You are here

Economics

Economics Logo

New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy

    \r\n
  • Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."
  • \r\n

  • September Jobs Report Reveals America’s Emerging Third World Economy
  • \r\n

\r\n

Huffington Post

If you like reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

\r\n

Mike Thompson

\r\n

One out of every 34 Americans who earned wages in 2008 earned absolutely nothing -- not one cent -- in 2009.

\r\n

The stunning figure was released earlier this month (Oct) by the Social Security Administration, but apparently went unreported until it appeared today on Tax.com in a column by Pulitzer Prize-winning tax reporter David Cay Johnston.

\r\n

It's not just every 34th earner whose financial situation has been upended by the financial crisis. Average wages, median wages, and total wages have all declined -- except at the very top, where they leaped dramatically, increasing five-fold.

More...

\r\n

Related:

\r\n

September Jobs Report Reveals America’s Emerging Third World Economy, Paul Craig Roberts, Information Clearing House

\r\n

    \r\n
  • September Jobs: American Worker Displacement At Record High
  • \r\n

  • New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy
  • \r\n

\r\n

Section(s): 

Foreclosure Moratorium Is Only Sane Response to Shocking Wall Street Mortgage Scams

\r\n

    \r\n
  • So there you have it: the question of whether the Wall Street banks should have to follow the same rules as the rest of us. It is one of the most central philosophical questions underlying politics today.
  • \r\n

  • Investigating Foreclosure Fraud
  • \r\n

\r\n


Dean Baker, Truthout/AlterNet

As we all know there is a major philosophical divide in U.S. politics. One the one hand there are those who think it is the role of government to help ensure that the vast majority of the population can enjoy a decent standard of living. On the other side are those who believe the role of government is to transfer as much money as possible to the rich and powerful. The latter group seems to be calling the shots these days.

\r\n

This is seen clearly in the "liar lien" scandal: the flood of short order foreclosures that ignore standard legal procedures. The banks have been overwhelmed by the unprecedented volume of defaulting mortgages in the wake of the housing crash. Even under normal circumstances foreclosure rates that in some areas exceed ten times normal levels would create an administrative nightmare.

\r\n

More...

\r\n

Related:

\r\n

Investigating Foreclosure Fraud, Progress Report, Think Progress
Yesterday (Oct 13), all 50 state attorneys general opened a joint investigation into the ongoing foreclosure fraud scandal that has led some of the country's biggest banks to suspend foreclosures.

\r\n

If you liked reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button above—so we can bring you more just like it.

Section(s): 

Summary | America's Financial Crisis: Week of October 17

8 New Items including:

\r\n

    \r\n
  • The goal? Corporate domination of resources and markets with expanding militarism
  • \r\n

  • Washington at Work--for the Wealthy
  • \r\n

\r\n

David Culver, ed., Evergreene Digest

\r\n

Glenn McCoy

\r\n

Investigating Foreclosure Fraud, Progress Report, Think Progress
Yesterday (Oct 13), all 50 state attorneys general opened a joint investigation into the ongoing foreclosure fraud scandal that has led some of the country's biggest banks to suspend foreclosures.

\r\n

The goal? Corporate domination of resources and markets with expanding militarism, Bruce Gagnon, Organizing Notes/Axis of Logic

\r\n

    \r\n
  • “Either the Transnational Capitalist Class alliance self-destructs, compelled by the conscious mobilization of the working people in solidarity across the continents, those who oppose war and stand solidly together in a counterforce on the side of humanity, or we go further downhill the slope of lower depths, into an abyss.
  • \r\n

  • For every person there are always two choices in life: to accept things as they are or to accept the responsibility to bring about change – from a war economy to a political economy of peace to share, to preserve our environment and to belong to the commons in which every being has an equal stake for our minimum needs.”
  • \r\n

\r\n

Washington at Work--for the Wealthy, Sam Pizzigati, Other Words

\r\n

    \r\n
  • "We cannot avoid the sad irony," as one new report has just concluded, "that government policy aimed at building wealth is largely helping the rich get richer."
  • \r\n

  • Uncle Sam is concentrating America's wealth, not sharing it.
  • \r\n

  • Think Again: Inequality and America’s Antiquated Politics
  • \r\n

  • Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth'
  • \r\n

\r\n

"Inside Job": Global finance as a criminal conspiracy, Andrew O'Hehir, Salon
It's hard to overstate the importance of this angry, elegant film about the greatest financial swindle in history

\r\n

Hey, Small Spender, Paul Krugman, New York Times | NY
Where’s all that spending we keep hearing about? It never happened.
If job-creating government spending has failed to bring down unemployment in the Obama era, it’s not because it doesn’t work; it’s because it wasn’t tried.

That’s Where the Money Is, Bob Herbert, New York Times | NY

\r\n

    \r\n
  • Just this past July, Mr. [Jon] Boehner (House MInority Leader] called for a moratorium on new federal regulations, saying it would be “a wonderful signal to the private sector that they’re going to have some breathing room.” Talk about an invitation to a nightmare. Try imagining how the public would be treated by banks, energy companies, food processors and myriad other powerful entities if the federal government were forced by law to ignore even more of their predations.
  • \r\n

  • Corporate America's Race to the Bottom 'Now Official'
  • \r\n

\r\n

Corporate America's Race to the Bottom 'Now Official', Robert Reich, RobertReich.org/Common Dreams

\r\n

    \r\n
  • Wonder what’s happening with bank reform? Watch your wallets.
  • \r\n

  • That's Where the Money Is
  • \r\n

\r\n

Companies stash cash, but won't hire, Graham Bowley, New York Times | NY

\r\n

    \r\n
  • The development presents something of a chicken-and-egg situation — corporations keep saving, waiting for the economy to perk up, but the economy is unlikely to perk up if corporations keep saving.
  • \r\n

  • Pushing working people down
  • \r\n

\r\n


Section(s): 

Give us a cuppa jove...and we'll keep telling you the truth.

Four times a year we launch brief fundraising drives which have provided us with most of our annual budget. Can you help now with a small contribution? For the cost of a cuppa jove a month, we'll keep telling you the truth. Is it a deal?

Dear readers of Evergreene Digest,

When we launched Evergreene Digest 5 years ago our goal was ambitious for 2005:  to be the preferred one-stop on-line source for women, communities of color, working people, people with disabilities, veterans, youth, pacifists, GLBT, activists, spiritual seekers, progressives, environmentalists, youth, veterans, and other groups ignored by the mainstream media as legitimate audiences, sources, and subjects for the news.

We knew we wanted it to be free for our readers. And, we knew it would take a small staff of professionals to continually provide high-quality information 365-days a year.

Our bottom line dilemma: How would we fund it?

We could sell advertising. We could rely on big foundation grants. We could have corporate "co-sponsors". We could find a rich "sugar-mama or daddy." We could build a big email list and rent it to the highest bidders.

That would have been the easy, and inappropriate,  way.

But we decided to fund Evergreene Digest differently. Believing small is beautiful,  we seek thousands of small contributors, provide them with a high-quality product, and trust that the progressive community has our back as we moved forward.

No catering to advertisers because we don't have any. No need to avoid controversial issues that could upset a few wealthy donors because we don't have any. No steering of our agenda to fit a foundation's funding priority because we don't have any.

And it's working! We've managed to build a small but very dedicated group of readers and supporters who have pitched in over the years in many ways to keep us afloat and support our work. Relying on small contributions from our readers not only guarantees us the independence to speak truth to power - but it helps keep us in touch - and on our toes - with our growing community of supporters.

Four times a year we launch brief fundraising drives which have provided us with most of our annual budget. Can you help now with a small contribution? For the cost of a cuppa jove a month, we'll keep telling you the truth. Is it a deal?

To make a secure, online donation with your  PayPal account, click on the 'Donation' button in the upper right-hand corner, and follow the instructions.  Or, send a check through the mail, payable to “Evergreene Digest” c/o  David Culver, 460 5th Avenue North, #428, Hopkins, MN, 55343-7260.

Carl Sandburg once said: "Nothing happens unless first a dream." We know you share our dream of a more open, peaceful, just and progressive society. Of course it won't be easy but we believe we can make it happen - because we must!  And because 'necessity is the mother of invention', we believe that if we continue to work together, we will make our dreams a reality.

Please donate today and help bring the progressive dream to life. If you can't help financially, help by spreading the word about Evergreene Digest and/or contributing material for publication.

We can't do it without you. With a big thanks to small contributors,

Sincerely,

Dave & Crew

Section(s): 

Pages