The Supply Side Lie
Post war until roughly the 1970s, increases in income in all quintiles more or less moved together. The bottom quintile increased with the top quintile. Since the 70s, the top two quintiles continued to grow, with the top quintile actually accelerating (although to be fair, it corrected/adjusted during the Great Recession, but only modestly). But since the 1970s, the bottom three quintiles have been pretty much flat.
∼ Continue Reading ∼
Economic Inequality Is A Clear And Present Danger To American Democracy
The phrase "clear and present danger" is the standard by which freedom of speech can be abridged. As the saying goes, nobody has the right to shout "fire" in a theater. The United States Supreme Court began citing this standard in 20th century rulings, reaffirming that freedom of speech stops at the point where it puts pubic safety in peril. The idea is controversial, but it should be understood that constitutional rights are not absolute. Whether you agree with this standard as it applies to freedom of speech, is of little importance here. It only matters that you understand what it means, because economic inequality is a clear and present danger to American democracy.
Pew: Most Republicans Believe Poor Just Aren't Working Hard Enough
This should come as no surprise, but a Pew study released today shows most Republicans believe you are poor because you choose to be poor. Or in other words, the poor are simply not working hard enough. This of course echoes the sentiments of Kevin O'Leary, who I wrote about yesterday. He's the fat cat who said it's "fantastic" that 85 people own the same wealth as 3.5 billion people (half of Earth's population).
VIDEO: Canadian Businessman Says It's 'Fantastic' 85 People Have More Wealth Than Billions In Poverty
Canadian Businessman, TV host, and "Asshat of the Year" winner (and that's impressive because it's still only January) Kevin O'Leary says that it's "fantastic" that the richest 85 people have more wealth than half the population on planet Earth. The video is worth watching just to see the reaction by O'Leary's co-host, Amanda Lang.
Taxing The Rich: A Liberal Argument For A Progressive Tax System To Grow The Economy
Conservatives will play the "class warfare" card if you dare mention a tax increase on the rich. And if you talk about income inequality, well, this means you are simply envious, and you are trying to "punish success." But for this conservative "logic" to be rational, wouldn't we have to consider the current progressive tax system to also be unfair? — Well, as it turns out, that is exactly what many conservatives say about progressive taxation, but it doesn't mean their assessment is sound.
The Rich Are Rich Because They Deserve It? Krugman Responds To Brooks
Is the affluence of the wealthiest Americans entirely earned, or is there a level of luck, timing, and in some cases, family inheritance involved? Or to ask it a different way, can people honestly make the case of one human being that is deserving of such massive wealth (like that of the .01%) on the merits of his or her productivity? Is there any single human being who deserves to be worth more than the combined wealth of millions of fellow citizens?
David Brooks On Income Inequality: There's A Special Kind Of Guilt Reserved For The Poor
The latest piece by David Brooks in The New York Times is typical of conservative-think on issues of economic inequality. Because the free market is the most perfect system ever devised by man (yes, I'm laying the sarcasm on pretty thick), that means when we have an apparent failure of our revered capitalist system, that system is not to blame. Instead we should blame social issues. Oh, but only the social issues of the poor. Because the wealthy have reserved a special kind of guilt just for the poor.
Tired Rhetoric: It's Unfair To Take From The Wealthy
It's the same old tired rhetoric from Republicans, always looking out for the wealthy, not so concerned about the poor. They say it's unfair to take from the wealthy and give to the poor. You know what's more unfair? Going hungry.
How Does Wealth Inequality Affect The Average American?
How does wealth inequality affect the average American? After all, for those of us fortunate enough to make a decent living, why should it matter that there are a select few in society making astronomical sums of money?
The Economics Of Moral Outrage, How Liberals And Conservatives Differ
At some point we as a society need to come to terms with the fact that economic status is not a good barometer for morality, and it certainly tells you nothing of the character of a human being. You are not in higher moral standing because you earn a larger paycheck. And a person should not automatically be assumed morally suspect because they are unemployed, or can't pay their mortgage, or can't keep food on the table.