Medium Income and Poverty in the United States

There is a basic belief in America that if you work hard, you can support yourself and your family. I have always argued that this is a myth for a great many of us. There is a simple proof: Median Household Income -- the income of every resident of that house that is over the …

Continue reading Medium Income and Poverty in the United States

Advertisements

The 9.9% – The New American Aristocracy

From The Atlantic, June 2018 issue: Let’s talk first about money—even if money is only one part of what makes the new aristocrats special. There is a familiar story about rising inequality in the United States, and its stock characters are well known. The villains are the fossil-fueled plutocrat, the Wall Street fat cat, the …

Continue reading The 9.9% – The New American Aristocracy

United Way Study: 44% of Americans Cannot Make Ends Meet

Hi, In October 16, 2005, Citigroup came out with a brochure for investors called “Plutonomy: Buying Luxury, Explaining Global Imbalances”. The brochure was an honest assessment of the world where it explained that there is no such animal as “the U.S. consumer” or “the UK consumer”, or indeed the “Russian consumer”... There are rich consumers, …

Continue reading United Way Study: 44% of Americans Cannot Make Ends Meet

A Brief History of Citizens United and Corporate Power

Let's talk Citizens United and Corporate Power. Citizens United is a symptom of a bigger, longstanding threat: for decades the largest corporations have been building power over our political process. The 1960s and 1970s were some of the most trans-formative years in American history. The 1960s saw the rise of social movements across the nation …

Continue reading A Brief History of Citizens United and Corporate Power

HSBC, the US Justice Department, and the War on Drugs

December 11, 2012: HSBC Bank agreed to pay $1.256 billion and enter into a deferred prosecution agreement with the Justice Department for HSBC’s violations of the Bank Secrecy Act (BSA), the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA). According to court documents, HSBC Bank USA violated the BSA …

Continue reading HSBC, the US Justice Department, and the War on Drugs

Plato on the Evils of a “Government Resting on a Valuation of Property”

Hi. Here is a very interesting and timely exchange between Socrates and Glaucon in Plato's The Republic, ~360 BCE, Book 8:   GLAUCON: And what manner of government do you term oligarchy? SOCRATES: A government resting on a valuation of property, in which the rich have power and the poor man is deprived of it. GLAUCON: …

Continue reading Plato on the Evils of a “Government Resting on a Valuation of Property”

The BBC Defines “Working Class”?

The BBC published an article titled The shame of Afghanistan's virginity tests on December 29, 2017. While the subject is truly depressing, I was struck by the following line: Coming from a working-class background, Neda says her weekly pocket money didn't cover her everyday costs. Her mother often asks her to go without lunch if she has …

Continue reading The BBC Defines “Working Class”?