Freakonomics » Is Higher Income Inequality Associated with Lower Intergenerational Mobility?
It’s striking just how closely related inequality and mobility are. And it’s political dynamite. Why? If income inequality in one generation can be linked to unequal opportunity in the next, then income inequality can’t just be dismissed as the politics of envy. My bet is that this chart that will launch a thousand papers, as economists try to sort out just what these linkages are. Whatever the answer, it will transform our thinking about inequality.
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Who pays the Tesco CEO’s wages of £6.9m a year? We do
When low supermarket wages are supplemented by state benefits, it allows obscene profits to be made at taxpayers’ expense
Paul Higgins: Well worth a read
Full Story: The Guardian
tetw:
by Joseph E. Stiglitz
The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent.
Reblogged from futuristgerd|34 notes |# Comments
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What’s wrong with this picture? National unemployment is stuck at nearly 9 percent, millions have lost their homes, and a miserly Congress wants to take away overtime pay from IT workers. Meanwhile, Apple CEO Tim Cook was just awarded $376.2 million in stock, plus base earnings of $1.4 million, the highest salary in the history of American capitalism.
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Census: 1 In 2 Americans Is Poor Or Low-Income
The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families.
Full Story: NPR
English Butlers Wanted For Super-Rich Clients
English butlers, synonymous with Reginald Jeeves in the novels of P.G. Wodehouse, are answering more calls from super-rich Chinese and Russian clients as wealth shifts between east and west.
The Guild of Professional English Butlers has trained 20 percent more butlers this year than last, placing them with clients as soon as they are ready, according to Robert Watson, head of the firm in southern England, last week. The number of domestic staff registered with Greycoat Placements has trebled over the past three years, Managing Director Debbie Salter said.
Full Story: Bloomberg
Robert Reich: The Most Important Economic Speech of His Presidency
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The President’s speech today in Osawatomie, Kansas — where Teddy Roosevelt gave his “New Nationalism” speech in 1910 — is the most important economic speech of his presidency in terms of connecting the dots, laying out the reasons behind our economic and political crises, and asserting a…
Reblogged from futuramb|33 notes |# Comments
Society: Governments must tackle record gap between rich and poor, says OECD
05/12/11 - The gap between rich and poor in OECD countries has reached its highest level for over over 30 years, and governments must act quickly to tackle inequality, according to a new OECD report.
“Divided We Stand: Why Inequality Keeps Rising” finds that the average income of the richest 10% is now about nine times that of the poorest 10 % across the OECD.
The income gap has risen even in traditionally egalitarian countries, such as Germany, Denmark and Sweden, from 5 to 1 in the 1980s to 6 to 1 today. The gap is 10 to 1 in Italy, Japan, Korea and the United Kingdom, and higher still, at 14 to 1 in Israel, Turkey and the United States.To me as a Swede it is really sad to see that Sweden seems to lead the race from equality since we have lost most percentage wise…
(via Society: Governments must tackle record gap between rich and poor, says OECD)
The shocking truth about the crackdown on Occupy | Naomi Wolf | guardian.co.uk
Reblogged from futuramb|67 notes |# Comments
So, when you connect the dots, properly understood, what happened this week is the first battle in a civil war; a civil war in which, for now, only one side is choosing violence. It is a battle in which members of Congress, with the collusion of the American president, sent violent, organised suppression against the people they are supposed to represent. Occupy has touched the third rail: personal congressional profits streams. Even though they are, as yet, unaware of what the implications of their movement are, those threatened by the stirrings of their dreams of reform are not.Sadly, Americans this week have come one step closer to being true brothers and sisters of the protesters in Tahrir Square. Like them, our own national leaders, who likely see their own personal wealth under threat from transparency and reform, are now making war upon us.
Occupy has the power to effect change
If the movement can convert its polemical slogan into a political standpoint, no authority will be able to resist co-ordinated action
Full Story: The Guardian
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