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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.

 

 

 

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David Koch

Conservative plutocrat, David Koch

It’s no secret that America’s economic inequality continues to metastasize at a remarkable pace. Still, when one actually takes a moment to look at and consider the vast holdings of the nation’s richest families (and the avarice often represented therein) it can take your breath away. For some cases in point, check out the following article entitled “A Third of a Trillion for Three Families,” by tax lawyer Bob Lord for the website Inequality.org.

“How concentrated has America’s wealth become? In the not-so-distant future, if current trends continue, a mere handful of Americans will together hold over $1 trillion in wealth. Read More

NC Budget and Tax Center

Income inequality continues to be a hot issues in our state and national policy debate, as the highest earners continue to pull away from everyone else in terms of overall income growth. As the latest issue of Prosperity Watch lays out, the top 1 percent of earners have seen their income double over the past 25 years, while the bottom 99 percent have seen their incomes remain almost flat. See the latest issue for more details.

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North Carolina’s recent wintry weather has helped give rise to a lot of pent up activity this week. Tonight at 7:00 pm for instance, is an excellent event at the Duke University Center for Documentary Studies entitled “Organizing the South: How a Southern Workers’ Movement Can Change the Nation.” Click here for more information and here to watch the video livestream tonight.

And speaking of not-to-be-missed events, be sure if you get the chance to check out the Raleigh showing of “Inequality for All,” Robert Reich’s powerful new movie about America’s modern economy. The event will be held on Tuesday, February 18 from 6:00-9:00 p.m. at William Peace University’s Browne-McPherson Music Building. Parking is free on campus. Click here for more information.

And speaking of the exploding inequality of the modern economy, check out economist Dean Baker’s essay from over the weekend in which he explains how America’s inequality hasn’t occurred by accident or simply as the result of the talent and hard work of the top 1%. To the contrary, as Baker explains, it’s happened “by design.”

And speaking of things that are exploding, the Duke Coal Ash disaster continues to be the biggest story in the North Carolina policy world. Read More