Archive for the ‘Economy’ Category

The Rich keeps getting richer while America’s children suffer from poverty.

Posted By Levi

September 25th, 2014 11:18am

Category: Economy

The Great Recession officially ended five years ago, but that’s news for millions of Americans: A stunning 95 percent of income growth since the recovery started has gone to the super-wealthy. The top 1 percent has captured almost all the growth in income since. Compare that with how they did during these historic booms. Income inequality Meanwhile, while those at the top continue to reap all the gains, America’s children are being devastated by high levels of poverty. More than half of all states had child poverty rates of 20 percent or higher last year. Wonder why our children are not learning in school? Yes, there are bad teachers but nothing compare to this. Poor children have poorer health, do less well in school, and complete fewer years of education.  Over the long term, they are more likely to have chronic bad health and to work fewer hours and earn less as adults, which can contribute to a vicious cycle of poverty. Child poverty rates Twitter:@Levianthony123 Fol Read More

Internet Billionaire: “if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us.”

Posted By Levi

August 18th, 2014 1:52pm

Category: Economy

Many times in the past I have written about the growing income and wealth inequality in the United States and the serious risks it poses to the future of the country. See here, and here. Many people dismiss this as being envious of the rich and a call for class war. One encouraging sign is that some members of the top 1 percent who have reaped most of the economic benefits over the past 30 years are beginning to see how the obscene amount of wealth they have accumulated not only affect those at the bottom but threatens those at the top as well. So if you are one of those who think that the growing inequality among the rich and poor is not a big deal, please take a couple of minutes and listen to this guy, internet billionaire, Nick Hanauer, pleads with his fellow one percenters to wake up before it’s too late.  For “if we do not do something to fix the glaring economic inequities in our society, the pitchforks will come for us.” Twitter: @Levianthony123 FollowShare Read More

Wow! Even Goldman Sachs’ CEO Now Says Income Inequality Is A Threat

Posted By Levi

June 12th, 2014 7:50pm

Category: Economy

“Income inequality is destabilizing and “responsible for the divisions in the country,” “Too much of the GDP over the last generation has gone to too few of the people.” These are not the words of some bleeding heart liberal. They belong to Lloyd Blankfein, Chairman and CEO of Goldman Sachs, one of the largest Wall Street firms in the country. Finally, it seems that some capitalists are slowly coming to the realization that something needs to be done to save capitalism from the capitalists. Here’s what he is talking about: Twitter: @Levianthony123 FollowShare Share this:EmailTweetShare on TumblrPrintMoreLike this:Like Loading... Read More

Sorry, America – Your Middle Class Is No Longer #1

Posted By Levi

April 23rd, 2014 7:32pm

Category: Economy

For quite some time now many commentators have been warning us about the serious consequences of the growing wealth and income inequality in the United States. Over the last 20 years a larger proportion of both wealth and income have gone to the top one percent. The difference between wealth held by the top 1 percent and the rest of us is now as bad as it was in the 1920s. As the rich becomes richer and richer, the poor and the middle class are rapidly losing ground. Now a new report by the New York Times  says that America’s middle class has lost so much ground that it is no longer the most affluent in the world. “After-tax middle-class incomes in Canada — substantially behind in 2000 — now appear to be higher than in the United States. The poor in much of Europe earn more than poor Americans.” Look at this chart. While middle class income in these countries have grown since 2000, it has barely moved in the United States. It has barely moved because so much of the income i Read More

Raising The Minimum Wage Would Be A Good Way To Celebrate Easter

Posted By Levi

April 20th, 2014 2:18pm

Category: Economy

Reza Aslan, the now famous author of “Zealot: The Life and Times of Jesus of Nazareth,” thinks that raising the minimum wage would be a good way to celebrate Easter. And he believes that if Jesus was  alive today, he would support a living wage for workers. “I think that would be a perfect way of celebrating what Jesus actually stood for. This is a man who was not about income equality; this is a man who was about the reversal of the social order. Were Jesus to preach the same thing today as he did 2,000 years ago, the very same people who claim to speak for him would run the other way. Look at the way that a large number of American Catholics and Protestants have responded to Pope Francis. I mean, they’re calling him a Marxist, they’re calling him a socialist simply because he’s questioning the excess of capitalism. Well, if you’ve got a problem with Pope Francis, then you’ve got a problem with Jesus, because Jesus’s preachings are in absolute stark contrast to the Read More

How Some Tax Preparers Are Ripping-off Poor People

Posted By Levi

April 15th, 2014 12:31pm

Category: Economy

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Americans are once again going through the yearly ritual of filing tax returns to the Internal Revenue Service.  Most us find the process quite complicated so we prefer to rely on professional tax preparers. The problem today, though, is that the vast majority of tax preparers are not professionally trained people. Many of them are unscrupulous individuals who set up fly-by-night operations, especially in poor neighborhoods and charged between $300-400 for what is supposed to be a half-hour work. Many of them don’t even sign the returns and they close shop right after April 15th. So if you have a problem with the return you have no one to turn to.   But it doesn’t have to be like this; there is a much simpler way to file your return and free. The IRS could simply do it for us. The IRS already has all the information – it knows how much we make and how much taxes we should pay. They would fill out the form and sent it to us. If we agree with it, just simply sign it and Read More

Tomorrow is Tax Day – Do You Know Where Your Tax Dollars Go?

Posted By Levi

April 14th, 2014 3:39pm

Category: Economy

Tomorrow, April 15, is the deadline for millions of Americans to file their taxes. Taxes are used  by the government to provide services that we all need. But do you really know what the government does with all the money it collects? Here is some help. Look carefully at this chart from the Center on Budget and Policy Priorities.  The three major areas on which the federal government spends money are Defense, Social Security and Health (Medicare, Medicaid and Children health care). Education gets only about 1% of the budget. This second chart breaks it down and tells us how each dollar is spent. And of course, the next question is where does the government get all that revenue – revenue is just another word for taxes but it sounds a little better than taxes. The third chart below shows were the money comes from. The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes; other sources include excise taxes, the estate tax, Read More

$2.13 an Hour? Why The Tipped Minimum Wage Has to Go

Posted By Levi

April 1st, 2014 7:51pm

Category: Economy

“The person who serves you lunch today may work for a minimum hourly wage that’s less than the price of your coffee. And no matter how generous your tip, at the end of the day, she’ll take home much less in wages than what she deserves. Federal law has been exploiting workers like her for years, according to labor advocates, thanks to an ultra-low wage floor that systematically cheats servers, bartenders, hairdressers and others of a fair day’s pay. The minimum wage for tipped workers—known as the “tip credit” or “subminimum wage” system—is just $2.13 an hour, less than a third of the regular federal minimum of $7.25. This rate is based on the assumption that earnings from tips will make up the difference, so total pay will approximate that of other low-wage laborers. Now, as campaigns to raise state and federal minimum wages mushroom nationwide—and with campaigns under way for a $15 per hour wage in fast food joints—the base pay of their fellow workers Read More

Some Important Facts About The Minimum Wage You Should Know

Posted By Levi

March 31st, 2014 7:02pm

Category: Economy

For the next one, click the forward button to advance the slides. FollowShare Share this:EmailTweetShare on TumblrPrintMoreLike this:Like Loading... Read More

“It is not only immoral to cut off help for workers struggling to find jobs, it is also bad economics.”

Posted By Levi

December 29th, 2013 12:56pm

Category: Economy

Yesterday 1.3 million Americans who have been out of a job for more than 26 weeks lost their unemployment insurance checks. If you lost your job, most states provide up to 26 weeks (about 6 months) of unemployment insurance. Since the recession of 2008, the federal government provides another 47 weeks of emergency insurance to those who are still unemployed. There seems to be a consensus in Washington between Democrats and Republicans to ignore the long-term unemployed. For most Republicans and conservatives, giving help to people who are out of a job only make them lazy and keep unemployment high. The solution is to force them to go and find jobs by cutting off their insurance checks. But as Senator Bernie Sanders points out, “It is not only immoral to cut off help for workers struggling to find jobs, it is also bad economics.” The senator is pushing a bill in Congress to continue the benefits but so far, only 20 Democrats and one Republican senators have signed on. Republicans ar Read More