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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.

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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.

 

 

 

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From our NC Justice Center colleagues:

Join us in Raleigh and Durham for FREE screenings of “Inequality for All”

The North Carolina Moral Movies Film Series draws to a close this month with screenings of the acclaimed documentary Inequality for All. The film features Robert Reich – professor, best-selling author, and Clinton cabinet member – as he demonstrates how the widening income gap has a devastating impact on the American economy.

The NC Justice Center is proud to join with Working Films, the NC NAACP and other sponsors to bring screenings of Inequality for All to nine cities across the state beginning on July 22nd. These interactive events will spotlight the threat of income inequality on the viability of the workforce in North Carolina and will involve audiences in dialogue and action to address economic inequality.

RALEIGH

Join us in Raleigh on Tuesday, July 29 at 7:00 p.m. at Community UCC, 814 Dixie Trail.
RSVP for Raleigh using this link.

DURHAM

Join us in Durham on Thursday, July 31, 6:30 p.m. at the Durham County Public Library Auditorium, 300 N Roxboro St. RSVP for Durham using this link.

Hope to see you on there!

 

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