wealth inequality

In Record US Expansion, Rich Get Richer And Others Not So Much

July 5, 2019 Trevor Hunnicutt, Reuters. Educate! Finance and the Economy, New Economy, Poverty, wealth inequality

New York - Last month Pink Floyd frontman David Gilmour sold his guitar collection for $21.5 million, including one piece - his famed “Black Strat” Fender Stratocaster - that went for nearly $4 million to the owner of the U.S. National Football League’s Indianapolis Colts. The “Money” singer set a musical instrument sales record in the charity auction, marking yet another milestone for a booming market just weeks after New York-based art dealer Sotheby’s Holdings (BID.N), auctioned Claude Monet’s “Meules” for $110.7 million, the most ever for an Impressionist painting. And it is not just instruments or paintings in high demand among the world’s billionaire set.

Stock Buybacks Are Deadly

July 3, 2019 Luisa Galvao and Porter McConnell, TakeOnWallStreet.com. Educate! New Economy, Wall Street, wealth inequality

The eighties brought us permed bangs, acid wash jeans, and Gordon Gecko’s “greed is good” mantra. So it’s not surprising that in 1982, among other bad ideas, the Securities and Exchange Commission put into effect something called Rule 10b-18, which granted a “safe harbor” (read: free pass) to company executives who wanted to buy back their own stock to raise its price. The SEC promised it would no longer accuse executives who bought back their own stock of market manipulation, rewarding corporate greed. What exactly is a stock buyback? Stock “buybacks” are when companies buy back their own stock from shareholders on the open market. When a share of stock is bought back, the company reduces the number of shares left in the market, which raises the price of remaining shares.

Yellow Vests Demonstrate In Paris As Notre Dame Donations Highlight Wealth Inequality

April 22, 2019 By Julia Conley, Commondreams.org Resist! France, wealth inequality, Yellow Vest

"Victor Hugo thanks all the generous donors ready to save Notre Dame and proposes that they do the same thing with Les Miserables." The contrast between the French government's and upper class's response to Monday's fire at Notre Dame and ongoing inaction to combat income inequality, was a primary driver of mass protests in Paris on Saturday. The Gilets Jaunes, or Yellow Vests, staged their first major protest since large portions of the historic cathedral burned, apparently due to an electrical short-circuit, to call attention to the €1 billion ($1.1 billion) that the country's richest families have donated to help rebuild the church, months after the yellow vest movement began demonstrating against income inequality.

Ten Solutions To Bridge The Racial Wealth Divide

April 19, 2019 Chuck Collins, Darrick Hamilton, Derrick Asante-Muhammed and Josh Hoxie, Ips-dc.org Create! Racial inequality, wealth inequality

The deep and persistent racial wealth divide will not close without bold, structural reform. It has been created and held in place by public policies that have evolved with time including slavery, Jim Crow, red lining, mass incarceration, among many others. The racial wealth divide is greater today than it was nearly four decades ago and trends point to its continued widening In this report, we offer ten bold solutions broken into three categories: Programs, Power, and Process. These solutions are designed to strike at the structural underpinnings holding the racial wealth divide in place while inspiring activists...

How Momentum Is Growing To Tax The Rich And Reduce Inequality

April 15, 2019 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Congress, Taxes, Wages, wealth inequality

In the middle of the last century, there was a large and secure working class. Then, changes to the tax structure distributed more and more of the wealth to the richest and hollowed out the middle class. Now, levels of inequality in the United States are unsustainable as the top one-tenth of one percent (0.1%) has wealth equal to the bottom 80%. Momentum is growing to make the tax system more fair at both the state and federal levels. We speak with Sam Pizzigati about the history of taxes and what policies are currently being proposed.

A Cure For Excessive Wealth Disorder

April 10, 2019 By Chuck Collins, Inequality.org Strategize! New Economy, wealth inequality

This isn’t your parents’ inequality influenza, but a more virulent strain of extreme disparities of income, wealth, and opportunity. Just 400 billionaires have as much wealth as nearly two-thirds of American households combined. And just three individuals — Jeff Bezos, Warren Buffett, and Bill Gates — have as much wealth as half of all U.S. households put together. Since the economic meltdown of 2008, the lion’s share of income and wealth growth hasn’t gone just to the top 1 percent — it’s gone to the richest one-tenth of 1 percent.

Why Can’t We Close The Racial Wealth Gap?

April 9, 2019 Brentin Mock, Citylab.com Strategize! Inequality, New Economy, wealth inequality

If the college cheating scandal has reinforced anything, it’s that one of the primary advantages of being wealthy is that the wealthy can buy more advantages. This helps explain why African Americans, who’ve historically been denied wealth, lag in almost every category of society behind whites, who have long benefited from capital extracted from black labor and culture. It also helps explain why—despite a “booming” U.S. economy that is nearing full employment—a giganticracial wealth gap remains. On average, white households have nearly 6.5 times the wealth of black households.

Rigged College Admissions: One Aspect Of Rampant Social Inequity

March 17, 2019 Leo Gerard, The National Memo. Educate! College, Corruption, New Economy, wealth inequality

The children of working stiffs learned a brutal lesson this week as federal prosecutors criminally charged rich people with buying admission to elite universities for their less-than-stellar children. The lesson is that no matter how hard you work, no matter how smart or talented you are, a dumb, lazy rich kid is going to beat you. It’s crucial that everyone who is not a wealthy movie star, hedge fund executive, or corporate CEO—that is, 99 percent of all Americans—sees this college admissions scandal for what it really is: a microcosm of the larger, corrupt system that works against working people, squashing their chances for advancement.

The Racial Wealth Divide Is Vast, But It Doesn’t Have To Be

March 12, 2019 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Housing, Jobs and Wages, Racism, wealth inequality

In a new report, "Dreams Deferred: How Enriching the 1% Widens the Racial Wealth Divide," researchers at the Institute for Policy Studies outline how the racial wealth gap has widened over the past thirty years and how this fits the long term pattern of systemic racism. We speak with one of the authors, Sabrina Terry, about the findings in the report and recommendations for closing the wealth divide. We report live from Caracas, Venezuela where the United States is continuing its aggressive efforts at regime change.

Wealth Inequality Across Class and Race

March 6, 2019 By Matt Bruenig, Peoplespolicyproject.org Educate! Inequality, Race, wealth inequality

Discussions of wealth inequality are oftentimes muddled by insufficient statistics. You get some stray comparisons of medians or comparisons of the wealthiest 400 families to the least wealthy half of the country. These incomplete pictures lead to mind-numbing debates about class and race that go nowhere. Below I try to clear up these debates with a more complete picture of race, class, and wealth in America.

Black America’s Vanishing Wealth Is Bad For All Americans

February 6, 2019 By Bob Lord, Inequality.org Educate! Black Working Class, Racism, wealth inequality

Want an impossible task? Try identifying the most disturbing trend in America today. Consider the choices: Climate change denial, extreme political polarization, gun violence, etc. Those are just the ones on the national radar. Here’s one that isn’t, but needs to be: the systematic destruction of black wealth. The reality is horrific, according to the recent Institute for Policy Studies report Dreams Deferred. “Between 1983 and 2016, the median black family saw their wealth drop by more than half after adjusting for inflation,” the report notes, “compared to a 33 percent increase for the median white household.”

Extreme Wealth Threatens Our Very Planet

January 25, 2019 By Sam Pizzigati, Otherwords.org Educate! Ruling Class, wealth inequality

We either keep fossil fuels in the ground, or we fry. That’s the conclusion of another new blockbuster study on climate change, this one from the National Academy of Sciences. Our fossil-fuel industrial economy, the study details, has made for the fastest climate changes our Earth has ever seen. “If we think about the future in terms of the past, where we are going is uncharted territory for human society,” notes the study’s lead author, Kevin Burke from the University of Wisconsin.

Elites Descend On Davos As Global Wealth Gap Reaches Historic Levels

January 23, 2019 By Steve Dubb, Nonprofitquarterly.org Educate! Ruling Class, wealth inequality

A new report from Oxfam, compiled by a 10-person team, finds the global wealth gap growing still greater. The revealed trend of increasing global economic inequality may surprise few, but the report also emphasizes, as Casey Quackenbush writes in Time, that “growing inequality is compromising the fight against poverty.” “The size of your bank account should not dictate how many years your children spend in school, or how long you live—yet this is the reality in too many countries across the globe,” remarks Winnie Byanyima, executive director of Oxfam International.

Peace Congress To End US Wars At Home And Abroad

October 17, 2018 Popular Resistance. Organize! Peace, Racism, Wars and Militarism, wealth inequality

On November 10 in Washington, DC, there will be an historic gathering of groups and people to launch the Peace Congress to End US Wars at Home and Abroad. The Peace Congress will bring together advocates for peace and economic, racial, environmental and climate justice to develop a strategy, goals and actions based on the principles of unity. The Peace Congress arose from the successful effort to stop President Trump's military parade scheduled for November 10. The Peace Congress is open to all who want to participate.

Ever Wonder Who “They” Are? We Name Names And Explain How The Global Elites Operate

October 8, 2018 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Finance and the Economy, Power Elites, wealth inequality

In 2017, eight men controlled half of the world's wealth and 70% of the world controls 5% of the wealth. Global elites, the 1%, are consolidating their fortunes without regard for the remaining 99% or the welfare of the planet. It is important to understand how this small number of people control the world and who they are so that we know what we're up against and whom to hold accountable. We speak with Peter Phillips, author of "Giants: The Global Power Elite," about his decades of work tracking the power holders and what we do to create a more just and sustainable world.

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