“Yes, We’re Corrupt”: A List of Politicians Admitting That Money Controls Politics. One of the most embarrassing aspects of U.S. politics is politicians who deny that money has any impact on what they do.
For instance, Tom Corbett, Pennsylvania’s notoriously fracking-friendly former governor, got $1.7 million from oil and gas companies but assured voters that “The contributions don’t affect my decisions.” If you’re trying to get people to vote for you, you can’t tell them that what they want doesn’t matter. This pose is also popular with a certain prominent breed of pundits, who love to tell us “Don’t Follow the Money” (New York Times columnist David Brooks), or “Money does not buy elections” (Freakonomics co-author Stephen Dubner on public radio’s Marketplace), or “Money won’t buy you votes” (Yale Law School professor Peter H.
Defense Contractors Are Making a Killing. Stock prices for Lockheed Martin, General Dynamics, Raytheon and Northrop Grumman set all-time record highs last week as it became increasingly clear that President Obama was committed to a massive, sustained air war in Iraq and Syria.
It’s nothing short of a windfall for these and other huge defense contractors, who’ve been getting itchy about federal budget pressures that threatened to slow the rate of increase in military spending. Now, with U.S. forces literally blowing through tens of millions of dollars of munitions a day, the industry is not just counting on vast spending to replenish inventory, but hoping for a new era of reliance on supremely expensive military hardware.
“To the extent we can shift away from relying on troops and rely more heavily on equipment — that could present an opportunity,” Jack Ablin, chief investment officer at BMO Private Bank, whose $66 billion portfolio includes Northrop Grumman Corp. and Boeing Co. shares, told Bloomberg. 15 Mind-Blowing Facts About Wealth And Inequality In America. The rich are getting richer and the poor are getting poorer.
10 startling facts about global wealth inequality. 1.
On Monday, Oxfam published a startling report showing that the richest 85 people in the world are worth more than the poorest 3.5 billion. 2. The numbers Oxfam is using come from Credit Suisse's 2013 Global Wealth Report. Eighty rich people now have as much wealth as 50% of the rest of humanity combined. This post was updated at 1:00pm ET Billionaires are getting richer, according to a new study from Oxfam.
Of the 1%, by the 1%, for the 1% First-Ever Political Study of Top 1% Has Found Extreme Conservatism, Intense Political Involvement. Billionaires(image by Michael Fleshman) A year ago, to little public notice, the academic journal Perspectives on Politics published a landmark study, "Democracy and the Policy Preferences of Wealthy Americans," by Benjamin Page, Larry Bartels, and Jason Seawright; which reports that, among the American aristocracy, there exists pervasive extreme conservatism, and also a virtual non-stop involvement in politics by them -- in other words, it finds the same two things that writers have hypothesized to exist among aristocracies throughout all of human history.
But, for the first time ever, these researchers have now attached precise numbers to these two hypotheses, and have established that this is the way aristocrats actually are. The 1% are the very best destroyers of wealth the world has ever seen. Revealed: how the wealth gap holds back economic growth. The west’s leading economic thinktank on Tuesday dismissed the concept of trickle-down economics as it found that the UK economy would have been more than 20% bigger had the gap between rich and poor not widened since the 1980s.
Publishing its first clear evidence of the strong link between inequality and growth, the Paris-based Organisation for Economic Cooperation and Development proposed higher taxes on the rich and policies aimed at improving the lot of the bottom 40% of the population, identified by Ed Miliband as the “squeezed middle”. Rich People Actually Don't Create The Jobs. As America struggles with high unemployment and record inequality, everyone is offering competing solutions to the problem.
In this war of words (and classes), one thing has been repeated so often that many people now regard it as fact. "Rich people create the jobs. " Specifically, by starting and directing America's companies, entrepreneurs and rich investors create the jobs that sustain everyone else. This statement is usually invoked to justify cutting taxes on entrepreneurs and investors. If only we reduce those taxes and regulations, the story goes, entrepreneurs and investors can be incented to build more companies and create more jobs. Trickle Down Tales. GOP passes massive tax break for millionaires, billionaires. In recent months, high-profile Republicans, sounding quite a bit like class warriors, have complained bitterly about the wealthy benefiting most from the recent economic recovery.
Even House Ways & Means Committee Chairman Paul Ryan (R-Wis.), without a hint of irony, complained that recent trends point to “exacerbated inequality.” The far-right congressman added that only “the wealthy are doing really well.” It’s genuinely impossible to reconcile Republican rhetoric and Republican priorities in light of votes like these. The House voted Thursday to repeal the estate tax, a longtime priority of Republicans that also spurred Democratic charges that the GOP is in the pockets of the rich. […] The White House has threatened to veto the measure, and the bill does not appear to have the 60 votes necessary to break a Democratic filibuster and get through the Senate.
Tax havens: Super-rich 'hiding' at least $21tn. 22 July 2012Last updated at 12:20 ET James Henry says his $21tn figure is a conservative estimate A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.
Our Economic Ruin Means Freedom for the Super-Rich by George Monbiot. The model is dead; long live the model. Austerity programmes are extending the crises they were meant to solve, yet governments refuse to abandon them. The United Kingdom provides a powerful example. Robert Reich: The Rich Don't Work Anymore—Working Is for Poor People. Photo Credit: via YouTube/Moyers & Company. Executive Excess 2011: The Massive CEO Rewards for Tax Dodging. International Paper Company CEO compensation: $12.3 million U.S. federal income taxes: $249 million refund CEO John Faraci received a 75 percent pay hike in 2010 pocketing $12.3 million. International Paper CompanyCEO compensation: $12.3 millionU.S. federal income taxes: $249 million refund.
Middle class Americans: Not so wealthy by global standards - Jun. 11, 2014. U.S. Profits Per Employee Jump As Raises Remain Modest: Study. Companies are squeezing greater profits out of their employees, even as layoffs rise and the outlook for hiring and raises remains mixed, a recent study has found. Men's Earnings Haven't Just Stagnated Over Past 40 Years. January 15, 2012 | Like this article? Join our email list: Stay up to date with the latest headlines via email.
Catherine Crampell at The New York Times Economix blog pointed to a disturbing article Thursday. 3 Obvious Reasons for the Racial Wealth Gap in America—It's Time to Fix Them. Earnings gap between women and men.