Money and The Ruling Elite

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Presentation transcript:

Money and The Ruling Elite Money, Organized Interests, and American Politics

1) Inequality and the Money Elite The Rich get Richer and Richer and Richer and Richer and the Politicians More and More Craven

Accumulated from smallest size of adjusted gross income No adjusted gross income 2013 2,113,013 1.4 $1 under $5,000 10,608,111 7.2 $1 under $10,000 22,638,499 15.4 $1 under $15,000 35,141,844 23.8 $1 under $20,000 46,763,379 31.7 $1 under $25,000 56,888,664 38.6 $1 under $30,000 65,698,179 44.6 $1 under $40,000 80,171,785 54.4 $1 under $50,000 91,451,180 62.1 $1 under $75,000 110,680,489 75.1 $1 under $100,000 123,254,596 83.6 $1 under $200,000 139,680,042 94.8 $1 under $500,000 144,168,152 97.8 $1 under $1,000,000 144,892,403 98.3 $1 under $1,500,000 145,048,672 98.4 $1 under $2,000,000 145,112,908 98.5 $1 under $5,000,000 145,204,036 $1 under $10,000,000 145,225,448 98.6 $1 or more 145,238,287 All returns 147,351,299 100.0

“Exploding Wealth Inequality in the U. S “Exploding Wealth Inequality in the U.S.”, Emmanuel Saez and Gabriel Zucman, Washington Center for Equitable Growth

Figure 5: Concentration of income and campaign contributions in the top 0.01% of households and voting age population

2) The Automakers and the Unions What Caused Detroit’s Demise?

82nd Airborne Used to stop the rioting 1967 Detroit Riot – 23-27 July 1967 82nd Airborne Used to stop the rioting

43 Dead (35 Black, 8 White), 1,189 Injured, 7,200 Arrests

Foreign Automakers built assembly plants in the USA and are all non-union. They have, roughly, $10 - $20 an hour labor cost advantage due to the fact that they have no legacy retiree medical costs. Also, the decline in the quality of American cars enabled companies such as Toyota to charge higher prices for equivalent cars.

The General Motors Ignition Switch Recall: (Reuters) - The deadline to file claims under General Motors Co's faulty ignition-switch compensation program has been extended by one month to Jan. 31, said Kenneth Feinberg, the program's administrator. Feinberg's office on Monday updated its list of claims submitted, saying it had approved compensation for the families of 33 victims killed in GM cars with faulty ignition switches. Notice of the deadline extension was sent to about 4.5 million current and previous owners of eligible vehicles, Feinberg said in a statement.

3) WalMart and the Fast Food Giants What About the Minimum Wage?

Walmart Stores in the USA

Sam Walton, 1918 --1992

GIVEN THAT WE KNOW WE HAVE AN INSUFFICIENTLY SKILLED WORKFORCE, HOW MUCH PROGRESS CAN WE MAKE TOWARDS ADDRESSING THE PROBLEM OF INCOME/WEALTH INEQUALITY BY RAISING THE MINIMUM WAGE?