The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label Income inequality. Show all posts
Showing posts with label Income inequality. Show all posts

Friday, May 22, 2015

Income Inequality By GOP Policy

Income Inequality: Not "trickling" and never will. How is that GOP economic paradigm working for you?

Off the backs and toils of the Middle class and lower income Americans

Ronald Reagan's Trickle-down/Supply Side Economics has left an indelible impact on the United States (and possibly on an international basis also). First, Trickle-down has never worked , and second American's political party has no alternative economic considerations. Thus, election GOP wins at the highest level of US governance with means your vote shepherds in the latest iteration of trickle-down economics. You know American conservatism as well as anyone. Conservatism is an ideology and mindset that is so resistant to change many conservatives resist the prospect of 'climate change' and they resist the reality of an increasingly diverse nation.

The following image includes the word "Aid." It is critical to view "Aid" as favorable tax structures for the wealthy and corporations. The salient point regarding "Aid" is benefit given to the nation's top income earners (people and corporations) ultimately trickles to a "drip-drip" vs the flawed theoretical flow prophesied by Reagan economic advisers. 

While the descriptive moniker for the fallacy laden economic theory (Trickle-down) speaks volumes and is easily understood, offers a good quick read blog page on "Trickle-down." Video link

The article also offers a good a written explanation as any I have read, when seeking a quick read definition.
In a nu­tshell, trickle-down theory is based on the premise that within an economy, giving tax breaks to the top earners makes them more likely to earn more. Top earners invest that extra money in productive economic activities or spend more of their time at the high-paying trade they do best (whether that be creating inventions or performing heart surgeries). Either way, these activities will be productive, reinvigorate economic growth and, in the end, generate more tax revenue from these earners and the people they've helped. According to the theory, this boost in growth will ultimately help those in lower income brackets as well. Although trickle-down economics is often associated with the policies of Ronald Reagan in the 1980s, the theory dates back to the 1920s. The name also has roots in the '20s, when humorist Will Rogers coined the term, saying, "The money was all appropriated for the top in the hopes it would trickle down to the needy" [source: Shafritz].
The theory is a basic as it comes and typical of surface conservative thinking and GOP Policy. In its most idyllic form, the theory makes sense and is easily assimilated in the minds of those who would via the theory gain most: middle income and low income earners. Well, as is the case with most economic theory, the minds, books and thought processes of people who think only in terms of theory do not adequately consider the human factor.  

"People who have it; rarely share it."

Actually, the comment just above has expedient value, but the words should not be taken literally, I doubt their are thousands across the US who truly want the nation's wealthy to dole-out money under the moniker of "sharing."  But, lets stick with the wording for a quick view of a perspective on how the wealthy consume and spend (or horde). See far right portion of the top chart.  While Americans with incomes at the high end of the spectrum certainly pay more and higher taxes, they exhibit the very same spending traits that relegates trickle-down to theory that only benefits the nation's more wealthy: "hording", seeking more and economic selfishness akin to modern day Silas Marners. The wealthy could contribute significantly more to the US economic reality. There is no better example than the US payroll tax which camps payroll deductions at just over $118,000 per year: the "CSP." Meaning once the income earner's income exceeds the "cap' they pay no additional tax throughout the years. (consider ignorant the bottom section of the graphic as it relates sole to consumer spending no no value reading my choice to use the graphic). 

If we look more closely at the net bottom line reality of GOP economic theory, the representative images are ugly.

Let's set the stage for what follows. The following meme illustrates the very basic difference in liberal or progressive economic ideology Vs, that of conservative American and its GOP.


The United States is "seeing greater income inequality now than any time since the 1920s."

— Barack Obama on Wednesday, April 16th, 2008 in Democratic debate in Philadelphia


Regardless of President Obama's remarks and a reality the vast majority of liberal and progressives abhor trickle-down/supply side economics (Reaganomics), the reality is your vote for the GOP is a vote for economic theory that looks like this:

A well traveled graphic that stands above all the rest in depicting how your votes over the decades may have contribute to what rational middle income and lower income Americans should consider, unacceptable income inequality.

When Obama mentioned that income inequality had quadrupled since 1979, many conservatives went ballistic in disbelief. Some actually rushed to fact-checking entities and ran right-up against the Politifact research and ruling (above).

The economic reality has other fissures. Some wealthy Americans actually benefit significantly from Recession.  

Recession is a natural by-product of a capitalist economic system. Middle and lower income Americans rideout recessions with various degrees of hardship or financial setback. A stark and diametrically opposite reality from "rich" Americans.

Now add another layer of insult to the mix. Didn't the GOP majority House of Representatives recently vote to repeal the Estate Tax?  

House Votes 240-179 To Repeal Estate Tax

Does the Estate Tax in any way benefit you or me?   If there is benefit for either of us, I will wager (in your case) the benefit is not high-end benefit.

From Trickle-down, through the sub-prime bubble, and the horrors a the Great Recession, GOP economic policy will never move away from "funding the Top with false prophecy to the lower income strata."

Saturday, May 16, 2015

Income Inequality Will Eventually Kill A Nation

Income inequality is a far more serious problem than any politician will admit. Democrats will minimally acknowledge the problem with spikes like Elizabeth Warren and Bernie Sanders carrying the caution flags. Most Democrats address the issue only tacitly while President Obama does what he can among the myriad of issues that consume him on a daily basis. Nonetheless, he recently forayed into "the poor and poverty" while attending a conference. His touching into US poverty in America unavoidably (and admirably) reached conservative media and its dominate media outlet: Fox New.

Fox News and many conservative Americans have gone 'fusion ballistic' with regard to the president's comments. Without going there, the presidents remarks embodied the ugly truth about reality of Trickle Down (Supply Side) Reaganomics (Economics).  

Regardless of conservative America's and conservative media indifference, the poor simply a current system of a deeper problem. 

Conservatism kills; Indifference and denial are its tools!

The perfect example of conservative denial, callousness and outright ignorance on the topic, I offer comments from Joe Scarborough on Wednesday of this week.

MSNBC's Morning Joe
Wednesday on MSNBC’s “Morning Joe,” host Joe Scarborough criticized President Barack Obama for his attack on Fox News yesterday during a discussion on poverty at the Catholic-Evangelical Leadership Summit at Georgetown University. 
Scarborough said, “I don’t know where to start. In a bipartisan summit you decide a cable news channel as the problem. Saying that Roger Ailes’ network calls people leeches, sponges, and lazy, at a summit that’s supposed to bring both sides together on poverty, is stunning to me.”
Now take a moment for a Fox News segment from the most insensitive and mentally deprived show on Fox News: Fox and Friends. It is important to keep in mind, Fox News provides what its customers (viewers) want. 

TPI article 
Fox News opened for its morning viewers (May 13, 2015) with an insult beyond comprehension.  Steve Doocy reminds of why he was best suited for work as a carnival barking mouth piece.   Fox News Host: "If You Don't Want To Be Poor," Get A Job (VIDEO LINK)
President Obama happenstance into his remark about the poor and how conservative media is a hindrance to public opinion did not delve into deep consideration of income inequality. Let's into the deeper topic for a few minutes. 

The following graphic is making the rounds on progressive social media. The chart is a graphic illustration of the net impact of GP economic policy. If you need a bit of direction consider the graphic from years 1979 to present, we offer the  definitive chart.  The nation's Top 10% have enjoyed a roller coaster like ride of income expansion without lifting a finger beyond contributions to the political party that circles the wagons around the economic reality. 

 Pavlina Tcherneva
Actually, the GOP is much more effective at 'wagon circling' protection of the nation's Top 10%, than any westward bound invasion of the US Plains Territories.

I suspect you do not need any direction in reading the chart, however a 2104 piece related to income inequality in England included the chart with just a bit more detail. It seems the author may have sought opportunity to point a telling finger at President Obama. I believe the author failed to consider the design deterioration trickle-down lays on people who live outside the bliss and idyllic lives of the Top 10% (ers).

Income inequality is a serious matter. A social dynamic many in the nation simply ignore as a sidelight item behind their more excitable a driving social paradigm. Incidentally, our economic well being may provide a false feeling of comfort from the ravages of the poor or the impoverished. But, it is important to remember, social dynamics often spread to other aspects of life. As with the case of most conservative Americans, social paradigm has them rapped in a mindset as absolute as a star being puling into ta terrestrial Black Hole. They vote GOP, regardless of candidate and platform, in complete compliance within a carefully developed social voting bloc.

Here is the perfect example:

"Can't Vote for Dem Democrats!"

Income inequality is not as distant as indifferent form our lives a political party who would deprive minorities (especially African-Americans) a fair opportunity to vote. It is a socio/economic reality that engulfs and strangles on one end of the economic spectrum while providing more yachts, private jets, multi-million dollar mansions, and Bentley's for the family teens on the other end of the spectrum.

Martin Niemöller (1892–1984) was a prominent Protestant pastor who emerged as an outspoken public foe of Adolf Hitler and spent the last seven years of Nazi rule in concentration camps.Martin Niemöller, a prominent Protestant pastor who opposed the Nazi regime. He spent the last seven years of Nazi rule in concentration camps. Germany, 1937.Niemöller is perhaps best remembered for the quotation:  First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out— 
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out— 
Because I was not a Jew.
Then they came for me—and there was no one left to speak for me.


Friday, April 10, 2015

Income Inequality Anyone?

Re-Post from The Party of Scrooge

The Party of Scrooge - History of American Politics

The GOP is so full of crap, they have no intention of fixing this problem, they just want to end the Middle Class and set up a Third World Fascist Nation. Read my Post about Orwell’s 1984


Specifically, their solution is to cut taxes on corporations and the rich, do away with environmental and labor protections and cut or privatize government programs -- from Head Start to Social Security -- that ordinary people count on.

Republicans are suddenly talking about income inequality

“We're facing right now a divided America when it comes to the economy. It is true that the top 1% are doing great under Barack Obama. Today, the top 1% earn a higher share of our national income than any year since 1928,"

"We've got a former presidential candidate on the other side who suddenly is just deeply concerned about poverty," Obama quipped last week, according to The Wall Street Journal. "That's great."


Not a single thing the Republicans are purposing will work to help the Middle Class and Poor, what it really does is makes it so bad there is no chance for the middle class to survive making us a Rich & Poor third world country.

Jeff 2015

Monday, July 14, 2014

Video Quick Hit: Income Inequality via John Oliver

You simply must watch and listen to this segment from Comedy Central's John Oliver.


Monday, June 2, 2014

Income Inequality, Tax Policy, Trickle-down And "Let Them Eat Cake"

It is time for a topic that simply doesn't lend itself to a really quick read. We recognize and understand most readers have grown to abhor long reads. Acknowledged, with this retort.

Would you acknowledge the American people voted to elect George W. Bush and Dick Cheney twice? How about your personal recall of NSA/AT&T communication monitoring as far back as 2006? Are surprised and dismayed about recent revelations from the Veterans Administration? The American public has a short-term paradigm as slippery as the slope of a single edged razor blade. If we do not recall "Trickle-down economics" and the clear fact the GOP has permanent roots in that fail economic policy, you are a danger to the greater society. 

You may be a candidate to vote Republican in coming elections.

In 2007, Bush economic policy, lack of regulation and overlying GOP supply-side economic policy brought an end to the to the message from this chart: The US economic collapse  (Bush Great Recession) hit in December 2007.
The chart is a well known depiction income inequality since Trickle-down  (Supply-side) policy, from the Reagan Administration, took firm hold on a nation. The chart became uber popular after President Obama mentioned the growth of income disparity in a 2013 speech.  Evidence of how Reagan Economic policy has (via design) benefited the nation's top income earners was as stark as the corollary reality of the vast majority who are flat-lined. 

Of much more significance, is the extent to which Americans do not know how Trickle-down has relegated the middle class to a horizon-like growth flat-line. After the aforementioned comments from Obama, a Tampa Bay Times, Politifact, reader fired-off a question about the veracity of Obama's statement. Alas, the reader's failure to believe the president led to a well published "TRUE" finding from Politifact.

The reality is, most of us get our news from television. When can you recall hearing and seeing the words "Income-Inequality" from cable news networks of the than MSNBC. Once, Ali Velshi was no longer broadcast on CNN, the network has gone cold on income inequality (almost as cold as it has frozen up on climate change.....excuse the pun). And, we certainly cannot expect Fox News to mention income inequality in any manner other than this.....

Bill O'Reilly takes up the castle like
moating for the wealthy via lecturing
Fox News Co-host Megyn Kelly.
"It’s worse now since 1920, according to the stats,” Kelly responded. She added that both parties agree on that point and that Democrats have been able to campaign on the issue. 
“You’re buying into this fraud, Kelly, and I’m very disappointed,” O’Reilly shot back. "So, listen to the master here."

"The master?"   
What is it about your psyche that would find such elitism and condensing behavior not only palatable, but preferred viewing? An answer to the question isn't necessary, as I and any regular reader of the TPI considered the question rhetorical. Two plus minutes of income inequality indifference and facilitation fit for archiving by any oligarch who desires to grip a nation.
Can you imagine tuning-in each evening as a viewer of O'Reilly's "The Factor?" 

Fortunately, there are very powerful people among us who not only recognize the long-term danger of a nation (world) deeply separated  via economic strata. Much more important, they speak-out. 

Do you sometimes wonder why Pope Francis is vilified by right-wing media? I posit, because Pope Francis recognizes the dehumanizing world of growing dystopia

In April, Pope Francis tweeted, “Inequality is the root of social evil.” 

Head of the International Monetary Fund (IMF) also knows the danger inherent in the growing divide. The IMF lends money to underdeveloped nations.

Christine LaGarde, the head of the International Monetary Fund  “One of the leading economic stories of our time is rising income inequality and the dark shadow it casts across the global economy,”

President Obama joins both leaders with proper attention to the problem and he does so from a befitting level in US governance: the Presidency. During his State of the Union Address this past January, Obama spoke at length, eloquently and effectively about growing inequality. 

 Barack H. Obama, 44th President of the United States of America                                                                                                                           .....But we know that people’s frustrations run deeper than these most recent political battles.  Their frustration is rooted in their own daily battles -- to make ends meet, to pay for college, buy a home, save for retirement.  It’s rooted in the nagging sense that no matter how hard they work, the deck is stacked against them.  And it’s rooted in the fear that their kids won’t be better off than they were.  They may not follow the constant back-and-forth in Washington or all the policy details, but they experience in a very personal way the relentless, decades-long trend that I want to spend some time talking about today.  And that is a dangerous and growing inequality and lack of upward mobility that has jeopardized middle-class America’s basic bargain -- that if you work hard, you have a chance to get ahead.
I believe this is the defining challenge of our time:  Making sure our economy works for every working American.  It’s why I ran for President.  It was at the center of last year’s campaign.  It drives everything I do in this office.  And I know I’ve raised this issue before, and some will ask why I raise the issue again right now.  I do it because the outcomes of the debates we’re having right now -- whether it’s health care, or the budget, or reforming our housing and financial systems -- all these things will have real, practical implications for every American.  And I am convinced that the decisions we make on these issues over the next few years will determine whether or not our children will grow up in an America where opportunity is real.

The Right regards Obama's concern for income inequality contemptible (to keep it clean), but Obama will not be found guilty of misprision regarding income inequality.   

Bill Moyers and Company reported within the past 84 hours, IMF Chief LaGarde's comments about addressing inequity.

What to do about growing income disparity around the world? The IMF chief suggested countries implement “redistributive” measures, including expanded access to education and health care, increased property taxes and more progressive tax systems. 
"...a more progressive tax system."    

I ask, what one fiscal item has been at the forefront of Obama policy since his first term inauguration? The Bush tax cuts. What fiscal issue from the Right has been forefront in all matters of economic policy? Moating in resistance to raising taxes for the nation's wealthy.

I have linked the May 30th, 2014 Moyers and Company piece, here. I have posted a couple of few graphics from the piece for those who do not have time or interest in visiting the site.
The richest 10 percent of people in the world hold 86 percent of the world’s wealth and just 0.7 percent own 41 percent of global riches, according to the Credit Suisse 2013 Global Wealth Report. The bottom half of all adults in the world own just one percent of global wealth:

The global wealth pyramid (Mother Jones chart)
Here’s what the very top of that pyramid looks like. About 100,000 people have more than $50 million:
The apex of the wealth pyramid (MotherJones chart)
In 24 of the 26 countries where the IMF collects income data, the wealthiest one percent has increased its share of income over the past three decades.
The political Right is stuck on keeping taxes as low as taxes can exist. GOP politicians continue to strive towards cutting human services programs and enacting other austerity measures with contempt for passing even meager taxes increase to the nation's wealthy.

Paul Ryan's 2015 Budget (in brief) not only ignores growing income inequality, the budget offers yet another high income earner tax cut slap in our face .

Income inequality is a threat to the health of the nation as surely as former GOP economic policy laid us all bare to the ravages of Bush Great Recession.

How does tax policy look from the Center for Bugdet Policy Priorities (CBPP)?  What follows is a report form this past April 15th, (Tax Day). It provides information that supports consideration of "burying" Bush Tax Polity, yet the piece was written with full acknowledgment the rich pay much more federal taxes.  As is always the case CBPP does not address the fact many of our uber high income earners staffs copious pre-tax dollars is oversea tax shelters. Credit Suissie admits widespread sheltering.

The Top 10 (Well, 11) Federal Tax Charts  

 Read More after the break below

Sunday, June 1, 2014

Bill O'Reilly and Megyn Kelly Delivers Farcical Insult To Gender Pay Inequality

Fireshot screen capture

Income inequality doesn't exist!? 

Typical Bill. 

We should adopt tax laws that support small businesses & allows creating those same businesses more easily. Make big businesses and inherited businesses "A Better Vulture" not lazy predators.  ~ Marcus D
Bill O'Reilly believes that income inequality in the United States is a "fraud," but Megyn Kelly told him otherwise on Thursday night. The two hosts got into a debate on the issue — sparked...


Friday, January 24, 2014

The Center for Budget and Policy Priorities: Illustrating Income Inequality-, Part 2: Top Earners Have Outpaced Rest Since 1979

Yesterday, we indicated we would follow our piece titled "Pope Francis, President Obama and Un-Closeting Income Inequalitywith a related series from The Center for Budget and Policy Priorities.

Re-Blog W/permission from The Center for Budget and Policy Priorities

Off the Charts: Policy Insight Beyond the Numbers

Chad StonePosted by:
Chad Stone

Posted in:
Income Inequality, Poverty and Income
In our first post in this series, we showed how after a period of shared prosperity in the early postwar decades, income disparities widened substantially beginning in the 1970s.  In this post, we’ll look at how incomes at the top have compared to the rest since the late 1970s.
Income gains since 1979 at the very top have far outpaced those for everyone else.The Congressional Budget Office (CBO) compiles data back to 1979 on the distribution of income and taxes that, as we explain here, have several advantages over other sources, including relatively detailed information about income at the top.  CBO finds that since 1979, the top 1 percent’s income has grown explosively, while that of the bottom 99 percent has grown much more slowly.  Wealthy households receive much more of their income from capital gains (like selling stocks at a profit), and they can experience larger swings in their income as the stock market rides up and down.  The top’s upward march of income hit speed bumps from the collapse and the 2008 financial crisis, but it appears to be gaining speed once again.

In our next post, we’ll show how the top 1 percent’s share of total income is approaching highs not seen since the 1920s.