wealth inequality

Can We Measure Inequality Without Tallying The Wealth Of Our Wealthy?

August 8, 2023 Sam Pizzigati, Inequality.org. Educate! Class Struggle, Finance and the Economy, Inequality, wealth inequality

Been eating a bit too much ice cream this sweltering summer? Thinking about going on a bit of a diet? Well, imagine yourself counting calories but exempting anything with sugar from all your counting. Would that approach help you make an appreciable dent on your excess bodily baggage? Of course not. We can’t eliminate what we ignore. And that goes for inequality as well, over 300 distinguished economists worldwide are charging in a new open letter to the United Nations and the World Bank. Back in 2015, these eminent economists remind us, the world’s nations came together and adopted a series of “Sustainable Development Goals” — SDGs for short — designed to systematically attack both poverty and climate change.

A Good Year’s Pay For A Good Day’s Work?

July 19, 2023 Sam Pizzigati, CounterPunch.org. Educate! CEOs, Finance and the Economy, wealth inequality, Worker Rights and Jobs

The just-released Good Jobs First analysis — Power Outrage: Will Heavily Subsidized Battery Factories Generate Substandard Jobs? — examines a little-known provision in the 2022 Inflation Reduction Act that may end up costing U.S. taxpayers more than $200 billion over the next decade, a sum above and beyond the $13 billion that state and local governments have promised as battery incentives. Lawmakers see all those billions of tax dollars as a generator of good wages, but nothing in the battery subsidy fine-print mandates — or even incentivizes — decent worker paychecks. Ford Motor, for instance, will be eligible for $6.7 billion in federal subsidies for its new $3.5-billion battery plant in Michigan, and state and local officials have already handed Ford $1.7 billion for that plant.

Could We Actually End The CEO Defense Contractor Gravy Train?

June 6, 2023 Sam Pizzigati, Inequality.org. Create! CEO Pay, Military Industrial Complex, Taxes, wealth inequality, Weapons makers

Could corporate CEOs anywhere in the universe have a deal much sweeter than U.S. defense contractor chiefs? The CEO at CybeCys, Inc., a Texas-based defense contractor, might quibble with that question. He isn’t feeling all that much sweetness these days. Last month, federal prosecutors announced a deal that will have this CEO and CybeCys pay over $283,000 in penalties and damages for cheating on two Covid-era federal loan programs. The CybeCys CEO seems to have transferred hefty chunks of taxpayer dollars into his own personal investment accounts and used those dollars, prosecutors charge, to buy up “securities, exchange-traded funds, and cryptocurrency.”

Nonprofit Takes A Big-Picture Approach To Playspace Inequity

June 3, 2023 Amanda Loudin, Next City. Create! Children, Equity, health, wealth inequality

Researchers have been documenting the benefits of outdoor playtime for years, demonstrating it leads to improved cognitive ability, fights childhood obesity, improves mental health and promotes social skills. Yet, for far too many children, safe, well-designed playspaces are sorely lacking. This phenomenon is called playspace inequity, and it has lasting, detrimental effects on primarily Black and Brown communities in the United States. Cities around the country are recognizing the importance of playspace inequity as a public health issue, particularly as families emerge from a pandemic with wide-ranging physical and mental health impacts.

Another Look At The Financial Transactions Tax

June 1, 2023 Ellen Brown, Scheer Post. Create! Finance and the Economy, Financial Transaction Tax, wealth inequality

The debt ceiling crisis has again brought into focus the perennial gap between what the government spends and what it accumulates in taxes, and the virtual impossibility of closing that gap by increasing taxes or negotiating cuts in the budget. In a 2023 book titled A Tale of Two Economies: A New Financial Operating System for the American Economy, Wall Street veteran Scott Smith shows that we would need to tax everyone at a rate of 40%, without deductions, to balance the budgets of our federal and local governments – an obvious nonstarter. The problem, he argues, is that we are taxing the wrong things – income and physical sales. In fact, we have two economies – the material economy in which goods and services are bought and sold, and the monetary economy involving the trading of financial assets (stocks, bonds, currencies, etc.) – basically “money making money” without producing new goods or services.

The Two Decades That Created World’s First Mass Middle Class

May 26, 2023 Sam Pizzigati, Inequality.org. Strategize! Finance and the Economy, History, Middle Class, wealth inequality

Amazing things can happen when societies realize they don’t need an awesomely affluent. What sort of amazing things? Take what happened in the United States between 1940 and 1960, as economists William Collins and Gregory Niemesh do in a just-published research paper on America’s mid-century home ownership boom. Over a mere 20-year span, the United States essentially birthed a “new middle class.” The share of U.S. households owning their own homes, Collins and Niemesh note, jumped an “unprecedented” 20 percentage points. By 1960, most American families resided in housing they owned “for the first time since at least 1870” — for the first time, in effect, since before the Industrial Revolution.

To Protect Our Children, Let’s Tax Our Rich

May 17, 2023 Sam Pizzigati, CounterPunch.org. Educate! Child labor, Class Struggle, taxation, wealth inequality, Worker Rights and Jobs

America’s social studies textbooks urgently need an update — on child labor. Our textbooks, ever since the middle of the 20th century, have been applauding the reform movement that gradually put an end to the child-labor horrors that ran widespread throughout the early Industrial Age. Now those horrors, here in the 21st century, are reappearing. The number of kids employed in direct violation of existing child labor laws, analysts at the Economic Policy Institute this past March reported, has soared 283 percent since 2015 — and 37 percent in just the last year alone. Last week brought the alarming news that three Kentucky-based McDonald’s franchises had kids as young as 10 working at 62 stores in four different states.

What Would It Take To Defeat Big Oil?

April 24, 2023 C. J. Polychroniou, Truthout. Create! Big Oil, climate crisis, Fossil Fuels, wealth inequality

At a time when the world is close to irreversible climate breakdown, fossil fuel energy is growing, with oil being the biggest contributor to primary energy supply. Globally, approximately 33 percent of our energy comes from oil, followed by coal, gas and hydroelectric power. Indeed, oil companies are bringing in staggering profits, and oil production may even continue to increase through 2050. Why is it so hard to quit oil, and what would it take to defeat Big Oil? Progressive economist Gregor Semieniuk tackles exasperating questions like those in this exclusive interview for Truthout.

Brooklyn CDC Envisions A New Model For Wealth Creation

April 22, 2023 Emily Nonko, Next City. Create! Economic Security, New York City (NYC), Racism, wealth inequality

In Brooklyn, one of the country’s first community development corporations has announced its plans to transform its historic and much-beloved public plaza into a walkable “innovation campus” that supports wealth creation for local Black residents, amid rising gentrification in the neighborhood. The Bedford Stuyvesant Restoration Corporation was established in the Brooklyn neighborhood in 1967. One year later, Restoration purchased an abandoned milk bottling plant in Bed-Stuy’s heart to serve as its new headquarters. Completed in 1972, Restoration Plaza became a community and business hub responding to the needs of residents. A desire for local arts and culture resulted in the Billie Holiday Theatre and Skylight Gallery.

Reclaiming Our Country

April 5, 2023 Chris Hedges, Scheer Post. Educate! Capitalism, Class Struggle, Oligarchs, wealth inequality

We are undergoing the most vicious class war in U.S. history. Social inequality has reached its most extreme levels of disparity in over 200 years, surpassing the rapacious greed of the era of the robber barons. The legislative, executive and judicial branches of government, along with the media and universities, have been seized by a tiny cabal of billionaires and corporations who pass laws and legislation that consolidate their power and obscene wealth at our expense. We are sacrificial victims, whether on the left or the right, helpless before this modern incarnation of the Biblical idol Moloch.

The Vail-ification Of The West

April 3, 2023 Joseph Bullington, In These Times. Educate! Colorado, Gentrification, wealth inequality, Worker Rights

"Welcome to Colorful Colorado,” reads the sign beside the highway as the road climbs from the alkaline flats of New Mexico into the foothills of the San Juan Mountains. But the landscape holds no color when Ana and her family cross the state line in the predawn dark. When the family arrives in Durango at 6:30 a.m., Ana’s husband goes to his construction job installing heating and A/C ducts. Ana waits at her sister’s house until the bus comes to take their son to school. Then, Ana goes to work, too, cleaning houses. This whole tiresome routine is new. Originally from Chihuahua, Mexico, the family lived for seven years in Durango, where they found work and a supportive immigrant community.

How The Rich Are Prepping For End Times, And Why

April 1, 2023 Lee Camp, Mintpress News. Resistance Report Class Struggle, collapse, wealth inequality, Wealthy Elites

The ultrarich are prepping for doomsday right now. France is on fire. The U.S. ruling elite and the mainstream media they own are avoiding reporting on it. The American rich want to exploit the workers more and more, and facing the wrath of the “common man and woman” is their greatest fear. So they have been increasingly coming up with ways to avoid the guillotines. The ruling class knows what’s coming: social instability caused by a combination of the climate crisis, banks failing, the soul-killing inequality of late-stage capitalism, and the impending dilution of the petrodollar. So what’s going on here?

Biden’s Proposed Budget Is Nothing But Empty Promises

April 1, 2023 Molly Rosenzweig, Left Voice. Educate! Budget, Joe Biden, wealth inequality, Worker Rights

On March 9, Joe Biden announced his budget plan for fiscal year 2024. Not much of it is likely to pass, since there’s a slim majority by Republicans in the House, and much of it is in preparation for the 2024 election. He proposed many social programs and tax increases on the wealthy, many things which he didn’t even fight for when Democrats controlled both the House and Senate. Biden likely made these proposals because he knows they won’t pass, but he can still say he’s at least trying. He touts the paltry things he was able to pass and continues to promote his rose-colored outlook and some elements of economic populism, similar to what he pushed at the State of the Union, though with continuing low approval ratings, we can be sure that the many workers and oppressed realize that the rosy picture is far from reality.

In Montana, An Avalanche Of Wealth Is Displacing Workers

March 31, 2023 Joseph Bullington, In These Times. Educate! Class Struggle, Gentrification, Montana, wealth inequality, Worker Rights and Jobs

Archie Martinez goes to bed with stained hands and wakes up at 4:30 a.m. to meet the person he pays to pick him up at the Bozeman homeless shelter. They drive to the shop of a painting company in Belgrade, eight miles away, where Martinez climbs into one of the company vans for the hour-long drive up the mountain to the resort town of Big Sky. As Martinez watches hayfields swim by in the dawn, a billboard blossoms out of the half-light beyond the van windows: “Dreaming of Your Own Equestrian Property?” Another advertises “Montana Life Real Estate.” The mountain sides along the highway glitter with the plate glass and stained wood of houses that weren’t there a few years ago.

In Buffalo, A Medical Campus And Community Collaborate For Equity

March 5, 2023 Matt Enstice, Next City. Organize! Buffalo, Cooperatives, Equity, wealth inequality

“If you want our money, you’ll have to work together.” That’s essentially what The John R. Oishei Foundation told three separate anchor institutions when they asked for money to fund new buildings on the Buffalo Niagara Medical Campus (BNMC). As Buffalo’s largest foundation, Oishei has quietly supported the BNMC from the beginning. But all along, there was one steady condition: The institutions had to collaborate. Funding requests from individual organizations would almost invariably be rejected. Any request had to come from the campus as a whole. Insisting that the institutions collaborate wasn’t a popular decision. But it was the right one.

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