This document provides an overview of class divisions in the United States. It discusses how the gap between rich and poor has widened since the 1980s. The top 1% of Americans now own around 40% of the country's wealth, while the bottom 50% own just 1% of wealth. It also shows how CEO salaries have risen dramatically compared to typical workers. While the U.S. economy has grown overall, median income and the middle class have shrunk. The goal of the presentation is to present facts about growing inequality in a neutral, non-political manner.
“Of all forms of tyranny, the least attractive and the most vulgar
is the tyranny of mere wealth, the tyranny of a plutocracy.”
Theodore Roosevelt, 1913.
Star-Gazette letters-to-the-editor By Gerald J. Furnkranz 2005-09Gerald Furnkranz
- Obama's first pitch at the MLB All-Star Game was widely considered weak and inaccurate, landing short of home plate, but the media portrayed it in a positive light to enhance Obama's image.
- The author argues that Obama and the media employ similar tactics of manipulation and embellishment to portray Obama's policies and performances in an unjustifiably positive manner and hide his shortcomings.
- The author believes Obama's policies will devastate the country's economy and that the media acts as an arm of Obama's publicity campaign by beautifying his image.
The document discusses the relationship between nation states, multinational corporations (MNCs), and transnational organizations in the global political and economic system. It argues that while nation states still dominate, MNCs and transnational bodies like the IMF and WTO also wield significant influence. Nation states determine economic rules but powerful MNCs can also influence weaker nations. These actors are interdependent: MNCs rely on stable nation states to operate, nation states need jobs and growth, and transnational organizations require nation state membership and funding. The relationships between these actors are examined through issues like economic cooperation, debt, and balance of payments. Zimbabwe is used as an example of a nation devastated by debt and economic mismanagement.
The newsletter discusses the growing economic divide in the US, with facts showing that the rich are getting richer while the middle class and poor are worse off. It argues the recovery reported in the news does not reflect most Americans' experiences. When the Federal Reserve stops stimulating the economy by buying bonds, interest rates will rise, which could trigger a recession worse than 2008 by hurting consumers and the housing/stock markets. The massive US debt also makes the economy vulnerable if interest rates return to historical levels.
1) Mexico has a population of over 111 million, with over 77% living in urban areas. It has a GDP of over $1.4 trillion, making it the 12th largest economy in the world.
2) Google currently has one office in Mexico City. It sees potential for growth in Mexico given the rising internet and smartphone usage. Nearly 23 million Mexicans now use the internet.
3) However, Mexico also faces major economic challenges like income inequality and poverty. The richest 10% of Mexicans control 41% of the country's wealth, while over 18% live below the poverty line. This presents obstacles for Google's continued expansion.
Getting The Rural Swagger Back is a keynote speech about revitalizing rural communities. It discusses how rural areas are facing challenges like declining populations and economic difficulties. However, it also notes opportunities like a growing interest among younger and retiring generations in rural living. The speech advocates developing a positive vision that emphasizes community, self-sufficiency, and cultural values to attract new residents and boost rural economies. It provides examples of shareable economies, local food systems, and renewable energy to demonstrate rural sustainability and resilience.
Reform COVID19's Inequality to Avoid RevolutionsPaul H. Carr
COVID19 amplifies inequality, increasing tensions between poor Blacks, Whites, Police, and Immigrants. Economically disadvantaged Blacks joined by Whites are taking to the streets to demand reform. Economic inequality contributed to the French Revolution and to our Civil War, with the most casualties in our history.
We need reform to prevent revolutions. Karl Marx’s wrote his 1847 Communist Manifesto in response the newly rich industrialist’s exploitation of the poor workers in England. During this time, author Charles Dickens, as a boy, had to work ten-hour shifts pasting labels on bottles to support this family, because his father was confined in Debtor’s Prison.
In 1917,Trotsky led the Communist Revolution in Russia that ousted the Tsars’ monarchy. In 1924 Stalin emerged as the leader of the USSR. After WWII, the US fought the Korean and Vietnam Wars to stop the Communists from overrunning the world.
The rich, miserly Scrooge in Charles Dickens’ “Christmas Carol” underwent a conversion to a generous person who celebrated Christmas. In contrast to the Communist revolution, this can be a metaphor for the rule of law that enabled the US to overcome worker exploitation. The US passed child, labor, and anti-trust laws that constrained the power of the rich industrialists.
Since the 1980s, hourly worker pay has not increased in proportion to inflation and increased productivity. This disparity is increasing economic inequality. Most of the increased productivity pay has gone to those with education beyond a bachelor’s degree.
The minimum federal pay of $7.25 per hour has not been increased for over a decade. To keep up with inflation and productivity increases, the minimum wage should be gradually advanced to $ 20 per hour. Recently the minimum wage in Washington, DC increased to $14 per hour.
The property tax that funds public schools results in poor neighborhoods having poor schools and rich neighborhoods having good schools. State, federal, and corporate funds are needed to keep poor kids from being locked into poverty. Our high tech civilization needs an educated workforce. Let’s educate our poor rather than import educated immigrants. We must also reform our tax structure and corporate policies.
“Of all forms of tyranny, the least attractive and the most vulgar
is the tyranny of mere wealth, the tyranny of a plutocracy.”
Theodore Roosevelt, 1913.
Star-Gazette letters-to-the-editor By Gerald J. Furnkranz 2005-09Gerald Furnkranz
- Obama's first pitch at the MLB All-Star Game was widely considered weak and inaccurate, landing short of home plate, but the media portrayed it in a positive light to enhance Obama's image.
- The author argues that Obama and the media employ similar tactics of manipulation and embellishment to portray Obama's policies and performances in an unjustifiably positive manner and hide his shortcomings.
- The author believes Obama's policies will devastate the country's economy and that the media acts as an arm of Obama's publicity campaign by beautifying his image.
The document discusses the relationship between nation states, multinational corporations (MNCs), and transnational organizations in the global political and economic system. It argues that while nation states still dominate, MNCs and transnational bodies like the IMF and WTO also wield significant influence. Nation states determine economic rules but powerful MNCs can also influence weaker nations. These actors are interdependent: MNCs rely on stable nation states to operate, nation states need jobs and growth, and transnational organizations require nation state membership and funding. The relationships between these actors are examined through issues like economic cooperation, debt, and balance of payments. Zimbabwe is used as an example of a nation devastated by debt and economic mismanagement.
The newsletter discusses the growing economic divide in the US, with facts showing that the rich are getting richer while the middle class and poor are worse off. It argues the recovery reported in the news does not reflect most Americans' experiences. When the Federal Reserve stops stimulating the economy by buying bonds, interest rates will rise, which could trigger a recession worse than 2008 by hurting consumers and the housing/stock markets. The massive US debt also makes the economy vulnerable if interest rates return to historical levels.
1) Mexico has a population of over 111 million, with over 77% living in urban areas. It has a GDP of over $1.4 trillion, making it the 12th largest economy in the world.
2) Google currently has one office in Mexico City. It sees potential for growth in Mexico given the rising internet and smartphone usage. Nearly 23 million Mexicans now use the internet.
3) However, Mexico also faces major economic challenges like income inequality and poverty. The richest 10% of Mexicans control 41% of the country's wealth, while over 18% live below the poverty line. This presents obstacles for Google's continued expansion.
Getting The Rural Swagger Back is a keynote speech about revitalizing rural communities. It discusses how rural areas are facing challenges like declining populations and economic difficulties. However, it also notes opportunities like a growing interest among younger and retiring generations in rural living. The speech advocates developing a positive vision that emphasizes community, self-sufficiency, and cultural values to attract new residents and boost rural economies. It provides examples of shareable economies, local food systems, and renewable energy to demonstrate rural sustainability and resilience.
Reform COVID19's Inequality to Avoid RevolutionsPaul H. Carr
COVID19 amplifies inequality, increasing tensions between poor Blacks, Whites, Police, and Immigrants. Economically disadvantaged Blacks joined by Whites are taking to the streets to demand reform. Economic inequality contributed to the French Revolution and to our Civil War, with the most casualties in our history.
We need reform to prevent revolutions. Karl Marx’s wrote his 1847 Communist Manifesto in response the newly rich industrialist’s exploitation of the poor workers in England. During this time, author Charles Dickens, as a boy, had to work ten-hour shifts pasting labels on bottles to support this family, because his father was confined in Debtor’s Prison.
In 1917,Trotsky led the Communist Revolution in Russia that ousted the Tsars’ monarchy. In 1924 Stalin emerged as the leader of the USSR. After WWII, the US fought the Korean and Vietnam Wars to stop the Communists from overrunning the world.
The rich, miserly Scrooge in Charles Dickens’ “Christmas Carol” underwent a conversion to a generous person who celebrated Christmas. In contrast to the Communist revolution, this can be a metaphor for the rule of law that enabled the US to overcome worker exploitation. The US passed child, labor, and anti-trust laws that constrained the power of the rich industrialists.
Since the 1980s, hourly worker pay has not increased in proportion to inflation and increased productivity. This disparity is increasing economic inequality. Most of the increased productivity pay has gone to those with education beyond a bachelor’s degree.
The minimum federal pay of $7.25 per hour has not been increased for over a decade. To keep up with inflation and productivity increases, the minimum wage should be gradually advanced to $ 20 per hour. Recently the minimum wage in Washington, DC increased to $14 per hour.
The property tax that funds public schools results in poor neighborhoods having poor schools and rich neighborhoods having good schools. State, federal, and corporate funds are needed to keep poor kids from being locked into poverty. Our high tech civilization needs an educated workforce. Let’s educate our poor rather than import educated immigrants. We must also reform our tax structure and corporate policies.
A detailed review of the causes and effects of income inequality. Details on how extreme it is. Citation of many authors suggesting how it came about and what to do about it.
Sustain Demographic Dividend. Presentation in Italy_Dr. Wilcox. University of...InterMedia Consulting
In 2012, the World Family Map Project (WFMP) will launch a research initiative to track central indicators of family strength—i.e., indicators of family structure, family economic well-being, family processes, and family culture—around the globe, and to explore the associations between these strengths and the well-being of children.
The WFMP is designed to cast a spotlight on the welfare of children and families around the world, and to be a resource for governments, NGOs, policy makers, journalists, and others interested in the welfare of children and families.
The WFMP will be sponsored by Child Trends, a nonpartisan research organization in Washington, D.C., the National Marriage Project at the University of Virginia, and a range of universities and research institutes around the globe. W. Bradford Wilcox, associate professor of sociology and Director of the National Marriage Project at the University of Virginia, and Laura Lippman, senior research scientist at Child Trends, will co-direct the project, with advice from 12 other scholars from around the globe. Reynaldo Rivera at InterMedia Consulting is advising the project.
In the fall of 2012, the WFMP will release an international report featuring three pieces of new research:
1) An original article exploring the relationship between family structure, family economics, and children’s educational attainment in the developed world;
2) An original article exploring the relationship between family structure, family economics, and children’s educational attainment in the developing world; and,
3) A global map highlighting twenty of the latest trends in family structure, family economics, family process, and family culture in every major region of the world.
Why Baby Boomers Will Need To Work Longerlalitranka
Most US baby boomers are unprepared for retirement financially and will need to work longer to avoid a decline in living standards. Research shows that increasing the median retirement age by 2 years could add $13 trillion to GDP over 30 years and cut in half the number of unprepared households. However, barriers like healthcare costs, laws, and corporate attitudes need to change to allow and encourage longer careers for older workers. Adjusting policies around health insurance, flexible work arrangements, and pensions could help boomers and the economy.
This document discusses how changing US demographics, specifically the aging Baby Boomer generation and coming of age Millennials, will impact the economy and stock market in coming decades. It finds that while retiring Baby Boomers will slow economic growth, Millennials are a larger population now entering their peak spending years, supplemented by Generation X, providing strong economic demand to offset declining Baby Boomer consumption. Certain industries like housing and autos are positioned to benefit from these demographic tailwinds. Student loan debt is high but should not cause a financial crisis due to key differences from the mortgage crisis. The economy is projected to grow around 2.1% annually over the next decade due to demographic factors.
The price of_inequality_joseph_e_stiglitzUnico Coisa
This document is the preface to Joseph E. Stiglitz's book "The Price of Inequality". Stiglitz argues that protests around the world in 2011 showed that people felt economic and political systems had failed and were unfair. While specific grievances varied, shared themes included that markets were neither efficient nor stable, political systems failed to address problems, and both economic and political systems were fundamentally unfair. Stiglitz aims to explain how inequality is caused by and exacerbates failures in politics and the economy, creating a downward spiral. The consequences of high inequality include less stability, growth, and democracy that is captured by moneyed interests.
Economic journalism faces challenges in covering complex financial topics for general audiences. Major media outlets once dominated coverage but now face more competition from blogs and independent sources online. Journalists struggle with the speed and complexity of financial news, while also facing constraints from public relations. However, some efforts like Planet Money have found innovative ways to explain economic issues to broader audiences through multimedia reporting and entertainment-focused explanations. The future may involve more collaboration between reporters and use of new technologies to engage audiences.
This document calls citizens to action against large banks and corporations that do not pay taxes, have contributed to high unemployment and poverty rates, and have consolidated wealth at the expense of the middle class. It provides numerous statistics about the economic crisis and its impacts. It argues the current system is rigged in favor of the wealthy and controlled by lobbyists, not citizens, and calls for reform to return power to the people and sovereignty to governments over private banks that control money supply and lending practices.
El programa económico del Presidente BidenManfredNolte
Joe Biden tiene anti si una gigantesca tarea: deshacer la mala imagen de su antecesor pero emular sus incontestables éxitos económicos con acciones y políticas propias.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
PRESIDENT OBAMA’S JOURNEY FROM UNITED STATES OF AMERICA TO UNITED STATES OF S...Keshav Prasad Bhattarai
The Russian newspaper Pravda claims that Obama has brought socialism to America like communism failed in Russia. It asserts that Obama is promoting communist ideas without explicitly saying so. The article argues that Obama's policies of high spending, deficits, and debt are similar to the failed Soviet policies. It notes that several US states have submitted secession petitions due to economic suffering under Obama's leadership. The article criticizes Obama's rhetoric about helping the poor and blame on others, arguing his policies have not actually improved the economy or people's living standards.
2013 - Charting international labor comparisonsRichard Han
This document from the U.S. Bureau of Labor Statistics compares key economic measures such as GDP,
unemployment rates, labor costs, and inflation rates across various countries. It finds that while unemployment rates
recovered in most countries between 2010 and 2011, the U.S. unemployment rate in 2011 was about double what it
was in the late 1990s. The share of populations employed in agriculture dropped significantly in all countries except
the Netherlands, while employment in services increased in all countries to around 40% or more. Labor force
participation rates were higher for men than women in all countries, with the largest gaps found in Turkey, Mexico,
and South Korea.
The document discusses the causes and lessons of the global economic recession. It argues that the recession was not simply due to inadequate demand but also distorted supply, as economies lost the ability to grow through making useful things. Governments and households borrowed excessively to prop up growth. Rather than trying to return to unsustainable pre-crisis GDP levels through more borrowing and spending, governments need to address underlying economic flaws through policies like retraining workers, encouraging innovation, and making labor markets more competitive. Easy credit masked deeper problems, and debt-fueled growth proved unsustainable.
Capitalism and globalization will not solve poverty according to the expert interviewed. Nearly a quarter of the world's population lacks meaningful employment, showing these systems only benefit a powerful few. The future costs of the current global financial crisis are estimated to be over $8 trillion, or 13% of global output, exacerbating poverty. A new universal system is needed that allows all humans to live without want or need, as neither communism nor unregulated capitalism have achieved prosperity and peace for all.
The document discusses the economic inequality and budget crisis facing New York state as a result of the COVID-19 pandemic. It notes that inequality was already at its worst in the nation prior to the pandemic, and that austerity budgets over 12 years exacerbated racial disparities. The pandemic has further increased inequality and caused over 2 million job losses while billionaire wealth continues to rise. With a major budget gap, the document argues for raising taxes on the ultra-wealthy through various proposals in order to avoid deep cuts to essential public services.
1. The Davos 2016 conference focused on the theme of the Fourth Industrial Revolution and the technological changes impacting the global economy.
2. Slowing growth in China and uncertainty around a potential UK exit from the EU were key economic concerns.
3. Growing inequality, concerns over job losses due to automation, and the global migration crisis were discussed as major social issues.
4. Business leaders need to think long-term, embrace collaboration and creativity, focus on trust and authenticity, and commit to personal growth to navigate uncertainty.
The document summarizes key points from Pierre Jalee's book "The Pillage of the Third World" which examines the economic relationships and exploitation between the Third World, imperialist nations, and capitalist systems. It divides the world into three groups: socialist nations, capitalist imperialist nations, and the Third World which covers most of Africa, Asia and Latin America. It finds that the Third World provides most of the raw materials and natural resources that fuel the industries of imperialist nations but receives little in return through unfair trade terms and systems that drain wealth from poorer nations in the form of imports, debt, and profits repatriated by foreign owned companies.
The document summarizes trends in government spending and GDP growth in the United States over the past 60 years. It finds that while GDP per capita has steadily increased, the rate of growth has declined each decade. In contrast, government spending per capita has steadily risen over the past 40 years, even after adjusting for inflation and population growth. The document argues that rising government spending is slowing economic growth and that spending needs to be cut in order to increase prosperity and ensure future generations are wealthier.
1) The document discusses several economic issues facing the United States, including slowing population and economic growth, rising income inequality, and high levels of private wealth.
2) It argues that income inequality in the US has increased sharply since 1980 and now threatens democratic politics. The top 1% earns as much as the bottom 50% and controls most of the country's wealth.
3) Several potential problems are identified if these trends continue, including social instability from a growing sense of unfairness, economic stagnation among the middle and lower classes, and the risk of another financial crisis triggered by over-indebtedness.
Government spending has been steadily increasing over the past 40 years, even when adjusted for inflation and population growth. This rising government spending has caused economic growth and standards of living to slow down, with each successive decade seeing smaller gains. If current trends continue, future government spending will dramatically outpace GDP growth and cause the national debt to reach unsustainable levels, potentially limiting prosperity for future generations. Cutting government spending is necessary to increase economic growth and standards of living going forward.
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
A detailed review of the causes and effects of income inequality. Details on how extreme it is. Citation of many authors suggesting how it came about and what to do about it.
Sustain Demographic Dividend. Presentation in Italy_Dr. Wilcox. University of...InterMedia Consulting
In 2012, the World Family Map Project (WFMP) will launch a research initiative to track central indicators of family strength—i.e., indicators of family structure, family economic well-being, family processes, and family culture—around the globe, and to explore the associations between these strengths and the well-being of children.
The WFMP is designed to cast a spotlight on the welfare of children and families around the world, and to be a resource for governments, NGOs, policy makers, journalists, and others interested in the welfare of children and families.
The WFMP will be sponsored by Child Trends, a nonpartisan research organization in Washington, D.C., the National Marriage Project at the University of Virginia, and a range of universities and research institutes around the globe. W. Bradford Wilcox, associate professor of sociology and Director of the National Marriage Project at the University of Virginia, and Laura Lippman, senior research scientist at Child Trends, will co-direct the project, with advice from 12 other scholars from around the globe. Reynaldo Rivera at InterMedia Consulting is advising the project.
In the fall of 2012, the WFMP will release an international report featuring three pieces of new research:
1) An original article exploring the relationship between family structure, family economics, and children’s educational attainment in the developed world;
2) An original article exploring the relationship between family structure, family economics, and children’s educational attainment in the developing world; and,
3) A global map highlighting twenty of the latest trends in family structure, family economics, family process, and family culture in every major region of the world.
Why Baby Boomers Will Need To Work Longerlalitranka
Most US baby boomers are unprepared for retirement financially and will need to work longer to avoid a decline in living standards. Research shows that increasing the median retirement age by 2 years could add $13 trillion to GDP over 30 years and cut in half the number of unprepared households. However, barriers like healthcare costs, laws, and corporate attitudes need to change to allow and encourage longer careers for older workers. Adjusting policies around health insurance, flexible work arrangements, and pensions could help boomers and the economy.
This document discusses how changing US demographics, specifically the aging Baby Boomer generation and coming of age Millennials, will impact the economy and stock market in coming decades. It finds that while retiring Baby Boomers will slow economic growth, Millennials are a larger population now entering their peak spending years, supplemented by Generation X, providing strong economic demand to offset declining Baby Boomer consumption. Certain industries like housing and autos are positioned to benefit from these demographic tailwinds. Student loan debt is high but should not cause a financial crisis due to key differences from the mortgage crisis. The economy is projected to grow around 2.1% annually over the next decade due to demographic factors.
The price of_inequality_joseph_e_stiglitzUnico Coisa
This document is the preface to Joseph E. Stiglitz's book "The Price of Inequality". Stiglitz argues that protests around the world in 2011 showed that people felt economic and political systems had failed and were unfair. While specific grievances varied, shared themes included that markets were neither efficient nor stable, political systems failed to address problems, and both economic and political systems were fundamentally unfair. Stiglitz aims to explain how inequality is caused by and exacerbates failures in politics and the economy, creating a downward spiral. The consequences of high inequality include less stability, growth, and democracy that is captured by moneyed interests.
Economic journalism faces challenges in covering complex financial topics for general audiences. Major media outlets once dominated coverage but now face more competition from blogs and independent sources online. Journalists struggle with the speed and complexity of financial news, while also facing constraints from public relations. However, some efforts like Planet Money have found innovative ways to explain economic issues to broader audiences through multimedia reporting and entertainment-focused explanations. The future may involve more collaboration between reporters and use of new technologies to engage audiences.
This document calls citizens to action against large banks and corporations that do not pay taxes, have contributed to high unemployment and poverty rates, and have consolidated wealth at the expense of the middle class. It provides numerous statistics about the economic crisis and its impacts. It argues the current system is rigged in favor of the wealthy and controlled by lobbyists, not citizens, and calls for reform to return power to the people and sovereignty to governments over private banks that control money supply and lending practices.
El programa económico del Presidente BidenManfredNolte
Joe Biden tiene anti si una gigantesca tarea: deshacer la mala imagen de su antecesor pero emular sus incontestables éxitos económicos con acciones y políticas propias.
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
[I did not find this report one bit useful as I like secondary and tertiary markets that do better than these top tier markets... and cashflow] SimplePassiveCashflow.com/mfh
PRESIDENT OBAMA’S JOURNEY FROM UNITED STATES OF AMERICA TO UNITED STATES OF S...Keshav Prasad Bhattarai
The Russian newspaper Pravda claims that Obama has brought socialism to America like communism failed in Russia. It asserts that Obama is promoting communist ideas without explicitly saying so. The article argues that Obama's policies of high spending, deficits, and debt are similar to the failed Soviet policies. It notes that several US states have submitted secession petitions due to economic suffering under Obama's leadership. The article criticizes Obama's rhetoric about helping the poor and blame on others, arguing his policies have not actually improved the economy or people's living standards.
2013 - Charting international labor comparisonsRichard Han
This document from the U.S. Bureau of Labor Statistics compares key economic measures such as GDP,
unemployment rates, labor costs, and inflation rates across various countries. It finds that while unemployment rates
recovered in most countries between 2010 and 2011, the U.S. unemployment rate in 2011 was about double what it
was in the late 1990s. The share of populations employed in agriculture dropped significantly in all countries except
the Netherlands, while employment in services increased in all countries to around 40% or more. Labor force
participation rates were higher for men than women in all countries, with the largest gaps found in Turkey, Mexico,
and South Korea.
The document discusses the causes and lessons of the global economic recession. It argues that the recession was not simply due to inadequate demand but also distorted supply, as economies lost the ability to grow through making useful things. Governments and households borrowed excessively to prop up growth. Rather than trying to return to unsustainable pre-crisis GDP levels through more borrowing and spending, governments need to address underlying economic flaws through policies like retraining workers, encouraging innovation, and making labor markets more competitive. Easy credit masked deeper problems, and debt-fueled growth proved unsustainable.
Capitalism and globalization will not solve poverty according to the expert interviewed. Nearly a quarter of the world's population lacks meaningful employment, showing these systems only benefit a powerful few. The future costs of the current global financial crisis are estimated to be over $8 trillion, or 13% of global output, exacerbating poverty. A new universal system is needed that allows all humans to live without want or need, as neither communism nor unregulated capitalism have achieved prosperity and peace for all.
The document discusses the economic inequality and budget crisis facing New York state as a result of the COVID-19 pandemic. It notes that inequality was already at its worst in the nation prior to the pandemic, and that austerity budgets over 12 years exacerbated racial disparities. The pandemic has further increased inequality and caused over 2 million job losses while billionaire wealth continues to rise. With a major budget gap, the document argues for raising taxes on the ultra-wealthy through various proposals in order to avoid deep cuts to essential public services.
1. The Davos 2016 conference focused on the theme of the Fourth Industrial Revolution and the technological changes impacting the global economy.
2. Slowing growth in China and uncertainty around a potential UK exit from the EU were key economic concerns.
3. Growing inequality, concerns over job losses due to automation, and the global migration crisis were discussed as major social issues.
4. Business leaders need to think long-term, embrace collaboration and creativity, focus on trust and authenticity, and commit to personal growth to navigate uncertainty.
The document summarizes key points from Pierre Jalee's book "The Pillage of the Third World" which examines the economic relationships and exploitation between the Third World, imperialist nations, and capitalist systems. It divides the world into three groups: socialist nations, capitalist imperialist nations, and the Third World which covers most of Africa, Asia and Latin America. It finds that the Third World provides most of the raw materials and natural resources that fuel the industries of imperialist nations but receives little in return through unfair trade terms and systems that drain wealth from poorer nations in the form of imports, debt, and profits repatriated by foreign owned companies.
The document summarizes trends in government spending and GDP growth in the United States over the past 60 years. It finds that while GDP per capita has steadily increased, the rate of growth has declined each decade. In contrast, government spending per capita has steadily risen over the past 40 years, even after adjusting for inflation and population growth. The document argues that rising government spending is slowing economic growth and that spending needs to be cut in order to increase prosperity and ensure future generations are wealthier.
1) The document discusses several economic issues facing the United States, including slowing population and economic growth, rising income inequality, and high levels of private wealth.
2) It argues that income inequality in the US has increased sharply since 1980 and now threatens democratic politics. The top 1% earns as much as the bottom 50% and controls most of the country's wealth.
3) Several potential problems are identified if these trends continue, including social instability from a growing sense of unfairness, economic stagnation among the middle and lower classes, and the risk of another financial crisis triggered by over-indebtedness.
Government spending has been steadily increasing over the past 40 years, even when adjusted for inflation and population growth. This rising government spending has caused economic growth and standards of living to slow down, with each successive decade seeing smaller gains. If current trends continue, future government spending will dramatically outpace GDP growth and cause the national debt to reach unsustainable levels, potentially limiting prosperity for future generations. Cutting government spending is necessary to increase economic growth and standards of living going forward.
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
Narrated public lecture of growing u.s. income inequalitydenny4573
The document summarizes the major findings from a book and lecture about growing income inequality in the United States. It finds that absolute income inequality is increasing, the middle class is shrinking, and poverty has been increasing. Additionally, it finds that U.S. multinational corporations cause more inequality both domestically and globally, and that there are huge inequalities between different areas of the U.S.
head 39 The Stanford Center on Poverty and Inequality.docxpooleavelina
head 39
The Stanford Center on Poverty and Inequality
S TAT E O F T H E U N I O N
PAT H WAYS • The Poverty and Inequality Report 2016
KEY FINDINGS
• Over the past four decades,
only the very rich, the top 0.1
percent, have realized wealth
increases in the U.S. In 2012,
the top 0.1 percent included
160,000 households with total
net assets of more than 20
million.
• At the same time, the
middle class, those in the
50th-90th percentiles, have
experienced a decline in their
wealth share.
• Available data indicate that
there is significantly less
wealth inequality in Europe
than in the United States. No
other country analyzed has
top wealth shares as high as
the U.S.
BY GABRIEL ZUCMAN
wealth inequality
With the takeoff in income inequal-ity by now well-known, attention
has shifted of late to trends in wealth
inequality. Until recently, it had been dif-
ficult to gather empirical evidence on
wealth inequality. However, important
new evidence on wealth inequality has
now become available, evidence that
suggests that wealth concentration is
rising fast in the U.S. and has reached
levels last seen only during the Gilded
Age. According to the latest available
data, in 2012 the top 1 percent owns 42
percent of total U.S. wealth, up from 25
percent in the 1970s.1
The simple purpose of this article is to
ask how such wealth inequality, which
would appear to be quite extreme,
compares to that of other developed
economies. Has there been a takeoff
in wealth inequality in other countries?
Is it as spectacular as the takeoff in the
U.S.? Does the current level of wealth
inequality in other countries match the
current level in the U.S.? We take on
questions of this sort in this article.
What Is Wealth?
To compare the distribution of wealth
across countries, it is of course critical to
use the same definition of wealth across
countries. Wealth is defined as the cur-
rent market value of all the assets owned
by households, net of all their debts.
Following international standards codi-
fied in the System of National Accounts,
assets include all the non-financial and
financial assets over which ownership
rights can be enforced and that provide
economic benefits to their owners.
This definition of wealth includes all pen-
sion wealth—whether held in individual
retirement accounts or through pension
funds and life insurance companies—
with the exception of Social Security
and unfunded defined benefit pensions.
It excludes all promises of future govern-
ment transfers. Including such transfers
is analytically difficult because these
types of assets lack observable market
prices. The wealth definition excludes
human capital for this same reason.
New Data Sources on Wealth
Inequality
With this definition in hand, wealth con-
centration can be studied using different
data sources.2 The ideal source would
be high-quality wealth tax declarations
for the entire population, with extens ...
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3. 2/17/2016 3
Introduction
As a follow-up on first two weeks PowerPoints, and especially the W3
PowerPoint on “Race”, this “Class” PowerPoint provides some facts
about the growing schism between today’s rich and poor classes in the
U.S., and the negative impact this growing schism is having on the
quality of life for America’s once prosperous middle class.
4. 2/17/2016 4
Class: The Numbers (1929 or 1981?)
In the attempt to remain apolitical during this most important,
presidential election year, I’ve contained “nothing but the facts” on the
negative impact that this growing gap between rich and poor is having
on the quality of life for the American middle class.
5. 2/17/2016 5
Class: U.S. History (1/4)
As most clearly documented by Nomi Prins in
her recent, All the Presidents’ Banks (2014),
this post-1980s deterioration of the middle
class, is not a new phenomena. It is a repeat
of what has been the norm for most of our
nation’s past 300 year history.
Naomi Prins is a former Goldman
Sachs executive and recent, author
of several ground breaking books
on the tight relationship that exists
between current and past
presidents and the banking
industry.
6. 2/17/2016 6
Class: The New Trans National Class
William I Robinson: UCSB Profile
The Trans National Class (TNC):
In his recent and most important
Global Capitalism and the Crisis of
Humanity, international journalist
and UC Santa Barbara Sociologist,
Dr. William I. Robinson, provides a
unique and provocative way of
understanding the rise of a new,
21st century transnational capitalist
class (TNC), as well as insights
into the challenges that must be
taken to rescue our planet and its
inhabitants from today’s globalized,
“toxic capitalism” (adapted from
Amazon review by Bill Fletcher,
Amazon).
William Robinson (2015) complements Prins’ historical study of
America’s class structure by illustrating the degree to which a
“transnational capitalist class” and not nation-states now control most of
today’s international economy.
7. 2/17/2016 7
Class: World Income Distribution
This chart compares the relative distribution of wealth among classes in each region as well
as among all regions of the world. Whereas the bottom X-axis represents population deciles
ranging from left to right from lowest to highest income classes for that region (each decile
has the same number of people in it); the Y-axis represents each region’s share of the
world’s total wealth.
Class Patterns: Whereas the upper
income classes of Europe and the
U.S. possess particularly large shares
of their own and the world’s total
wealth, the middle to upper middle
income populations of Latin America,
Asia and China possess the larger
shares of their own and the world’s
total wealth. It is the lower income
brackets of Africa, and again India
and Asia that posses the larger
shares of their own and the world’s
total wealth. The lower and lower-
middle income classes of America
alone possesses a significantly
smaller share of it’s own country’s
and the world’s total wealth.
Super-low incomes for
America’s lower class desciles
8. 2/17/2016 8
The Gap: U.S. Wealth Deciles
Several factors have contributed
to today’s widening “gap”
between rich and poor,
including: (1) the replacement of
jobs with more efficient high
tech production systems; (2) the
loss of jobs from the increased
hiring of off-shore labor under
free-trade agreements, (3) the
loss of workers’ bargaining
powers due to the forced loss of
American union memberships;
and most importantly (4) the
U.S. court’s deregulation of big
business and its support for
unlimited campaign funding
under the protection of the 2009
Citizen’s United “corporate
personhood” decision.
9. 2/17/2016 9
Class: U.S. Wealth Distribution
The bar chart on the left provides a clear
breakdown of today’s wealth gap
between rich and poor. This chart
breaks down the 2011 distribution of U.S.
wealth by the percent of the population
who own that wealth. In this chart, the
top 5% of the U.S. population owns
most, i.e., 72%, of the total wealth of this
country. The household income of this
top 5% begins at only $186,000 per year
but quickly escalates, as revealed in the
bottom video to well over $62.2M per
year for the top 0.001% of the
population.
Click on this and think “reality”…!
10. 2/17/2016 10
Class: U.S. Wealth Distribution
This chart breaks out in finer detail the amount of
wealth that is owned by only the top 1.0%, 0.1%,
.01% and .001% of the nation’s population.
Whereas the previous chart showed that the top
1% of the country’s households own nearly half
the wealth of the U.S. (43% in 2011), only 001%
of the U.S. population (1,311 super wealthy
households) own most (80%) of this top 1%
wealth of this country!
Check it out on the Web: Top .001% share
11. 2/17/2016 11
The Gap: U.S. GINI Ranking
So how does this U.S.
wealth “gap” compare
with most other nations
in the world? According
to the most recent 2000
Gini Index, a sample of
some of the world’s
major nations shows that
the U.S. not only has a
relatively high 0.38
wealth gap; but a wealth
gap that is higher than
many other lesser
developed nations, let
most other, more
developed European
and Asian nations. This
U.S. index, moreover,
increased between 1980
and the year 2000.
Gini Definition
The Gini Index is a measure of the income distribution of a country’s
residences where a value of “0” would represent an equal distribution among all
members of the residents; and a value of 1 would represent maximal inequality
among the residents.
12. 2/17/2016 12
The Gap: U.S. GINI History
This Gap between rich and
poor U.S. citizens has not
always been as high as it
has since our post-1980’s
recession. For a period of
three prosperous decades
(between the end of WWII
and the beginning of the
1980s recession) a much
lower, U.S. GINI index was in
keeping with most of our
European peers.
13. 2/17/2016 13
The Gap: Two Depressions?
The current, post-1980’s “recession” is not yet being referred to as our second
“Great Depression”. But, in terms of the widening gap between rich and poor,
today’s top 10% of the U.S. population now own slightly more than the rest of our
population than they did during the height of the “Great Depression” of 1929.
NOTE: The
Y-axis
indicates
the percent
of this
nation’s
income
that is
earned by
the top
10% of the
nation’s
income
earners.
14. 2/17/2016 14
The Gap: US Class Wealth Sources
Differences in the sources of
wealth among the top one
percenters in this country and
the rest of the population are
dramatic. While the ownership
of businesses and corporate
stocks and bonds represent
the largest sources of wealth
among the one percenters;
rental properties and trust
accounts represent the largest
sources of wealth among the
rest of the population.
15. 2/17/2016 15
Income: US CEO Wages and Unions
This rather
simple but most
telling chart
illustrates the
inverse
relationship that
has occurred
over the last
century between
U.S. union
memberships
and the share of
corporate profits
kept by
management as
opposed to
company
workers.
16. 2/17/2016 16
Income: International CEO & Worker Wages
These recent 2014
numbers illustrate the
exceptionally high
ratio of CEO to worker
salaries in the U.S.
(i.e., a 475 ratio)
compared to most
other nations in the
world, and especially
in European nations
where management to
worker salary ratios
range from 12-15
times.
17. 2/17/2016 17
Income: U.S. Employment &. GDP
Despite the
negative impact
that our post 911
wars and 2008
recession have had
on our rising cost of
living and falling
employment
figures, our nation’s
GDP (its income
including that of
its.001 percenters)
has since sored to
an all time high
while the job
market has lost 5
million jobs.
18. 2/17/2016 18
Income: U.S. Corporate & Personal Taxes
Although individual and
corporate tax rates
saw a similar rise
during the first decade
of the progressive’s
New Deal Program
(from 10% in 1934 to
over 45% in 1944);
these individual and
corporate tax rates
have since been
inversely related with
individual rates
remaining at 40% to
just under 50%, and
corporate rates falling
from just under 40% to
their present 13.4%.
19. 2/17/2016 19
Most of our federal revenue comes from individual income and payroll taxes,
and not from corporate taxes, the latter of which have decreased from a high of
20% of the GDP in the 1950’s to their more recent 8% in the year 2010.
a
Income: All U.S. Fed. Income Sources
Legend
Federal Excise Taxes: Taxes embedded in
the cost of good, e.g., gasoline sales taxes.
Payroll Taxes: Taxes paid by an employer or
deducted from an employees paycheck to
cover an employee’s social security, health
care, workers compensations benefits, etc.
Corporate Income Taxes: These taxes vary
from 15% to 34% but after tax loop-holes and
subsidies, the “effective” rates range from
0.3% to 15% (see the next slide).
Individual Income Taxes: Individual income
taxes, which cover nearly half or our national
income, range from today’s 15% to 39% and
2% to 95% in the 1940s.
20. 2/17/2016 20
LEGEND
Effective Tax Rate: Percent total industry earnings.
Tax Subsidies: Amount of government welfare,
which amounted to $92 billion in 2013, or 15% of
the 2012 federal budget compared to $59 billion, or
3% of the budget for all public welfare programs.
Income: U.S Corporate & Personal Taxes
“On paper at least, the federal tax law requires
corporations to pay 35 percent of their profits in
federal income taxes. In fact, some of the 288
corporations in this study did pay close to the
35 percent official tax rate. But the vast
majority paid considerably less. And some paid
nothing at all. Over the five years covered by
this study, the average effective tax rate (that
is, the percentage of U.S. pretax profits paid in
federal corporate income taxes) for all 288
companies was only 19.4 percent.” - CTJ Site
21. 2/17/2016 21
This final chart shows a striking, inverse relationship in the growth of corporate
profits since the 1970’s and the drop in corporate income tax receipts -- as a
percent of those corporate profits during this same period of time.
Income: U.S. Corporate Taxes & Income
Link: US Corporate Taxes
22. 2/17/2016 22
U.S. military costs as a percent of our total
federal budget have remained at a fairly
constant 16% since WWII. However, the
amount of dollars we spend on our military
is close to being equal to the amount of
dollars being spent by the next half dozen
military powers in the world.
Costs: U.S. Military
23. 2/17/2016 23
The below list represent some of the more popular journalists and academics
who were mentioned in the above slides, as well as others that may be of
interest if you are looking for more ‘facts’ about the status of the current U.S. as
well as global economy, some of the major causes for the poor condition of our
own U.S. economy, the impact that this condition is having on our life cycle, and
what kind of changes in this economy might best correct these current
problems. All these authors are internationally known and widely respected for
their views on the US and global economies. All of them have Web sites, all of
them are listed in Wikipedia, and all of their works can be reviewed on Amazon,
as well as our library.
Noam Chomsky
Tom Hartman
David Harvey
Chris Hedges
Naomi Klein
Dalai Lama
Robert Reich
Richard Wolff
References to the Economics Literature
24. 2/17/2016 24
Reference: Hedges, Chris
Chris Hedges: This well known “investigative reporters” is also known for
several best-selling books including War Is a Force That Gives Us Meaning
(2002), Death of the Liberal Class (2010) and his most recent New York Times
best seller, written with the cartoonist Joe Sacco, Days of Destruction, Days of
Revolt (2012).
In his “Why is America in Decline” and in his more recent, The
Death of the Liberal Class, Hedges examines the failure of the
liberal class to confront the rise of the corporate state and the
consequences of a liberalism that has become profoundly
bankrupted. Hedges argues there are five pillars of the liberal
establishment – the press, liberal religious institutions, labor
unions, universities and the Democratic Party— and that each
of these institutions has, over the past 20-30 years become more
concerned with status and privilege than justice and progress.
Through the court’s personalization of the corporation; million and
now billion dollar campaign funding; and congressional lobbyists,
our representatives in both parties have sold out to the constituents
they once represented. In doing so, the liberal class has become
irrelevant to society at large.
25. 2/17/2016 25
Reference: Wolff, Richard
Richard Wolff: Professor Wolff's
major interests and publications as a
professor of economics at the
University of Massachusetts since
1981, and the New School in New
York since 2007 include studies of
US economic history, including
alternative economic theories
(neoclassical, Keynesian, and
Marxist) as they might apply to a
solution for our current economic
crisis. Professor Wolff has written, co-
authored, and co-edited a half dozen
books and dozens of scholarly and
popular journal articles. His recent
analyses of current economic events
appear regularly in the webzine of the
Monthly Review, as do his lectures
on YouTube.
List of
book on
Amazon
26. 2/17/2016 26
Reference: Hartman, Thom
Thom Hartmann: This internationally syndicated talk show host for over
2.75 million listeners each week is simulcast on RT television in more
than 40 million homes. He is also a New York Times bestselling author
of 24 books, including The Last Hours of Ancient Sunlight. Talkers
magazine named Hartmann #9 on their "2013 Heavy Hundred" list.
The below reviews appear on Amazon for his most
recent book, The Crash of 1916 (See also the
Interview of this 2014 book on RT):
"Thom Hartmann provides page after page of crucial history to show how our
country headed into deep decline. And he offers an action plan of reform and
renewal that can avert economic and environmental collapse. A rare and
readable blend of history and hope."—Jeff Cohen, author of Cable News
Confidential
"Thom Hartmann explains the way critical social lessons fade over time, and
how dangerous that cycle is. America is at the tail end of such a cycle today,
as we stand amidst terrible inequality and on the precipice of tremendous
change. And, yes, Thom offers a compelling plan of action for activists.
Everyone should read this book."—Richard L. Trumka, president, AFl-CIO
27. 2/17/2016 27
References: Chomsky, Harvey, and Reich
David Harvey: Distinguished Professor the City
University of New York is among the top twenty most
cited authors in the humanities literature and is the
world's most cited geographer. His books include The
Limits to Capital, Social Justice and the City, and The
Condition of Postmodernity, among many others.
Noam Chomsky: Solid numbers back this short
history of our country’s crippling class structure by
the world’s most widely translated political scientist
in this country, currently a retired, linguistic professor
at MIT. See his own Web site for more info. and the
dozens (and dozens!) of his books on Amazon.
Robert Reich: UCB School of Public Policy professor and former
US Secretary of Labor and Harvard University Professor asks,
“How Unequal Can America Get?”. YouTube video discusses
inequality of income, wealth and opportunity throughout the world,
including the US through today’s globalized FINANCIAL system.
See also his 2013 interview with Bill Boyers.
28. 2/17/2016 28
Reference: Dalai Lama
What is your “opinion” …
backed, of course, by
REFERENCES to valid and
reliable facts and theories!
What needs to be changed in
the current economic system
to make a healthy as well as
prosperous lifecycle available
for most members of our
community, our nation and
the world?
29. 2/17/2016 Hoag: CSU HMDEV 3800, 2013 29
End: Week 5 Lecture:
U.S. Class Structure