New research by the European Central Bank and the London School of Economics shows that the super wealthy are now so obscenely rich and adept at hiding money, that their assets can not even be accurately measured.
For several years No Name Skate Girls have organized an annual European skateboarding tour that empowers women to be self-sufficient, challenge themselves and have fun skating together.
In our nation the myth continues to be perpetuated that if you work hard, anyone can get rich; which inherently implies that if you are not rich, clearly you just have not worked hard enough. Comedian Jon Stewart highlights just how ludicrous this flawed ethos truly is.
Economist and former Secretary of Labor Robert Reich shares an insightful Labor Day message concerning how we can improve the plight of struggling workers in the United States.
This week House Minority Leader Nancy Pelosi stated that the historic profits recently made by Wall Street demand that our nation increase the minimum wage to at least $10.10 an hour. The California Democrat explained that these enormous corporate financial gains have not translated into higher wages for most workers, and millions of working families are facing severe hardships as they continue to struggle.
It seems like every month the number of people who are unemployed, or in need of food stamps soars to record new levels, while corporate profits continue to skyrocket. Attempting to describe the gargantuan disparity in wealth that exists in the United States is increasingly difficult. Currently 1% of our population now possess 40% of our nation’s wealth, while the bottom 80% of us own just a scant 7%.
Jon Stewart spoke with Nobel Prize-winning economist Joseph Stiglitz about how the extreme concentration of wealth in the hands of a few plutocrats is destroying the very principles upon which our country was founded:
“It seems like people are not angry at wealth or success, they get frustrated by what appears to be an entirely different set of rules put in place by the wealthy, who then say: ‘Hey man, I’m just playing by the rules’, as though those rules were an arbitrary design of the free market.”
A new report has been published which compiles detailed information about the enormous amount of money that is being hidden by billionaires in offshore accounts. The research, The Price of Offshore Revisited, shows that over 21 trillion dollars, more than the total combined GDPs of both the United States and Japan, are being sequestered out of sight into the legally murky offshore economy. The super elite are using every available resource to exploit loopholes in cross-border tax rules to avoid paying their fair share.
The United States is becoming an increasingly severely stratified plutocracy. The Center on Budget and Policy Priorities just released a new study proving that the richest 1% are continuing to amass greater and greater amounts of wealth, while the rest of the population is still struggling financially.
This wealth distribution map graphic hit me in the gut this morning. It clearly conveys visually how much is owned by so few. The simple map really helps one to grasp just how monumentally distorted our resource inequality problem is.
I am so sick of people toying with language, calling what has been happening economically a “recession”. It is time that we all stop claiming that somehow we are not in the midst of the most massive global economic implosion in the history of our nation. It’s more than a “great” depression, it is absolutely epic.
Stop blaming yourself if you feel exhausted and overworked, because you are. If it seems like for years you have been laboring more hours and making less money, struggling more just to get by, it is indeed true. Even though U.S. citizens on average are now working more hours with much greater productivity, our wages remain stagnant. If we are lucky enough to even have a job in this dire economy, we are told to be grateful and industrious, and not to complain about the increasingly small pittance we are now earning.
The greater the disparity in wealth between the very rich and everyone else, the more unstable an economy becomes. Our nation has now created a larger gap in the distribution of wealth than the massive chasm that helped fuel the Great Depression.