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+13 +1
Opinion | What the Rich Don’t Want to Admit About the Poor
Why do we leave millions of people in poverty? The answer should make us uncomfortable.
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+4 +1
Private Inequity: How a Powerful Industry Conquered the Tax System
The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.
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+19 +1
Your credit card rewards are paid for by America’s poor
There is an entire ecosystem dedicated to gaming the credit card rewards system — the Points Guy, who has made himself a household name, and a web of websites and influencers who teach all sorts of tricks and hacks. What people might not realize is that the system is already gamed, just not in the way they think: Credit card perks reward rich Americans to the detriment of the poor. The $200 in cash back you got using your fancy new rewards card often comes at the expense of someone who can’t afford it.
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+16 +1
Tax codes that reward traditional families might increase income inequality
Tax codes that offer extra benefits to breadwinners with dependents negatively affect countries ability to reduce income inequality across family types and could exacerbate existing gender inequality by discouraging secondary earners from labor-market participation, according to new research.
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+20 +1
Inequality Would Widen if U.S. Policies Spur Sustained Inflation
Federal Reserve and Biden administration officials say economic inequality is bad and they aim their policies in part at helping to reduce it. In the short run, at least, those policies might be widening inequality, not shrinking it.
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+16 +1
This is What Minimum Wage Would Be If It Kept Pace with Productivity
Until 1968, the minimum wage not only kept pace with inflation, it rose in step with productivity growth. The logic is straightforward; we expect that wages in general will rise in step with productivity growth. For workers at the bottom to share in the overall improvement in society’s living standards, the minimum wage should also rise with productivity.
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+22 +1
Why Millennials Can’t Grow Up
A few weeks ago, I met my first Millennial grandparent. I was interviewing a woman in her late 30s about President Joe Biden’s new child-tax-credit proposal, and she mentioned that it would benefit not just her two young kids but her older son’s kid too.
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+18 +1
US millionaire CEOs saw 29% pay raise while workers’ pay fell, report finds
The millionaire chief executives of some of the American companies with the lowest-paid workers saw an average pay raise of 29% last year while their workers saw a 2% decrease, according to a report released Tuesday.
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+16 +1
The Making of the Mother of All Economic Booms
Lael Brainard is the hero of the hour
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+13 +1
Everything Screams Inflation
We could be at a generational turning point for finance. Politics, economics, international relations, demography and labor are all shifting to supporting inflation. After more than 40 years of policies that gave priority to the fight against rising prices, investor- and consumer-friendly solutions are becoming less fashionable, not only in the U.S. but in much of the world.
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+4 +1
How automation could turn capitalism into socialism
There can be no doubt that automation is the future of work. There’s plenty of debate as to what extent AI will displace workers in the near and far future, but the general consensus is that blue collar work is an endangered species. It’s only a matter of time before robots can perform skilled human labor better and cheaper than we can. What happens then?
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+16 +1
How the Federal Reserve Is Increasing Wealth Inequality
The Fed’s low-interest-rate policies have stabilized the economy and turbocharged the stock market. But those who don’t own lots of stocks haven’t benefited anywhere near as much as those who do.
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+23 +1
Biden: Trickle-down economics "has never worked"
During his joint address to Congress on Wednesday, President Biden spoke of the need to tax the ultra-wealthy to fix economic inequality in the U.S.
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+16 +1
Amazon is becoming the face of American inequality
As the Alabama warehouse votes on whether to unionize, Amazon has been facing mounting pressure from progressive lawmakers — and on Friday, the company went on the offensive, calling out Sens. Bernie Sanders (D-VT) and Elizabeth Warren (D-MA) for their criticism of the company’s policies. Predictably, tweets provoked more tweets, turning into days of jousting between progressives and a corporate PR account.
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+19 +1
What Marrying Into Money Taught Me About Capitalism
The rich get richer isn’t a saying, it’s literally how capitalism works. All that stuff about hard work and ‘hustle’ is bullshit. It’s not called ‘laborism’ lol, capitalism is all about CAPITAL. Let me give you the example of my life. I married into money. For your purposes, I am labor and my wife is capital. You can see the whole game play out within our marriage.
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+4 +1
Closing the racial wealth gap requires heavy, progressive taxation of wealth
Centuries of discrimination and exploitation have left Black Americans much poorer than white Americans. The median white household has a net worth 10 times that of the median Black household. If Black households held a share of the national wealth in proportion to their share of the U.S. population, it would amount to $12.68 trillion in household wealth, rather than the actual sum of $2.54 trillion. The total racial wealth gap, therefore, is $10.14 trillion.
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+23 +1
Eye-popping wage report charts 40 years of worsening income inequality as the top 1% thrive
Wage inequality is getting worse, according to new data from the Social Security Administration, which shows a steady trickle-up effect in worker income during every period for the last four decades. That’s happening as wages for the bottom 90% of earners are being “continuously redistributed upward” to the top 10% and often even further to the top 1% and 0.1%, reports the Economic Policy Institute, which analyzed the data. Since the year 1979, while wages for the bottom 90% saw a modest growth of 26%, wages for the top 10% grew between 51.8% to 75.1%.
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+20 +1
AOC Thinks Billionaires Are a Threat to Democracy. So Did Our Founders.
The idea that democracy and billionaires are incompatible might seem radical to conservatives. But to America’s founders, it seemed like common sense. In 1835, Alexis de Tocqueville produced one of the earliest accounts of the American dream. In his famous study of the Jacksonian U.S., the Frenchman wrote that Americans possessed “the charm of anticipated success” — a ubiquitous optimism that he attributed to our country’s democratic character, and to the “general equality of condition” that prevailed among its “people.”
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+13 +1
42% of people falling behind as Covid-19 widens the wealth gap, report finds
A report on financial security shows a widening divide between the haves and have-nots amid the coronavirus outbreak and economic crisis.
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+15 +1
The Rich Kids Who Want to Tear Down Capitalism
Socialist-minded millennial heirs are trying to live their values by getting rid of their money.
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