Links 12/13/16

Wealth Redistribution to the Rich:

  • Wells Fargo Becomes First Bank to Fail Sanctions for Failing Too-Big-To-Fail Test Who needs a living will when you have the taxpayers’ money to fall back on?
  • Taking from the Middle Class, Giving to the Rich: It’s the Malloy Way I live in CT, which is one of the worst states in the country in terms of income inequality. I’ve noticed that this behavior is common.
  • Watch Bernie Sanders Convince a Trump Voter She Voted for the Wrong Person- in Less than Two Minutes

    What all of us should know is that over the last 25 years, there has been a massive transfer of wealth in this country from you to the top one-tenth of one percent. In other words, the middle class has shrunk and trillions of dollars have gone to the top one-tenth of one percent. Do you think it’s inappropriate to start asking those people to pay their fair share of taxes so we can adequately fund Medicaid and make public colleges and universities tuition-free. Is that an unfair thing to ask?”

    After a pause, Sparks replied, “I don’t think it’s an unfair thing to ask. They got rich off of us, so it’s time they put back.”

    Once wealth redistribution for the poor is put into this context, people understand its justification.

    Wages:

  • Renters Facing Affordability Crisis As Wages Stagnate Yes, I used to work in leasing. There’s no justification for the rent increases. Wages aren’t increasing. The buildings aren’t getting better. Builders use cheaper and cheaper materials for new products and owners charge higher prices. The leasing offices love to introduce new fees for services that used to be free.
  • Trump Turns the Focus to Workers and Wages He has the opportunity to completely change the trajectory of the Republican party.

    Gender Pay Gap:

  • The Gender Pay Gap is Hurting Women’s Health This study is about Australia, but I think this phenomenon is real in the United States also.
  • Unjustified CEO Compensation:

  • CEO Pay: Can a Tax Address Income Inequality?
  • Chipotle Drops Dual-CEO Model Over $26 million per year for two CEO’s. What a waste.
  • Healthcare:

  • Why is Healthcare So Expensive?
  • Record-High Health Care Spending Hits $3.2 Trillion in 2015
  • United States Comes in Last Again in Health, Compared to Other Countries
  • Quality of Life:

  • Stress in America: ‘Everybody Outside of the Top is Suffering’
  • Origins of Happiness: Evidence and Policy Implications Contentment is a good end goal.

    Poverty:

  • Nearly 1 Million N.J. Residents Now Live in Poverty, as Rate Soars in Atlantic City
  • America’s Dirty Little Secret: 42 Million People are Suffering From Hunger
  • Poverty May Have a Greater Effect on Suicide Rates than do Unemployment or Foreclosures
  • Income Inequality:

  • Income Inequality Keeps Growing and Its Worse than We Thought
  • Weigel: Income Inequality Nightmare
  • How Should We Compensate the Losers from Globalization?
  • Capitalism is Working Better in France than in the U.S.
  • It’s policies like a higher minimum wage, higher unionization and more equal education that have let the bottom 50 percent do better in France than in the United States. Although that’s not to say that things have been great in France. Their bottom 50 percent have only had their incomes grow 0.9 percent a year. It’s just that anything is better than nothing, and nothing is what the U.S. working class has gotten for a long time now.

    The more money the rich make, the more money they have to lobby for the policies they want, which will then help them make even more money. Indeed, political scientists Martin Gilens of Princeton and Benjamin Page of Northwestern found that it almost doesn’t matter what average voters want when it comes to what bills Congress passes. All that matters is what elites and interest groups want. In other words, American democracy works for the top 1 percent because American capitalism does, and American capitalism works for the top 1 percent because American democracy does.

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    Links 12/12/16

    Supporting the Working Class:

    White Collar Crime:

    Wealth Redistribution:

    Basu argues this “doesn’t mean a need for a large government” but rather it means a need for “a redistributed government which takes away a slice from the rich and provides it to the workers in the form of health benefits education and also some form of profit share”.

    Tax Reform:

    Jobs:

    Clean Energy:

    2016 Election:

    Populist Revolution:

    Links 12/11/16

    White Collar Crime:

    Many of the customers, who often had Hispanic last names, didn’t know what they had purchased and there were “a large number of similarities” between the way Wells Fargo employees opened bogus bank accounts without customers’ knowledge and the way Prudential’s “MyTerm” policies were sold by the bank, three of the insurer’s former employees said in a lawsuit filed in New Jersey state court.

    Inequality:

    But America isn’t nearly as comfortable with redistributing wealth as most other Western democracies — and we’re particularly averse to social spending targeted at the neediest among us.

    Maybe Americans would be more comfortable if they realized how much wealth the U.S. government redistributes to the rich.

    Wealth Redistribution for the Rich:

    Employee Welfare:

    Class System in the United States:

    Income and Job Guarantees

    Social Security:

    2016 Election:

    Links 12/10/16

    Economic Mobility:

    • The Next Generation of Americans is Going to be in a Lot of Trouble “Children’s prospects of achieving the ‘American Dream’ of earning more than their parents have fallen from 90 percent to 50 percent over the past half century,” said Stanford economist Raj Chetty, co-author of the [Equality of Opportunity Project] study. “This decline has occurred throughout the parental income distribution, for children from both low and high income families.” But there’s hope:

    “The fading of the American Dream is not immutable,” the [Equality of Opportunity Project] concludes. “There are cities throughout America — such as Salt Lake City and Minneapolis — where children’s chances of moving up out of poverty remain high. Cities with high levels of upward mobility tend to have five characteristics: lower levels of residential segregation, a larger middle class, stronger families, greater social capital, and higher quality public schools.

    Income Inequality:

    Unjustified CEO Compensation:

    Poverty:

    Wages:

    Links 12/9/16

    Jobs:

    • Bill Black: Jobs, Jobs, Jobs- Not Austerity Great article. Black makes a good point that “working class males are the most vulnerable psychologically to being unable to hold a full-time job or the constant fear introduced by the destruction of job security.” I agree that their needs must be addressed. I would just warn him not to ignore the plight of working women in this country. The majority of people in poverty in this country are women. You cannot seriously address inequality and poverty in the United States without addressing the economic needs of women.
    • Carrier Union Leader: Fight About Jobs, Not Trump Yes, the welfare of Carrier employees is the most important thing. Trump and Jones have similar goals. Jones needs to realize this and work with him. I realize the reported number of jobs saved was exaggerated, but now that everyone knows that, let’s keep our eyes on the bigger picture: helping Carrier’s workers.

    Pay Gap:

    Women are now 50 percent of the workforce and manage a majority of the nation’s households. This discrepancy in real wages hampers the paychecks of every single one of them. According to a report from the McKinsey Global Institute, equal pay “could add $4.3 trillion to the country’s economy in 2025.” With every U.S.state and city potentially set to add about “5 percent to their GDP in that period.”

    According to the Institute For Women’s Policy Research, poverty rates for working women “would be cut in half if women were paid the same as comparable men.” Proving, of course, that not only would bridging the gender pay gap improve the lives of families across the country, it would go a long way to helping poverty in the United States as a whole.

    Unjustified Executive Compensation

    The Fight for Higher Wages

    White Collar Crime

    Poverty:

    • Politicians Ignore the Word Poverty “The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”- FDR

    Class System in the United States

    Mobility in the United States

    Links 12/8/16

    White Collar Crime:

    Inequality and Mobility:

    Wages:

    Trump’s Promises to America’s Workers:

    Labor:

    Jobs:

    Wealth Gap and Savings:

    Trade:

    Links 12/7/16

    Jobs:

    Poverty:

    White Collar Crime:

    Unjustified CEO Compensation:

    Offshoring Jobs:

    Trade:

    • Desperately Searching for a New Strategy Tim Duy’s Fed Watch. There are a lot of interesting points in this article, but I could not disagree more strongly with the following: “Just pretending to care is important. At a minimum, the electoral college makes it important.” The Democrats pretended to care about inequality, but they delivered very little. That’s why they lost. If Trump doesn’t deliver, he’ll lose also.

    Plutocracy:

    • Trump Assembles a Strategic and Policy Forum to Better Hear the 1% Fabius Maximus. This forum includes some of the most successful business people in the country. These people know how to create jobs. They didn’t care about it in the past because it was never in their economic interest. Let’s see if Trump can force real ideas out of them.

    Wages:

    • An Econ Theory, Falsified Noahpinion: Interesting perspectives on the impact of immigration and minimum wage raises on jobs

    The Ignored Voices of the American People:

    Populist Revolution:

    Health Care: