Policy makers must find ways to stop inequality's march. Failure to do so will cause wealth to become more concentrated in the hands of a few, lowering the standard of living for everyone else, creating a reversal of the shared prosperity that characterized much of the 20th century.
Undoubtedly timed to the opening of the World Economic Forum annual meeting in Davos, a new report by Oxfam says the richest 1 percent of people in the world will have a majority of the wealth on the planet next year. The report is a perfect preamble to the Davos meeting.
Looking forward to Tuesday's State of the Union address, we are seeing a somewhat bolder Barack Obama. The White House has already pre-announced or leaked several "fourth-quarter initiatives," in the president's words. Some of these can be accomplished by executive order; most will require legislation. The measures that can be achieved by presidential order include reducing the down-payment or interest on federally insured mortgages to stimulate home ownership. Among the measures requiring legislation is a tax plan that would increase taxes on the wealthiest in order to finance the tuition help for community college students and more generous child tax credits for working families. Obama also wants an excise tax on large banks and he is calling on Congress to pass a law giving all workers seven days of annual sick leave. All this amounts to a salutary whiff of class warfare, of the sort that identifies the president with most Americans, against the one percent. And there will probably be a few more surprises in the actual address that have not yet been leaked.
No one is arguing for complete equality of income. Not even close. We celebrate the success of the One Percent, and rightly so. All we ask, especially in this time of giving, is for the compassion, the humility, the shared experience that existed only a few decades ago.
The Democratic Party, as a political institution, has for all intents and purposes sold out working people, the poor struggling to improve their lot and the middle class.
Only a generation ago, Bethlehem, Pennsylvania had a steel mill employing tens of thousands of people at good wages. The typical casino worker today in Bethlehem makes $10-12 an hour. Many are part-time.
Here's the bottom line. The Tea Party Republicans and their Big Business and Wall Street allies plan to grab what they want while ordinary people sleep through this election.
The rich always vote for themselves. They go for their self-interest, their tax breaks, their liability escapes (think Wall Street). Meanwhile, they've relentlessly instructed the non-rich that they too must vote for the rich.
Speaking just like an American Republican, the Communist Chinese-appointed leader of Hong Kong, Leung Chun-ying, said last week that if the state granted democratic rights to its poor and working class, they could dominate elections and choose leaders who would meet their needs.
You are all potential terrorists and will be treated as such. Here's half a Diet Coke as a reward for being compliant.
One in four U.S. employees are low-wage workers. That is 20 percent higher than in the United Kingdom, and the highest percentage among industrialized nations. So how'd that all anti-union stuff work out?
As inequality grows, the rich become more powerful than the rest of the population, enabling them to veto any policy that impedes their one-sided enrichment. They also become less empathetic toward the rest of the population, whose lives seem less similar to their own with each passing year.
Akin to the suffering of middle class and poor families in these difficult economic times, the one percent are struggling as well behind their gilded ...
The news that the Pac-12 Conference jumped to the head of the class in 2012-13, earning $330 million in record revenue comes as no surprise. Welcome to the new college sports business model.
Over 73 million adults have a college degree in this country, but less than 2 million of them are members of the One Percent. Most earn less than a fifth of what they'd need to qualify for the One Percent.
Ken Langone, the big-spending Home Depot Billionaire and ally of Charles and David Koch, clumsily defended his March 2014 comments comparing populist criticism of the 1 percent with the rise of Nazi Germany, in an interview with Capital New York published this week.