This is why the middle class can't get ahead. Editor’s Note: When’s the last time you worked overtime?
How about the last time you worked overtime and got paid for it? If you’re in the middle class, probably not recently. Only Americans who make less than $23,660 a year are automatically eligible for time-and-a-half pay after working 40 hours a week. Today, that’s only 11 percent of salaried workers. 9 Out Of 10 Americans Are Completely Wrong About This Mind-Blowing Fact. There's a chart I saw recently that I can't get out of my head.
A Harvard business professor and economist asked more than 5,000 Americans how they thought wealth was distributed in the United States. This is what they said they thought it was. Dividing the country into five rough groups of the top, bottom, and middle three 20% groups, they asked people how they thought the wealth in this country was divided. Dimon's Pay Jumps to $20 Million in a Year of Legal Woes for JPMorgan Chase. Saul Loeb/Agence France-Presse — Getty ImagesJamie Dimon, chairman and chief executive of JPMorgan Chase, was awarded $20 million in compensation for 2013.
Updated, 9:09 p.m. | JPMorgan Chase, after a year marred by scandal and stiff regulatory penalties, has decided to award its chief executive, Jamie Dimon, $20 million in compensation for 2013, an amount that will further inflame the debate over the accountability of senior bank executives. The award, announced in a company filing on Friday, is 74 percent higher than the $11.5 million that Mr. Dimon earned in 2012.
By approving a hefty raise, the bank’s board is signaling that it remains firmly behind Mr. The Rich Get Richer Through the Recovery. The top 10 percent of earners took more than half of the country’s total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago, according to an updated study by the prominent economists Emmanuel Saez and Thomas Piketty.
The top 1 percent took more than one-fifth of the income earned by Americans, one of the highest levels on record since 1913, when the government instituted an income tax. The figures underscore that even after the recession the country remains in a new Gilded Age, with income as concentrated as it was in the years that preceded the Depression of the 1930s, if not more so. High stock prices, rising home values and surging corporate profits have buoyed the recovery-era incomes of the most affluent Americans, with the incomes of the rest still weighed down by high unemployment and stagnant wages for many blue- and white-collar workers. 40% of Americans Now Make Less Than 1968 Minimum Wage. You may have seen charts like the one to the right from the Economic Policy Institute, showing how working people’s wages stopped going up along with productivity gains.
This means the gains went…somewhere else. See if you can guess who got them? (Hint: it’s the 1 percent; this is one driver of the terrible income and wealth inequality.) This breakoff of wages from productivity growth is partly the result of trade agreements that pit Americans against exploited workers in non-democracies. This weakened the bargaining power of unions, moved factories and industries out of the country, devastated entire regions of our country — and gave the giant multinational corporations, Wall Street and the billionaires the leverage they needed.
Les Leopold: Inequality Is Much Worse Than You Think. • In 2010, the top hedge fund manager earned as much in one HOUR as the average (median) family earned in 47 YEARS. • The top 25 hedge fund managers in 2010 earned as much as 658,000 entry level teachers. • In 1970 the top 100 CEOs made $40 for every dollar earned by the average worker.
By 2006, the CEOs received $1,723 for every worker dollar. As the administration and Congress argue over cuts in social programs, inequality in America grows more extreme each day. Who is fighting for the middle class? President Obama versus Mitt Romney. Because the tax code is complex, the calculator makes a number of simplifying assumptions that may differ from the circumstances of any particular user.
It assumes all income is from wages. For married filers, it assumes that income is split evenly between two earners. It assumes that income does not vary over the years analyzed. It assumes that taxpayers claim the standard deduction for the purpose of analyzing the impact of the expiration of the middle class tax cuts. Forbes 400 List Reveals Why the Greedy Rich Fully Deserve Your Contempt. Photo Credit: Shutterstock September 27, 2012 | Like this article?
Too Hot for TED: Income Inequality - Jim Tankersley. If you’re plugged into the Internet, chances are you’ve seen a TED talk – the wonky, provocative web videos that have become a sort of nerd franchise.
TED.com is where you go to find Facebook COO Sheryl Sandberg explaining why the world has too few female leaders, or Twitter cofounder Evan Williams sharing the secret power of listening to users to drive company improvement. The slogan of the nonprofit group behind the site is “Ideas Worth Spreading.” There’s one idea, though, that TED’s organizers recently decided was too controversial to spread: the notion that widening income inequality is a bad thing for America, and that as a result, the rich should pay more in taxes. America's billionaire-run democracy - 2012 Elections. Watching what’s happening to our democracy is like watching the cruise ship Costa Concordia founder and sink slowly into the sea off the coast of Italy, as the passengers, shorn of life vests, scramble for safety as best they can, while the captain trips and falls conveniently into a waiting life boat.
We are drowning here, with gaping holes torn into the hull of the ship of state from charges detonated by the owners and manipulators of capital. Their wealth has become a demonic force in politics. Nothing can stop them. Not the law, which has been written to accommodate them. Not scrutiny — they have no shame. It's the Wealth Gap, Stupid. When Mitt Romney bowed to political pressure and released his 2010 tax return, it showed, to no one's great surprise, that the Romneys are rich. Really, really rich. They reported income of more than $21 million, itemized deductions of over $4.5 million, and a total tax bill of just over $3 million. They made charitable contributions of almost $3 million, although more than half of that went to their church. But what really stood out in the tax return—beyond the presidential candidate's 13.9 percent tax rate—is not that Mitt makes a lot of money, it's that he has a lot of money.
Mind-Blowing Charts From the Senate's Income Inequality Hearing. I-want-you-to-disagree-and-fight-amongst-each-other.jpg (JPEG Image, 500x500 pixels) World's wealthiest people now richer than before the credit crunch, says study. Click here to see a pdf of this graphicWe are not all in this together. The UK economy is flat, the US is weak and the Greek debt crisis, according to some commentators, is threatening another Lehman Brothers-style meltdown. But a new report shows the world's wealthiest people are getting more prosperous – and more numerous – by the day.
The globe's richest have now recouped the losses they suffered after the 2008 banking crisis. Where Pay for Chief Executives Tops the Company Tax Burden. Jon Stewart Defends the Poor from Money-Grubbing Conservatives. Stewart is joking about this, but there is a serious point embedded here. The problem is that the right is much more fluent in using language to put forth the most ridiculous and cruel of proposals, under the guise of "fairness".
Stewart successfully put lie to this, by using of course, numbers. There's something brutally corrupt about how Fox keeps trumpeting this idea that the bottom 50% are getting a free ride, while conveniently ignoring the fact that they in fact have little and earn little, much because of the success of conservative tax policy over the last 30 years. Land of the Free, Home of the Poor. JUDY WOODRUFF: Now, the opening chapter of an occasional series about inequality in America. It’s a subject that’s getting more attention in light of the weak economy and the ongoing debate around budget cuts and raising revenues. Billionaire businessman and philanthropist Warren Buffett, who has argued in favor of higher taxes on the wealthiest, cited the growing disparity in an interview on PBS last night with Charlie Rose.
WARREN BUFFETT, Berkshire Hathaway: It should be a land of opportunity. And people that get rich. 1 in 13 Georgia adults in the prison system Pew Center on the States - On the LAKE Front. Georgia is number 1 in something: locking people up, 1 in 13 of adults, according to the Pew Center on the States. That costs us more than a billion dollars a year in tax money, 5.9% of the state budget. That's up from $133.26 million in 1983, increased by more than a factor of seven. Meanwhile, the correctional population swelled from around 100,000 in 1982 to more than 550,000 in 2007. Reddit: the front page of the internet. Debt Crisis Deepens as Eric Cantor, GOP Propose New Cuts. Do companies want to hide CEO pay? - U.S. Economy. Twenty-Five Arrested, Thousands Converge on Koch Brothers Billionaire's Caucus in the California Desert. Wealth And Inequality In America. The Beast File - Koch Brothers (HUNGRY BEAST) But There's Hope in the Fight Against Global Capital.
REPORT: In 12 Years, Income For Richest 400 Americans Quadruples, Tax Rate Nearly Halved. The Real Housewives of Wall Street. Ikea: Workers' complaints surround Ikea's U.S. factory - latimes.com. In 2010, CEO Pay Went Up 27% While Worker Pay Went Up 2% Of the 1%, by the 1%, for the 1% Buried Provision In House GOP Bill Would Cut Off Food Stamps To Entire Families If One Member Strikes. Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels.