Inequality

Gender Pay Inequality Even Worse Than Previously Reported

November 29, 2018 Stephen J. Rose and Heidi Hartmann, Iwpr.org Educate! Gender, Inequality

The commonly used figure to describe the gender wage ratio—that a woman earns 80 cents for every dollar earned by a man—understates the pay inequality problem by leaving many women workers out of the picture. This report argues that a multi-year analysis provides a more comprehensive picture of the gender wage gap and presents a more accurate measure of the income women actually bring home to support themselves and their families.

Breaking The Chains Of Debt: Lessons From Babylonia For Today’s Student Crisis

November 29, 2018 By Michael Hudson, Inequality.org Educate! Debt, History, Inequality

Today, the wealthy depict inequality in glowing colors as a byproduct of economies pulling ahead, “creating wealth” by innovations that add to prosperity. This view is unprecedented in history. From antiquity to quite recently, personal accumulation of large amounts of wealth was frowned upon, because it usually was achieved at the expense of others. One party’s gain often tended to be at the expense of others, polarizing communities by pushing many below poverty levels. The most corrosive method of gaining personal wealth, from the ancient world to today, is interest-bearing debt that mounts up with compound interest.

Fixing The Crisis Of ‘Runaway Wealth’

November 28, 2018 By Bob Lord, Otherwords.org Educate! Inequality, New Economy, Wealth

The next Congress faces a stunning array of challenges — on health care, gun policy, climate change, you name it. One crucial challenge starved of attention, however, is what I call runaway inter-generational wealth. That’s where the wealth of a country’s richest families snowballs from one generation to the next, unconstrained by living expenses or taxes, causing an ever-increasing share of national wealth to concentrate at the top. America has experienced this problem for decades now, and last year’s tax act is certain to make it worse. For the first time since the estate tax was enacted a century ago, rich American couples can pass $22 million to their children entirely free of federal taxes.

How Neoliberal Economists Wreak Havoc On The Global Poor While Protecting The Financial Elite

November 16, 2018 Vijay Prashad, Independent Institute Educate! Capitalism, Finance, IMF, Inequality, Uneven Development

On December 1, Mexico will have a new president—Andrés Manuel López Obrador. He will take over the presidency from the lackluster Enrique Peña Nieto, whose administration is marinated in corruption. Peña Nieto’s legal office has already asked the Supreme Court to shield his officials from prosecution for corruption. The elite will protect itself. López Obrador will not be able to properly exorcize the corrupt from the Mexican state, let alone from Mexican society. Corrupt weeds grow on the soil of capitalism, the loam of profit and greed as well as of rents from government contracts. López Obrador comes to the presidency as a man of the left, but the space for maneuvering that he has for a left agenda is minimal. Mexico’s economy, through geography and trade agreements, is fused with that of the United States.

Don’t Protect Mueller, Microscopic Effects Of Inequality & Combating Detention

November 15, 2018 Eleanor Goldfield, Occupy.com Resistance Report Detention Centers, Immigration, Inequality

It might sound like common sense that poverty affects our overall health – but did you know that income inequality catalyzes wear and tear on a micro molecular level? Science has a disturbing new scoop. Next up, please please PLEASE don't go to these kinds of protests. And finally, a local grassroots initiative to address an often overlooked aspect of our immigration crisis.

The World’s Paying Too High A Price For Inequality … And It Needs To Be Addressed Quickly

November 13, 2018 David Dodwell, Scmp.com Educate! Class Struggle, Inequality

As Donald Trump stirs his base ahead of midterm elections with fearmongering over a raggle-taggle band of would-be immigrants wandering through the Mexican countryside towards the US border, claims of victimhood in international trade, and the rise of a modern yellow peril, one has to wonder what has happened to the issue that is truly eating the US from within – extreme and entrenched inequality. As Stiglitz noted in the Scientific American: “By most accounts, the US has the highest level of economic inequality among developed countries. It has the world’s highest per capita health expenditures yet the lowest life expectancy among comparable countries. It is also one of a few developed countries jostling for the dubious distinction of having the lowest measures of equality of opportunity.”

The Evidence Pours In: Poverty Getting Much Worse In America

November 7, 2018 By Paul Buchheit, Commondreams.org Educate! Inequality, New Economy, Poverty, United States

According to the Credit Suisse 2018 Global Wealth Databook, 34 million American adults are among the WORLD'S POOREST 10%. How is that possible? In a word, debt. In more excruciating words: stifling, misery-inducing, deadly amounts of debt for the poorest Americans. And it goes beyond dollars to the "deaths of despair" caused by the stresses of inferior health care coverage, stagnating incomes, and out-of-control inequality. Numerous sources report on the rising debt for the poor half of America, especially for the lowest income group, and largely because of health care and education costs. Since 2008 consumer debt has risen almost 50 percent. The percentage of families with more debt than savings is higher now than at any time since 1962.

Wealth Of Three Richest US Families Grew By 6,000% Since 1982

November 4, 2018 Chuck Collins, The Guardian Educate! Inequality, New Economy, Wealth Divide

One troubling indicator that we are drifting toward a society governed by the wealthy is the expanding fortunes of multi-generational wealth dynasties. The three wealthiest US families are the Waltons of Walmart, the Mars candy family and the Koch brothers, heirs to the country’s second largest private company, the energy conglomerate Koch Industries. These are all enterprises built by the grandparents and parents of today’s wealthy heirs and heiresses. These three families own a combined fortune of $348.7bn, which is 4m times the median wealth of a US family.

Waffles, Beer, And The Penalty We Pay For Tolerating Inequality

October 30, 2018 By Sam Pizzigati, Inequality.org Educate! Belgium, Inequality, New Economy, United States

Belgium is spreading about as well as any nation on Earth, according to data the Swiss bank Credit Suisse details in its new Global Wealth Report 2018. No other major society currently sports a distribution of wealth much more equitable than Belgium’s. How do we know? The new Credit Suisse report serves up all the key numbers for computing who gets what in over 200 nations worldwide. But we do have to exercise our imaginations a bit to get the most out of the Credit Suisse data. We have to imagine, as a first step, a world with every nation divvying up its wealth on a totally equal basis. That, of course, isn’t happening anywhere. No nation shares its wealth completely.

Billionaires Made More Money In 2017 Than Any Other Year In History

October 29, 2018 By Jake Johnson, Mintpressnews.com Educate! Inequality, Ruling Class, Wealth

“The past 30 years have seen far greater wealth creation than the Gilded Age,” the UBS annual billionaires report says. During a year in which so much of the world faced deep poverty, the corrosive effects of austerity, and extreme weather caused by the worsening human-caused climate crisis — from devastating hurricanes to deadly wildfires and floods — one class of individuals raked in more money in 2017 than any other year in recorded history: the world’s billionaires. According to the Swiss bank UBS’s fifth annual billionaires report published on Friday, billionaires across the globe increased their wealth by $1.4 trillion last year — an astonishing 20 percent — bringing their combined wealth to $8.9 trillion.

An Arena Full Of The Richest Americans Would Own As Much Wealth As 70% Of The World

October 27, 2018 Paul Buchheit, Nationofchange.org Educate! Inequality, Ruling Class, US Imperialism

Inequality in America is out of control. A careful look at the GWD (Table 3-4) makes that clear. While our nation has BY FAR the greatest percentage of its people in the world’s richest 10%, it is second only to India in the percentage of its people in the world’s poorest 10%. This is almost certainly due to the number of Americans mired in unmanageable debt. To put it another way, ONE OUT OF SEVEN American adults is among the world’s least wealthy 10%. To put it yet another way, while 100 million American adults are among the WORLD’S RICHEST 10%, 34 million American adults are among the WORLD’S POOREST 10%.

Auctioning The American Dream

October 24, 2018 By John Attanasio, Inequality.org Educate! Campaign Finance, Inequality, US Imperialism

Americans are a competitive lot, eager to prove skill and determination in everything from the Olympics to the space race of the 1960s. But there’s one contest in which the U.S. has been ranked in first place on the international stage among the major developed nations– one where the top prize is certainly not coveted. Many broadly disparate sources rank the United States at the head of the pack among major developed nations when it comes to economic inequality. The World Bank’s 2018 ranking places the U.S. as 52nd worst in economic inequality out of 149 countries – between Uganda and Haiti. Meanwhile, the CIA’s World Factbook places us at 39th worst of 157 countries in the inequality of distribution of family income –between Peru and Cameroon.

Confronting Climate Change In A Deeply Unequal World

October 17, 2018 By Sam Pizzigati, Inequality.org Educate! Climate Change, Inequality

Two meticulously sourced — and deeply disturbing — warnings about our shared global future have appeared over the past week. One has terrified much of the world. The other hasn’t, not yet at least, but most certainly should. You’ve most likely already encountered the first of these warnings, a grim report from the United Nations Intergovernmental Panel on Climate Change, a broad and distinguished panel of the world’s top climate scientists. They’re advising us that the level of global warming that governments once saw as “safe” would, if ever reached, trigger catastrophic dangers. Humanity has, the scientists tell us, about a dozen years to get our environmental act together. Or else . . . The second warning came from researchers at Oxfam...

Inequality Represents A Wasted Opportunity For Poverty Reduction

October 16, 2018 Paul Segal, Ineteconomics.org Educate! Inequality, Poverty

This is the most frequent response I get when I tell other economists that I work on inequality. The economist Deidre McCloskey put the view bluntly in an article titled “Equality lacks relevance if the poor are growing richer.” But this view shows a remarkable disregard for one of the most fundamental principles of economics: that of optimization. Economists go to great lengths to optimize GDP growth and efficiency. But when it comes to poverty, any positive change is taken as good enough. If poverty is falling by any amount, or the poor are growing richer by any amount, then apparently we (and more to the point, the poor) should stop worrying. If we really care about poverty, this won’t do.

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