Poverty & Wealth

Intrigue: Doth Chuck Schumer Protest Too Much When Called 'Enabler' of Bad Budget Deal?

(AP Photo/Manuel Balce Ceneta)
(AP Photo/Manuel Balce Ceneta) Sen. Chuck Schumer, Democrat of New York, talks on a phone as he walks from the Senate subway on Capitol in Washington, Friday, December 12, 2014. This article originally appeared at The Huffington Post . L ast week, I wrote a piece lamenting the fact that so many Democrats had voted for a budget package that gutted a key provision of the Dodd-Frank Act. The so called swaps push-out provision, now repealed, required banks to separate their speculative business in derivatives from depository banking covered by government insurance and further protected by the Federal Reserve. The broader budget deal, technically a continuing resolution to keep the government funded through next September, also cut a lot of needed public spending and added several odious riders, including one that raises the ceiling on individual campaign contributions to party committees about tenfold. Had Democrats resolutely opposed the deal, I argued, it would have revealed Republicans...

The 10 Most Important Econ Charts of 2014 Show Ongoing Looting By the Top 1 Percent

CEO pay soars and productivity far outpaces any wage gains for regular people. Then there's the inequality tax, which is epic.

Economic Policy Institute
This article was originally published by the Economic Policy Institute at their website, epi.org , under the title "The Top 10 Charts of 2014." T his last year saw the pace of job growth pick up, a welcome development. Yet the economy remains far from healthy. In 2014 the twin issues of income inequality and stagnant wage growth for the vast majority of Americans took center stage. Better late than never. The top charts of 2014 created and compiled by the staff of the Economic Policy Institute show why addressing inequality and spurring wage growth is so necessary–and so doable. Policy choices led to these trends, and different policy choices can reverse them. The first policy choice should be based on the “do no harm” principle: the Federal Reserve should not try to slow recovery in the name of fighting inflationary pressures until wage growth is much, much stronger. After this, policymakers should support those labor standards that can restore some bargaining power to low- and...

How Much Did Black-White Wealth Gap Widen During the Great Recession?

A lot, says a new study from the Pew Research Center.

© Steve Debenport/iStock.
This article originally appeared at BillMoyers.com . T he average African-American household takes home around 40 percent less income than a similar white family. The gap between non-Hispanic whites and Hispanics (who can belong to any race) is just over 30 percent ( Excel file ). But racial income inequality pales in comparison to the racial gap in net worth —in household wealth accumulated through one’s lifetime and passed from generation to generation—especially between whites and blacks. It’s the living legacy of hundreds of years of structural racism. And, according to a new study by the Pew Research Center , that wealth gap has grown significantly since Wall Street crashed the economy… The study’s authors note that while accumulated wealth dropped across the board during the crash, there has been “a stark divide in the experiences of white, black and Hispanic households during the economic recovery.” From 2010 to 2013, the median wealth of non-Hispanic white households increased...

The Great Budget Sellout of 2014: Do We Even Have a Second Party?

The Democrats not only lost this vote on issues they allegedly care about; they lost their role as a credible opposition.

(AP Photo/J. Scott Applewhite)
(AP Photo/J. Scott Applewhite) For in the great budget sellout of December 2014, fully 57 House Democrats voted with the Republicans to narrowly pass this deal. Key Senate Democrats close to Wall Street, such as Chuck Schumer of New York, shown here, were its enablers. This article originally appeared at The Huffington Post . I n principle, Saturday's vote to keep the government open should be the perfect curtain-raiser for the political debates between now and the 2016 election. As their price for averting a government shutdown, Republicans demanded and got a gutting of one of the most important provisions of the Dodd-Frank Act, preventing banks from speculating with government insured money. Agencies hated by Republicans such as the Environmental Protection Agency took big cuts, and a rider was inserted permitting "mountaintop removal" coal mining once again. Another extraneous provision demanded by conservatives permits massive increase in individual campaign contributions. The IRS...

Movements for Racial Justice and Economic Justice Could Converge to Form a Powerhouse for Change

(Photo by Rachel M. Cohen for The American Prospect)
What happens to a dream deferred? Maybe it just sags like a heavy load. Or does it explode? T hat was the poet Langston Hughes, in 1951. In that year, more than half a century ago, the most basic dreams of African Americans were deferred. Segregation was mandatory in the old South. Discrimination was legal everywhere in America, whether in housing, education, or employment. Blacks were not just separated, but isolated, marginalized, restricted to the worst jobs and most dilapidated neighborhoods, the most dismal schools. For many, the racism just sagged, like a heavy load. It destroyed hope that hard work would be rewarded. The deferred dreams of that era seldom produced explosions, because the state had a very efficient system of terror. Blacks who resisted were likely to be lynched, jailed, or otherwise destroyed. It is a testament to sheer grit, tenacity and courage that large numbers of blacks managed to get educations, raise families, start businesses, and enter professions at...

We Can't Forget: Black Women Are Targeted, Too

"It’s not just the brothers dying; I’m at risk too," Joanne says. "I could be the next person.”

(Photo/Kristen Doerer)
(Photo/Kristen Doerer) After talking with a protester who came to commemorate the lives of black women killed and beaten by police and the justice system, the author ponders a new hashtag: #BlackWomensLivesMatter. Here, a scene from the Washington, D.C., protests set off by a Staten Island jury's failure to indict white New York City Police Officer Daniel Pantaleo in the killing of Eric Garner, an unarmed black man. We’ve been walking for about two hours now. We’re following the protests, Nathalie Baptiste and I, and we’ve finally made it to 14 th Street Bridge—Well not quite, we’re right before the bridge, at one of the busiest intersections. A black man has been leading the way, microphone in hand, shouting chants like “No justice, no peace! No racist police!” and “Hey, hey, ho, ho, these killer cops have got to go.” We circle around the intersection. Protesters raise their hands, “Hands up, don’t shoot!” they yell. Police cars surround us, their lights flashing. Horns blare as...

A Modest Proposal: The Universal Christmas Bonus

Wikimedia Commons/Square87
L ast year, Paul Ryan passed along this made up story: This reminds me of a story I heard from Eloise Anderson. She serves in the cabinet of my buddy Governor Scott Walker. She once met a young boy from a poor family. And every day at school, he would get a free lunch from a government program. But he told Eloise he didn’t want a free lunch. He wanted his own lunch—one in a brown-paper bag just like the other kids’. He wanted one, he said, because he knew a kid with a brown-paper bag had someone who cared for him. Insofar as the point of this story is to push against free lunches in school, it's obviously a rather craven sentiment. The opponents and critics of free school lunch are an odd bunch. They seem to think it's basically alright to send over 90 percent of children to these big welfare programs called public schools, but that feeding them while they are at these welfare schools is over the line. It's not hard to see what's going on: public school is so commonplace and nearly...

Walmart Workers Stage Black Friday Protests at Stores Throughout the Country

Workers walked off the job in 10 states, employees in Los Angeles staged a fast, and workers in D.C. orchestrated a sit-in.

(AP Photo/Brennan Linsley)
(AP Photo/Brennan Linsley) Colorado Walmart employees and supporters join nationwide protests, in front of a Walmart store in Lakewood, Colorado, Friday, November 29, 2013. This article was originally published by ThinkProgress . A s Americans rushed to take advantage of jaw dropping deals this Black Friday, thousands of Walmart employees and labor union members protested at 1,000 stores across the country for higher wages and consistent full-time work. At least 11 Walmart workers and supporters were arrested for blocking traffic outside a Walmart in Chicago. The strikes, organized for the third year in a row by the labor group OUR Walmart and the United Food and Commercial Workers International Union, come after a week of actions in which workers walked off the job in 10 states, employees in Los Angeles staged a fast, and workers in D.C. orchestrated a sit-in. The associates wore masking tape over their mouths to protest of Walmart “silencing of employees who complain about working...

To Save the Right to Choose Nationwide, Reproductive Justice Advocates Need a Southern Strategy

A new amendment to Tennessee's Constitution lays a framework for ending abortion rights. If allowed to stand, women and girls in poor communities will suffer the most. 

(AP Photo/Mark Humphrey)
(AP Photo/Mark Humphrey) Signs outside a polling place support different opinions on an amendment to the Tennessee Constitution on Tuesday, November 4, 2014, in Nashville, Tennessee. The amendment would expand the power of legislators to pass more abortion regulations. T his past Election Day, the people of Tennessee awoke to a state in which the right to an abortion is no longer secure. Amendment 1 to the state constitution could mean that politicians soon vote to take away the right within the state. The passage of Amendment 1 gives politicians far-reaching power to restrict many forms of birth control and abortion. Most ominously, if Roe v. Wade were ever overturned, the passage of Amendment 1 lays the groundwork to eliminate all abortion access in Tennessee. In the run-up to the election, anti-choice politicians in the state masked their strategy to eliminate abortion access by framing their position as an issue of free speech, saying the voters had been silenced by a decision by...

Is Obama's Treasury Nominee a Wall Street Shill?

For most of his Wall Street career, the president's nominee to lead the domestic financial has epitomized everything that reeks about financial abuses.

Flickr/Alex E. Proimos
Flickr/Alex E. Proimos I f you want to understand what makes Elizabeth Warren so special in American politics, consider her nervy leadership of the campaign to block President Barack Obama's foolish nomination of one Antonio Weiss to be the top Treasury official in charge of the domestic financial system, including enforcement of the Dodd-Frank Act. For most of his Wall Street career, Weiss has epitomized everything that reeks about financial abuses. As chief of international mergers and acquisitions for Lazard, Weiss orchestrated what are delicately known as "corporate inversions," in which a domestic corporation moves its nominal headquarters offshore, to avoid its U.S. taxes. It's hard to improve on Senator Warren's description of this play, in her Huffington Post blog of last Wednesday: Basically, a bunch of companies have decided that all the regular tax loopholes they get to exploit aren't enough, so they have begun taking advantage of an even bigger loophole that allows them to...

Chaos or Community? Ferguson's Aftermath Calls the Question

This special brand of rage is omnipresent and, at times, all-consuming.

(AP Photo/Charlie Riedel)
(AP Photo/Charlie Riedel) Protesters gather in front of the Ferguson Police Department before the announcement of the grand jury decision about whether to indict a Ferguson police officer in the shooting death of Michael Brown, Monday, November 24, 2014, in Ferguson, Missouri. A Missouri grand jury heard evidence for months as it weighed whether to indict Ferguson police Officer Darren Wilson in the August 9 fatal shooting of Brown. A s I watched the images of burning stores and looting in Ferguson, Missouri, Monday night, I was reminded of the 1965 Watts riots and the 1992 riots in Los Angeles. These uprisings, or rebellions, as they are referred to in certain activist circles, reflected simmering and justified rage beneath the surface of so many blacks. This special brand of rage is omnipresent and, at times, all-consuming. It rarely goes completely away. It becomes muted over time, but is always a Trayvon Martin or Michael Brown incident away from becoming fully combustible. The...

The Next Cool Thing: Great Writing From the Middle of America

Marking its first year in publication, Belt Magazine, with its focus on the industrial Midwest, is the nation's new literary darling.

(AP Photo/Mark Duncan, File)
(AP Photo/Mark Duncan, File) This Tuesday, September 11, 2012, file photo shows the Cleveland skyline taken from the city's Edgewater Park. W hen news outlets and websites write about the industrial Midwest, the coverage can vacillate between boosterism and “ ruin porn ,” often at the expense of telling compelling stories about the people and complexities of cities like Detroit, Cleveland, and Buffalo. Belt Magazine , an online publication based in Cleveland, just celebrated its first anniversary with the release of Dispatches from the Rust Belt , a collection of the magazine’s best content. The American Prospect spoke with Belt ’s editor-in-chief Anne Trubek about the magazine’s first year and its mission to elevate longform writing and first-person essays alongside original reporting and stories from—and for—the Rust Belt. TAP: Where did you grow up and what brought you to Cleveland? And what made you stay for nearly two decades? Anne Trubek: I grew up in Madison, Wisconsin—so not...

We Let Bill Cosby Into Our Homes, So He Owes Us an Explanation

America's once-favorite TV dad needs to take his own advice.

(AP Photo/Matt Rourke)
(AP Photo/Matt Rourke) Entertainer and former classmate Bill Cosby speaks during a public memorial service for Philadelphia Inquirer co-owner Lewis Katz Wednesday, June 4, 2014, at Temple University in Philadelphia. W hile the natural inclination is to separate Bill Cosby’s television character from his real life persona, the show we remember so fondly was not called The Huxtable Show . It was The Cosby Show . We did not really welcome Heathcliff into our homes. We welcomed Bill. It is Cosby, the accused serial rapist of 15 women from whom we await an explanation. He has the time: His planned NBC project was just pulled in the face of these resurfaced allegations. He won’t be cashing any residual checks from shows streamed on Netflix because like any contagion, everything Cosby is associated with is now contaminated. This reckoning particularly stings because of Cosby’s decades-long campaign of respectability politics within the black community. For years he has offered a socially...

How Democrats Can Win Back the White Working Class and Increase Turnout Among Blacks and Latinos

(Photo: Fibonacci Blue via Flickr/Creative Commons License)
(Photo: CNV Sioux Falls, SD Action via Flickr) Demonstrators in Sioux Falls, South Dakota, urge fellow citizens to vote for the November 4 ballot initiative to raise the minimum wage. The demonstration took place on Saturday, September 27. T he voting turnout in this year's congressional and gubernatorial elections was the lowest since 1942. Much of the story was in young people, poor people, black and Hispanic citizens, who tend to support Democrats, voting in far lower numbers than in 2008 or 2012. The Democrats just weren't offering them very much. But the other part of the Election Day story was older voters and the white working class, especially men, deserting the Democrats in droves—again, because Democrats didn't seem to be offering much. Republicans, at least, were promising lower taxes. Turnout on average dropped from 2012 by a staggering 42 percent. But as Sam Wang reported in a post-election piece for The American Prospect , the drop-off was evidently worse for Democrats...

Event Livefeed: The Making of Ferguson with Sherrilyn Ifill and Richard Rothstein

(AP Photo/Charles Rex Arbogast)
On Thursday, November 13, the NAACP Legal Defense Fund (LDF) and the Economic Policy Institute (EPI) host a forum to examine policies that led to the events in Ferguson. Richard Rothstein, contributing writer to The American Prospect and EPI Research Associate, and Sherrilyn Ifill, LDF Director-Counsel, discuss how a century's worth of government housing, zoning, and employment policies are at the root of the tension that erupted in Ferguson after Michael Brown's death. The discussion is not limited to Ferguson, however, as these policies were not unique to that St. Louis suburb; they were, in fact, implemented throughout the nation. Rothstein and Ifill discuss the comprehension and public policies that we need to erase the long, continuing shadow of government-promoted and enforced discrimination . Robert Kuttner, co-founder and co-editor of The American Prospect and co-founder of EPI, moderates. In a timely article for The American Prospect ’s Fall issue and in a report for EPI ,...

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