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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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Blue slipIn case you’ve lost count, today is Day #289 on the Richard Burr Blue Slip Watch. It’s been nearly ten months since President Obama nominated federal prosecutor Jennifer May-Parker to fill what is the longest-standing vacancy in the federal court system in North Carolina’s Eastern District. Unfortunately, as we have reported repeatedly on this site, Burr is blocking consideration of May-Parker unilaterally and refusing to say why. It’s a disgraceful situation that is made only worse by the fact that May-Parker would be the first African-American and only the second woman to serve on the federal bench in the Eastern District in its history.

And speaking of inexcusable behavior by North Carolina elected officials, commentator Marena Groll of ENC Weekly did a great job this week of skewering Gov. McCrory and the General Assembly over the state’s worst-in-the-nation tax policy changes.

And speaking of the state’s misguided economic policies, Read More

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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

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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

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Brace yourself for a new wave of far right trickledown propaganda as President Obama is expected to call for a hike in the minimum wage in tonight’s SOTU speech. If you’re looking for some actual facts to counter the onslaught, John Schmitt has an excellent post at the Center for Economic Policy research blog, entitled “SOTU Minimum Wage FAQ.”

For instance:

Who would benefit from an increase in the minimum wage?

According to estimates from the Economic Policy Institute (EPI), almost 17 million workers who earn between the current federal minimum wage of $7.25 and the proposed new level of $10.10 (to be fully phased in by 2016) would see an increase in their wages. EPI estimates that another 11 million workers who earn just above the new federal minimum wage would likely get a pay increase as well. Read More