The foreclosure epidemic illustrates a problem that is far larger and more pervasive than current banking practices: America’s growing power imbalance. In an economic world characterized by such imbalance of power, it is time to rethink policies that operate to penalize the powerless and reward the predatory.
Each week, millions of dollars are stolen from American families. The perpetrators act with impunity. There are no arrests, few convictions, and meaningless fines. What is this crime wave sweeping the nation? Wage theft. Some communities are now banding together to put an end to it.
If we want to solve the most pressing issues of our time, we need to change our national political discourse from one that focuses solely on competition, the market, and the individual, to one that focuses on the value of community, civil society, and the public good.
Wealth’s current tilt to the top sometimes seems almost eternal. But can our mature market economies ‘self-correct’? A provocative new paper out of the OECD, the developed world’s official economic research agency, contemplates our tomorrow if we let current trends play out.
A nationally prominent conservative academic is charging that critics of America’s top-heavy distribution of income and wealth are missing the bigger global picture. In the process, other economists are pointing out, he’s only fogging that picture up.
Energy policies exacerbate inequality by placing the costs of climate change on the most vulnerable Americans. The general public bears the costs in both higher prices and higher taxes at the same time that fossil fuel companies continue to enjoy massive subsidies.
Over 20 years ago, Fortune 500 CEO Harold MacInnes pledged not to take in pay any more than 14 times what his workers were making. A new UK CEO pay report has now placed back on the table the notion of capping executive compensation at a multiple of worker pay.
The outsourcing of public services to private go-getters has been concentrating wealth the whole world over. The best answer to that concentration? That just may be new forms of public ownership, suggests a new global survey of alternatives to privatizing.
More than enough, the latest statistical evidence suggests, to warrant a full-fledged federal search. A new banking law in effect this month, the Foreign Account Tax Compliance Act, has the potential to start that search in the right direction. But obstacles remain.
Workers in the United States don’t make double what workers make in Japan or Switzerland. Why should U.S. CEOs routinely make double — and often much more — than Japanese and Swiss top execs? New global stats show how wide the corporate pay gap still stretches.