Category Economic Inequality

The Political Economy of Obama/Trump

The Political Economy of Obama/Trump by Richard D. Wolff US capitalism is again careening down blind alleys. Earlier it had crashed into the Great Depression from 1929 to 1933 before lurching into the New Deal. After 1945 it concentrated on rolling back the New Deal until it turned sharply to neoliberalism and “globalism” in the […]

America is Regressing into a Developing Nation for Most People — OffGuardian

by Lynn Parramore, April 20, 2017, via Institute for New Economic Thinking A new book by economist Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds You’ve probably heard the news that the celebrated post-WW II beating heart of America known as the middle […] […]

Respectable Negroes and Racialized Society

America’s “Good” Black Syndrome: Race, Class, and Somebody-ness by PAUL STREET “The United States,” the left historian Lawrence Shoup reminds us, “is a particular type of class society, a racialized one, where some groups are stigmatized as inferior because of their race, a belief spreading to all segments of society. One this oppressive idea becomes […]

Wealth Inequality in America

Half the collective wealth of African-American families was stripped away during the Great Recession

Slate By the official end of the recession in 2009, median household net worth for blacks had fallen to $5,677—a generation’s worth of hard work and progress wiped out. (The number for whites, by comparison, was $113,149.) Overall, from 2007 to 2010, wealth for blacks declined by an average of 31 percent, home equity by an […]

The Super Rich: A Nation unto Themselves

 ISMAEL HOSSEIN-ZADEH Globalization of capital and interdependence of world markets has reached a point where large scale military clashes of the magnitude of World Wars I & II could lead to financial catastrophe for all. Not surprisingly, the network of transnational financial elites, who often elect politicians and run governments from behind the scenes, seem […]

QOTD: Get a handle on economic inequality, or else

As Herbert Stein, Richard Nixon’s chief economic adviser, famously said, a trend will only continue as long as it can. We will either, through peaceful, rational means, go back to a system that does not take from the many to give to the few in all these subtle ways, or we will end up like 18th […]