income inequality

The CBO Confirms The Rich Get Richer and the Rest of Us Get the Economic Shaft

The CBO has quantified what most of America already knows, the richer got richer while the rest of us are squeezing blood from a financial stone. In a new report, the Congressional Budget Office analyzed after tax household income growth by percentiles for 1995-2007. Guess what they found? The Rich increased their wealth out of the stratosphere in comparison to the rest of us.

46.2 Million People in Poverty for 2010

The Census released a comprehensive report on poverty, income and health insurance coverage in the United States for 2010. There were 46.18 million people living in poverty, in the United States. The Census population for 2010 was 305,688,000. This means that 15.1% of people in the United States are below the poverty thresholds, or one in 6.6 people.

 

Supreme Court Lands a Blow to Women

women not paid as muchThe Supreme Court just landed a body blow to women. They sided with Wal-Mart on a class action sex discrimination lawsuit by blowing apart the class action status of the suit. The court was unanimous that the case was too big, yet the decision was split to let the case be reformed for another chance. The court ruled 5-4 against the women of Wal-Mart.

The case was seeking damages for 1.5 million women. In 2001, Wal-Mart had only 14% of women in management and 80% of women in the lowest paid positions. Wal-Mart also allowed local managers to use their own discretion in hiring and promotion decisions. NPR:

When the case was filed 10 years ago, women held two-thirds of the lowest-level hourly jobs and only one-third of the management jobs; and that women were paid on average $1.16 less per hour than men in the same jobs, despite having more seniority and higher performance ratings.

A lower court previously ruled the case should encompass all women who work at all Walmart stores. SCOTUS used the phrase commonality and quoted statistics to claim because 1.5 million women didn't have the same common experience, magically 1.5 million women at Wal-Mart are not subject to systemic discrimination. From the actual ruling:

Friday Movie Night - Of the 1%, by the 1%, for the 1%

hot buttered popcorn It's Friday Night! Party Time!   Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

 

We all know most of us have no representation from government and the great land grab of what's left of the money is still going to the super rich and multinational corporations.

Corporate Profits Soaring Thanks to Record Unemployment

In a January 2009 ABC interview with George Stephanopoulos, then President-elect Barack Obama said fixing the economy required shared sacrifice, "Everybody’s going to have to give. Everybody’s going to have to have some skin in the game." (1)
For the past two years, American workers submitted to the President’s appeal—taking steep pay cuts despite hectic productivity growth. By contrast, corporate executives have extracted record profits by sabotaging the recovery on every front—eliminating employees, repressing wages, withholding investment, and shirking federal taxes.

The global recession increased unemployment in every country, but the American experience is unparalleled. According to a July OECD report, the U.S. accounted for half of all job losses among the 31 richest countries from 2007 to mid-2010. (2) The rise of U.S. unemployment greatly exceeded the fall in economic output. Aside from Canada, U.S. GDP actually declined less than any other rich country, from mid-2008 to mid 2010. (3)

Washington’s embrace of labor market flexibility ensured companies encountered little resistance when they launched their brutal recovery plans. Leading into the recession, the US had the weakest worker protections against individual and collective dismissals in the world, according to a 2008 OECD study. (4) Blackrock’s Robert Doll explains, “When the markets faltered in 2008 and revenue growth stalled, U.S. companies moved decisively to cut costs—unlike their European and Japanese counterparts.” (5) The U.S. now has the highest unemployment rate among the ten major developed countries. (6).

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