Wealth inequality stats …

These conclusions undercut the idea that taxing those on high incomes will harm society by reducing incentives to work for the most able and social valuable workers. As we see, the riskiness of market income strengthens the case for redistribution. The drop was particularly steep for Latinx women, whose participation rate fell by 5.1 percent, and Black women, whose rate dropped by 4.0 percent.

According to Bureau of Labor Statistics data, between February and September 2020, the number of women in the U.S. labor force fell by 2.4 percent, compared to 2.0 percent for men. It took the form of an offensive against the working class from the beginning of the 1980s, the destruction of whole swathes of industry, the outsourcing of production processes to take advantage of cheaper sources of labour internationally, the accelerated development of computer-based technologies and the increasing turn to speculative financial operations as the basis for profit accumulation. var divElement = document.getElementById('viz1600805996705'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else { vizElement.style.width='100%';vizElement.style.height='727px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); People of color are more likely to suffer severe illness if they are infected with Covid-19. A poll from the Human Rights Campaign and PSB Research shows that as of June 2020, 54 percent of transgender people had experienced reduced work hours — more than double the 23 percent of the total U.S. workforce that faced a similar reduction. This surplus value forms the basis of industrial profit and the other forms of income flowing to landowners, banks and financiers. She responded that she did not care as she got a life after dumping Larry. This is coupled with desperate efforts to advance the illusory claim that some kind of reform of the capitalist economy can be advanced in order to try to head off an eruption of the class struggle. The world missed the opportunity to do that back on 2008, but fate has handed it another chance.”, What took place in response to the global financial crisis was not a “mistake” but a class-driven response. This was true despite the fact that people of color make up a disproportionate share of essential workers who had to remain on the job.

I joked with her that she missed the big time.
In Inequality for All —a 2013 documentary, narrated by Robert Reich, in which he argues that income inequality is the defining issue of the United States—Reich states that 95% of economic gains following the economic recovery which began in 2009 went to the top 1% of Americans (by net worth) (HNWI).

I wouldnt want to argue that we “need inequality to encourage people to take risks”.

This gap, combined with research documenting that Black and Latinx people now make up disproportionate numbers of jobs deemed “essential,” explains why people of color have been exposed to greater virus risks. The fact that such desperate efforts are being made to obscure and mystify the life-destroying objective economic logic of the capitalist order in order to try to block the understanding of this task is a sure sign it is being very much placed on the order of the day. One major factor: unlike the United States, all of the countries in this chart that have made substantial progress towards controlling Covid-19 have universal health care systems.

In other words, in the final analysis, the mass of the population themselves are responsible for their ever-worsening living standards.

In my era that was atomic power and space travel. His conclusion, decried by bourgeois economists of all political stripes down through the decades, was that the inherent objective logic of the capitalist profit system, whatever the twists and turns in its historical development, was the accumulation of vast wealth at one pole and poverty and misery at the other. Money, as Marx elaborated, is the beginning and end of the process and so a situation necessarily arises where finance capital comes to dominate the system and the entire political and economic establishment is devoted to defending the interests of this oligarchy, whatever the social cost, and, as the pandemic has so graphically revealed, including life itself. According to the report, it was “we” who “chose” to cut taxes on billionaires, allow share buybacks to manipulate the stock market, permit corporations to acquire vast power through mergers and acquisitions, to allow the erosion of the minimum wage and to elect politicians who put the interests of the rich and powerful above those of the American people.

It insisted that “this upward redistribution of income, wealth, and power wasn’t inevitable; it was a choice —a direct result of the trickle-down policies we chose to implement since 1975.” [emphasis in original]. Because of the nature of these jobs, teleworking is not an option for many women. Two recent articles, one in Time magazine, a media bastion of the American political establishment, the other in Foreign Affairs, the premier US foreign policy journal, exhibit both these tendencies. Failed CEOs are given multi-million dollar parachutes to soften their fall. The ending of the boom announced its arrival with the scrapping of the Bretton Woods monetary system of fixed currency exchange rates in 1971, when President Nixon, confronted with the weakening global economic position of US capitalism vis à vis its rivals, removed the gold backing from the US dollar. The idea of the top 1 per cent as entrepreneurial risk-takers is part of a complex of spurious factoids, including ‘executive stress’ and the idea that this stress in turn causes ulcers. Hardy and Ziliak (confirmed in general terms by many other sources) give the numbers https://onlinelibrary.wiley.com/doi/full/10.1111/ecin.12044?casa_token=2_dvANjFw2EAAAAA%3AiKxuB6Tn34GJBIOZlN9Hs55w9MxJlkgR0Ns1z-1UAPIosDi2G8Yq3WF9hjUTVy8HQb95t9DwLzCRel8vyg, in any given year since 1996 the level of volatility among the bottom 10% was 81% higher than the volatility among the top 1%, and this level nearly doubled since 1981, https://onlinelibrary.wiley.com/doi/full/10.1111/ecin.12044?casa_token=2_dvANjFw2EAAAAA%3AiKxuB6Tn34GJBIOZlN9Hs55w9MxJlkgR0Ns1z-1UAPIosDi2G8Yq3WF9hjUTVy8HQb95t9DwLzCRel8vyg.
Now having gambled with his own safety and that of anyone who listens to him, he is guaranteed the best medical care money can buy, while thousands of less fortunate victims of the pandemic die every week. On September 14, Time carried a major article reporting the results of a study conducted by staff at the RAND Corporation, a long-established American think tank, which revealed the massive impact of widening social inequality in the US over the past 45 years. Crriikey indeed.

var divElement = document.getElementById('viz1600806087846'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else { vizElement.style.width='100%';vizElement.style.height='727px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); The pandemic has also hit transgender Americans especially hard economically. When the shutdown sent unemployment levels skyrocketing in March and April, Black and Latinx workers were much more likely to be among the jobless than Whites, according to the Bureau of Labor Statistics data. Credit: Shutterstock / Andrii Vodolazhskyi. … The current structure of finance thus fuels a debt-driven system and speculative bubbles, which, when they burst, bring banks and others begging for government help.”, But now, she maintains, this system can somehow be made to turn on a dime, giving the world a chance to create a better economy that would “generate less inequality” and be “more exclusive and sustainable.”. By 2008 the financialisation that had begun with the ending of the post-war boom had reached such a point that the entire American economy was dependent on the speculation, corruption and outright criminality of Wall Street—a situation that led President George W. Bush to comment at the height of the crisis “this sucker’s going down.”. I can’t imagine any entrepreneur with a few thousands (or even a few hundreds of thousands) in his pocket, who said “Oh, why bother, they’ll just tax away everything after a billion!” Nobody was ever dissuaded from getting their first million, by high taxes on their hundredth million. That means that the simple variance of income isnt the only important factor – the absolute values matter too. A complex which has friends in high places, or certainly had within living memory. var divElement = document.getElementById('viz1600806148013'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else { vizElement.style.width='100%';vizElement.style.height='727px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); As a joint survey from the Institute for Policy Studies and the National Domestic Workers Alliance shows, Black immigrant domestic workers are even more vulnerable during this crisis. There’s no good reason why it has to be an individual. This has resulted in a situation where 47 percent of renters are living on the edge, 40 percent of households cannot meet a $400 emergency, 55 percent of the population of have no retirement savings, 72 million people either have no health insurance or are underinsured and cannot meet so-called co-pays and millions are forced to work in unsafe conditions due to COVID-19 because they have no other means of survival.

I would observe that for any given investment opportunity you need somebody who has enough money to make that investment without endangering their ability to survive. Every month. For each 100,000 Americans (of their respective group), about 98 Black people and 82 Indigenous people, 72 Pacific Islanders, and 65 Latinx people have died from the coronavirus, compared to 40 Asians, and 47 Whites, as of September 15, 2020. var divElement = document.getElementById('viz1601047968531'); var vizElement = divElement.getElementsByTagName('object')[0]; if ( divElement.offsetWidth > 800 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='650px';vizElement.style.height='527px';} else { vizElement.style.width='100%';vizElement.style.height='727px';} var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); The pandemic-related economic crisis has been particularly devastating for people of color. Yet somehow, and completely mysteriously, this is often neglected by those in charge – no doubt this is completely unconnected to the fact that such changes would also typically affect them and those they are connected with.

They’re uncorrelated events.

If only such a socio-political movement existed…. Our hope is that a Biden administration would be historically bold.” In other words, the working class must remain trapped within the framework of capitalist politics. Two-income families are now working twice the hours to maintain a shrinking share of the pie, while struggling to pay housing, healthcare, education, childcare, and transportation costs that have grown at two to three times the rate of inflation.”.


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