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:
The Rigged System for the 1%:
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.
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:
- Bernie Sanders: Donald Trump Won Because People are Tired of the Same Old Politically Correct Rhetoric Sander’s definition of politically correct rhetoric in this case is definitely different than the most common usage of the term (which is more specifically about language that avoids putting marginalized groups at a disadvantage.) If he wants to contribute to changing that term, great. I’d rather that term evolve into a pejorative to describe inauthentic, poll-tested talking points than be a pejorative for language that avoids further marginalizing the less powerful.However, it would really be more accurate to say that many voters, rightly or wrongly, viewed Trump as more “authentic” and that contributed to his win.
What is traditionally considered PC rhetoric is fine with the American people if they think someone actually means what they’re saying. Sanders is a prime example. He is much more popular than the politically incorrect Trump, yet Sanders’ statements about minority groups and women could be considered very politically correct.
In my opinion, Trump won for three primary reasons: his ability to resonate with Rust Belt voters on the economy, James Comey’s violation of the Hatch Act, and failures on the part of the Clinton campaign. You could also throw in the fact that Trump’s more charismatic than Clinton, although he’s considered extremely unlikeable by the majority of the American public.
- Black Wealth in the Age of Trump Lots of interesting perspectives. Race played a role in this election, but I don’t think identity politics gave Trump his win. He eked out those electoral college victories in Wisconsin, Michigan, and Pennsylvania by turning voters who had voted for Obama in the previous election.
The Forgotten Rural Poor:
The Failure of the Democratic Party to Speak for the Working and Middle Classes:
White Collar Crime:
Unjustified Executive Compensation:
- Obscene Pay Inequality Bad for Workers and Economy “Obscene CEO pay has been a major part of the story. In the 1960s, the typical CEO of a big corporation made 20 times what the average worker made. Now, it’s hundreds of times… The tax code is often used to encourage behavior we want to see….If shareholders realize that inequitable pay scales are reducing their after-tax profits, they will pay their CEO’s less and their regular workers a little more.” Good luck!
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.
Supporting the Working Class:
White Collar Crime:
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”.