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These come from a recent University of California Alumni Association profile of economist Emmanuel Saez and his work that was linked to by the excellent online newsletter Too Much:

The top 1 percenters in the United States, for example, have seen their share of national income rise from under 8 percent in 1970 to just under 20 percent in 2010. A similar pattern is seen in Canada, which also adopted the same esprit de laissez-faire that made Reaganomics the hallmark of United States fiscal policy in the 1980s.

In contrast, over the same period, the top 1 percenters in Japan saw their share of national income inch up from 8 to 9.5 percent. French and Swedish plutocrats were similarly deprived. (Emphasis supplied).

Meanwhile, check out the following amazing graph of Census data that also comes from the folks at Too Much: Read More

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Inequality - long termThe good people at Inequality.org and the online publication Too Much do a great job each week of documenting America’s one-sided class warfare and the fast-mushrooming gap between the haves and have nots. If you’re not already a subscriber to their updates, click here to get signed up.

The graphic at left was featured in the most recent edition of Too Much and paints a remarkable picture of where the market fundamentalists appear bent on taking the country in the years to come.

Note: You might want to make sure that anyone you share it with this evening has a cold beverage close by to ease the pain.

 

 

 

NC Budget and Tax Center

In case you’ve missed it, there has been a phenomenal film series going on this summer throughout North Carolina, which concludes this month with screenings of “Inequality for All” in nine cities from July 22nd – July 31st. The Moral Movies film series, which also included showings of American Teacher, American Winter and Freedom Summer, is sponsored by Working Films, NC NAACP, NCAE, Tar Heel Alliance of Classroom Teachers, Democracy NC, NC State AFL-CIO, NC Justice Center and a number of local partners.

The films offer a way for North Carolinians to see informative documentaries on multiple issues such as education, poverty, workers’ rights, voting rights, civil rights and inequality, and discuss their implications in the context of our state’s current policy environment and the continuing march towards social and economic justice. Following each film, attendees are provided opportunities to take action to improve the lives of all North Carolinians through improving investments in education, raising wages for workers, ensuring broader access to voting rights, or decreasing a widening income and wealth gap. Hundreds have attended one or more of the films in the series around the state, which kicked off in April with American Teacher.

The last film in the series, Inequality for All, features Robert Reich – professor, best-selling author, and Clinton cabinet member – as he demonstrates how the widening income gap is having a devastating impact on the American economy. Reich suggests that the massive consolidation of wealth by a precious few threatens the viability of the American workforce and the foundation of democracy itself. The film unfortunately resonates clearly with North Carolina’s experience given that recent legislative developments such as continued underinvestment in education and economic development, a lopsided tax plan giving big breaks to wealthy taxpayers and corporations while increasing taxes on the majority of working families, limitations to living wage policy and inaction to move towards a living wage has contributed to growing inequality.

Don’t miss your last chance to participate in Moral Movies and register to attend a screening near you this month:

Schedule of Screenings:

Winston Salem: Tuesday July 22, 6 p.m. (RSVP)

Green Street United Methodist Church, 639 S Green St, Winston-Salem, NC 27101

Fayetteville: Tuesday July 22, 6 p.m. (RSVP)

The Main Library, 300 Maiden Lane, Fayetteville, NC, 28301

Asheville: Friday July 25, 7 p.m. (RSVP)

Ferguson Auditorium at AB Tech, 340 Victoria Rd. Asheville NC 28801

Greenville: Tuesday July 29, 7 p.m. (RSVP)

Unitarian Universalist Congregation, 131 Oakmont Dr. Greenville, NC 27858

Raleigh: Tuesday, July 29, 7 p.m. (RSVP)

Community UCC, 814 Dixie Trail, Raleigh, NC 27607

Durham: Thursday July 31, 6:30 p.m. (RSVP)

Durham County Public Library Auditorium, 300 N Roxboro St. Durham, NC 27701

Greensboro: Thursday, July 31, 7 p.m. (RSVP)

Central Library Nussbaum Room, 219 N Church St. Greensboro, NC 27405

Wilmington: Thursday, July 31, 7 p.m. (RSVP)

Cameron Art Museum, 3201 S. 17th St. Wilmington, NC 28412

Charlotte: Thursday, July 31, 7 p.m. (RSVP)

Unitarian Universalist Church of Charlotte 234 N Sharon Amity Rd, Charlotte, NC, 28211

 

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You know things have gotten pretty bad when even the head of the corporate oligarchs at Goldman Sachs starts speaking out against inequality. This is from a story posted by the good people at Think Progress:

“CEO of one of the world’s largest banks: Income inequality is ‘destabilizing’

Lloyd Blankfein, CEO of investment bank Goldman Sachs, called income inequality “very destabilizing” during an appearance on CBS “This Morning” on Thursday.

Arguing that the growing division between the top and bottom of income earners drives political divisions that makes it difficult to legislate and “deal with problems” and therefore “drive growth,” he said, “It’s a very big issue and something that has to be dealt with.”

Blankfein himself can be counted among the 1 percent who have been grabbing most of the country’s income growth, as he is the world’s best paid banker with a $2 million annual salary and tens of millions more in bonuses, adding up to a net worth of $450 million….

Read the rest of the article and watch Blankfein make his comments on CBS by clicking here.

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(Image: AFL-CIO / paywatch.org)

Just when you thought things couldn’t get much worse on the American inequality front, you encounter reports like the new “Executive Paywatch” report from the AFL-CIO.

Click here to check out the website — it includes a section in which you can view CEO pay by state. And while the top guys (and they’re almost all guys – 67 out of 69) in North Carolina aren’t as obscenely wealthy as they are in New York or Texas, the gap remains huge; the ratio of CEO pay to that of the average worker in North Carolina is 108 to 1.