By Sarah Anderson for IPS-DC – A new report calculates the gap in retirement assets between the top 100 CEOs and all African-American, Latino, female-headed, and white working class households. (Washington, D.C. ) – The presidential election put a spotlight on the economic insecurity millions of voters are feeling as the result of the loss of millions of unionized factory jobs that were once a major source of both decent pay and retirement benefits. While white working class families have been the focus of much of this attention, a new Institute for Policy Studies report shows that the real retirement security divide lies between those at the top of corporate America and nearly all the rest of us.
Paul Buchheit for Nation of Change – The reality of the disposable American has been building up in recent years, and new evidence keeps pouring in. Now the potential exists for greater suffering under the rule of a billionaire Cabinet that is far, far removed from average workers and renters and homeowners. First the “upside” – 5% of us are millionaires. Depending on the source, America has anywhere from 7 million to 13.5 million millionaires – about 5% of U.S. adults, and about a 40% increase in just six years. At the other end, 90% of us have gained NOTHING since 1997, and at least half of us NOTHING since 1980.
By Soren Ambrose for Inequality.org – Countries the world over are facing an inequality emergency, and it’s time for global elites to listen to the rest of us, especially the most marginalized people. In 2015, my organization, ActionAid, joined with several other groups to form the Fight Inequality Alliance to campaign against inequality in all its forms. This Alliance includes other global organizations like Greenpeace, Oxfam, the International Trade Union Confederation, the ACT Alliance, and Civicus, as well as regional members like Focus on the Global South, Femnet, and the Asian Peoples Movement on Debt and Development. Starting on January 14, our Alliance is sponsoring a Fight Inequality Week of Action, an effort timed to coincide with the World Economic Forum in Davos…
By Pan Pylas for Associated Press – DAVOS, Switzerland (AP) — The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released Monday. Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organization Oxfam says the gap between the very rich and poor is far greater than just a year ago. It’s urging leaders to do more than pay lip-service to the problem. If not, it warns, public anger against this kind of inequality will continue to grow and lead to more seismic political changes akin to last year’s election of Donald Trump…
By Natalie Y Moore for The Guardian – In a couple of days, President Barack Obama will give a farewell speech in his adopted hometown of Chicago. This is the city to which he moved as a young man in the 1980s, to work asacommunityorganiser, inspired by Harold Washington, the city’s first black mayor. Chicago is also where Obama met his wife, Michelle, a native of the city, had two daughters and launched a dazzling political career. Obama’s swan song will take place a touch north of Bronzeville, the South Side neighbourhood historically known as the “Black Belt”. When African Americans left the south in droves a century ago as part of the great migration, this is where they landed if Chicago was the final destination.
By Tianna Paschel for SSRC – The concentration of wealth in fewer and fewer hands has been at the center of increased political contestation and media attention in recent years. In this period, massive protests have erupted in the global North and South against neoliberal reforms, the solidification of flexible labor regimes, and austerity policies. The current moment, in the global North and South, is also one where these new forms and sentiments of precariousness in economic life have come alongside a reconfiguration of the relationship between the state and the economy…
By Robert Kuttner for Boston Globe – THE LATEST study of deepening inequality by three of the most careful scholars of the subject, Thomas Piketty, Emmanuel Saens, and Gabriel Zucman, has prompted another round of shrugs from economists that inequality is just in the nature of the advanced economy. Supposedly, these inexorable trends reflect technology, globalization, and increasing rewards to more advanced skills. The poor are paid in correct proportion to their contribution to the national product, which, alas, isn’t much. A close look at political history suggests that this widespread inference is convenient nonsense — convenient to economic elites.
By Jessica Floum for Oregon Live. Portland City Council approved the controversial plan 3-1 Wednesday, making a statement about growing income disparity in the United States while giving Commissioner Steve Novick a legacy piece in his final weeks in City Hall. The tax targets publicly traded companies whose chief executives report salaries at least 100 times higher than the salary of a median worker. Officials expect to raise $2.5 million a year starting in January 2018, with Novick hoping the money will help pay for homeless services. “This is as close as I’ve ever (come) to a tax on inequality itself,” said Novick, the first incumbent tossed from city council in 24 years after an upset loss to housing activist Chloe Eudaly last month. Novick said he also hopes the tax might discourage companies — well beyond Portland — from paying disproportionate salaries to their CEOs. He cited French economist Thomas Piketty, who calls escalating pay for top executives a major cause of the consolidation of wealth among the world’s top 1 percent of earners.
By Sam Pizzigati for Inequality – We don’t know exactly how much Donald Trump paid in taxes last year. He hasn’t released his 2015 federal income tax return yet. He most likely never will. But let’s keep in mind that we don’t actually know how much any individual American billionaire paid in taxes last year, with just one exception. Investor Warren Buffett last month released his own basic tax info as a protest of sorts against candidate Trump.
By Staff of WITW – Even in Iceland, the country many experts consider the world’s leader in gender equity, the gender pay gap persists. Women employees make 14 to 18 percent less than men in Iceland — a discrepancy that unions and women’s organizations say means women effectively work for free after 2:38 pm. On Monday, in protest of the pay gap, thousands of Icelandic women decided to work the hours their pay merited — by leaving their workplaces promptly when the clock struck 2:38.
By Greg Kaufmann for Talk Poverty – About a month ago, I had the opportunity to spend a weekend at Harvard with a group of about 20 scholars and reporters. Many of them have worked for decades examining poverty-related issues—from hiring discrimination to segregation in housing and education, criminal justice reform to immigration, deep poverty to homelessness. I was nervous about the trip.
By Alex Demyanenko for Capital and Main – Depending on whom you ask, Solly Granatstein and Rick Rowley have spent their careers either causing trouble or exposing truths. As investigative journalist-filmmakers they have been on the front lines of digging up facts and battling the status quo, all to expose injustice. They’ve been pretty damn good at it too. Granatstein worked for 60 Minutes for 12 years and has won seven Emmys, a Peabody and a host of other awards. Rowley’s Dirty Wars