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Tag Archives: wealthiest
NEW YORK Just a few months ago, it looked like 2014 would be the year of the populist, with Democrats running on economic inequality, tea party Republicans bashing banks and newly minted New York City Mayor Bill de Blasio pledging to soak the rich with higher taxes. That was so January.
Originally published January 27, 2014 at 5:50 AM | Page modified January 27, 2014 at 8:44 AM
From the White House to the Vatican to the business elite in Davos, Switzerland, one issue keeps seizing the agenda: the growing gap between the very wealthy and everyone else.
It’s “the defining challenge of our time,” says President Barack Obama, who will spotlight the issue in his State of the Union address Tuesday night. A Gallup poll finds two-thirds of Americans are unhappy with the nation’s distribution of wealth. Experts say it may be slowing the economy.
Why has the issue suddenly galvanized attention? Here are questions and answers about the wealth gap — what it is and why it matters.
Q. Hasn’t there always been a wide gulf between the richest people and the poorest?
A. Yes. What’s new is the widening gap between the wealthiest and everyone else. Three decades ago, Americans’ income tended to grow at roughly similar rates, no matter how much you made. But since roughly 1980, income has grown most for the top earners. For the poorest 20 percent of families, it’s dropped. Incomes for the highest-earning 1 percent of Americans soared 31 percent from 2009 through 2012, after adjusting for inflation, according to data compiled by Emmanuel Saez, an economist at University of California, Berkeley. For the rest of us, it inched up an average of 0.4 percent. In 17 of 22 developed countries, income disparity widened in the past two decades, according to the Organization for Economic Cooperation and Development.
Q. So who are the top 1 percent in income?
A. They’re bankers, lawyers, hedge fund managers, founders of successful companies, entertainers, senior managers and others. One trend: Corporate executives, doctors, and farmers made up smaller shares of the top 1 percent in 2005 than in 1979. By contrast, the proportion of the wealthiest who work in the financial and real estate industries has doubled. The top 1 percent earned at least $394,000 in 2012. Through most of the post-World War II era, the top 1 percent earned about 10 percent of all income. By 2007, that figure had jumped to 23.5 percent, the most since 1928. As of 2012, it was 22.5 percent.
Q. How has the middle class fared?
A. Not well. Median household income peaked in 1999 at $56,080, adjusted for inflation. It fell to $51,017 by 2012. The percentage of American households with income within 50 percent of the median — one way of measuring the middle class — fell from 50 percent in 1970 to 42 percent in 2010.
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AMERICANS FOR HONEST GOVERNMENT
MAY 30TH, 2011
Fellow Americans, our corrupt politicians sold us the system of free trade and Globalization, with the promise that it will increase our export market, will create American jobs and it was good for the economic of our country. During the last 20 years of free trade we manage to create a global financial crisis, the crisis started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed and the US government the wealthiest nation of the world have had to come up with rescue packages to bail out the US financial systems.
The problem could have been avoided, if this corrupt Government do not bail out those responsible for the financial problems; while this will develop into a global financial crisis that will affect the livelihoods of almost everyone in this inter-connected world for a short time, the not bail out will avoid the world financial meltdown that without a doubt will take place when the Dollar collapse due to the increasing national debt and interest we have to pay on this national burden.
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Occupy activists have assailed a federal government they say colludes with the wealthiest 1 percent of Americans. But on Monday when the president came to raise money in downtown Oakland – home of the nation’s most militant Occupy movement – the protesters did little to respond.
“Shame on you, Barack Obama.” Source: politico.com Mitt Romney's Presidential campaign launched a stealth ad in Ohio, POLITICO first reported this morning. The ad is also running in Iowa, Virginia, North Carolina, Colorado, New Hampshire, and Nevada, according to the tracking service TVEyes.
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Stealth Romney Ad Quotes Hillary Clinton
Op-Eds Illustration by Paul Windle By Robert Shiller Wed Mar 07 00:00:31 GMT 2012 We have ample reason to believe that financial markets are quite useful. And yet our wonderful financial infrastructure has not yet brought us the harmonious society we might consider ideal
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An invitation from a speaker at a council meeting prompts four to mingle with those set up outside City Hall for days to demonstrate against economic policies that benefit corporations and the wealthiest Americans. In the middle of Tuesday’s Los Angeles City Council meeting, where the most scintillating item on the agenda was a proposal to increase ticket prices at the L.A. Zoo, a speaker stood …