Since the Great Recession, most Americans’ standard of living has stagnated or declined. Economic inequality is at historic highs. But inequality’s impact differs by race; African Americans’ net wealth is just a tenth that of white Americans, and over recent decades, white families have accumulated wealth at three times the rate of black families. In our increasingly diverse nation, sociologist Thomas M. Shapiro argues, wealth disparities must be understood in tandem with racial inequities-a dangerous combination he terms "toxic inequality."
In Toxic Inequality , Shapiro reveals how these forces combine to trap families in place. Following nearly two […]
View Original: Toxic Inequality: How America’s Wealth Gap Destroys Mobility, Deepens the Racial Divide, and Threatens Our Future
Author, The Way Back: Restoring the Promise of America Frank Buckley is a Foundation Professor at Scalia Law School at George Mason University, where he has taught since 1989. Previously he was a visiting Olin Fellow at the University of Chicago Law School, and he has also taught at McGill Law School, the Sorbonne, and Sciences Po in Paris. He received his B.A. from McGill University and his LL.M. from Harvard University. He is a senior editor of The American Spectator and the author of several books, including The Once and Future King: The Rise of […]
View Original: Restoring America’s Economic Mobility
Demonstrators hold aloft signs at the conclusion of a rally near Trump Tower in New York City on November 12, 2016. (AP / Albin Lohr-Jones) This fall’s election highlighted a deep undercurrent of anxiety that the American Dream is eroding.
People have real reason to be worried. New data from Stanford’s Raj Chetty illustrates that with every passing decade since the 1940s, Americans have become less and less likely to out-earn their parents.
Donald Trump tapped into that anxiety to great effect. But blaming immigrants, weakening labor unions, eliminating health care coverage for millions of Americans, privatizing infrastructure, and rolling back […]
View Original: In the Age of Trump, Cities Will Lead the Way Toward Increased Economic Opportunity
World view from Davos. EPA/LAURENT GILLIERON When influential charity Oxfam published its report, “ An Economy for the 1% ”, it was well timed to coincide with 2017’s January meeting of the world’s rich and powerful at the Swiss ski resort of Davos.
Oxfam’s findings were widely discussed, including in a weekly news magazine aimed at eight to 14-year-olds. Much of this discussion focused on the report’s headline statistics, which told us most strikingly that “since 2015, the richest 1% has owned more wealth than the rest of the planet”. Or that the eight richest men in the world own […]
View Original: Fighting inequality and poverty requires a more humane view of economics
President-elect Donald Trump, his wife Melania and Vice president-elect Mike Pence, talk as they pose for photographers with House Speaker Paul Ryan of Wis. after a meeting in the Speaker’s office on Capitol Hill in Washington, Thursday, Nov. 10, 2016. (Photo: AP/Alex Brandon) As the Republican Congress begins to execute its latest attack on poor and middle class Americans (the repeal of the Affordable Care Act; cuts in education spending, Social Security and Medicare; attacks on worker rights, and, of course, more tax cuts for the rich), it’s worth putting this assault in context.
The United States is, by every […]
View Original: Déjà vu All Over Again: The GOP Prepares to Make the Rich Even Richer
It’s not an exaggeration: It really is getting harder to move up in America. Those who make very little money in their first jobs will probably still be making very little decades later, and those who start off making middle-class wages have similarly limited paths. Only those who start out at the top are likely to continue making good money throughout their working lives.
That’s the conclusion of a new paper by Michael D. Carr and Emily E. Wiemers, two economists at the University of Massachusetts in Boston. In the paper, Carr and Wiemers used earnings data to measure how […]
View Original: Poor at 20, Poor for Life
After decades of growing inequality , our presidential election was a violent revolt against The Elites. So who the hell is actually trying to remedy that inequality frustrating our nation? The elites!
Not all elites. Only those who are currently the most despised.
Take Davos, for example. There is no easier symbol of The Motherfucking Elites in Their Bubble Sipping Champagne While the World Burns than Davos. Every year, the world’s power brokers gather in Davos and… sip champagne, probably, while giving speeches to one another. Indeed, were all of the attendees of Davos to be rounded up and forcibly taxed […]
View Original: Should Have Stuck With The Old Elites
But study from World Economic Forum also shows Ireland is fourth worst for income inequality while average Irish incomes are falling
A new study from the World Economic Forum says that Ireland has performed better than Germany, France and the UK in an index that ranks employment opportunities, pay, living standards and social inclusion. However if you find this difficult to believe, the study also finds that average incomes are falling in Ireland and the country is fourth worst for income inequality. Ireland has performed better than Germany, France and the UK in an index that ranks employment […]
View Original: Ireland is better than France, Germany, UK for pay and living standards
Men have long been the dominant participants in the paid labor force, but a significant number of women have joined them during the past 40 years. In the early 1970s, 43 percent of all women were wage earners. Today, nearly 6 in 10 women are working for pay.
Much of this growth can be attributed to working mothers, who increased their numbers in the workforce by 50 percent over the past generation. Previous research by The Pew Charitable Trusts shows that, as more women entered the labor force, movement up the economic ladder increasingly became a family enterprise.
Measuring men’s mobility […]
View Original: Women’s Work: The Economic Mobility of Women Across a Generation
Labour Party leader Jeremy Corbyn wants the U.K. to introduce a maximum limit on how much people are allowed to earn, as a way of tackling income inequality. His proposal is an unworkable solution to a misunderstood problem. It illustrates just how out of touch his party is with what’s actually happening in the British economy.
Corbyn, who earns about 138,000 pounds ($168,000) per year, told BBC Radio 4 on Tuesday that with income disparity worsening, a cap on earnings is needed: We cannot set ourselves as being a sort of grossly unequal bargain basement economy on the shores of […]
View Original: A U.K. Wage Cap? No Wonder Labour Is Unelectable