Inequality

The Solution To Homelessness Is Staring Us In The Face

September 16, 2019 Robert Scheer, Truthdig.com Create! Affordable Housing, Homelessness, Inequality

It’s no secret that homelessness in the United States, especially in California, has reached critical levels. That the wealthiest state in the wealthiest nation in the world is dealing with a crisis that stems so clearly from inequality and neglect should have its predominantly left-leaning residents up in arms. And to some extent, they are. Becky Dennison, executive director of Venice Community Housing in Los Angeles, who speaks with Truthdig Editor in Chief Robert Scheer in the latest installment of “Scheer Intelligence,” has dedicated her life’s work to helping address homelessness...

As We Transition Away From Fossil Fuels, We Must Also Tackle Inequality

September 16, 2019 By J. Mijin Cha, Truthout.org Create! Fossil Fuels, Inequality, New Economy

Two truths lie at the heart of efforts to transition away from fossil fuels. The first is that to stave off the worst impacts of climate change, we must rapidly and dramatically reduce our carbon dioxide emissions. The second is that the resulting decrease in fossil fuel use and extraction will cause displacement of workers and the loss of tax revenue for many communities, and in some cases, it will eliminate entire tax bases. The second truth does not change the first, and the costs of inaction will far outweigh the cost of decarbonization.

How Greedy Hospitals Fleece The Poor

September 13, 2019 By LibWatson, Newrepublic.com Educate! Health Care, Hospitals, Inequality

The pundit class collapsed back in its chair last week, exhausted and spent, from a furious wonk-off session over Bernie Sanders’s rhetoric on medical bankruptcies. The Washington Post’s in-house political fact-checking apparatus assigned a devastating three Pinnocchios to Sanders for saying 500,000 people a year go bankrupt from medical bills. The Sanders camp complained, and the Post’s Grand Factmaster Glenn Kessler pushed back. Wonks stranded on the periphery of the action, like Megan McArdle, joined the fray, arguing that medical bankruptcies are actually much less common than Sanders asserts...

Should We Feed Hungry Children, Or The War Machine?

September 6, 2019 Medea Benjamin, Opendemocracy.net Organize! Inequality, US military, Wars and Militarism

On August 21, the Humanitarian Coordinator for Yemen, Lise Grande, put out a heartbreaking call for nations to make good on their pledges to send humanitarian aid to feed destitute families in war-torn Yemen. Unless the funds promised are received soon, she warned, food rations for 12 million people would be reduced and at least 2.5 million malnourished children would be cut-off from the services that keep them alive. “When money doesn’t come,” Grande said bluntly, “people die.”

The UBI Already Exists. It Is Just Unevenly Distributed

September 6, 2019 Matt Bruenig, Peoplespolicyproject.org Educate! Guaranteed basic income, Inequality, Reform

So let us do the math here. Providing every person $10,000 a year would sum up to about $3.2 trillion. This would be passive income paid out to people with no strings attached and without them having to work for it. Now ask yourself: do we have any other kind of income in our society that is paid out passively to people with no strings attached and without them having to work for it? Yes. We do. It is called “capital income” or, at other times, the “net operating surplus.” How much capital income is there in our current economy? $5 trillion.

Racial Inequality Is Rooted in Denial of Home And Land Ownership

August 30, 2019 Jacqueline Luqman, Therealnews.com Educate! Housing, Inequality, Land, Racism

The racial wealth gap is finally being discussed seriously in this election cycle and in the country. And some people are even citing the history of slavery, racism, and discrimination that created the racial wealth gap. One of the key factors in the creation of this phenomenon of the racial wealth gap is housing policy. Or more specifically, there is a link between the ability white people have historically had to own property and homes that have accumulated value and created wealth, that they were able to pass down to future generations, that black people were not allowed to enjoy equally.

Billionaires Are A Sign Of Economic Failure

August 30, 2019 By Max Lawson, Inequality.org Educate! Inequality, New Economy, Ruling Class

The New York Times published an editorial comment on its front page in January 2019, provocatively entitled “abolish billionaires.” The editorial raised a serious question: what if instead of being a sign of economic success, billionaires are a sign of economic failure? In what ways can the boom in billionaires, and the dramatic increase in extreme wealth generally, be harmful? To answer this question, we need to understand the origins of billionaire wealth, and to understand how that wealth is used once it is gained. The answer to both these questions I think rightly casts doubt on the value of the super-rich in our society.

Inequality In The U.S. Is Stifling Economic Growth And Could Cost Us As Much As $1.5 Trillion

August 21, 2019 Ruth Milka, Nationofchange.org Educate! Inequality, New Economy

Failure to close the gap, leaving the majority of wealth among the super-rich, will cost the economy anywhere from $1 trillion to $1.5 trillion by 2028. The massive (and growing) wealth inequality in the US is hindering economic growth in the country, says a new report. Compiled by consulting firm McKinsey & Company, the new report “quantifies the impact” the wealth inequality gap. Failure to close the gap, leaving the majority of wealth among the super-rich, will cost the economy anywhere from $1 trillion to $1.5 trillion by 2028.

CEO Compensation Has Grown 940% Since 1978

August 16, 2019 By Lawrence Mishel and Julia Wolfe, Epi.org Educate! Bosses, Inequality, New Economy, Wages, Workers

What this report finds: The increased focus on growing inequality has led to an increased focus on CEO pay. Corporate boards running America’s largest public firms are giving top executives outsize compensation packages. Average pay of CEOs at the top 350 firms in 2018 was $17.2 million—or $14.0 million using a more conservative measure. (Stock options make up a big part of CEO pay packages, and the conservative measure values the options when granted, versus when cashed in, or “realized.”) CEO compensation is very high relative to typical worker compensation...

The World’s Wealthiest Family Gets $4 Million Richer Every Hour

August 13, 2019 Staff, Bloomberg.com Educate! Inequality, New Economy, Ruling Class, Wealth

The numbers are mind-boggling: $70,000 per minute, $4 million per hour, $100 million per day. That’s how quickly the fortune of the Waltons, the clan behind Walmart Inc., has been growing since last year’s Bloomberg ranking of the world’s richest families. At that rate, their wealth would’ve expanded about $23,000 since you began reading this. A new Walmart associate in the U.S. would’ve made about 6 cents in that time, on the way to an $11 hourly minimum.

While Poorest Scapegoated, Analysis Of 25 World’s Wealthiest Families A Reminder Of Inequality’s Economic Drain

August 13, 2019 By Jon Queally, Nationofchange.org Educate! Inequality, New Economy, Ruling Class

"It's funny that the real truth about income inequality is not coming from the south like some would like you to believe—the sucking sound draining the middle-class is the 1 percent... Just saying." If the world needed yet another example of just how unequal the global economy has become, a new analysis of the top 25 wealthiest family dynasties published Saturday revealed that while one out of ten people in the world live on less than $2.00 per day, these super rich families now control a total of $1.4 trillion in assets and are making as much as $4 million every single hour.

The World Bank Needs To Understand Poverty And What It Actually Costs A Family To Live On

August 12, 2019 By Sharan Burrow, Ipsnews.net Educate! Inequality, Poverty, World Bank

The World Bank’s extreme poverty line of US$1.90 a day is in fact not based on real estimates of people’s cost of living within countries. This explains why it fails to capture the desperation experienced by so many. As soon as we focus on people’s lived experience, the picture becomes more stark. At a most intuitive level, we know that poverty is determined by a person’s inability to meet their material needs. Perhaps the most basic of these needs is food. The UN’s 2018 figures on hunger show that it is on the rise globally. It estimates that 821 million people are currently going hungry.

Retirement Shouldn’t Mean Poverty

July 26, 2019 By Katherine Newman, Otherwords.org Educate! Inequality, Poverty, Retirement

Vivian Majors spent her life cleaning houses while her husband, Martin, worked as a carpenter. Their bodies broke down in their 60s. Martin now lives in a nursing home and has Parkinson’s disease. Vivian, now 71, lives on her own and ekes by on a $960 in social security, plus $50 in food stamps. Hardened by years of physically taxing work that left her hovering around the poverty line, Majors, now retired, is girding herself for more years of financial hardship.

Let’s Establish A Wealth Tax — And Give Every Family $25,000 A Year

July 24, 2019 John R. Talbott, Truthout.org Create! Inequality, Ruling Class, Taxes

Three men in the U.S. have more accumulated wealth than half of all Americans, 165 million people. Our corporations control more shareholder wealth than 99 percent of Americans combined. 90 percent of us have less than 7 percent of the wealth in the country if you exclude pension assets, which may be of great interest to younger Americans given the difficulty in today’s market of finding a job with pension benefits. Like most, you probably think the U.S. tax system is progressive, that rich people pay a higher percentage than low-income people.

CBO Report Shows Broad Benefits From Higher Minimum Wage

July 10, 2019 By Heidi Shierholz, Epi.org Create! Class Struggle, Inequality, Minimum Wage, New Economy, Workers

This afternoon, Congressional Budget Office (CBO) released a report assessing the economic impact of raising the minimum wage to $15 in 2025 in six steps (this is a similar policy to the Raise the Wage Act, which would increase the minimum wage to $15 in 2024). The key fact coming out of the report is that CBO finds that the benefits to low wage workers of a $15 minimum wage far exceed the costs. The report finds that a $15 minimum wage would increase the wages of millions of low wage workers, increase the average incomes of low and lower-middle-income families...

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