Keyword: incomeinequality

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  • Schumer: ‘For Too Long We've Relied on GDP Alone as a Bellwether for How Americans Are Faring’

    08/30/2018 9:51:18 AM PDT · by Olog-hai · 70 replies
    Cybercast News Service ^ | August 29, 2018 | 4:03 PM EDT | Staff
    Senate Minority Leader Chuck Schumer (D.-N.Y.) held a press briefing on Tuesday—one day before the Bureau of Economic Analysis released its second estimate of Gross Domestic Product (GDP) growth in the second quarter (stating it was 4.2 percent)—at which he stated that Americans “for too long” have been relying “on GDP alone as a bellwether” of how Americans are doing economically. […] “America’s working families deserve the full picture when the federal government publishes data showing how the economy is doing, especially with the quarterly numbers,” he said. […] “Too often, when we hear that GDP is rising and the...
  • Why Do Young People Care So Much about Income Inequality?

    07/19/2018 7:46:49 AM PDT · by SeekAndFind · 79 replies
    National Review ^ | 07/19/2018 | Brad Polumbo
    It’s the wrong thing to be worried about. When Bernie Sanders came to the University of Massachusetts Amherst during his campaign for president, thousands of my fellow students turned out to hear him speak. With his many campus visits, the socialist senator certainly left an impression — roughly 2 million young people voted for him in 2016. Thanks to people like Sanders, the idea that income inequality is the “defining issue of our time” has been burned into the collective consciousness of my generation, so much so that a GenForward survey found that economic inequality was one of the highest...
  • Facebook Co-Founder: Tax the rich at 50% to give $500-a-month free cash and fix income inequality

    07/06/2018 6:59:02 AM PDT · by EdnaMode · 87 replies
    CNBC ^ | July 5, 2018 | Tom Huddleston Jr.
    Facebook co-founder Chris Hughes thinks the government should give cash handouts to people with the lowest incomes in order to fight income inequality. And he thinks the money should come from higher taxes on wealthy individuals and even big tech companies, like Facebook. Hughes, 34, was one of Facebook’s co-founders, along with Mark Zuckerberg and three of their Harvard classmates, in 2004. He was Facebook’s spokesperson for the company’s first three years, before leaving to finish his Harvard degree and then to work on Barack Obama’s 2008 presidential campaign as a media strategist. He says he's made "half a billion...
  • 'It's grotesque': As CEOs rake in millions in annual pay, their employees struggle to get by

    06/27/2018 2:25:33 PM PDT · by rickmichaels · 77 replies
    Financial Post ^ | June 11, 2018 | David Gelles
    A Walmart employee earning the company’s median salary of US$19,177 would have to work for more than a thousand years to earn the US$22.2 million that Doug McMillon, the company’s chief executive, was awarded in 2017. At Live Nation Entertainment, the concert and ticketing company, an employee earning the median pay of US$24,406 would need to work for 2,893 years to earn the US$70.6 million that its chief executive, Michael Rapino, made last year. And at Time Warner, where the median compensation is a relatively handsome US$75,217, an employee earning that much would still need to work for 651 years...
  • Two Classes, Divided by ‘I Do’

    06/07/2018 2:45:47 PM PDT · by grundle · 62 replies
    New York Times ^ | July 14, 2012 | JASON DePARLE
    Faulkner is married and living on two paychecks, while Ms. Schairer is raising her children by herself. That gives the Faulkner family a profound advantage in income and nurturing time, and makes their children statistically more likely to finish college, find good jobs and form stable marriages. Ms. Faulkner goes home to a trim subdivision and weekends crowded with children’s events. Ms. Schairer’s rent consumes more than half her income, and she scrapes by on food stamps.
  • I'm thankful for being middle class today instead of the richest person in the world 200 years ago

    11/22/2017 5:51:13 PM PST · by grundle · 58 replies
    wordpress ^ | November 22, 2017 | Dan from Squirrel Hill
    I am thankful for being a middle class person today instead of the richest person in the world 200 years ago I am thankful for being a middle class person today instead of the richest person in the world 200 years ago. I can have a real time conversation with someone who is 1,000 miles away. I have light bulbs. I can get from New York to California in hours instead of weeks. Antibiotics will save my life if I step on a rock and cut my foot. I don’t have to worry about getting smallpox, measles, or polio. I...
  • There's No Other Way to Say It: Minimum Wage Laws Are Racist

    06/18/2016 12:18:17 PM PDT · by Kaslin · 18 replies
    PJ Media ^ | June 18, 2016 | John Ellis
    Following the lead of a several trodden upon, yet Democrat-controlled municipalities, Washington D.C. recently approved a bill raising the minimum wage to fifteen dollars an hour by 2025. This move has been hailed by leftists as a triumph for equality and the little guys. Except minimum wage laws were first proposed by racists to keep minorities down, and current minimum wage laws further disenfranchise those in our society who are already disenfranchised.To help understand, a brief history lesson is in order. At the risk of wandering off topic, this brief history lesson will also serve to demonstrate why many leftists...
  • Income Inequality

    06/10/2016 7:03:13 AM PDT · by george76 · 24 replies
    Elle's Economy ^ | June 2016
    The phrase Income Inequality has become a standard battle cry for politicians these days, with the implicit assumption that inequality is a bad thing, but is the basic concept of inequality truly a bad thing? ... We hear a lot of lip service from various politicians about the ills of income inequality, so letÂ’s look at actual recent track records. The U.S. Census Bureau uses four measures of income inequality, Gini, Theil, Mean Logarithmic Deviation of Income (MLD) and Atkinson Measure. â—ľSince the financial crisis, income inequality (as measured by the US Census Bureau using 3 different types of metrics)...
  • (Clothes horse) Hillary Clinton wore a $12,495 Armani jacket during a speech about inequality

    06/07/2016 9:28:14 AM PDT · by Zakeet · 127 replies
    CNBC ^ | June 6, 2016 | Sarah Whitten
    Hillary Clinton took a lot of flak on Monday after a report surfaced that the presidential candidate wore a Giorgio Armani jacket worth more than $12,000 during a speech in April about inequality. Clinton, who was well-known for her vast pantsuit collection, has upgraded her wardrobe during her most recent bid for president to appear more relatable, according to the New York Post. Social media users don't seem to be buying it, however.
  • A Florida man will be the first in the US to get paid $1,250 per month for doing absolutely nothing

    06/06/2016 12:14:45 PM PDT · by PROCON · 75 replies ^ | June 6, 2016 | Chris Weller
    For the next 12 months, a man from Sarasota, Florida will receive $1,250 a month for doing absolutely nothing, and the people footing the bill couldn't be happier about it. The recipient, a man named Edwin who declined to speak to the press, won the $15,000 in a raffle held in San Francisco on May 31. The giveaway was organized by the nonprofit advocacy group My Basic Income, which wants to set up a slew of lotteries to see how basic income might work around the world.
  • On 'Inequality'

    06/02/2016 5:51:01 AM PDT · by Kaslin · 17 replies ^ | June 1, 2016 | Larry Elder
    Is there a more brain-dead concept than to empower the government to fight "income inequality"? What sane, normal, rational human being thinks that human talent, drive, interests and opportunity can -- or should -- result in equal outcomes? Despite my love of athletics, I knew in third grade that my friend, Keith, could run much faster than I could. For two years I played Little League ball, and I got better at it. But no matter how hard I tried or how many hours I spent, I could not hit, run or throw as well as my friend Benji. Later...
  • At the Vatican, Sanders blasts 'immoral' wealth inequality

    04/15/2016 10:32:02 PM PDT · by Olog-hai · 34 replies
    Associated Press ^ | Apr. 16, 2016 12:47 AM EDT | Ken Thomas and Nicole Winfield
    Bernie Sanders issued a global call to action at the Vatican on Friday to address “immoral and unsustainable” wealth inequality and poverty, using the high-profile gathering to echo one of the central platforms of his presidential campaign. The Democratic senator from Vermont cited Pope Francis and St. John Paul II repeatedly during his speech to the Vatican conference commemorating the 25th anniversary of a landmark teaching document from John Paul on social and economic justice after the Cold War. […] “We don’t choose to politicize the pope,” Sanders told attendees, “but his spirit and courage and the fact, if I...
  • Income Inequality Doesn’t Matter, Study Finds — Here’s What Does

    03/25/2016 4:22:54 AM PDT · by IBD editorial writer · 63 replies
    Investor's Business Daily ^ | 3/25/2016 | John Merline
    For Democrats, few issues rank as high as “income inequality.” Reducing it is a priority of both Hillary Clinton and Bernie Sanders. But a new study finds that we are measuring inequality all wrong, and that as a result, imposing still more wealth-transfer laws probably won’t do anything to help.

    02/11/2016 8:41:53 AM PST · by Beave Meister · 4 replies
    Front Page Mag ^ | 2/10/2016 | Bruce Thornton
    An ideological construct that exploits envy and resentment for political advantage. Throughout this primary season, Hillary Clinton and self-proclaimed socialist Bernie Sanders have both been flogging the “crisis” of “income inequality,” which is “at the center of their campaigns,” according to CNN. Both have scourged the “greed” of the “1%,” called for higher taxes on the “rich,” and promised to expand and multiply government programs to rectify this injustice. Yet like other slogans progressives rely on, the idea of “income inequality” is an ideological construct, a statistical artifact that exploits envy and resentment for political advantage. The first problem with...
  • The Downton Election

    01/11/2016 9:14:09 AM PST · by Kaslin · 13 replies ^ | January 11, 2016 | Rich Galen
    Every interwar novel set in the UK is focused, at least in part, in the changing of the relationship between the classes. As we spend our Sunday nights glued to the final season of Downton Abbey on PBS, it appears the class system, in 1925, is breaking down far more quickly than those who have been at the top of the food chain can absorb. That may have something to do with what we are witnessing in the surprising - astonishing - success of both Donald Trump (R-sort-of) and Bernie Sanders (D-sort-of) in this election cycle. The shared fiction of...
  • 2015

    12/30/2015 4:35:09 AM PST · by Kaslin · 1 replies ^ | December 30, 2015 | John Stossel
    Terrorism! Crime! Deadly storms! Hillary Clinton! We reporters focus on bad news, but at year's end, let's remember what went right. 2015 was a better time to be alive than most any prior point in history. The rich got richer. Some people think that's a problem, but why? Do rich people sit on their piles of money and cackle about how rich they are? Do they build giant houses that damage the environment? Well, they sometimes do. But mostly they invest, hoping to get richer still. Those investments create jobs and better products and make most everyone else richer....
  • Democrats Decry Income Inequality That Their Own Policies Make Worse

    11/13/2015 3:15:54 AM PST · by IBD editorial writer · 10 replies
    Investor's Business Daily ^ | 11/13/2015 | Staff
    Welfare State: Hillary Clinton, Bernie Sanders and leftists in general love to talk about income inequality. What they don't want to talk about is how their own tax-and-spend prescriptions are largely to blame.
  • "We Made It Wider!" Hank Paulson Bursts Out Laughing When Asked About Wealth Inequality

    09/07/2015 7:31:14 AM PDT · by Cheerio · 28 replies
    Zerohedge ^ | 09/06/2015 | Tyler Durden
    A few months ago, a hurt Ben Bernanke put on his blogger hat and set out to explain why, in his mind, the unconventional policies undertaken by the Fed in the post-crisis years have not contributed to record income inequality. As we noted at the time, epic hilarity ensued. Bernanke’s explanation went something like this: while QE does indeed inflate asset prices, poor people have been getting poorer for quite some time, so sure, maybe the Fed contributed a little bit, but probably not a whole lot and besides, the more Keynes the better when it comes to smoothing out...
  • Sharpton Astounded Rand Paul Thinks People Who Work Harder Earn More

    08/10/2015 5:51:15 PM PDT · by governsleastgovernsbest · 36 replies
    NewsBusters ^ | Mark Finkelstein
    In the liberal universe, there's no correlation between hard work or ingenuity and financial success. As President Obama recently put it, the rich are simply "society's lottery winners." Sounding a similar theme, Al Sharpton today declared it "astounding" that Rand Paul believes that income inequality is due to "some people working harder." Astounding, indeed! What's wrong with Rand? How could he possibly believe that someone someone who works, say, 60 hours per week might earn more than someone else who works 20? View the video here.
  • Here´s why the new CEO pay rule could backfire on its advocates

    08/10/2015 3:33:32 AM PDT · by IBD editorial writer · 21 replies
    Investor's Business Daily ^ | 08/10/2015 | John Merline
    When the Securities and Exchange Commission released its CEO pay rule this week, many cheered it as a way to shame companies into moderating outlandish pay packages. The rule, which goes into effect in 2017, mandates that publicly-traded companies disclose the gap between what their top executives are paid and what their rank and file workers make. As the New York Times' Gretchen Morgenson put it, "because the rule will generate an easily graspable and often decidedly shocking number, it may energize a cadre of new combatants in the executive pay fight." It could have the opposite effect.