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.
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:
When Trump Meets Tech Leaders, Jobs will be on the Agenda
Ahead of Trump’s Tech Summit, CEO Says IBM Will Add 25,000 Jobs in the U.S.
IBM’S Rometty to Urge Trump to Support Worker Retraining New collar jobs are important. Too many jobs in recent years have been temporary jobs with no future. Permanent jobs in thriving industries are imperative.
Pending Legislation Would Unite Schools and Employers
IBM plans to invest $1 billion in retraining and developing its U.S. workers over the next four years, Rometty says. To improve the situation nationwide, she will tout the benefits of reauthorizing the Perkins Career and Technical Education Act. That legislation, currently held up in the Senate, funnels funding for technical and vocation education and could help with worker retraining for “new collar” jobs.
White Collar Crime:
Elizabeth Warren Investigating Sales of Prudential Insurance Policies by Wells Fargo
Good for her and Rep. Cummings.
The Psychology of White Collar Criminals
Trump’s Threat Damps Companies’ Plans to Move U.S. Jobs Abroad
Trump, Carrier, and Corporate Welfare
Reviving America’s Infrastructure is a Job our Nation Can Accomplish
The Carrier deal, though, provides an opening to press for policies that truly would generate well-paying jobs. The billions spent on subsidies would be far more wisely devoted to schools, roads, and mass transit. Such expenditures would create work immediately, and in the process build the environment that businesses, large and small, require to thrive. In your state and your hometown, take a good look at what constitutes “economic development,” and demand that these dollars be spent for the public good.
On the national scale Trump says he wants infrastructure spending. Let’s hold him to that, but fight for government investments that strengthen communities, rather than phony “public-private partnerships.”
We can curb corporate greed rather than reward it. Bernie Sanders called for penalizing those corporations that outsource jobs by ending their subsidies, cancelling their government contracts, and increasing their taxes. Trump has pledged “retribution”against American companies that move jobs elsewhere; if he means that, he should sign on to Sanders’ legislation. All Democrats should too.
Bernie Sanders’ New Book Takes Corporate Media to Task
“Over 90 percent of media coverage [during the 2016 presidential race] was not about the issues that impact your lives,” he said, citing “a variety of studies.”
Instead, he continued, the stories “were about Donald Trump or Hillary Clinton. They were about political gossip. They were about polls. They were about fundraising. They were about stupid things that people said 20 years ago. What we must demand of a media is that they start covering the issues that impact our lives. Not just the candidates’ lives.”
Digital Redlining: How Internet Service Providers Promote Poverty
Unjustified CEO Compensation:
Why Portland’s Tax on CEO Pay Matters
The American Dream is Under Threat. Can Higher Education Save It?
Where Were Trump’s Votes? Where the Jobs Weren’t
Bernie on Why Trump Won: There’s a Lot of Pain in This Country
Warren Says Democrats Didn’t Go Far Enough with Obamacare
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.
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.
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.
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 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.
Good morning! We’ve decided to make “links” a daily feature.
The mainstream media has largely abdicated its duty to focus on news that really matters to the American people. During the presidential campaign, they devoted a remarkably small amount of time to the issues. Instead, we received wall to wall coverage on emails and tweets.
There’s a market for substance. Just ask Bernie Sanders, who packed large venues while speaking nothing but policy.
Each day, we will highlight stories about the quality of life in the Great Recession. Soon, we will also start including interviews with middle class and working class Americans about their experiences.
Worker’s Jobs and Wages:
White Collar Crime and Plutocracy:
- What Obamacare-Hating Tom Price’s Appointment Will Mean for Health Care Twenty million people gained coverage because of the Affordable Care Act. That includes people with preexisting conditions who couldn’t get coverage before. Trump is too smart to not anticipate the uprising that will occur if they don’t get a sufficient replacement. I will say this about Price: He’s one of the few politicians who talks about repealing Obamacare but also has real replacement plans.
- Women Could Pay More Than Men for Health Care Under Trump The majority of the country will be extremely angry if they get fleeced under Trump’s health care. Women are aware that health care companies have been charging them too much. There’s no justification for the fact that “60 percent of best-selling individual plans in 2009 charged a 40-year-old nonsmoking woman more than a 40-year-old man who smoked, even in plans that didn’t include any type of maternity coverage.”
- Trump Pledged to Protect Medicare. His Choice for Health Secretary Has Other Ideas. I understand why people are nervous about Prince. However, his appointment does not mean Trump won’t necessarily keep his promise.
The Populist Revolution:
Enjoy! Feel free to point me towards other great articles.