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Inequality in America is at record levels.
The 400 richest Americans now have more wealth than the bottom 150 million of us put together
Five years ago this weekend, the Wall Street giant Lehman Brothers collapsed triggering the worst financial crisis since the Great Depression. Today, the divide between the 1 percent and the 99 percent is as great as ever. According to one recent study, the top 1 percent has captured about 95 percent of the income gains since the recession ended. “Since the recovery, almost all of the gains have gone to the very, very top. People who are in the top 1 percent are doing even better than they did before the Great Recession, better than they have done since 1928,” says former Labor Secretary Robert Reich. “Most Americans are on a downward escalator. Median wage in the United States, adjusted for inflation, keeps on dropping.” Reich is the focus of the new film, “Inequality for All.” In this interview, he also talks about Syria, the second anniversary of Occupy Wall Street on September 17, Obama’s healthcare plan and Milton Friedman’s connection to the Pinochet dictatorship in Chile.
http://www.democracynow.org/2013/9/13/inequality_for_all_robert_reich_warns
Five years ago this weekend, the Wall Street giant Lehman Brothers collapsed triggering the worst financial crisis since the Great Depression. Today, the divide between the 1 percent and the 99 percent is as great as ever. According to one recent study, the top 1 percent has captured about 95 percent of the income gains since the recession ended. “Since the recovery, almost all of the gains have gone to the very, very top. People who are in the top 1 percent are doing even better than they did before the Great Recession, better than they have done since 1928,” says former Labor Secretary Robert Reich. “Most Americans are on a downward escalator. Median wage in the United States, adjusted for inflation, keeps on dropping.” Reich is the focus of the new film, “Inequality for All.” In this interview, he also talks about Syria, the second anniversary of Occupy Wall Street on September 17, Obama’s healthcare plan and Milton Friedman’s connection to the Pinochet dictatorship in Chile.
http://www.democracynow.org/2013/9/13/inequality_for_all_robert_reich_warns
The gap between the wealthy and poor is increasing at a pretty rapid rate. Currently, the US has the widest gap, but the fast growing one is actually Canada which I find rather scary (I think the stats I read apply only to the Industrialized world, not the entire world). We are eliminating our middle class. It's mind boggling how many are living below the poverty line now. Beyond the humanitarian aspect, this creates quite a drain on services and therefore the economy. And please, no one say that folks should just go out and get a job. Most of these folks, at least in my country, do have jobs and work as hard as anyone. Not sure where the solution lies, but i do know that it's not sustainable. Scary.
Great stuff. Thank you for the link.
"Not sure where the solution lies" perhaps outlawing entrepreneurship?
I've got mixed emotions on the subject. For one, nobody in the world needs to make millions of dollars a year. On the other hand, if this person is a go getter, the best in his/her field, risks their reputations, money and *** daily... then I understand the financial rewards.
Then, someone gets a $200 million dollar "golden parachute". If that person climbed to the top and lead a company to the top as well, but their usefulness is deemed useless, they pay the person off to leave and keep their mouths shut.... but $200 million? That person did a lot of something to get to a position like that. But damn... $200 million?
Then, someone gets a $200 million dollar "golden parachute". If that person climbed to the top and lead a company to the top as well, but their usefulness is deemed useless, they pay the person off to leave and keep their mouths shut.... but $200 million? That person did a lot of something to get to a position like that. But damn... $200 million?
Outlawing entrepreneurship is an extreme response.
We could close the tax loopholes for the very rich for a start and have enough integrity not to let the rich buy our rights, to further their own interests.
This is not really a left/ right issue. I know a lot of people on the right, who are conservative and hardworking people. They are no more aligned with the corrupt values of big business than I am. What the Koch brothers and their ilk are banking on is this very attitude that to stop them from running this country into the ground is a 'communist conspiracy.'
However, we all know, communism is dead and socialism is barely breathing.
How about some new vocabulary?
Maybe the idea that you can work hard all your life and have a modest quiet retirement as opposed to living on the streets and being treated as a pariah because you cannot afford healthcare.
A little humanity goes a long way...
We could close the tax loopholes for the very rich for a start and have enough integrity not to let the rich buy our rights, to further their own interests.
This is not really a left/ right issue. I know a lot of people on the right, who are conservative and hardworking people. They are no more aligned with the corrupt values of big business than I am. What the Koch brothers and their ilk are banking on is this very attitude that to stop them from running this country into the ground is a 'communist conspiracy.'
However, we all know, communism is dead and socialism is barely breathing.
How about some new vocabulary?
Maybe the idea that you can work hard all your life and have a modest quiet retirement as opposed to living on the streets and being treated as a pariah because you cannot afford healthcare.
A little humanity goes a long way...
It is a tough one. I know my city is a prime example of the extremes. Because we are an oil town, there are a lot of folks making a heck of a lot of money. Rents here are super high..currently a standard 2 bedroom apartment goes for about $1200/month. Buying a home is super pricey. We have a very basic 1100 square foot bungalow built in 1959. Nothing fancy at all about it. We paid $360,000 for it, and that is below average price. The average basic single family home is about $400,000. There is no possible way we could own a home if we both didn't work. Daycare for my son is $1070/month. It's crazy. We have lots of jobs, but minimum wage earners, even those just above minimum wage cannot make ends meet. However, you increase the minimum wage and a lot of business' wouldn't be able to stay in business, and job loss isn't the answer either. We do have good social services programs, but with so many requiring extra assisstance, well, not sure if that is sustainable or not. I certainly do not begrudge anyone getting rich, I really don't. But I worry about the elimination of the middle class (which is exactly where my family lies). We work hard to pay our bills and save for retirement, but still not sure if it will be enough. It can be quite stressful.
I'll be interested to see this film when it's released. Our country and economy have gone downhill since Robert Reich left his cabinet post. The scare tactic, smear tactic, spin organizations like Groundswell hate Reich with a fiery passion since he is able to simply and intelligently explain ways that our country can be put back on track again. You will hear him called communist, socialist, and every other hysterical label those with a vested interest in maintaining a broken system can think of.
I'd chose socialist. I was never much of a fan of Robert Reich.
Maybe if we tax them to death and make it impossible to make a lot of money we can create a whole country of people dependant on the government.
When you have someone working at McDonalds making $8hr and then someone make $20 Million a year why not look at the education level and drive those people have.
I know a small business owner who for years worked 7am-9pm all by himself. Now he still works from 7am-6pm and he is successful, very sucessful and has several employees. He has a drive for the past 35 years to work work and work. Lets not stifle drive, lets reward it.
If the Occupy movement was not a bunch of lazy no good living off mommy and daddy and government then they might have been taken seriously. But when you have time to protected for days and weeks and months it shows what you want. You want other people to give you stuff instead of working for yourself.
I spit on the Occupy movement.
When you have someone working at McDonalds making $8hr and then someone make $20 Million a year why not look at the education level and drive those people have.
I know a small business owner who for years worked 7am-9pm all by himself. Now he still works from 7am-6pm and he is successful, very sucessful and has several employees. He has a drive for the past 35 years to work work and work. Lets not stifle drive, lets reward it.
If the Occupy movement was not a bunch of lazy no good living off mommy and daddy and government then they might have been taken seriously. But when you have time to protected for days and weeks and months it shows what you want. You want other people to give you stuff instead of working for yourself.
I spit on the Occupy movement.
Pearls before swine.
If the Occupy movement was not a bunch of lazy no good living off mommy and daddy and government then they might have been taken seriously. But when you have time to protected for days and weeks and months it shows what you want. You want other people to give you stuff instead of working for yourself.
I spit on the Occupy movement.
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You have really outdone yourself this time.
You know nothing about the people of the Occupy movement.
You would rather hold on to a fantasy of the American dream that is no longer possible. These people are working men and women, teachers, professionals and all the folks that make up America that clearly see what the business interests of some and the corruption and bailouts of the banking system are doing to our lives and to the future of our children
I am too old and tired to demonstrate but I applaud the majority of the ppl in that movement for standing up for the rights of the people over the interests of a very few.
I am very sorry for you that you are so deluded, you are in for a big shock,
So those people who slept out night after night and never left those were the hard working people you speak about? The 20 something year old that can sit out day after day and use is IPad is a good hardworking guy?
Again I spit on the freeloading movement. Get an education and then a job and be happy you have those advantages.
The American dream is possible but it takes 2 things...education and hard work.
Again I spit on the freeloading movement. Get an education and then a job and be happy you have those advantages.
The American dream is possible but it takes 2 things...education and hard work.
I think you know that I work in the Homeless/Poverty field. And if only the issue was as simple as so many seem to think - just get a better education and get a better job. Or that it's an issue of motivation. The reasons people find themselves in this situation are as varied as the individual themselves. And I can tell you that once your there it is unbelievably hard to climb out.The solutions are not simple, trust me. I can tell you this though, society should care, and should care a great deal that this is happening. It's a big deal. No country can survive, and certainly cannot thrive without a solid tax base. That money covers a heck of a lot more then those living in poverty. Also, a healthy society in general requires a solid middle class. As for minimum wage earners, those jobs need to be done don't they? Perhaps real world resolutions to this are things like affordable housing, affordable education and so on. We have a saying where I work and it's a well known one. "It takes a village". Just saying go back to school and get a better job is not overly realistic. The issue of poverty affects everyone, whether you live that way or not. It must be addressed (I say we as my country has the same problem) or we will all be in serious trouble.
As for the occupy movement, well, it was comprised of individuals who got involved for a variety of reasons. We had it happen here too, and in my opinion it started out with good and pure intentions - to raise awareness around the shrinking of the middle class and those living below the poverty line. It got carried away and eventually became a movement I lost respect for, but that's just my opinion. If they had stayed true to what I felt was the original intent of the message, I understood and supported it. Again, that is in my city which is the only hands on experience I had with it.
This is the occupy movement i know...Friend walking in NYC after lunch and has a bag of chips. See a homelessman and offers them to him, he can't take them because of salt. A occupy protestor sitting about 5 feet away looks up from his smart phone and says "i'll take them".
I think the occupy movement and the tea party are the same kinds of people just on opposite sides of the fence. I personally am not a fan of either but agree, they started with good intentions. Sadly though, while the occupy movement all but died away, the tea party goes on to torture us.
Poverty is very complex. I personally agree with you Adgal. I don't begrudge the rich nor do I feel they should have to support the rest of us who aren't doing so well. I don't know why the rich have to be mentioned when we speak of the problems of the poor and diminishing middle class. Sure they can close loopholes but I am sure that will never be enough. Then we'd fight about what to do with the money they'd have to pay in taxes that they aren't now. on and on it goes and just more politics not addressing real problems. And the super rich are often part of enterprise that PROVIDES jobs and feeds our economy.
I certainly don't have the answers for how to solve this issue.
I want to say one thing though with hopefully no one calling me a swine or heartless. I do observe something in my own country that I don't think helps the situation. Americans are enthralled with things. Cell phones and flat screen TV's, etc. We all just love our 'stuff' and many get in hot water by spending what they don't have to get it. I can't tell you how many people I know that look well off but live pay check to pay check. One disaster away of not being able to pay their mortgage or electric bill or eat. They save nothing and spend it all. I wish money management would become a part of what those in high school learn more of. I wish we could identify more kids that should learn trades rather than thinking everyone needs college.
That was an aside.
I wish there was a way for all Americans (and Canadians) to have more opportunities to earn a decent wage and support themselves. I don't know what the future has in store for us otherwise.
Poverty is very complex. I personally agree with you Adgal. I don't begrudge the rich nor do I feel they should have to support the rest of us who aren't doing so well. I don't know why the rich have to be mentioned when we speak of the problems of the poor and diminishing middle class. Sure they can close loopholes but I am sure that will never be enough. Then we'd fight about what to do with the money they'd have to pay in taxes that they aren't now. on and on it goes and just more politics not addressing real problems. And the super rich are often part of enterprise that PROVIDES jobs and feeds our economy.
I certainly don't have the answers for how to solve this issue.
I want to say one thing though with hopefully no one calling me a swine or heartless. I do observe something in my own country that I don't think helps the situation. Americans are enthralled with things. Cell phones and flat screen TV's, etc. We all just love our 'stuff' and many get in hot water by spending what they don't have to get it. I can't tell you how many people I know that look well off but live pay check to pay check. One disaster away of not being able to pay their mortgage or electric bill or eat. They save nothing and spend it all. I wish money management would become a part of what those in high school learn more of. I wish we could identify more kids that should learn trades rather than thinking everyone needs college.
That was an aside.
I wish there was a way for all Americans (and Canadians) to have more opportunities to earn a decent wage and support themselves. I don't know what the future has in store for us otherwise.
I also would agree it's not about the rich. And I have no problem with anyone becoming wealthy (except I'm jealous...lol). And in fact, when we do fundraisers etc. the wealthy in our city do come out and support us. A high percentage of our funding comes from the wealthy and the oil and gas industry, so i do think many give back. Personally, I don't care if it's just for the tax receipt (although I have no idea if that is their reason), point is they do do alot. Our Board has some very wealthy people on it who give of themselves both through time and money. And I also agree that closing loopholes won't solve the problem (although I do think that if I pay my fair share, they should pay theirs).
The problem is so complex. It's less about decreasing those at the top's salaries, and more about finding long term solutions - again I point out affordable housing (and not in large pockets - spread out). It's about making sure that schools in low income areas get adequate funding to do their jobs properly. It's about holding people accountable and not just putting a band aid on their problem, but addressing it and looking for a long term solution. It's about teaching parents to parent and holding our teachers to a decent standard. It's about ensuring that minimum wage earners make enough to have a sustainable life without bankrupting the small business (no idea how one goes about that) Oh gosh, I could go on couldn't I. We can throw all the money in the world at this problem, and that really isn't the solution, at least I don't think so.
I also don't disagree that our society is all about things. Our standard of life has changed, no question. However, it is also true that the cost of living and increase in income is not comparable. Cost of living has increased a much more rapid rate then salaries, hence this problem. Now it's how to fix it. And truly, everyone really should care. The cost of doing nothing is far greater then any amount of money or resources we might invest in this problem, unless we turn into a society where it's every man for himself and no one helps. Then we just turn third world. Not appealing to me.
The problem is so complex. It's less about decreasing those at the top's salaries, and more about finding long term solutions - again I point out affordable housing (and not in large pockets - spread out). It's about making sure that schools in low income areas get adequate funding to do their jobs properly. It's about holding people accountable and not just putting a band aid on their problem, but addressing it and looking for a long term solution. It's about teaching parents to parent and holding our teachers to a decent standard. It's about ensuring that minimum wage earners make enough to have a sustainable life without bankrupting the small business (no idea how one goes about that) Oh gosh, I could go on couldn't I. We can throw all the money in the world at this problem, and that really isn't the solution, at least I don't think so.
I also don't disagree that our society is all about things. Our standard of life has changed, no question. However, it is also true that the cost of living and increase in income is not comparable. Cost of living has increased a much more rapid rate then salaries, hence this problem. Now it's how to fix it. And truly, everyone really should care. The cost of doing nothing is far greater then any amount of money or resources we might invest in this problem, unless we turn into a society where it's every man for himself and no one helps. Then we just turn third world. Not appealing to me.
You can always spot a republican who has very little of that sacred thing called money. No, not you SM.
I don't begrudge the rich nor do I feel they should have to support the rest of us who aren't doing so well. I don't know why the rich have to be mentioned when we speak of the problems of the poor and diminishing middle class. Sure they can close loopholes but I am sure that will never be enough. -------------------------------------------------------------------------------------
I do not begrudge the rich either. Though I personally would never be comfortable with that kind of money I do not have a problem with people being rich, especially if they do good things with their excess, like Bill Gates and a number of other rich people do.
My objection is more for those in the Banking system who prey on those with less money and nickel dime us to death and then when they themselves get in trouble, get bailed out by the Govt. I do believe closing the tax loopholes for major corporations would help our economy tremendously. Adgal is right, a good society has a solid tax base.
Which takes me to your next comment:
Americans are enthralled with things. Cell phones and flat screen TV's, etc. We all just love our 'stuff' and many get in hot water by spending what they don't have to get it. I can't tell you how many people I know that look well off but live pay check to pay check. One disaster away of not being able to pay their mortgage or electric bill or eat. They save nothing and spend it all. I wish money management would become a part of what those in high school learn more of. I wish we could identify more kids that should learn trades rather than thinking everyone needs college."
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I completely agree with you on this. We are self indulgent and spoiled and many of us forgot the hard lessons of our parents and grandparents who grew up during the depression and scraped for every penny.
Such discipline and frugality is not only good for a society (some argue it is bad for the economy!) it is good for us as individuals and it really should be part of an early and ongoing education.
Nevertheless I still hold those who have great wealth and (pls note the qualification) who are unethical and who endeavor to corrupt our leaders for their own gain, responsible for much of our economic ills.
I do not begrudge the rich either. Though I personally would never be comfortable with that kind of money I do not have a problem with people being rich, especially if they do good things with their excess, like Bill Gates and a number of other rich people do.
My objection is more for those in the Banking system who prey on those with less money and nickel dime us to death and then when they themselves get in trouble, get bailed out by the Govt. I do believe closing the tax loopholes for major corporations would help our economy tremendously. Adgal is right, a good society has a solid tax base.
Which takes me to your next comment:
Americans are enthralled with things. Cell phones and flat screen TV's, etc. We all just love our 'stuff' and many get in hot water by spending what they don't have to get it. I can't tell you how many people I know that look well off but live pay check to pay check. One disaster away of not being able to pay their mortgage or electric bill or eat. They save nothing and spend it all. I wish money management would become a part of what those in high school learn more of. I wish we could identify more kids that should learn trades rather than thinking everyone needs college."
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I completely agree with you on this. We are self indulgent and spoiled and many of us forgot the hard lessons of our parents and grandparents who grew up during the depression and scraped for every penny.
Such discipline and frugality is not only good for a society (some argue it is bad for the economy!) it is good for us as individuals and it really should be part of an early and ongoing education.
Nevertheless I still hold those who have great wealth and (pls note the qualification) who are unethical and who endeavor to corrupt our leaders for their own gain, responsible for much of our economic ills.
This article was not about occupy, don't let Vance derail the conversation.
This isn't about the 1% taking from the rest of us, because the percentage is much smaller than that.
This is about a very very small number of people taking almost everything for themselves.
"The 400 richest Americans now have more wealth than the bottom 150 million of us put together "
There is something very wrong with this equation.
Why were the banks bailed out while the rest of us are left to go underwater?
What do you think these 400 people do with their money? Does it matter if what they do is pay countless lobbyists in DC to push their agenda?
There's a reason why things such as food and other substances are allowed here while being outlawed as dangerous to human health in other countries.
This is no longer the country by the people and for the people when you have a situation of the 400 richest Americans having more wealth than the bottom 150 million of us put together.
Think about it.
This isn't about the 1% taking from the rest of us, because the percentage is much smaller than that.
This is about a very very small number of people taking almost everything for themselves.
"The 400 richest Americans now have more wealth than the bottom 150 million of us put together "
There is something very wrong with this equation.
Why were the banks bailed out while the rest of us are left to go underwater?
What do you think these 400 people do with their money? Does it matter if what they do is pay countless lobbyists in DC to push their agenda?
There's a reason why things such as food and other substances are allowed here while being outlawed as dangerous to human health in other countries.
This is no longer the country by the people and for the people when you have a situation of the 400 richest Americans having more wealth than the bottom 150 million of us put together.
Think about it.
There's a reason why things such as food and other substances are allowed here while being outlawed as dangerous to human health in other countries.
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Yes but try to outlaw these foods that clearly cause a myriad of illnesses and we will be accused of taking away the rights of the people.
I just don't feel the need to criticize wealthy people, that less than 1%. It really solves nothing in terms of our countries problems. I don't feel they need to help anyone unless they want to. The same people that claim abortion should be legal as not everyone has the same moral belief about it. Well, not every human has to have a moral belief regarding what they do with their money. And if they aren't breaking laws, then I don't have a problem with them.
The derailing also includes getting side tracked by that super rich small population discussion----- making bad guys out of them doesn't solve the issues surrounding poverty in my opinion.
Banks are bailed out because what would happen to the rest of us if they weren't? It would put everyone in a much worse place than we are now even if some profit more from it than others. If our banking system failed, my husband and I would be devastated financially. So would many other non rich folks like myself. Probably many of those reading this would also have a few negative issues as an outcome of choosing to let banks sink.
Life ain't fair. I learned that a long time ago. Instead of being angry about it, I just do the best I can. (not saying anyone is angry here by the way. don't mean it that way.) And I'm glad they bailed out banks. I'm thankful for big business and Wall Street. I hope they all stay strong. it benefits far more than the super rich.
The derailing also includes getting side tracked by that super rich small population discussion----- making bad guys out of them doesn't solve the issues surrounding poverty in my opinion.
Banks are bailed out because what would happen to the rest of us if they weren't? It would put everyone in a much worse place than we are now even if some profit more from it than others. If our banking system failed, my husband and I would be devastated financially. So would many other non rich folks like myself. Probably many of those reading this would also have a few negative issues as an outcome of choosing to let banks sink.
Life ain't fair. I learned that a long time ago. Instead of being angry about it, I just do the best I can. (not saying anyone is angry here by the way. don't mean it that way.) And I'm glad they bailed out banks. I'm thankful for big business and Wall Street. I hope they all stay strong. it benefits far more than the super rich.
OH-Shut up. I guess it is ok for you to say what you want on a thread yet I voice an opinion about something and you say I am derailing it. Pot/Kettle...
The banks and auto industry were deemed "too big to fail" so they got bail outs. In the mean time, Joe Bag of Donuts was getting foreclosed on and the government was too busy patting themselves on the back for "saving America".
The 2 richest men in this country, on a regular basis, give up 50% of their net worth to causes they are close too. Why? Because they want to. These people got rich by taking chances in more ways than one. Either one of these guys could have failed... they didn't. These guys give of their money to organizations that are running right, making a difference. They help thousands of people. Why would they give to the government? The government is a mess and it isn't working right would be my guess.
We bailed the banks and the auto industry out. It seems as if the auto industry is making some changes. (Dodge is being bought out by Fiat) The banks on the other hand are operating under the same practices that got them in a pinch in the first place. It is a matter of time before we have to bail them out again. Count on it.
The 2 richest men in this country, on a regular basis, give up 50% of their net worth to causes they are close too. Why? Because they want to. These people got rich by taking chances in more ways than one. Either one of these guys could have failed... they didn't. These guys give of their money to organizations that are running right, making a difference. They help thousands of people. Why would they give to the government? The government is a mess and it isn't working right would be my guess.
We bailed the banks and the auto industry out. It seems as if the auto industry is making some changes. (Dodge is being bought out by Fiat) The banks on the other hand are operating under the same practices that got them in a pinch in the first place. It is a matter of time before we have to bail them out again. Count on it.
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