By Kevin Drum on Wed. February 20, 2013 12:57 PM PDT Greg Sargent calls our attention to a new study on rising income inequality today. The question at hand isn't how much inequality has increased over the past couple of decades, it's where the increase has come from. The study is from Thomas Hungerford, an analyst with the Congressional Research Service, and the chart on the right tells the story:
It is obviously possible to agree with the Republican negotiating position over the budget sequester, which is that it would be better to replace the sequester with cuts to social spending, yet better to keep the sequester than increase tax revenue in any form. It is also obviously possible to disagree with President Obama’s position, which is that the sequester ought to be replaced with a “balanced” mix of cuts to retirement programs and increased revenue through tax reform. It is also obviously possible to take a stance directly between the two positions. Respectable centrist position agrees with Obama’s position.
December 31, 2012 | Like this article? Join our email list: Stay up to date with the latest headlines via email. Today’s economic warfare is not the kind waged a century ago between labor and its industrial employers.
Romney-Style Economics Behind Decline of Hostess, But Workers Are Paying the Price Hostess Brands is one of the most recognizable food companies in America, having manufactured Wonder Bread and Twinkies for decades. But now the company has announced they are liquidating, and company is unfairly blaming their workers , many of them members of BCTGM and the Teamsters.
The results have sharp edges for both Republicans and Democrats, as record numbers say they’re interested in new congressional representation when the November 2012 elections roll around. When it comes to economic issues, the erosion in public trust is deep: Just 26 percent now have even some faith the government can actually solve problems. Confidence is down 21 percentage points from October 2010, and less than half its 2002 levels. One big issue is public concern that the government is failing to address major problems.
If anything, however, the 99 percent slogan aims too low. A large fraction of the top 1 percent’s gains have actually gone to an even smaller group, the top 0.1 percent — the richest one-thousandth of the population. And while Democrats, by and large, want that super-elite to make at least some contribution to long-term deficit reduction, Republicans want to cut the super-elite’s taxes even as they slash Social Security, Medicare and Medicaid in the name of fiscal discipline.
Public protest isn't about anything as mundane as ten-point programs and lists of demands A little girl holds a placard during an Occupy Wall Street protest at Times Square in New York / Reuters The lead headline on the front page of Saturday's "Business Day" section of the New York Times : "In Private, Wall St. Bankers Dismiss Protesters as Unsophisticated."
By the hoary conventions of American politics, Americans should fear and loathe Occupy Wall Street. The occupiers are vaguely countercultural, counterculturally vague. They are noisy. They are radical. They offer no solutions, though they are prey to the damnedest ideas.
In the picture, you’re holding up a sheet of paper that says: I am a former Marine. I work two jobs. I don’t have health insurance.
On Monday, defending his plan to raise taxes on the rich to pay for job creation, President Obama said: “This is not class warfare, it’s math.” No, Mr. President, this is class warfare — and it’s a war you’d better win. Corporate interests and the rich started it. Right now, they’re winning.
I wish it were true. I wish it were true that Occupy Wall Street could morph into our “American spring,” a left-wing counterweight to the tea party. I wish it were true that this naive and incoherent movement could somehow turn itself into the long-overdue national protest against speculation and manipulation by a financial services industry that misallocated so much capital and talent and continues to keep much of the global economy on the edge of recession. I wish it were true that Bank of America’s bone-headed decision to charge a $5 monthly fee for debit cards would prove to be the point at which public opinion finally turned against those who blame government regulation for our economic problems.
I’ll never forget the moment I got hooked on Occupy. About the Author Max Berger Max Berger is an organizer based in New York City. He worked as as a GOTV organizer in 2004, as an online organizer for...
Of course the rich are getting richer. But the divergence between Main Street and America's elites begins with two of our most cherished institutions: college and marriage. Gina Sanders/Shutterstock In the early 1990s, Bill Gates was asked what competitor worried him the most. Goldman Sachs, Gates answered. He explained: "Software is an IQ business.
Want more charts like these? See our charts on the secrets of the jobless recovery , the richest 1 percent of Americans , and how the superwealthy beat the IRS . A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us?
But what’s the meaning of the eurodebacle? As always happens when disaster strikes, there’s a rush by ideologues to claim that the disaster vindicates their views. So it’s time to start debunking. First things first: The attempt to create a common European currency was one of those ideas that cut across the usual ideological lines.