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Inequality Is Holding Back The Recovery | NY Times

Inequality Is Holding Back The Recovery | NY Times | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

By Joseph Stiglitz

 

There are four major reasons inequality is squelching our recovery. The most immediate is that our middle class is too weak to support the consumer spending that has historically driven our economic growth. While the top 1 percent of income earners took home 93 percent of the growth in incomes in 2010, the households in the middle — who are most likely to spend their incomes rather than save them and who are, in a sense, the true job creators — have lower household incomes, adjusted for inflation, than they did in 1996. The growth in the decade before the crisis was unsustainable — it was reliant on the bottom 80 percent consuming about 110 percent of their income.

 

Second, the hollowing out of the middle class since the 1970s, a phenomenon interrupted only briefly in the 1990s, means that they are unable to invest in their future, by educating themselves and their children and by starting or improving businesses.

 

Third, the weakness of the middle class is holding back tax receipts, especially because those at the top are so adroit in avoiding taxes and in getting Washington to give them tax breaks. The recent modest agreement to restore Clinton-level marginal income-tax rates for individuals making more than $400,000 and households making more than $450,000 did nothing to change this. Returns from Wall Street speculation are taxed at a far lower rate than other forms of income. Low tax receipts mean that the government cannot make the vital investments in infrastructure, education, research and health that are crucial for restoring long-term economic strength.

 

Fourth, inequality is associated with more frequent and more severe boom-and-bust cycles that make our economy more volatile and vulnerable. Though inequality did not directly cause the crisis, it is no coincidence that the 1920s — the last time inequality of income and wealth in the United States was so high — ended with the Great Crash and the Depression. The International Monetary Fund has noted the systematic relationship between economic instability and economic inequality, but American leaders haven’t absorbed the lesson.

 

Our skyrocketing inequality — so contrary to our meritocratic ideal of America as a place where anyone with hard work and talent can “make it” — means that those who are born to parents of limited means are likely never to live up to their potential. Children in other rich countries like Canada, France, Germany and Sweden have a better chance of doing better than their parents did than American kids have. More than a fifth of our children live in poverty — the second worst of all the advanced economies, putting us behind countries like Bulgaria, Latvia and Greece.


Via Lynda Park
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AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US
GOP News, Libertarian news, Democratic News, World News and Reflections of Trends & Events that impact Austerity, Oppression or Progression of Societies.
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Pa. cop charged with homicide for killing unarmed man

Pa. cop charged with homicide for killing unarmed man | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Lisa Joellen Mearkle had already fired her taser, hitting 59-year-old David Kassick, when she fired two rounds from her service gun into the prone man, according to Dauphin County prosecutors. He died at the scene.
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Jimmy Kimmel, Chelsea Clinton announce Serve a Year campaign

Jimmy Kimmel, Chelsea Clinton announce Serve a Year campaign | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Jimmy Kimmel helped Chelsea Clinton kick off a brand new campaign - even if he didn't quite understand it.
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Cruz packed 2016 bid event because attendance was mandatory

Cruz packed 2016 bid event because attendance was mandatory | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Cruz packed the house at his 2016 campaign announcement at Liberty University because it was held during a mandatory “convocation."
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Pedagogies of Revolt: Translating Egypt in Flux

Pedagogies of Revolt: Translating Egypt in Flux | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
26 March 2015 Salle des thèses Bernard Maris, Espace Deleuze Université Paris 8 - Vincennes-Saint-Denis One of the most remarkable accomplishments of the revolutionary spirit in Egypt since January...

Via Charles Tiayon
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Indiana Expected To Pass Bill That Could Legalize Discrimination Against LGBT Citizens

Indiana Expected To Pass Bill That Could Legalize Discrimination Against LGBT Citizens | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
This post first appeared at The Huffington Post.
(Photo: Tony Webster/ flickr CC 2.0/Edited from original)
Indiana is expected to pass a religious freedom bill that could legalize discrimination against LGBT citizens.
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How and Why Data Will Save Small Business

How and Why Data Will Save Small Business | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Small business is in the biggest decline since the industrial revolution.

They’re losing grou...
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How Uncertainty Fuels Anxiety - The Atlantic

How Uncertainty Fuels Anxiety - The Atlantic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
People who are less able to tolerate uncertainty worry more.
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Fiscal Policy Institute calls New York state the cause of failing schools

Fiscal Policy Institute calls New York state the cause of failing schools | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Less than a month after Gov. Andrew Cuomo released his report on New York's "failing schools," the Fiscal Policy Institute released its own report, citing New York as the real cause of struggling s...
Monica S Mcfeeters's insight:

Wow! This is pretty much what it is like for Mississippi grossly underfunded schools for over a decade and  where Charter schools are also promoted as an solution and option. Also, how many of you  think the Governor of Mississippi and Florida should explain personally to all 3rd graders held back until they can read on grade level how that doesn't make them a flunky and failure?  I personally think not being mature enough to have empathy for an 8 year old is a far greater failure and these leaders that are too cheap with state funds to hire enough reading specialist teachers to work with weak readers at all grade levels k-12 are sad examples of humanity. These governors should have been held in the 3rd grade till they displayed empathy for others. Just my thoughts..

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9 Billionaires Are About to Remake New York’s Public Schools—Here’s Their Story

9 Billionaires Are About to Remake New York’s Public Schools—Here’s Their Story | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Hedge-fund manager Whitney Tilson stands at a Harvard club podium in midtown Manhattan, facing a room full of investors eating eggs and bacon, and eager to learn more about charter schools. The walls of the wood-paneled room are lined with the portraits of Tilson’s Harvard forefathers.
Monica S Mcfeeters's insight:

From Occupy Posters:

"A Nation investigation reveals how a group of hedge funders are about to get exactly what they paid for. "


My insight:

Read here about the Charter school take over of Publicly held and locally controlled schools. How do these these billionaires plan to pocket the education billions from our pockets to theirs.....(read the article)....This trend by the way runs from New York to Mississippi.


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Proposed TTIP Agreement Is Profoundly Undemocratic

Proposed TTIP Agreement Is Profoundly Undemocratic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
A flash mob demonstrates against the proposed Transatlantic Trade and Investment Partnership in Hamburg, Germany, March 17, 2014. (Photo: campact)
This post first appeared at Truthout.
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Morning Reads: Jim Webb on Fundraising; More Info on Clinton Foundation Donors

Morning Reads: Jim Webb on Fundraising; More Info on Clinton Foundation Donors | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
As we continue our effort to keep you up-to-date with all the news on how money continues to corrupt American government and politics, BillMoyers.com is pleased to publish this daily digest of money and politics news compiled and edited by Adam...
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137 dead after suicide bombings in Yemen mosques: report

137 dead after suicide bombings in Yemen mosques: report | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
ISIS reared its ugly head in Yemen after four suicide bombers struck two Shiite mosques packed with worshippers, killing dozens and turning sanctuaries into slaughterhouses.
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Why automation means we need a new economic model

Why automation means we need a new economic model | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
A future of unlimited production by few, for consumption by whoever can afford it, is a recipe for economic and social collapse, Robert Reich writes.
Monica S Mcfeeters's insight:

This is so true I can't believe we hardly discuss this or face this truth!

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ISIS recruits more children than adults: activists

ISIS recruits more children than adults: activists | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The Islamic State has recruited at least 400 children this year — far more than the number of new adult recruits, activists said.
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Dzhokhar Tsarnaev ‘radicalized’ by Anwar al-Awlaki: expert

Dzhokhar Tsarnaev ‘radicalized’ by Anwar al-Awlaki: expert | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Boston Marathon bomber Dzhokhar Tsarnaev was a follower of radical Islamic cleric Anwar al-Awlaki — as well as his big brother.
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Election 2015: Alex Salmond rules out SNP deal with Tories – live

Election 2015: Alex Salmond rules out SNP deal with Tories – live | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
With 44 days until polling day, follow all the twists and turns of the election campaign with Andrew Sparrow and the Guardian’s team of reportersSenior Tories condemn Salmond commentsCameron may have opened door to leadership challenges, Tories...
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AT&T - SourceWatch

AT&T - SourceWatch | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it

AT&T is a member of the American Legislative Exchange Council (ALEC) and is on ALEC's corporate "Private Enterprise" Board. William Leahy, Vice President of State and Legislative Affairs for AT&T, represents the corporation on ALEC's corporate board as of 2011. [7] [8] AT&T is the State corporate co-chair of Arkansas, California, Connecticut, Louisiana, Mississippi and Texas as of 2011.[9]

A list of ALEC Corporations can be found here.

Monica S Mcfeeters's insight:

US Senator Roger Wicker sides with A&TT in Mississippi against internet neutrality and open access. It is clear to see money speaks.

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Bangkok's Big Brother is watching you - The Guardian

Bangkok's Big Brother is watching you - The Guardian | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
General Prayuth Chan-ocha is determined to make Thailand a happy place. He’s doing this by throttling civil liberties. Abigail Haworth charts the surreal rise of his despotic regime
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Export-Import Bank Is No Friend of Small Business - U.S. News & World Report (blog)

Export-Import Bank Is No Friend of Small Business - U.S. News & World Report (blog) | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
The Export-Import Bank's claims to champion small business simply don't hold water.
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6 Female Illustrators Weigh in on Sexism, Feminism and the Newsweek Fiasco - Huffington Post

6 Female Illustrators Weigh in on Sexism, Feminism and the Newsweek Fiasco - Huffington Post | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
What does it mean that women across the globe are paid significantly less than men? Doesn't this suggest our thoughts, projects, words and actions are less valued?...
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Clinical psychologist explains how Ayn Rand helped turn the US into a selfish and greedy nation

Clinical psychologist explains how Ayn Rand helped turn the US into a selfish and greedy nation | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
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10 Poverty Myths, Busted | BillMoyers.com

10 Poverty Myths, Busted | BillMoyers.com | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Single moms and absentee dads are not the problem. And going to college does not mean you'll escape the poverty trap.
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The SEC’s Andrew Bowden: A Regulator for Sale?

The SEC’s Andrew Bowden: A Regulator for Sale? | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
This post first appeared at Naked Capitalism blog.
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Manual Labor, All Night Long: The Reality of Paying for College

Manual Labor, All Night Long: The Reality of Paying for College | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Alana Semuels LOUISVILLE, Ky.–Most college students are busy. But Alexis McLin’s schedule is even more jam-packed than the average student's.
One day last week, for instance, she attended a lab from 3 p.m.
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Why Workers Won't Unite - The Atlantic

Why Workers Won't Unite - The Atlantic | AUSTERITY & OPPRESSION SUPPORTERS  VS THE PROGRESSION Of The REST OF US | Scoop.it
Globalization and technology have gutted the labor movement, and part-time work is sabotaging solidarity. Is there a new way to challenge the politics of inequality?
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