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The maddening data on wealth inequality in America have now gotten so ridiculously out of hand that the headline for this post really does sum up what ought to be the single, defining issue in today’s election. For confirmation, check out the following amazing graphic from the good people at Inequality.org.

Wealth inequality

Commentary

The good people at Inequality.org have stashed several nuggets of powerful information in today’s edition of Too Much: An online weekly on excess and inequality that will make you want to pound the table, but the story on the newest edition of Forbes magazine’s richest 400 gazillionaires is perhaps the most amazing — especially this little vignette on one of the richest of the plutocrats, former Oracle CEO Larry Ellison:

Take Larry Ellison, the third-ranking deep pocket on this year’s Forbes list. Ellison just stepped down as the CEO of the Oracle business software colossus. His net worth: $50 billion.

What does Ellison do with all those billions? He collects homes and estates, for starters, with 15 or so scattered all around the world. Ellison likes yachts, too. He currently has two extremely big ones, each over half as long as a football field.

Ellison also likes to play basketball, even on his yachts. If a ball bounces over the railing, no problem. Ellison has a powerboat following his yacht, the Wall Street Journal noted this past spring, “to retrieve balls that go overboard.”

And if Ellison’s ridiculous wealth doesn’t get you a little fired up, check out this graph from the same story showing just how rapidly he and his peers are leaving the rest of us in their wake:

Billionaires graph

Commentary

The fallout from our nation’s decades-long effort to slash taxes on wealthy individuals and profitable corporations (and the public structures those taxes once provided) continues to spread. The Washington Post reports that the growing gap between the super rich and everyone else is directly and negatively impacting state government budgets:

Income inequality is taking a toll on state governments.

The widening gap between the wealthiest Americans and everyone else has been matched by a slowdown in state tax revenue, according to a report being released Monday by Standard & Poor’s.

Even as income has accelerated for the affluent, it has barely kept pace with inflation for most other people. That trend can mean a double whammy for states: The wealthy often manage to shield much of their income from taxes. And they tend to spend less of it than others do, thereby limiting sales tax revenue….

Rising income inequality is not just a social issue,” said Gabriel Petek, the S&P credit analyst who wrote the report. “It presents a very significant set of challenges for the policymakers.”

Stagnant pay for most people has compounded the pressure on states to preserve funding for education, highways and social programs such as Medicaid. The investments in education and infrastructure also have fueled economic growth. Yet they’re at risk without a strong flow of tax revenue.

Meanwhile, this week’s most stunning visual of the nation’s mushrooming inequality comes from the U.S. Federal Reserve, courtesy of the good people at Too Much Online: Read More

Commentary

Tax the rich 2The good people at Too Much, the online newsletter of Inequality.org have another sobering but powerful article this week. The rather amazing and disturbing finding: the wealth of the average American family is up over the last 25 years, but the wealth of the median family has actually dropped. If this finding leaves you scratching your head, it boils down to the fact that the rich have become so rich that they’re dragging up the overall average even though typical families are faring worse. This is from the article:

The growing wealth of these affluent, the new Fed data show, is driving up America’s average family net worth. But straight averages can mislead — and even deceive. If nine people each have zero net worth and a tenth person holds a fortune worth $10 million, the average person in that 10-person group will be a millionaire.Medians, by contrast, tell us more about how everyday people are truly faring. At the median point, half the people in any distribution have more, half less. In 1989, the new Fed Survey of Consumer Finances details, the median — most typical — U.S. family held $84,800 in net worth, after adjusting for inflation.

In 2013, America’s most typical families held only $81,200, 4 percent less.

Read More

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In case you missed it, Politico has a remarkable, if not terribly surprising story about Art Pope’s buddies, the Koch brothers. Here’s the opening:

“An Arlington, Va.-based conservative group, whose existence until now was unknown to almost everyone in politics, raised and spent $250 million in 2012 to shape political and policy debate nationwide. Read More