Building On Picketty and Saez
Courtesy of Common Dreams, an economic analysis with substance and depth that explains the Bi-partison American Economic Disaster:
Building on the research of economists Thomas Piketty, Gabriel Zucman, and Emmanuel Saez—who recently found that the bottom half of the income distribution has been "completely shut off from economic growth" for the past several decades—the new report highlights the systemic causes of America's vast inequities, including the concentration of political power at the very top, systemic racism, and the dwindling power of organized labor in the face of sustained corporate attacks.
Detailing the problems:
The top one-tenth of 1 percent (an estimated 160,000 households with net worth that starts at $20 million) now own more than 22 percent of all US household wealth in 2012, up from 7 percent in the 1978."
"This tiny subgroup—the true American elite—now owns as much as the bottom 90 percent of U.S. households combined."The combined wealth of the Forbes 400 amounts to around $2.3 trillion. "Together, this small group has more wealth than the bottom 61 percent of the US population combined."
"The net worth of the wealthiest 20 billionaires—all of whom could sit in one Gulfsteam 650 luxury jet— exceeds that of the bottom half of the U.S. population combined."
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And solutions:
Some of the ideal steps forward would include:
Guaranteeing healthcare to all Americans;
Making the minimum wage a living wage;
Ensuring that every worker has "family medical leave, sick leave, and protections against wage theft, racial discrimination, and sexual harassment";Making public college tuition-free;
Enacting reforms that would "limit campaign contributions, ban corporate contributions and influence, and require timely disclosure of all political donations";Restoring progressive taxation and eliminating avenues used by the wealthy to avoid paying taxes;
Breaking up "mega-banks" and vigorously enforcing anti-trust measures.
Nobody said it was gonna be easy:
https://www.commondreams.org/news/2017/08/07/us-inequality-breeds-oligar...
Comments
I'm glad to see this paper getting out
(even though it's not finalized. I was talking to one of the writers (Zucman) a few weeks ago regarding how they aggregated their data, and it's really quite fascinating (at least to a data nerd). For anyone interested, there's more information here:
http://gabriel-zucman.eu/usdina/
A strange path to a comment this morning
Can all of us be monsters? The lesson of Nazi Germany.
Related to this article, neo liberal economics is the work of monsters. Of the mafia. As someone said, the issue is not ideology in the US, but that the US is an ideology. American exceptionalism is deeply embedded in our culture and now that Trump has shown us who we really are, we might face ourselves.
I began my strange path to a comment after reading Corey Robin's review of a film which had been off the radar screen for 40 years.
On Marcel Ophuls’ The Memory of Justice
The 6 hour film has been brought back to life on HBO
How much of Bernie's success was due to rhetorical mastery? Plato put down rhetoric but Aristotle in his academy spent 1/2 of the day on rhetoric.
McLuhan "the medium is the message" - how much of the dialogue is dominated by images, TV, on line media? And we see Trump defeating himself while the establishment democrats go after straws like Russia hacked the election and have not understood how Hillary defeated herself.
When are establishment democrats going to have the clarity before and after Trump to grapple with what they have become which is to be players in the coup d'etat which has happened?
**
The article provided a link to Robert Paul Wolff. I sorta remembered his name but by following the links I did recall seeing him with works with Marcuse and other critiques of the left from a Marxist position. The article by Corey above provided a link to an article by Wolff.
Kierkegaard noted that the truth is boring.
Did I, after being a proud radical for a couple of years at Berkeley in the 1960's, accept the "truth" that the USA democracy was doing well, and progress was going great, and busy myself with work and other causes and largely ignore politics for 40 years until W Bush made politics important and I worked on the Kerry campaign in OH in 2004. Was I lulled by letting the good times roll ...
Maybe one of Trump's accomplishments is to make the truth NOT boring. Maybe that has led to unprecedented participation in politics today.
From Wolff's 1969 article "On Violence"
That was written almost 50 years ago. Today our world is infused with violence. Is Trump going to start a nuclear war to avoid being charged with fraud?
But also, the sentence about "truth" is no longer so clear and solid.
The next paragraph includes Wolff's approach a philosopher and I went wild highlighting text
Related to this article, the beliefs about neo liberal economics are no longer legitimate to many
ON VIOLENCE
(No subject)