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Tag: Wealth

Why the Racial Wealth Gap Is Widening—and Some Steps to Reverse It (Video)

By Robert Reich

Unless you earn enough to be able to begin to accumulate wealth, you can’t get ahead. That’s why kids from low-income families start out in life at a huge disadvantage—especially children of color.

Posted on May 2, 2016 WATCH & LISTEN


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Once-Undocumented Wall Street Executive Now Is Helping Others Live the American Dream

Julissa Arce worked for seven years at Goldman Sachs as an undocumented immigrant. Now she is an American citizen fighting for immigration reform, and her incredible story may soon become a TV series. 

Posted on Apr 20, 2016 READ MORE


Escaping Tax Regimes









Paresh Nath, Cagle Cartoons, The Khaleej Times, UAE
Posted on Apr 11, 2016 ENLARGE



Richest 62 People Are as Wealthy as Half the World’s Population

British charity Oxfam calls for a crackdown on tax havens after its report finds the world’s wealthiest hiding $7.6 trillion from taxes.

Posted on Jan 18, 2016 READ MORE



What’s at Stake This Election Year? Ending the Vicious Cycle of Wealth and Power

The United States has succumbed to a vicious cycle in which great wealth translates into political power, which generates even more wealth and even more power.

Posted on Jan 3, 2016 READ MORE



America 2016: What Happens When a Nation Gives Too Much Political Power to the Super Rich

As the high-powered shenanigans of Las Vegas casino mogul and GOP bankroller Sheldon Adelson show, “Oligarchy, rule by the few, also tends to become rule by the monstrously self-centered,” Paul Krugman writes in The New York Times.

Posted on Jan 2, 2016 READ MORE



How America’s Wealthiest Are Saving Billions Through a Private Tax System

Part of the so-called “income defense industry,” the system involves highly paid tax lawyers, estate planners, anti-tax activists and lobbyists who work in tandem to devise the best strategies for super-rich individuals to save on taxes.

Posted on Dec 30, 2015 READ MORE



One-Quarter of Americans Earning $100,000 or More Say They’re Struggling

It may be difficult to sympathize with, but many Americans earning six-figure incomes are living paycheck to paycheck.

Posted on Dec 26, 2015 READ MORE



20 U.S. Billionaires Now Own as Much Wealth as Half of All Americans

A new report reveals that the real wealth gap in America is not between the 1 percent and the 99 percent, but between the .0001 percent and everybody else.

Posted on Dec 4, 2015 READ MORE



Truthdiggers of the Week: 2 Economists Who Challenged an American Myth

Their shocking report shows that higher education does nothing to dissolve income inequality for blacks and Hispanics.

Posted on Oct 25, 2015 READ MORE



New 2015 Wealth Data Reveal U.S. Inequality at Its Ugliest

According to new data, nearly 50 million of America’s 243 million adults are part of the world’s poorest 10 percent.

Posted on Oct 19, 2015 READ MORE



Half of World’s Wealth Now Owned by 1 Percent of Population

A new report by Credit Suisse reveals worldwide inequality to be growing even faster than experts had predicted.

Posted on Oct 14, 2015 READ MORE



VIDEO: Why We Must End ‘Upward Pre-Distributions’ to the Rich

You often hear that inequality has widened because globalization and technological change have made most people less competitive while making the best-educated more competitive. But this common explanation overlooks a critically important phenomenon.

Posted on Sep 28, 2015 READ MORE



10 Years After Katrina, New Orleans Is ‘Gentrification’s Ground Zero’

In the 10 years since Hurricane Katrina, many of New Orleans’ low-income black residents have been displaced, with gentrification entailing a dramatic transformation of the city’s class structure and cultural identity.

Posted on Aug 28, 2015 READ MORE


VIDEO: The Other Side of the Hamptons: The Working Poor

Long established as a playground for the mega-rich, New York’s Hamptons see some beachfront mansions selling for $100 million, and designer boutiques jostle for space on the streets. But beyond the luxury is a side we don’t see, where low-paid workers struggle to get by and 7 percent of the population lives below the poverty line.

Posted on Aug 14, 2015 WATCH & LISTEN



‘The Gulf’: Shedding Light on Dark Doings in the United Arab Emirates

A coalition of artists and writers has been instrumental in raising awareness of the mind-boggling exploitation of laborers who support some of the richest people on the planet.

Posted on Aug 14, 2015 READ MORE



The Middle Class, Too, Is Keeping Poor Kids Back, U.K. Study Finds

A report by the Social Mobility and Child Poverty Commission in the United Kingdom found that wealthier parents hoard the best opportunities for their own children, ensuring that smarter kids who are financially disadvantaged stay put in the socioeconomic hierarchy.

Posted on Jul 28, 2015 READ MORE



71% of the World’s Population Survives on Less Than $10 a Day

A new report from the Pew Research Center explains that the notion of a global middle class is “more promise than reality.”

Posted on Jul 10, 2015 READ MORE


US Left Behind









Posted on May 28, 2015 ENLARGE



The U.S. and Israel Have the Worst Income Inequality in the Developed World

A new report finds that the gap between rich and poor in the developed world is at its highest level in 30 years in most countries—and that the U.S. and Israel are leading the trend.

Posted on May 21, 2015 READ MORE



The Obamas’ Net Worth Is as Much as $6.9 Million

The first family almost qualifies as 1 percenters, with a 2014 adjusted gross income a bit shy of the $521,411 that would put them among the richest segment of Americans, according to financial disclosures released Friday.

Posted on May 15, 2015 READ MORE


Envying the Rich









Posted on Apr 28, 2015 ENLARGE



Just How ‘Socially Advanced’ Is the U.S.? You Might Be Surprised

The Social Progress Index has published the latest global data on quality of life, and America’s “We’re No. 1” crowd isn’t left with much to shout about.

Posted on Apr 9, 2015 READ MORE



Does Being Rich Make You a Self-Centered Lawbreaker?

Work by social psychologist Paul Piff suggests that the more money people have, the more likely they are to cheat or put their needs before those of others.

Posted on Mar 18, 2015 READ MORE



The Majority of Americans Want to Raise Taxes on the Rich, So What Gives?

Elected officials are usually voted in to represent their constituents. So why do Republicans in Congress oppose Obama’s plan to raise investment taxes on the rich when two-thirds of Americans think the wealthy aren’t paying enough in taxes?

Posted on Feb 25, 2015 READ MORE


1 Want More









Posted on Jan 26, 2015 ENLARGE



If You Want to Know What’s Happened to Our Democracy, Follow the Richest .01 Percent

Why should we care how the uber rich spend their money?

Posted on Nov 18, 2014 READ MORE


CEO Pay









Posted on Sep 28, 2014 ENLARGE



Why Ordinary People Bear Economic Risks and Donald Trump Doesn’t

Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls and Wall Street.

Posted on Sep 22, 2014 READ MORE



The Politics and Economics of Inequality: A Lecture to the Top One-Tenth of 1 Percent (Video)

Here’s a lecture I gave recently at this year’s Aspen Ideas Festival. The irony of talking about inequality with an audience composed almost entirely of the richest one-tenth of 1 percent of Americans was not lost on me.

Posted on Jul 5, 2014 READ MORE



Where Are the Hardest Places to Live in the U.S.?

A New York Times data analysis venture looked at six basic measures to get a picture of the quality and longevity of life in each county of the nation. The toughest place to live was Eastern Kentucky—“land of storybook hills and drawls.”

Posted on Jun 27, 2014 READ MORE


Net Neutrality









We decided internet service should reflect the rest of our economy...
Posted on May 20, 2014 ENLARGE



Shutterstock

How to Shrink Inequality

Some inequality of income and wealth is inevitable, if not necessary.

Posted on May 14, 2014 READ MORE


The One Percent









Posted on May 10, 2014 ENLARGE



Pascal’s Wager for the Age of Citizens United

Former NYC Mayor Michael Bloomberg told The New York Times he was confident he would walk “straight in” to heaven “without stopping to be interviewed,” because, as Salon’s Tom Frank puts it, “he has put his money on the most glaringly virtuous politics available.”

Posted on Apr 21, 2014 READ MORE



Knight725 (CC BY-NC 2.0)

Antitrust in the New Gilded Age

We’re in a new gilded age of wealth and power similar to the first gilded age when the nation’s antitrust laws were enacted.

Posted on Apr 17, 2014 READ MORE



‘Somebody Called the Cops on Jesus’ (Audio)

Residents of “an upscale neighborhood filled with well-kept townhomes” in Davidson, N.C., now share the block with a statue depicting the Son of God as a vagrant asleep on a park bench outside a local church.

Posted on Apr 13, 2014 READ MORE



Capital in the 21st Century

In his new book, French economist Thomas Piketty reminds us that within the dynamics of capitalism is a natural and destabilizing tendency toward inequality of income, wealth and opportunity.

Posted on Apr 4, 2014 READ MORE



We Should Be Talking About the 1 Percent of the 1 Percent

It’s really the 0.01 percent of Americans who are leaving us all behind; one answer to fighting climate change is vegetarianism; meanwhile, is the beer in Britain spying on you? These discoveries and more after the jump.

Posted on Apr 1, 2014 READ MORE



Themeplus (CC BY-SA 2.0)

The Distributional Games

Why would people turn down a deal that made them better off simply because it made someone else far, far better off?

Posted on Apr 1, 2014 READ MORE


Sen. Sanders: ‘Will This Nation Become an Oligarchic Form of Society?’

In an address to the U.S. Senate this week, Vermont independent Bernie Sanders testified to the basics of wealth inequality and described how it distorts the U.S. political process. His speech contains vital statistics for your reference.

Posted on Mar 28, 2014 WATCH & LISTEN



An Aristocracy of Musicians

The top 1 percent of artists take 77 percent of the income earned in the music industry, a new report found.

Posted on Mar 8, 2014 READ MORE



Pincasso / Shutterstock.com

Swiss Bank Blames Employees for Tax Evasion Scheme

A U.S. Senate subcommittee found that Credit Suisse helped American clients conceal as much as $12 billion from the IRS, but the bank’s CEO, Brady Dougan, said the blame lies with a few employees acting on their own.

Posted on Feb 26, 2014 READ MORE



Shutterstock

A Radical Fix for the Justice System: Socialism

Americans are already provided legal assistance, but Noam Scheiber at New Republic says it’s not enough, and, he argues, there should also be a cap on the amount rich people and corporations can spend on lawyers.

Posted on Feb 4, 2014 READ MORE



Shutterstock

The Richest ‘Victims’ in America

An ugly outbreak of whiny victimhood is ravaging some of America’s most exclusive ZIP codes.

Posted on Jan 31, 2014 READ MORE



epSos.de (CC BY 2.0)

Take a Guess at How Many People Collectively Are as Wealthy as Half the World. It’s Less Than That

We’ve all heard that 1 percent of the global population owns 50 percent of the earth’s wealth, and yet, now that the actual number of people has been calculated by the relief organization Oxfam, it’s hard not to cringe at the fact.

Posted on Jan 22, 2014 READ MORE


Freedom Water









Posted on Jan 21, 2014 ENLARGE



Obesity Mainly Affects Poor People in Rich Countries, Especially Minority Women

It’s not about not having money, it’s about being penniless while others get richer.

Posted on Jan 15, 2014 READ MORE


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