Unlike the majority of countries, those in America enjoy the promise of economic mobility regardless of where they stand on the economic ladder.
In fact, when you see statistical analysis about how much wealth “the top 1%” has, or how well the “top 20%” is doing relative to the “bottom 20%” over time, we’re comparing people to themselves at different stages at their lives, not rich and poor.
How often have you seen a headline playing off the “the rich get richer and the poor get poorer” motif? We’ll hear that the top 20% (but more often the much maligned top […]
View Original: Shocking Statistics Show Just How Rich America Is
Should-Read: Nick Bunker : : "Two papers… give us some guidance on the forces that have led to such an unequal wealth distribution in the United States… …Jess Benhabib and Alberto Bisin… an overview of previous research… three broad mechanisms or explanations that have been the focus of previous research and consider how much they could help explain this “fat tail” of wealth…. The first mechanism deals with income inequality and how that arises from shocks to individuals’ earnings. The second is related to capital income risk, or differences in the rate of return on investments at different levels […]
View Original: The forces behind the highly unequal U.S. wealth distribution
The racial wealth gap in America limits economic mobility and endangers the financial stability of our country. Systematic oppression and discrimination have led to a typical white household in the United States currently maintaining 10 times more wealth than a typical African American household and almost nine times more wealth than a typical Hispanic household. These disparities exist at every income and educational level and have real consequences for working families. Over time, this reality has provided white families with greater financial security, as well as expanded opportunities for educational and economic advancement. Congress is currently debating a proposal […]
View Original: 4 Ways Repealing the Estate Tax Would Expand the Racial Wealth Gap
Kohler PULLMAN, Wash. – Researchers at Washington State University and 13 other institutions have found that the arc of prehistory bends towards economic inequality.
In the largest study of its kind, the researchers saw disparities in wealth mount with the rise of agriculture, specifically the domestication of plants and large animals, and increased social organization.
Their findings, published this week in the journal Nature, have profound implications for contemporary society, as inequality repeatedly leads to social disruption, even collapse, said Tim Kohler, lead author and WSU Regents professor of archaeology and evolutionary anthropology at WSU. The United States, he noted, currently […]
View Original: Researchers chart rising wealth inequality across millennia
Credit: George Hodan/public domain Researchers at Washington State University and 13 other institutions have found that the arc of prehistory bends towards economic inequality. In the largest study of its kind, the researchers saw disparities in wealth mount with the rise of agriculture, specifically the domestication of plants and large animals, and increased social organization.
Their findings, published this week in the journal Nature , have profound implications for contemporary society , as inequality repeatedly leads to social disruption, even collapse, said Tim Kohler, lead author and Regents professor of archaeology and evolutionary anthropology at Washington State University. The United […]
View Original: The roots of inequality: Researchers chart rising inequality across millennia
Share this article Most of us were brought up to believe that education is the key that opens the door to a better future. Whether this is true depends in part on how one defines a better future. If we’re just talking about upward mobility and earning power, it is not a given that education leads to greater financial success, according to a growing body of research.
In a 2014 study , the income tax records of 40 million children and their parents were analyzed to identify correlations between parent and offspring earning. The research team, comprising economists from […]
View Original: Education plays only a small part in economic success
The Trump tax plan is an all-out assault on working Americans. According to the latest POLITICO/Morning Consult poll , a staggering 45 percent of voters support the GOP’s latest proposal to overhaul the American tax system. While the results reflect a 3 percent dip since the House GOP introduced its legislation, that lofty figure suggests the public possesses a flimsy grasp of what the bill actually contains—and how it might hurt them personally.
In his Tuesday column, the New York Times’ Paul Krugman urges his readers to take a closer look at the fine print. Mitch McConnell recently conceded that […]
View Original: Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation
Wealth creation is on the rise around the world, but not everyone is sharing equally in the newfound riches.
Since the Great Recession, the richest global citizens have benefited far more from the worldwide increase in wealth than their poorer countrymen, according to a new report from investment bank Credit Suisse. The result? The top 1 percent of global citizens own 50.1 percent of all household wealth, up from 45.5 percent in 2000, the study found.
Widening wealth inequality has been a hallmark of the post-recession economy, causing policy experts and lawmakers to question whether the impact could do everything from […]
View Original: World’s richest 1% control more than half of all wealth
Karen Rubin Just as no one pleaded with Congress to repeal Obamacare because they wanted their health care more expensive and less accessible, no one has begged Congress for a tax plan that exacerbates growing income inequality, shifting $1.7 trillion from working people into the pockets of the already obscenely rich, adds to the national debt, slashes Medicare, Social Security and Medicaid, and would rob the nation of funding for infrastructure, education, national defense, public safety, public health and transitioning to a clean-energy economy.
When the “populists” demanded Tax Fairness, they didn’t mean that Congress should leave in all […]
View Original: Column: GOP tax plan is no populist panacea
Broken glass covers an armed forces recruiting poster at the scene of an explosion outside the U.S. Armed Forces Career Center in New York’s Times Square, March 6, 2008. REUTERS/Lucas Jackson Policymakers have largely ignored the growing gap between the rich and poor.
Capitalism has failed at redistributing wealth.
The American system could soon reach a breaking point. The American Dream is broken. Paul Ryan, speaker of the House of Representatives, recently stated that "in our country, the condition of your birth does not determine the outcome of your life."Yet the idea that every American has […]
View Original: How the American dream turned into greed and inequality