What does it mean to be wealthy? If I asked a few hundred people that question, I'm likely to get a few hundred different responses. Why, because our definition of wealth is very personal and situational.
Now that we're having a serious conversation about capitalism, we can also have a conversation about solutions. Along with calling out flaws of capitalism, I'm proposing four solutions that would fix the most glaring problems in capitalism and blaze a new path forward for the next generation.
Last week, President Obama unveiled his My Brothers Keeper initiative one day after the anniversary of the murder of Trayvon Martin and as the nation still grapples with the hung jury on the murder charge in the Michael Dunn case,.
If large retailers increased pay for all of their U.S. retail workers to at least $12 an hour, more than 700,000 Americans would be lifted out of poverty, GDP would rise more than $11 billion a year, and more than 100,000 new jobs would be created.
Sure, the religious right is still teamed up with conservative politicians in their battle against gay marriage, abortion, and immigration reform -- but the days of Americans actually heeding what they say is over.
We have an economy that is currently distributing income and benefits quite well to about 20 percent -- especially to the top 1 percent -- but an economy that is doing little for the middle class and below -- the 80 percent.
Education researchers like me have been hoping policymakers will understand that poverty is the biggest impediment to children's academic success. Yet I worry that the President will slip from an accurate diagnosis to unproven and ineffectual treatments.
How can these economic leaders, the vast majority of whom have little direct experience with economic hardship, have any idea what to do about it? A one-hour radically chic sensitivity session is not likely change a corporate ethos in which the world is ruled rather than served by wealth.
In the aftermath of the 2008 economic meltdown, wealth owned by households of color declined dramatically, as home values collapsed, especially in urban areas. The wealth of the richest 1 percent also dropped, but rebounded quickly in subsequent years.
As Mayor De Blasio assumes his new office, he'd be wise to recognize the role of one of the city's critical constituencies: the aging population. It was just a couple of decades ago that many baby boomers made the critical life-decision to bet on the City, rather than flee to the suburbs.
And DC is not alone. Nationwide, cities like New York, New Orleans and Atlanta have economic inequality rates so high that the thread that once tied these cities together -- the ideals of community and shared prosperity -- is now frayed.