What's new on Inequality.org
Chris Mills Rodrigo, Scams All the Way Down. In Little Bosses Everywhere, Bridget Read traces how the pyramid scheme transformed America.
Elsewhere on the web
Joseph Stiglitz, America’s New Age of Empire, Project Syndicate. The avaricious reprobates that Trumpian imperialism attracts employ market power, deception, and outright exploitation to plunder. Nations that green-light these greedy may generate wealth for a few, but they never prosper.
Robert Williams, Cementing the Plutocracy using Stealth Tax Policy, URPE at ASSA. U.S. household wealth has since 1989 jumped from just $17 trillion to over $139 trillion, enough if equally shared to make every U.S. household worth $1 million. But the majority of that bounty has gone instead to America’s richest.
Matt Stoller, Why Did Trump Just Attack the Fed and Corporate America? The BIG. Donald Trump has now pledged to crack down on the interest rates that credit card giants charge. Is his new agenda real? One clue: His administration has helped fortify the power of credit card banks, reversing mild Biden-era attempts to challenge them.
David Sirota, Elizabeth Warren’s Third Act, The Lever. America’s movers and shakers, senator Elizabeth Warren charged in a major address last week, want the Democratic Party to respond to the party’s 2024 losses by sucking up to the rich and powerful. But a Democratic Party that worries more about offending big donors than delivering for working people will never win.
Robert Kuttner, How Global Capitalism Destroys Democratic Politics, The American Prospect. Worsening economic prospects have voters everywhere frustrated. The only people who prosper from our hyper-globalization: the very rich. No wonder every national leader seems like a failure.
Kristen Crowell, Billionaires Want You to Blame Yourself. We Win When We Stop, Fireside Stacks. Shame isolates and silences us. Our billionaire class thrives on — depends on — our fear, our shame, and our isolation.
Hamilton Nolan, Prisoners of Fortune, How Things Work. The more that the fortunes of the super rich swell, the more the super rich seem to be owned by their money, and not vice versa.
Matthew Gardner, ‘Tax the Rich,’ Says … Mitt Romney? Institute on Taxation and Economic Policy. America’s tax code has become so unfair that now even former presidential candidate Mitt Romney is kvetching. Romney is urging an end to the giant loophole that lets the capital gains of the rich pass on untaxed to their heirs.