In 2007, America’s top 1% of earners received 23% of the nation’s total income (almost triple the 8% share they got in 1980). (Robert Reich)<br />
  65. 65. How have the very rich been doing?<br />In the 1960s, CEOs of major American companies earned 25 times the wages of their typical workers; by 1980 40 times; by 1990 100 times; by 2007 350 times. (Robert Reich). As of 2009, Michael Hiltzik (LA TIMES) reported a Harvard study putting this ratio at 411 to 1.<br />
  66. 66. How have the very rich been doing?<br />In the 1960s, CEOs of major American companies earned 25 times the wages of their typical workers; by 1980 40 times; by 1990 100 times; by 2007 350 times. (Robert Reich). As of 2009, Michael Hiltzik (LA TIMES) reported a Harvard study putting this ratio at 411 to 1.<br />The combined wealth in 2005 of Sam Walton’s family at $90 billion (Walmart ), Bill Gates (Microsoft) at $46 billion, and Warren Buffet at $44 billion is much more than the $95 billion combined wealth of the bottom 40% in the U.S. In short, 3 families own as much as 120 million Americans. (Robert Reich) <br />
  67. 67. Average Pay of Top 500 Corporate CEOs, 1989 - 2009<br />Source: Forbes.com. Pay is in constant 2008 dollars<br />52<br />
  68. 68. Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is<br /><ul><li>When asked how much they believe typical corporate CEOs “earn” in a year, Americans estimate their pay at $500,000 (20 times that of unskilled workers or sales clerks).</li></li></ul><li>Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is<br /><ul><li>When asked how much they believe typical corporate CEOs “earn” in a year, Americans estimate their pay at $500,000 (20 times that of unskilled workers or sales clerks).
  69. 69. In reality, the CEOs of the largest Standard and Poors 500 corporations make $14 million per year. (See Jacobs and Page, CLASS WAR). </li></li></ul><li>Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is<br /><ul><li> When asked how much they believe typical corporate CEOs “earn” in a year, Americans estimate their pay at $500,000 (20 times that of unskilled workers or sales clerks).
  70. 70. In reality, the CEOs of the largest Standard and Poors 500 corporations make $14 million per year. (See Jacobs and Page, CLASS WAR).
  71. 71. This is 700 times more than the average factory worker and 540 times the salary of the average sales clerk!</li></li></ul><li>Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is (Cont.)<br /><ul><li>Hacker and Pierson (WINNER TAKE ALL POLITICS) assert that these CEOs form the bulk of the top 0.1% of income recipients.</li></li></ul><li>Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is (Cont.)<br /><ul><li>Hacker and Pierson (WINNER TAKE ALL POLITICS) assert that these CEOs form the bulk of the top 0.1% of income recipients.
  72. 72. This top 0.1% increased their share of all income from 2.7% in 1974 to 12.3% in 2007.</li></li></ul><li>Most Americans are Woefully Ignorant about How Exorbitant CEO Corporate Pay Actually Is<br /><ul><li>Hacker and Pierson (WINNER TAKE ALL POLITICS) assert that these CEOs and their lieutenants form the bulk of the top 0.1% of income recipients.
  73. 73. This top 0.1% increased their share of all income from 2.7% in 1974 to 12.3% in 2007.
  74. 74. When the capital gains of this richest 1-in-1000 is counted, this equals $1 trillion per year.</li></li></ul><li>Economic Policy Institute 2011<br />59<br />
  75. 75. 60<br />
  76. 76. The 7 Highest Paid CEO Layoff Leaders<br />Source: Institute for Policy Studies<br />61<br />
  77. 77. 62<br />
  78. 78. What About “Relative” Income Inequality?<br />63<br />
  79. 79. What About “Relative” Income Inequality?<br /><ul><li>It was PresidentJohn Kennedy who termed the phrase—”A Rising Tide Lifts All Boats”—meaning the poor also benefit from economic growth.</li></li></ul><li>What About “Relative” Income Inequality?<br /><ul><li>It was President John Kennedy who termed the phrase—”A Rising Tide Lifts All Boats”—meaning the poor also benefit from economic growth.
  80. 80. It is true that our Real GDP doubled between 1983-2007 while our population increased only by one-third, i.e., per capita real GDP actually did grow over this past quarter century.</li></li></ul><li>What About “Relative” Income Inequality?<br /><ul><li>It was John Kennedy who termed the phrase—”A Rising Tide Lifts All Boats”—meaning the poor also benefit from economic growth.
  81. 81. It is true that our Real GDP doubled between 1983-2007 while our population increased only by one-third, i.e., per capita real GDP actually did grow over this past quarter century.
  82. 82. On average, then, Americans should be better off—but this is definitely not the case.</li></li></ul><li>What About “Relative” Income Inequality?<br /><ul><li>It was John Kennedy who termed the phrase—”A Rising Tide Lifts All Boats”—meaning the poor also benefit from economic growth.
  83. 83. It is true that our Real GDP doubled between 1983-2007 while our population increased only by one-third, i.e., per capita real GDP actually did grow over this past quarter century.
  84. 84. On average, then, Americans should be better off—but this is definitely not the case.
  85. 85. To get a better idea of who benefits vs. those who do not, researchers often divide income recipients into fifths (called Quintiles, or 20% segments).</li></li></ul><li>What About “Relative” Income Inequality?<br /><ul><li> It was John Kennedy who termed the phrase—”A Rising Tide Lifts All Boats”—meaning the poor also benefit from economic growth.
  86. 86. It is true that our Real GDP doubled between 1983-2007 while our population increased only by one-third, i.e., per capita real GDP actually did grow over this past quarter century.
  87. 87. On average, then, Americans should be better off—but this is definitely not the case.
  88. 88. To get a better idea of who benefits vs. those who do not, income recipients are often divided into fifths (Quintiles, or 20% segments).
  89. 89. If income were even, each pie slice would be the same size.</li></li></ul><li>Percent of all Household Income Received <br />by each Quintile (5th): 2009<br />Source: U.S. Census Bureau, Current Population Reports, P60-238, Income, Poverty, and Health Insurance Coverage in the United States: 2009<br />Note: Top 5% received 21.7% of ALL household income in the U.S.<br />69<br />
  90. 90. 70<br />
  91. 91. 71<br />
  92. 92. Some Dramatic Shifts<br /><ul><li>Between 1945 and 1980, incomes increased on average by $19,000. While the richest 10% of our population captured over 1/3 of this growth in real dollars, the bottom 90% still received the other 2/3rds of the income increase.</li></li></ul><li>Some Dramatic Shifts<br /><ul><li>Between 1945 and 1980, incomes increased on average by $19,000. The richest 10% of our population captured over 1/3 of this growth in real dollars, but the bottom 90% still received the other 2/3rds of the increase.
  93. 93. Real income rose another $12,000 in the 27 years between 1981 and 2008. BUT—the richest 10% got almost all of this increase of income (96%), while the bottom 90% received only 4% of the growth. In short, the very great majority of Americans have simply been totally shut out of any increase in living standards.</li></ul>73<br />
  94. 94. 74<br />
  95. 95. (Y-Axis)<br />(X-Axis)<br />75<br />
  96. 96. 76<br />
  97. 97.
  98. 98. Family Income Gini Score by Country: 2009<br />Source: CIA- The World Factbook 2009<br />78<br />
  99. 99. Most Equal Country<br />Most Unequal Country<br />Gini<br />Gini<br />Source: CIA, The World Factbook 2009<br />79<br />
  100. 100. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />80<br />
  101. 101. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />
  102. 102. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />
  103. 103. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />
  104. 104. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />
  105. 105. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />High infant mortality rates (nations)<br />
  106. 106. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />High infant mortality rates (nations)<br />Lower life expectancy (nations)<br />
  107. 107. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />High infant mortality rates (nations)<br />Lower life expectancy (nations)<br />High rates of Mental Illness (nations)<br />
  108. 108. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />High infant mortality rates (nations)<br />Lower life expectancy (nations)<br />High rates of Mental Illness (nations)<br />Low rates of contraceptive usage (nations)<br />
  109. 109. Why worry about relative income inequality?Research shows that high relative income inequality is associated with:<br />High homicide Rates (nations and U.S. states)<br />High rates of imprisonment (nations and U.S. States)<br />High Teen Birthrates (nations and states)<br />High rates of illegal drug use (nations)<br />High infant mortality rates (nations)<br />Lower life expectancy (nations)<br />High rates of Mental Illness (nations)<br />Low rates of contraceptive usage (nations)<br />Lower access to safe water (nations)<br />
  110. 110. For detailed charts and graphs exploring these findings, see: Richard Wilkinson and Kate Pickett, THE SPIRIT LEVEL: WHY GREATER EQUALITY MAKES SOCIETIES STRONGER, 2009. <br />See especially their free, downloadable Power Point presentation at www.equalitytrust.org.uk<br />
  111. 111. 91<br />
  112. 112.
  113. 113.
  114. 114. Source: General Social Survey (GSS) Data<br />94<br />
  115. 115. 95<br />
  116. 116. 96<br />
  117. 117. 97<br />
  118. 118.
  119. 119. 99<br />
  120. 120. 100<br />
  121. 121. What is to be Done?Policies at the National Level<br /><ul><li>Allow the Bush-era tax cuts for the very rich to expire.
  122. 122. Since 1995, the richest 400 households have had their taxes cut 45%, or $46 million per household per year.
  123. 123. Even for those earning $1 million per year, their tax cut equals $128,000 annually.
  124. 124. For those with middle class incomes, our yearly tax cut savings comes to $300.
  125. 125. If these “temporary” tax cuts are discontinued, $1 trillion will be gained over the next decade, making it easier to finally balance our national budget.</li></ul>101<br />
  126. 126. What is to be Done?Policies at the National Level<br /><ul><li>Allow the Bush-era tax cuts for the very rich to expire.
  127. 127. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)</li></li></ul><li>What is to be Done?Policies at the National Level<br /><ul><li> Allow the Bush-era tax cuts for the very rich to expire.
  128. 128. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)
  129. 129. Invest in R & D (cutting-edge Green Technology)</li></li></ul><li>What is to be Done?Policies at the National Level<br /><ul><li> Allow the Bush-era tax cuts for the very rich to expire.
  130. 130. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)
  131. 131. Invest in R & D (cutting-edge Green Technology)
  132. 132. Re-industrialize our country, especially hi-tech areas!</li></li></ul><li>What is to be Done?Policies at the National Level<br /><ul><li> Allow the Bush-era tax cuts for the very rich to expire.
  133. 133. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)
  134. 134. Invest in R & D (cutting-edge Green Technology)
  135. 135. Re-industrialize our country, especially hi-tech areas!
  136. 136. Continue to fully fund our public university system—the envy of the world and the font of our national productivity.</li></li></ul><li>What is to be Done?Policies at the National Level<br /><ul><li> Allow the Bush-era tax cuts for the very rich to expire.
  137. 137. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)
  138. 138. Invest in R & D (cutting-edge Green Technology)
  139. 139. Re-industrialize our country, especially hi-tech areas!
  140. 140. Continue to fully fund our public university system—the envy of the world and the font of our national productivity.
  141. 141. Reduce our national debt.</li></li></ul><li>What is to be Done?Policies at the National Level<br /><ul><li> Allow the Bush-era tax cuts for the very rich to expire.
  142. 142. Cut defense spending/stop fighting needless wars (Stiglitz estimates the Iraq War has cost $3 trillion)
  143. 143. Invest in R & D (cutting-edge Green Technology)
  144. 144. Re-industrialize our country, especially hi-tech areas!
  145. 145. Continue to fully fund our public university system—the envy of the world and the font of our national productivity.
  146. 146. Reduce our national debt.
  147. 147. Reinstate more progressive tax rates to protect the middle class (see Robert Reich, AFTERSHOCK, NY: Knopf, 2010). </li></li></ul><li>What is to be Done?Personal Actions You Can Take<br />
  148. 148. What is to be Done?Personal Actions You Can Take<br /><ul><li>“Thing Globally—Act Locally”. Join local action groups that address social ills (hunger, homelessness, political advocacy, etc.)</li></li></ul><li>What is to be Done?Personal Actions You Can Take<br /><ul><li> “Thing Globally—Act Locally”. Join local action groups that address social ills (hunger, homelessness, political advocacy, etc.)
  149. 149. Consume less, and when you do—buy carefully, e.g., coops. (Sounds Un-American—right?) Read Annie Leonard, THE STORY OF STUFF.</li></li></ul><li>What is to be Done?Personal Actions You Can Take<br /><ul><li> “Thing Globally—Act Locally”. Join local action groups that address social ills (hunger, homelessness, political advocacy, etc.)
  150. 150. Consume less, and when you do—buy carefully, e.g., coops. (Sounds Un-American—right?) Read Annie Leonard, THE STORY OF STUFF.
  151. 151. Read widely (NEVER STOP LEARNING), use unbiased news sources/avoid hate-mongering broadcast media pundits, e.g., beware of the FOX in the hen-house.</li></li></ul><li>What is to be Done?Personal Actions You Can Take<br /><ul><li>“Thing Globally—Act Locally”. Join local action groups that address social ills (hunger, homelessness, political advocacy, etc.)
  152. 152. Consume less, and when you do—buy carefully, e.g., coops. (Sounds Un-American—right?) Read Annie Leonard, THE STORY OF STUFF.
  153. 153. Read widely (NEVER STOP LEARNING), use unbiased news sources/avoid hate-mongering broadcast media pundits, e.g., beware of the FOX in the hen-house.
  154. 154. Use “social cause” VISA cards like WORKING ASSETS.</li></li></ul><li>What is to be Done?Personal Actions You Can Take (Cont.)<br /><ul><li>Invest your retirement, IRAs, 401K money in Social Responsible Investment (SRI) funding companies that “Do No Evil”, e.g., Calvert Fund.</li></li></ul><li>What is to be Done?Personal Actions You Can Take (Cont.)<br /><ul><li>Invest your retirement, IRAs, 401K money in Social Responsible Investment (SRI) funding companies that “Do No Evil”, e.g., Calvert Fund.
  155. 155. Avoid simplistic, extremist politicians hawking know-nothing solutions (cutting taxes will not solve all of our problems, but only reward the rich).</li></li></ul><li>What is to be Done?Personal Actions You Can Take (Cont.)<br /><ul><li>Invest your retirement, IRAs, 401K money in Social Responsible Investment (SRI) funding companies that “Do No Evil”, e.g., Calvert Fund.
  156. 156. Avoid simplistic, extremist politicians hawking know-nothing solutions (cutting taxes will not solve all of our problems, but only reward the rich).
  157. 157. Network, Network, Network—especially through the internet. Power accrues to individuals when they act as groups!</li></li></ul><li>What is to be Done?Personal Actions You Can Take (Cont.)<br /><ul><li>Invest your retirement, IRAs, 401K money in Social Responsible Investment (SRI) funding companies that “Do No Evil”, e.g., Calvert Fund.
  158. 158. Avoid simplistic, extremist politicians hawking know-nothing solutions (cutting taxes will not solve all of our problems, but only reward the rich).
  159. 159. Network, Network, Network—especially through the internet. Power accrues to individuals when they act as groups!
  160. 160. Fatal acceptance leads to defeat. Never lose hope! To preserve equality and democracy, we must not fail to act.</li></li></ul><li>Questions or Comments?<br />Thank You so much!<br />

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