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Report Offers 10 'Broad and Targeted' Solutions to Racial Wealth Inequality in US


Report Offers 10 'Broad and Targeted' Solutions to Racial Wealth Inequality in US

Eoin Higgins, staff writer

A new report is offering forward-looking solutions to help bridge the racial wealth divide in America.

"If the past several decades are to teach us anything about race and wealth, it should be that the racial wealth divide will not be closed without a structural change to the status quo." -- Chuck Collins, Inequality.org



Instead of baby bonds, we should reward those who choose not to have babies. Overpopulation is rarely mentioned, even by the most progressive groups.



Duck quickly, Barton! When I have mentioned OP on here I’ve been pounded hard. Especially since I believe that every…EVERY problem in the U.S. can be traced back to too many consumers. Think of those seagulls you see at the beach fighting over scraps and you see the U.S. population.

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One of the best ways to create a huge number of local jobs is to displace fracked gas heat in houses and in buildings with solar-source stored thermal heat. It’s not that hard (for me it isn’t right now!) and it’s not that expensive in terms of materials or long-term maintenance, although anything with retrofitting local houses and buildings is going to be labor-intensive.



I see Bernie is kicking all the other Dem candidates asses among African American voters.

Having a platform that addresses inequality might have something to do with it. Hell, I don’t know.



In 2010 the top 1% of the US population owned 42.1% of financial (non‐home) wealth; the next 4% owned 30% of financial wealth; the next 15% owned 23.5% of financial wealth (totaling 95.6% for the top 20% combined); the bottom 80% of the population owned 4.7% of financial wealth.

In 2016 the richest 8 people controlled more wealth than 3.6 billion people. (It was 388 people in 2010 and 80 people in 2014.)

What this country should be leaning towards is not Socialism, but a Social Democracy: Which is a political, social, and economic doctrine, that supports economic and social ideologies, promoting social justice, within a framework of a sensible liberal democratic policy, but supported by a capitalistic economy, which is extremely better than what we have now:

Which is…A plutocracy: A society that is ruled or controlled by people of great wealth or income.

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I just wrote this comment, and I’m repeating, but I add a little at the bottom: William Lazonick at INETeconomics.org. He says there are 1,910 very large corporations with an average of 25,000 employees each, collectively they generate about a third of all economic activity. They pay the highest salaries, but over all, “average weekly earnings of production and nonsupervisory workers”, as the BLS calls 80% of all workers, were higher in 1965, and that’s 54 years ago. This is not new information, Dollars and Sense magazine published a 2009 article claiming almost $2 trillion were “purloined” from workers in 2008. See this article: http://www.dollarsandsense.org/archives/2011/0711cypherB.html – Since 1965 the per capita productivity has tripled, while wages are still the same on average. It’s a case of really bad journalism that this is not well-known. The United Way charity published a study, ALICE, showing that 60% of jobs pay less than $20 and hour, and 40% pay less than $15. We need a $15 minimum, and we have to go forward with penalizing corporations for low pay. The wage share going to the lowest 90% has dropped by at least 15% of all income, from 55% to below 40%. This represents a pay cut of about $20,000 per worker for about 100 million workers. I write a blog and make this case, http://benL88.blogspot.com. The $20,000 per worker figure comes from a study by the Economic Policy Institute, “What Should You Be Earning?” – https://www.epi.org/blog/your-pay/ – The Social Security Administration reports that – " Based on data in the table below, about 67.4 percent of wage earners had net compensation less than or equal to the $48,251.57 raw average wage. By definition, 50 percent of wage earners had net compensation less than or equal to the median wage, which is estimated to be $31,561.49 for 2017." — https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2017 – Half of U.S. workers received less than $31,561 in 2017. The average income for the half was below $13,000, and the portion of the national income earned by half, 82 million plus U.S. workers, was below 8% of the total national income. It’s a disgrace. Check my blog. Check out Corporate Accountability. – The list of 10 Proposals is a good step forward. It’s not only blacks, African-Americans, who have missed out on wealth, it’s nearly everyone. The “household net worth” per household is over $850,000, and the net worth per adult is over $400,000 – AVERAGE. The median is about a tenth of the averages. The lower half of U.S. households – half, that means half of America – own 1.1% of all wealth. One report states that the lower-owning 40% owes 0.5% – are in debt, over 120 million. That’s from a report by Edward Wolff, a reputed scholar. Since January 2009 the total net worth has doubled nominally, from $48 trillion to $104 trillion. Nothing else in the economy doubled in value. Why did it double? That I’ll leave for you to figure out. Probably it had to do with no place else to put the money the richest were ripping off from the poorest.