10% of people in the US own almost 75% of the wealth in the US.
That’s Reaganism in a nutshell: take $1.5 trillion from the middle class and hand it to the already rich. Every year. And Mitt Romney and Paul Ryan are champing at the bit to take even more.
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Zompist’s E-Z rant page (via azspot) I remember these Reagan years. The US Army drove tanks into the suburbs, raided homes, and then delivered the loot to men in mansions. And yes, this happened every single year. It was an awful time that never happened. (via jeffmiller) Taking money from the middle class via taxation, then handing it to wealthy through privatization and vastly disproportionate tax cuts is what he’s talking about, but keep on with the history rewrite, Jeff, it’s working for you. (via jonathan-cunningham) |
Concentration of wealth yields concentration of political power. And concentration of political power gives rise to legislation that increases and accelerates the cycle. The legislation, essentially bipartisan, drives new fiscal policies and tax changes, as well as the rules of corporate governance and deregulation. Alongside this began a sharp rise in the costs of elections, which drove the political parties even deeper into the pockets of the corporate sector.
The point is that there is a strong sense of trying to have it both ways. When people raise questions about big tax cuts for corporations, we’re told not to worry, because corporate taxes mainly fall on labor, not on stockholders. When people raise questions about low taxes on the very rich, we’re told not to worry because once you include all the taxes corporations have paid on their behalf as stockholders, their taxes aren’t really that low.
Nationwide transit crisis disproportionally hurts Latinos
Wilbur Alexander commutes to work using Los Angeles public transportation, although it takes longer and is unreliable. (Photo: Albert Sabaté)
By ALBERT SABATÉ
Channels: Economics, Immigration
Latinos and other minorities have been hit hardest by the recession. Not only have losses of income and wealth affected them, but the cost of getting around has increased too. More and more Latinos are dependent on public transportation or have find ways to make up for increased car expenses.
“There are inequalities in society and transportation is one of them,” said Paul Ong, professor of urban planning at University of California, Los Angeles.
Latinos and other minorities have been hit hardest by the recession. Not only have losses of income and wealth affected them, but the cost of getting around has increased too. More and more Latinos are dependent on public transportation or have find ways to make up for increased car expenses.
For Alexander, his dependence on public transportation is not only a result of his economic status, but also intensifies his plight.
“When the bus doesn’t come or there has been an incident, I arrive late to work,” said Alexander, who – as it is – is already asking for more shifts. This balancing act of commuting between jobs means missing a chance to take an extra shift or two when the spontaneous opportunity arises.
“The time costs are enormous,” said Evelyn Blumenberg, an expert who studies transportation and poverty at UCLA. “That’s the major drawback of public transit.” The average commute to work by car is 23.8 minutes, according to the U.S. Census Bureau. Public transportation takes 47.7 minutes, or twice as long.
Increased commute times mean less time for work, sleep and other activities, said Ong.
In a study released Wednesday, the nonpartisan Public Policy Institute of California reports that the proportion of households it defines as the middle class — those with annual incomes between $44,000 and $155,000 — has dropped below half, to 49.7 percent.
Households below that level account for 36.6 percent of Californians, and those above account for 13.7 percent.
The percentage of Californians in the middle class is the lowest in at least 30 years, the report says, and has consistently fallen since its peak of 60 percent in 1980.
Households below that level account for 36.6 percent of Californians, and those above account for 13.7 percent.
The percentage of Californians in the middle class is the lowest in at least 30 years, the report says, and has consistently fallen since its peak of 60 percent in 1980.
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Fewer than half of Californians can now be called ‘middle class’ » Ventura County Star (via shorterexcerpts) Wow. (via jacquesofalltrades)
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