Why has the investor class been getting richer for decades as the working class’s share of the pie grows smaller? One prime reason is: our system, left unchecked, leads inevitably towards monopoly, which eats us all alive.
Apart from the task of deciding how things should be done morally, there is the more mundane but equally important task of accurately describing how things are done. In American politics, our failure at morality is complete. Our failure to describe this failure makes everything worse.
Davos is the absence of class consciousness in public life.
Every year, when all the world’s most powerful people gather in Davos, Oxfam releases a report quantifying the state of global economic inequality. It’s one of the most aptly-timed annual reports! Here are the grotesque highlights.
Outside a squat, one-story building on Chicago Avenue on the south side of Minneapolis, Alexis Collins, a 20-year-old Taco Bell employee, stands holding her baby, both of them bundled up against the piercing Minnesota wind. On the wall behind her, stretching all the way up to the roof, is a multicolor mural of a woman…
The CEO of the world’s largest money manager has decided—to much fanfare—to tell corporate America that they must “serve a social purpose” and make a “positive contribution to society.” The spectacular delusion and hypocrisy that enable such a statement to be made is something worth examining for its sheer shock…
French economist Thomas Piketty became a teen heartthrob a few years ago by positing that the rate of return on capital is naturally greater than the rate of economic growth, which means the rich will get richer until we tie them all up and rob them. Was he correct? New research says: O Yeah!
This month, Thea Lee took over as president of the Economic Policy Institute, America’s premier left-wing economic think tank. We spoke to her about Trumponomics and the fight for equality.
The fight for equal pay for equal work has been fought for decades in the U.S. While the U.S. made gender wage discrimination illegal under the Equal Pay Act of 1963, we know that in nearly all industries women are paid less than men.
The New York Times, the grandest of the grand old media companies, has a new publisher: He’s a Sulzberger, same as the old publisher. This is bad. All dynasties are repugnant. It doesn’t matter if you think they’re nice or not.
It is time for polite, respectable, rational people to start saying what has become painfully obvious: It is time to stop respecting the rich, and start stealing from them. In earnest.
The Boston Globe on Sunday published an extensive feature story on racism and structural inequality that shows the city still has a long way to go to improve the lives of black residents.
You can’t take it with you.
The labor share of our nation’s income—that is, the portion of all the income paid to workers, rather than, say, investors—is scraping all-time lows. Do you feel like the American dream is a little hollow these days? Yes, exactly.
Around the time of Trump’s inauguration, when America’s maximum diffuse liberal rage was seeking an outlet, there was discussion of a general strike. Then, it was an implausible fantasy. Now? Let’s have a serious talk.
In an age of unprecedented inequality, Senate Republicans still found the gall to pass a tax plan in the early hours of Saturday morning that constitutes an enormous transfer of wealth from the poor to the very wealthy. As The New York Times reported on Friday: “By 2027, people making $40,000 to $50,000 would pay a…
Given the fact that economic inequality has been rising for nearly four decades, it’s natural to assume that government redistribution of wealth has disappeared. According to a new study: Not so! But that raises even more sinister questions.