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Money in Politics
Political Images and Cartoons
Economy and Inequality
The Distribution of US
Wealth, Capital Income and Returns since 1913
Is rising inequality purely a
labor income phenomenon?
Income inequality has increased sharply since the 1980s yet
surveys show modest increase in wealth concentration One
possible explanation: rising inequality is a pure labor income
- Rise in top incomes due to top wage earners/entrepreneurs only
- The working rich may not have had enough time to accumulate
- Or they may have low saving rates, face very high tax rates,
give a lot to charities, have low returns on their assets ...
preventing them from accumulating large fortunes
Is this view well-founded? Our answer is \No
pdf file, click here
State of Working America’s Wealth, 2011 Through volatility and
turmoil, the gap widens
The deflation of the housing
bubble which started in 2006 pushed the U.S. economy into
recession by the end of 2007. As house prices fell and already
low equity (due to second mortgages) vanished, foreclosures and
“upside down” mortgages, in which homeowners owe more on their
mortgages than their homes are worth, became a vicious cycle.
Given the reliance of typical families on housing as a source of
wealth, the housing debacle has devastated the net worth of
millions of American households.
Recession officially lasted from December 2007 through June
2009—the longest span of recession since the Great Depression.
The recovery since then has proceeded on two tracks: one for
typical families and workers, who continue to struggle against
high rates of unemployment and continued foreclosures, and
another track for the investor class and the wealthy, who have
enjoyed significant gains in the stock market and benefited from
record corporate profits.
To Read pdf file, click here
Two billion poor, one billion
More than 2.2 billion
people are “either near or living in poverty,” according to the
United Nations Development Report released July 24.The study
also found that about 1.2 billion people survive on the
equivalent of $1.25 or less a day, while 12 percent of the
world’s population (842 million people) suffer from chronic
These conditions of global
suffering and deprivation are not due to any absolute shortage
of resources. The world economy produces enough to provide a
decent standard of living for every man, woman and child. But
the distribution of wealth makes this impossible: the 85
wealthiest people in the world own as much as the 3.5 billion
poorest people combined.
To Read more, click here
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