Tag: 1%

Links 12/22/16

Consumer Financial Protection Bureau:

The CFPB has recently become “one of Washington’s most powerful and pugnacious regulators,” as The New York Times reported last month:

The bureau has overhauled mortgage lending rules, reined in abusive debt collectors, prosecuted hundreds of companies and extracted nearly $12 billion from businesses in the form of canceled debts and consumer refunds. In September, it exposed the extent of Wells Fargo’s creation of two million fraudulent customer accounts, igniting a scandal that provoked widespread outrage and toppled the company’s chief executive.

Minimum Wage:

Childhood Poverty:

Inequality:

The wealthy didn’t always take such a big share of the proverbial “pie.” In the 1970s, a decade generally seen as fairly prosperous, the top 1% of Americans earned just over 10% of all U.S. income (i.e. the “pie”).
Over time, the rich became more lucky — or more greedy. Today the top 1% take home more than 20% of all U.S. income.
As the wealthy earned more, someone else in America had to get less. The bottom 50% went from capturing over 20% of national income for much of the 1970s to earning barely 12% today.
The turning point started around 1980, as seen in the graph below. By the mid-1990s, the fortunes of the top 1% were clearly on the rise and those of the bottom half were declining rapidly.

It’s time for the bottom 50% to take back their fair share.

White Collar Crime:

Trade:

Labor:

Policy:

Healthcare:

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Links 12/20/16

The Rigged System for the 1%:

Infrastructure Jobs:

Trade:

Social Security:

Trump explicitly said that he would not cut Social Security benefits if elected. “I’m not going to cut it, and I’m not going to raise ages, and I’m not going to do all of the things that they want to do. But they want to really cut it, and they want to cut it very substantially, the Republicans, and I’m not going to do that,” he told a Wisconsin radio station during the primary.

Transition:

Overtime Pay:

Deregulation:

Poverty:

Wages:

2016 Election:

Just three counties – Macomb County, MI; York County, PA and Waukesha County, WI – elected Donald Trump. If those three counties had cast zero votes, Trump would have lost all three states and the election. By the same logic, just three counties re-elected President Obama in 2012: Miami-Dade County, FL; Cuyahoga County, OH and Philadelphia, PA.

White Collar Crimes:

The Death of the Trans-Pacific Partnership is a Testament to the Strength of Working and Middle Class Voters

President-elect Trump officially announced that the  U.S. will quit TPP his first day in office.

This is a huge victory for America’s workers. It’s not just because this free trade agreement likely would have increased downward pressure on wages, further reduced manufacturing jobs, and increased trade deficits.

This is a victory because TPP’s death shows the power of working class and middle class votes.

Hundreds of millions were spent by big businesses to lobby for TPP. President Obama made TPP his number one legislative priority in his last term.

None of these forces were powerful enough to overcome the will of the American people. When it became clear that no one wanted another trade deal like NAFTA, even Hillary Clinton, long a neoliberal supporter of free trade, rescinded her support. Bernie Sanders and Donald Trump also understood that they could not be viable presidential candidates if they supported trade deals that took away American jobs.

The death of TPP is only the beginning. U.S. politicians are starting to realize that they have to address the needs of the 99% if they want to keep or gain office.