Before the historic leak, the issue of extreme global income inequality was mostly just a concept. Now it has names and faces.
America’s 21st-century "exceptions" appear as dubious distinctions: gun violence, carbon emissions, mass incarceration, wealth inequality, racial disparities, capital punishment, child poverty and military spending.
Recent news about Amazon has focused on the abusive conditions that prevail in the company's headquarters in Seattle. A “more comprehensive indictment,” writes a lifelong resident of the city, would “describe its effect on” the city, “which used to be a great place to live."
For the past quarter-century I’ve offered in articles, books, and lectures an explanation for why average working people in advanced nations like the United States have failed to gain ground and are under increasing economic stress.
Some of the names on this list of the über rich will seem familiar while others may come as a surprise.
Wealth inequality between whites and their black and Hispanic counterparts has reached its highest point since the late ’80s and early 2000s in the U.S.
Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls and Wall Street.
Wealth hidden by tax shelters and non-responses to questionnaires is so undercounted that "correcting for similar lapses in income data almost erases progress made from 1988 to 2008 in narrowing the gap between the world’s rich and poor," Bloomberg contributor Jeanna Smialek reports that a body of research has found.
The celebrity economist's proposal of an "international IRS" as a means to end rampant wealth inequality falls far short of methods that exist in the American tradition, Salon columnist Thomas Frank writes in a critique of the best-selling "Capital in the Twenty-First Century."