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tsuomela : income-distribution   79

Net worth taxes: What they are and how they work - Equitable Growth
"Wealth inequality in the United States is high and has increased sharply in recent decades. This increase—alongside a parallel increase in income inequality—has spurred increased attention on the implications of inequality for living standards and increased interest in policy instruments that can combat inequality. Taxes on wealth are a natural policy instrument to address wealth inequality and could raise substantial revenue, while shoring up structural weaknesses in the current income tax system. This paper provides an introduction to net worth taxes, perhaps the most explicit means of taxing wealth."
taxes  policy  wealth  income-distribution  politics 
2 days ago by tsuomela
The new gilded age: Income inequality in the U.S. by state, metropolitan area, and county | Economic Policy Institute
"This report, our fourth such analysis,1 focuses on trends in income inequality. It uses the latest available data to examine how the top 1 percent and the bottom 99 percent in each state have fared over the years 1917–2015 and to provide a snapshot of top incomes in 2015 by county and metropolitan area."
income-distribution  income  inequality  america  economics 
july 2018 by tsuomela
The Dignity of Working Men — Michèle Lamont | Harvard University Press
"Michèle Lamont takes us into the world inhabited by working-class men—the world as they understand it. Interviewing black and white working-class men who, because they are not college graduates, have limited access to high-paying jobs and other social benefits, she constructs a revealing portrait of how they see themselves and the rest of society. Morality is at the center of these workers’ worlds. They find their identity and self-worth in their ability to discipline themselves and conduct responsible but caring lives. These moral standards function as an alternative to economic definitions of success, offering them a way to maintain dignity in an out-of-reach American dreamland. But these standards also enable them to draw class boundaries toward the poor and, to a lesser extent, the upper half. Workers also draw rigid racial boundaries, with white workers placing emphasis on the “disciplined self” and blacks on the “caring self.” Whites thereby often construe blacks as morally inferior because they are lazy, while blacks depict whites as domineering, uncaring, and overly disciplined. This book also opens up a wider perspective by examining American workers in comparison with French workers, who take the poor as “part of us” and are far less critical of blacks than they are of upper-middle-class people and immigrants. By singling out different “moral offenders” in the two societies, workers reveal contrasting definitions of “cultural membership” that help us understand and challenge the forms of inequality found in both societies."
book  publisher  work  class  income-distribution  morality 
november 2016 by tsuomela
" Compellingly written, shot through with honesty and empathy, Those Who Work, Those Who Don’t is a rare firsthand account that studies the rural poor. As incomes erode and the American dream becomes more and more inaccessible, Sherman reveals that moral values and practices become a way for the poor to gain status and maintain a sense of dignity in the face of economic ruin. "
book  publisher  work  class  income-distribution  rural  morality 
november 2016 by tsuomela
Working-Class Heroes - Maria Kefalas - Paperback - University of California Press
"Chicago's Southwest Side is one of the last remaining footholds for the city's white working class, a little-studied and little-understood segment of the American population. This book paints a nuanced and complex portrait of the firefighters, police officers, stay-at-home mothers, and office workers living in the stable working-class community known as Beltway. Building on the classic Chicago School of urban studies and incorporating new perspectives from cultural geography and sociology, Maria Kefalas considers the significance of home, community, and nation for Beltway residents."
book  publisher  work  class  income-distribution  urban  morality 
november 2016 by tsuomela
The Brittle Grip, Part 2
"Let me state the phenomenon as clearly as possible: The extremely wealthy are objectively far wealthier, far more politically powerful and find a far more indulgent political class than at any time in almost a century - at least. And yet at the same time they palpably feel more isolated, abused and powerless than at any time over the same period and sense some genuine peril to the whole mix of privileges, power and wealth they hold."
politics  wealth  paranoia  power  income  income-distribution 
january 2014 by tsuomela
interfluidity » Trade-offs between inequality, productivity, and employment
"I think there is a tradeoff between inequality and full employment that becomes exacerbated as technological productivity improves. This is driven by the fact that the marginal benefit humans gain from current consumption declines much more rapidly than the benefit we get from retaining claims against an uncertain future.

Wealth is about insurance much more than it is about consumption. As consumers, our requirements are limited. But the curve balls the universe might throw at us are infinite. If you are very wealthy, there is real value in purchasing yet another apartment in yet another country through yet another hopefully-but-not-certainly-trustworthy native intermediary. "
money  wealth  income  income-distribution  insurance  inequality  productivity  employment  technology 
august 2012 by tsuomela
UnderstandingSociety: Rawls on a property-owning democracy
"It seems apparent that progressives lack powerful visions of what a just modern democracy could look like. The issues and principles that are being developed within this new discussion of Rawls have the potential for creating such a vision, as compelling in our times as the original idea of justice as fairness was in the 1970s. It is, in the words of O'Neill and Williamson, "a political economy based on wide dispersal of capital with the political capacity to block the very rich and corporate elites from dominating the economy and relevant public policies" (4). And it is a society that comes closer to the ideas of liberty and equality that underlie our core conception of democracy than we have yet achieved."
political-science  philosophy  wealth  income  income-distribution  economics  progressive  vision  people(JohnRawls) 
july 2012 by tsuomela
Guest Review by Aaron Swartz: Chris Hayes’ The Twilight of The Elites — Crooked Timber
"Hayes pins the blame on an unlikely suspect: meritocracy. We thought we would just simply pick out the best and raise them to the top, but once they got there they inevitably used their privilege to entrench themselves and their kids (inequality is, Hayes says, “autocatalytic”). Opening up the elite to more efficient competition didn’t make things more fair, it just legitimated a more intense scramble. The result was an arms race among the elite, pushing all of them to embrace the most unscrupulous forms of cheating and fraud to secure their coveted positions. As competition takes over at the high end, personal worth resolves into exchange value, and the elite power accumulated in one sector can be traded for elite power in another: a regulator can become a bank VP, a modern TV host can use their stardom to become a bestselling author (try to imagine Edward R. Murrow using the nightly news to flog his books the way Bill O’Reilly does). This creates a unitary elite, detached from the bulk of society, yet at the same time even more insecure."
elites  expertise  inequality  income-distribution  power  politics  economics  american  meritocracy 
june 2012 by tsuomela
Graduates Versus Oligarchs -
"The big gains have gone to the top 0.1 percent. So income inequality in America really is about oligarchs versus everyone else. When the Occupy Wall Street people talk about the 99 percent, they’re actually aiming too low."
economics  money  income-distribution  wealth  inequality  via:cshalizi 
november 2011 by tsuomela
The Great Splintering - Umair Haque - Harvard Business Review
"For many years now, societies have been limping on with broken institutions and splintered social contracts — right into the heart of this perfect storm. And I'd bet most of us have assumed that we'll continue to "get by" — that we can wait for the economy to repair itself, for the next economic boom to provide shelter from the approaching cyclone, for the invisible hand to pick us up and put us back on our feet. Yet, I'd suggest: the upheavals we're seeing now are stark evidence that the status quo's faith-based modus operandi hasn't worked — and isn't working. We're not magically going to "find" shelter from the gathering clouds of this economic whirlwind. We're going to have to build shelter: more resilient, less dysfunctional institutions that can deliver on the promise of real human prosperity that matters, lasts, and multiplies. Because if you didn't know what a lost decade looked and felt like before — well, you sure do now."
crisis  recession  economics  inequality  poverty  business-as-usual  income-distribution 
august 2011 by tsuomela
JOURNAL: Central Planning and The Fall of the US Empire - Global Guerrillas
"The answer is that an extreme concentration of wealth at the center of our market economy has led to a form of central planning. The concentration of wealth is now in so few hands and is so extreme in degree, that the combined liquid financial power of all of those not in this small group is inconsequential to determining the direction of the economy. As a result, we now have the equivalent of centralized planning in global marketplaces. A few thousand extremely wealthy people making decisions on the allocation of our collective wealth. The result was inevitable: gross misallocation across all facets of the private economy. "
economics  wealth  income-distribution  investment  failure  centralization 
august 2011 by tsuomela
Of the 1%, by the 1%, for the 1% | Society | Vanity Fair
"Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret."
economics  income  income-distribution  money  wealth  power  inequality 
april 2011 by tsuomela
The 12 States Of America - Magazine - The Atlantic
"We analyzed reams of demographic, economic, cultural, and political data to break the nation’s 3,141 counties into 12 statistically distinct “types of place.” When we look at family income over the past 30 years through that prism, the full picture of the income divide becomes clearer—and much starker. "
america  geography  income  income-distribution  economics 
march 2011 by tsuomela
Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth': Study
"More interesting than that, the report says, is that the respondents (a randomly selected 5,522-person sample, reflecting the country's ideological, economic and gender demographics, surveyed in December 2005) believed the top 20 percent should own only 32 percent of the wealth. Respondents with incomes over $100,000 per year had similar answers to those making less than $50,000. (The report has helpful, multi-colored charts.)

The respondents were presented with unlabeled pie charts representing the wealth distributions of the U.S., where the richest 20 percent controlled about 84 percent of wealth, and Sweden, where the top 20 percent only controlled 36 percent of wealth. Without knowing which country they were picking, 92 percent of respondents said they'd rather live in a country with Sweden's wealth distribution."
income-distribution  income  wealth  inequality  american  distribution  poll 
january 2011 by tsuomela
The Monkey Cage: The red-state, blue-state war is happening in the upper half of the income distribution
"Or, as Ross Douthat put it in an op-ed yesterday:

This means that a culture war that's often seen as a clash between liberal elites and a conservative middle America looks more and more like a conflict within the educated class -- pitting Wheaton and Baylor against Brown and Bard, Redeemer Presbyterian Church against the 92nd Street Y, C. S. Lewis devotees against the Philip Pullman fan club."
political-science  statistics  class  culture-war  income-distribution 
december 2010 by tsuomela
The Rich Are Bad for Your Health by Jonathan Kay - The Literary Review of Canada
Extreme income inequality does not just destabilize economies. According to the experts cited in The Trouble with Billionaires, it also is statistically associated with a wide range of social ills including crime, mental illness, infant mortality and reduced longevity. Income inequality decreases overall levels of societal trust—since people tend to feel disconnected from individuals who lie outside their socioeconomic stratum—and exacerbates the anxiety that springs from class envy. Societies with high levels of income inequality also tend to exhibit low class mobility. This helps explain why it is now easier for a poor person to become rich in Canada and the more socialist countries of Scandinavia than in the laissez-faire United States, where income inequality has soared to the stratospheric levels once reserved for Latin America.
wealth  income-distribution  income  equality  economics  health 
december 2010 by tsuomela
Our Banana Republic -
In my reporting, I regularly travel to banana republics notorious for their inequality. In some of these plutocracies, the richest 1 percent of the population gobbles up 20 percent of the national pie.

But guess what? You no longer need to travel to distant and dangerous countries to observe such rapacious inequality. We now have it right here at home — and in the aftermath of Tuesday’s election, it may get worse.
income-distribution  banana-republic  commentary  editorial  economics  politics  america 
november 2010 by tsuomela Scary New Wage Data
The new data hold important lessons for economic growth and tax policy and take on added meaning when examined in light of tax return data back to 1950.

The story the numbers tell is one of a strengthening economic base with income growing fastest at the bottom until, in 1981, we made an abrupt change in tax and economic policy. Since then the base has fared poorly while huge economic gains piled up at the very top, along with much lower tax burdens.
money  wealth  work  jobs  wages  income-distribution  fairness 
november 2010 by tsuomela
interfluidity » Using multiple price indexes to measure changes in inequality is not a good idea
It is basically a bad idea to try to measure “real income inequality” with price indices, because the consumption-related welfare of the poor is so much more sensitive to changes in income than that of the rich. Variations in consumption or spending that generate small changes in quality of life among the wealthy generate large variations in nutrition, health, education, and shelter among the poor. If you think consumption inequality is all that matters, you should just not pay any attention to what’s going o
income  income-distribution  econometrics  economics  inflation  politics 
october 2010 by tsuomela
Americans Want to Live in Sweden « The Baseline Scenario
This is one of the themes brought up in Winner-Take-All Politics by Jacob Hacker and Paul Pierson. Americans really think that society should be considerably more equal than it is, and that attitude has not shifted appreciably during the past thirty years. Yet our political system produces policies that make America more and more unequal, predominantly by cutting taxes for the very rich. Hacker and Pierson’s point is that there has not been an ideological shift toward conservative positions in the country at large (at least not on this issue). Instead, it’s the game of politics that has changed, so policy has become more disassociated from the preferences of the people.
politics  tax-cuts  taxes  wealth  income-distribution  public-opinion 
october 2010 by tsuomela / Columnists / Martin Wolf - Three years and new fault lines threaten
I think of it as the end of “the deal”. What was that deal? It was the post-second-world-war settlement: in the US, the deal centred on full employment and high individual consumption. In Europe, it centred on state-provided welfare.

In the US, soaring inequality and stagnant real incomes have long threatened this deal. Thus, Prof Rajan notes that “of every dollar of real income growth that was generated between 1976 and 2007, 58 cents went to the top 1 per cent of households”. This is surely stunning.
economics  income  income-distribution  money  wealth  history  2h20c  america  welfare 
july 2010 by tsuomela
Bruce Sterling Interview: Cities - Boing Boing
But I'd also like to point out that large financial centers in certain cities around the planet are certainly going to kill millions of us by destroying our social safety networks in the name of their imaginary financial efficiency. You're a thousand times more likely to die because of what some urban banker did in 2008 than from what some Afghan-based terrorist did in 2001. *Financiers live in small, panicky urban cloisters, severely detached from the rest of mankind. They are living today in rich-guy ghetto cults. They are truly dangerous to our well-being, and they are getting worse and more extremist, not better and more reasonable. You're not gonna realize this havoc till you see your elderly Mom coughing in an emergency ward, but she's going there for a reason.
interview  future  finance  economics  income-distribution  cities  urbanism  urban  sustainability 
june 2010 by tsuomela
Don't Blame the Billionaires | The American Prospect
The answer, then, is to not decry inequality in and of itself. That's a losing proposition in the United States. Anyway, it distracts from the real issue: opportunity. Whether that's the inadequate health care that the poor disproportionately receive, the dearth of human capital investment at the bottom, or the lack of political voice that most of us have, the game itself is hardly fair in America. Overhauling this rigged system -- not decrying its winners -- is a much more effective (and politically wise) strategy to ensure a prosperous and just society for all.
equality  inequality  income-distribution  income  taxes  economics  politics  reform  class 
march 2010 by tsuomela
Interfluidity :: Asset inflation, price inflation, and the great moderation
So what's the problem? First, in exchange for apparent stability, the central-bank-backstopped "great moderation" has rendered asset prices unreliable as guides to real investment. I think the United States has made terrible aggregate investment decisions over the last 30 years, and will continue to do so as long as a "ride the bubble then hide in banks" strategy pays off. Under the moderation dynamic, resource allocation is managed alternately by compromised capital markets and fiscal stimulators, neither of which make remotely good choices. Second, by relying on credit rather than wages to fund middle-class consumption, the moderation dynamic causes great harm in the form of stress from unwanted financial risk, loss of freedom to pursue nonremunerative activities, and unnecessary catastrophes for isolated families. Finally, maintaining the dynamic requires active use of policy instruments to sustain an inequitable distribution of wealth and income in a manner that I view as unjust.
economics  asset-prices  inflation  inequality  policy  banking  income-distribution 
october 2009 by tsuomela / Comment / Opinion - Debt is capitalism’s dirty little secret
The answer is capitalism’s dirty little secret: excessive lending was the only way to maintain the living standards of the vast bulk of the population at a time when wealth was being concentrated in the hands of an elite.
debt  capitalism  money  wealth  income-distribution 
august 2009 by tsuomela
Obfuscating Inequality « The Baseline Scenario
Will Wilkinson has gotten a lot of Internet love for his article “Thinking Clearly About Economic Inequality”, which argues that increasing inequality is not as bad as people like Paul Krugman make it out to be. I thought it was a rhetorically clever but deeply misleading attempt to blur the obvious issue – economic inequality is increasing – by looking at it through a dizzying array of qualifying lenses.
economics  equality  income-distribution  income  hedonism  conservative  free-markets  ideology 
july 2009 by tsuomela
The Next Tax Revolt | The American Prospect
The most important issue is whether or not the government has the revenue needed to finance generous spending on social services. The Scandinavian model of a cradle-to-grave welfare state financed largely through regressive taxation is not regarded as punitive to the poor.
politics  taxes  income-distribution  wealth  progressive 
july 2009 by tsuomela
Stumbling and Mumbling: Beckham: an Adler superstar?
Moshe Adler comes in. People, he said, like to consume the same art that others do, or to talk about the same people that others do (pdf). They want, therefore, to focus disproportionate attention upon one or two people. And these people get greater fame or wealth than other similarly talented persons. Beckham, then, is profiting not from his superior talent, but from being a focal point - though, of course, he and his missus have strived for this.
talent  economics  wealth  money  income-distribution  inequality 
july 2009 by tsuomela
Debt, Class Warfare and Entrepreneurship
We became indebted, in large part, because of a structural imbalance in society, one that skewed incomes, redirected wealth, and encouraged companies and individuals to lever up instead of seeking out and earning higher incomes. At the same time, our unwillingness to say no to great society programs, without raising taxes to pay for them, meant that we became beholden to the bond market for funding ongoing operations, this creating an elevated base of required income to service our rising debt.
economics  debt  crisis  recession  class  income-distribution  structure 
july 2009 by tsuomela
Economic Mobility Project: Ensuring the American Dream is kept alive
Pew's Economic Mobility Project (EMP) focuses public attention on economic mobility---the ability to move up or down the income ladder within a lifetime, or from one generation to the next.
economics  income  income-distribution  mobility  generational-analysis 
april 2009 by tsuomela
Wages and Human Capital in the U.S. Financial Industry: 1909-2006
We use detailed information about wages, education and occupations to shed light on the evolution of the U.S. financial sector over the past century. We uncover a set of new, interrelated stylized facts: financial jobs were relatively skill intensive, complex, and highly paid until the 1930s and after the 1980s, but not in the interim period. We investigate the determinants of this evolution and find that financial deregulation and corporate activities linked to IPOs and credit risk increase the demand for skills in financial jobs. Computers and information technology play a more limited role. Our analysis also shows that wages in finance were excessively high around 1930 and from the mid 1990s until 2006. For the recent period we estimate that rents accounted for 30% to 50% of the wage differential between the financial sector and the rest of the private sector.
financial-services  finance  markets  history  employment  job  money  income  income-distribution 
april 2009 by tsuomela
Incendiary Data in a Plain Paper Journal |
America’s rich have, in effect, seen their tax burden shrink a third since 1986.

Over this same period, the top 1 percent have doubled their share of the nation’s income, from 11.3 percent of the total in 1986 to 22.1 percent in 2006.
income-distribution  taxes  government  data  money  wealth  politics  rich 
march 2009 by tsuomela
Growing Unequal? Income Distribution and Poverty in OECD Countries
Growing Unequal? brings together a range of analyses on the distribution of economic resources in OECD countries. The evidence on income distribution and poverty covers, for the first time, all 30 OECD countries in the mid-2000s, while information on trends extending back to the mid-1980s is provided for around two-thirds of the countries.
economics  income-distribution  income  politics 
february 2009 by tsuomela
CEPR - Economics Seminar Series
Ten lectures on economic growth, labor markets, the housing bubble, intellectual property and more — by economists Dean Baker, Heather Boushey, John Schmitt and Mark Weisbrot.
2005  economics  housing  bubble  intellectual-property  income-distribution  reference 
february 2009 by tsuomela
Robert Reich's Blog | Talking Points Memo | The Real Fight Starts After the Stimulus is Enacted
Those who support the stimulus as a desperate measure to arrest the downward plunge in the business cycle might be called cyclists. Others, including me, see the stimulus as the first step toward addressing deep structural flaws in the economy. We are the structuralists. These two camps are united behind the current stimulus, but may not be for long.
economics  politics  structure  long-term  income-distribution 
february 2009 by tsuomela
Pew Research Center: American Mobility: Movers, Stayers, Places and Reasons
As a nation, the United States is often portrayed as restless and rootless. Census data, though, indicate that Americans are settling down. Only 11.9% of Americans changed residences between 2007 and 2008, the smallest share since the government began tracking this trend in the late 1940s.
demography  america  movement  location  geography  history  statistics  survey  income  income-distribution 
january 2009 by tsuomela

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