Making the market “decisive” means that the Chinese government has decided to place profits before people — and even before that previously invincible talisman, economic growth.
Americans are gaining, ever so slowly, a more accurate picture of just how wide the gap has stretched between the nation’s most fabulously privileged and everyone else. New data from Social Security statisticians are helping fill in the holes. But a full picture remains elusive.
This year’s fast GDP growth underlines one of the great myths of economic statistics: the myth that growth benefits everyone, or at least most people.
A tiny tax on global personal wealth over $1 million could ensure that no child anywhere has to live in extreme poverty. That’s the takeaway suggested by the data in new reports on wealth and income distribution from the Credit Suisse Research Institute and the World Bank.
The exceedingly comfortable who sit in America’s richest 1 percent have nearly fully regained the outsized share of the nation’s income they held just before the economy cratered five years ago. So report economists Emmanuel Saez and Thomas Piketty, based on an analysis of IRS data.
Is $15 an hour really a fair wage for serving fast food? Is it reasonable? Is it affordable? In a word: YES.
The top 0.5% of Americans are about 1.5 million people. And by definition they’re the 1.5 million richest and most powerful people in the country.
The ‘market’ isn’t working for working people. The rich have rigged the rules. We ought to keep trying, of course, to reduce the resulting inequality. But why not, unions are asking, end the rule rigging?
An academic heavyweight from Harvard has taken up the cause of America’s most affluent 1 percent. High earners are making high incomes, his claim goes, because they’re making “significant economic contributions.” But this defense is doing the nation’s rich no favors.
On the high road to the future, we would use government institutions to put people to work in support of the common good.