Les Leopold On Forty Years Of Runaway Inequality
Our economy does not work for all of us. It works for a small handful of elites who are extracting as much wealth from it as they can.
We’re on our way to an REO — a “real-estate-owned” property, or foreclosed home — in Dryden, Washington, about an hour’s drive from Ellensburg, where we both live. My dad does maintenance on bank-owned houses. I finished graduate school this past June, and I’ve been his sidekick ever since.
The copper is the easiest, isn’t it, vandal? You can clear the whole house with a hammer and a hacksaw. Start in the basement at the water heater. If the property has been properly winterized, the water will be shut off, and even if it hasn’t been, it takes hours for a basement to flood and days for someone to notice. (Just make sure the power is off, for real. In April they found a fried vandal in a cellar in Pontiac, Michigan, his body bobbing as high as the window well.)
Richard Wolff On What Went Wrong
Now let’s look at the history of the individual income tax. In the 1950s and 1960s the top income-tax bracket for an individual was 91 percent. That means that for every dollar an individual earned over a certain amount — let’s just say one hundred thousand dollars — he or she had to give Uncle Sam ninety-one cents. Even in the 1970s it was still 70 percent. What is the tax rate for the richest Americans today? Thirty-five percent. Think of it: the tax rate for the richest Americans went from 91 percent down to 35 percent. Now, that’s a tax cut the likes of which has never been enjoyed by the vast majority of Americans.
Dean Baker On The Price We’re Still Paying For The Housing Bubble
Conservatives tout the free market as the backbone of our economic system but hide the fact that they’re stacking the deck to serve their interests. The option of leaving the market alone doesn’t exist. Show me someone who’s made lots of money, and I’ll show you how we wrote the rules so that he or she made money. Bill Gates is a rich man because the government granted him a monopoly on his Windows software programs. If I sell you Windows without Bill Gates’s permission, he’ll sue me. That’s not the free market; that’s the way we wrote the rules. The government doesn’t have to give Gates copyright protection for Windows; there are other, better ways to finance software development.
Then boom, boom, boom, the stores fell like dominoes. Without the Gas-n-Go to anchor the town, and with the grocery store and the bank gone, the rest couldn’t hold. The pharmacy shut one day and never reopened. Armored trucks were seen emptying it.