While billionaires brag about tax evasion, the highest tax burden as a percentage of income falls on the poorest Americans. The lowest 20 percent of taxpayers pay a tax rate more than 50 percent higher than the top 1 percent of households. This should come as no surprise after the Panama Papers bombshell of 2016…
Industrial capitalism has relied on cost minimization through cheap labor since the Gilded Age — it’s now moved overseas where it’s had unsafe, exploitative ramifications in developing nations. The decline in US manufacturing since the 1970s has without a doubt transformed the economic landscape to the detriment of non-college educated American workers. The 14.3 million…
“We are only as safe as the least insured person in America,” Bernie Sanders, in one tweet, succinctly captured the individualist United States’ failed safety net amidst a coronavirus pandemic with now 10,502 cases occurring while 27 million are uninsured and the working-class grocers, delivery drivers and caretakers are on the front-lines as emergency workers…
The Federal Reserve loaned $1.5 trillion to the financial system yesterday– $500 billion into short-term bank funding — and misguided critics believe the Fed exchanging cash for securities to increase liquidity and prevent a bank run is a government “bailout” and tantamount to “corporate welfare.” However, monetary policy is completely independent of fiscal policy (the…
As supply chains struggle under global health concerns over the spread of COVD-19, many are left wondering whether an economic recession in 2020 is imminent amid the 2,000 point plummet in the Dow, supply-chain disruptions among companies sourced in China, and weakened consumer demand in sectors such as oil and the airline industry. Data on…
Why are people with the same economic interests so divided? It’s not “economic anxiety”; a vote in Iowa is the equivalent of 5 California votes. The answer is grounded in American history spanning back 300 years when racial animosity was harnessed by elite landowners to destroy class solidarity and prevent rebellions. Divided, those with the…
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