income inequality

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Backlash Begins Over Notre Dame Donations

Critics cite white privilege, and a billionaire donor responds

(Newser) - The $1 billion raised to rebuild Notre Dame Cathedral is now receiving a dose of controversy. The Washington Post is among several outlets reporting that criticism is mounting in regard to income inequality about the large donations that came from billionaires like Francois-Henri Pinault and Bernard Arnault. While most want... More »

Getting Rid of Billionaires Isn't 'Un-American'— It's Necessary

That's Farhad Manjoo's take for the 'New York Times'

(Newser) - Farhad Manjoo would like to end our "devastating national love affair with billionaires"—and he thinks the way to do that is to force-phase them out. Writing for the New York Times , Manjoo says he got to seriously thinking about the concept of abolishing the super-rich after reading... More »

Warren to Unveil 'Ultra-Millionaire' Tax

Mass. senator wants 2% tax on net worth above $50M, 3% above $1B

(Newser) - Alexandria Ocasio-Cortez isn't alone in wanting more taxes on the wealthy. Massachusetts Sen. Elizabeth Warren is expected to propose an "ultra-millionaire" tax, the brain child of University of California-Berkeley economists Emmanuel Saez and Gabriel Zucman, reports Politico . It would impose a 2% tax on each dollar of net... More »

Bernie Sanders Goes After the 'Wealthiest Family in America'

Senator rolls out the Stop WALMART Act

(Newser) - The bigger they come, the harder Bernie Sanders will go after them, apparently. The senator from Vermont, whose recent campaign to improve conditions for Amazon workers led to the company raising its minimum wage to $15 , now has Walmart in his sights, CNN reports. The independent senator, who calls the... More »

World's 5 Most Unequal Countries on Same Continent

Effects of South Africa's apartheid still felt

(Newser) - Inequality was embedded in South African culture through its apartheid system. Nearly a quarter century after its end, the country still has a long way to go. "Inequality is high, persistent, and has increased since 1994" in South Africa, which is the most unequal country in the world when... More »

Oxfam: 42 People Now Have as Much as World's Poorest 3.7B

82% of wealth generated in 2017 went to 1%

(Newser) - Last year was another bumper year for the very richest people in the world and another step backward for billions of others, according to Oxfam's annual report on inequality ahead of the World Economic Forum in Davos. The report estimates that the lowest-income 50% of the world, or around... More »

Half of 30-Year-Olds Don't Make What Their Parents Did

New study casts 'American dream' in troubled light

(Newser) - The American dream isn't dead, but it's got one foot in the grave, according to new research . The Washington Post reports that 92% of people born in 1940 earned more money at 30 years old than their parents did when they were the same age. Researchers say doing... More »

Mysterious Panama Papers Source Finally Speaks Out

'Banks, financial regulators, and tax authorities have failed'

(Newser) - The mysterious source behind the Panama Papers broke their silence for the first time Friday, speaking out about their motivations and their willingness to assist law enforcement, the Guardian reports. In a statement titled "The Revolution Will Be Digitized," the source known only as John Doe (though their... More »

Marriage Equality: Adding to the Class Divide?

It hinges on a notion called 'assortative mating'

(Newser) - Marriage equality is on the rise at the same time class segregation is growing—but are the two connected? Yep, rising equality in the American marriage (where women make more money than before) appears oddly linked to greater inequality throughout the economy, the New York Times reports. "It’s... More »

Women's Salaries Peak a Decade Earlier Than Men's

Even when men and women work the same jobs, women earn less

(Newser) - Women's earnings continue to rise slightly every five years between the ages of 20 and 40, at which point the median salary peaks at $49,000. From there until retirement 25 years later women's earnings remain flat, while men's salaries continue to grow until into their 50s,... More »

How a CEO's Move to Pay All at Least $70K Backfired

Dan Price's egalitarian salary plan created a tempest

(Newser) - It seemed like a great idea at the time: Pay every employee in your company at least $70,000. But as the New York Times reports, when Dan Price announced his grandiose plan, a whole host of problems quickly descended on his Gravity Payments credit card processing company. Two longtime... More »

Why Michelle Obama Should Earn a Salary

The White House could take a stronger stand on equal pay: Gregory Krieg

(Newser) - President Obama is paid $400,000 a year to jet around the globe, shake hands, sign legislation, and sprout several new gray hairs . His wife, who will fly to Maryland today for a clinic for war veterans before hosting a poetry event at the White House, doesn't collect a... More »

By Next Year, Richest 1% to Own More Than Other 99%

Oxfam calls for 7-point plan to address inequality

(Newser) - The rich really are getting richer—and by 2016, they'll own more than the rest of the world, says a research paper published by anti-poverty charity Oxfam. The paper shows that global wealth owned by the richest 1% jumped from 44% in 2009 to 48% in 2014, putting this... More »

World's Richest Add $500K Per Minute

That's collectively speaking, but still pretty impressive

(Newser) - The global charity Oxfam has a new report pointing out that the number of billionaires in the world has doubled since the financial crisis. Specifically, the billionaires' club has grown from 793 in March 2009 to 1,645 in March 2014, reports CNBC . Oxfam says the rising numbers are another... More »

1% Even Richer Than Thought

Richest Americans control up to 37% of wealth

(Newser) - Just how rich are the super-rich? Apparently a lot of them are too rich to bother responding to surveys asking them how rich they are, and economist Philip Vermeulen believes that has led to their wealth being underestimated. In a new analysis, the senior European Central Bank economist estimates that... More »

Clinton: Bill and I Aren't Like the 'Truly Well Off'

We pay our taxes, she says

(Newser) - In a wide-ranging Hillary Clinton interview with the Guardian , one line is getting the most attention: Clinton's claim that she and Bill aren't like the "truly well off," despite have earned more than $100 million since they left the White House in 2001. Asked if she... More »

In a First, Canada's Middle Class Is Richer Than US'

New York Times breaks down world income

(Newser) - Sorry, middle-class residents of the US. Your long reign as the richest middle class in the world has come to an end, reports the New York Times . Canada, which caught up to America in 2010 with a median after-tax income of $75,000 for a family of four, is the... More »

Amazon's Top Seller: a 685-Page Economics Book

Thomas Piketty addresses income inequality

(Newser) - Thomas Piketty's book Capital in the Twenty-First Century may not be a quick read, but it's flying off the (digital) shelves. What makes a 685-page book on economic history, translated from French, Amazon's bestseller ? Well, the reviews have been great; Paul Krugman calls it "truly... More »

Why Resentment Against Super-Rich Is Increasing

People resent billionaires only when their own wealth is stagnating or worse: Catherine Rampell

(Newser) - Rhetoric against the uber-rich is getting so heated that billionaires have resorted to trotting out Holocaust comparisons . But the anger is rising not because normal folks hate the 0.1% and resent their good fortune, but because their own wealth is either stagnant or shrinking, writes Catherine Rampell at the... More »

Republicans Get Smarter About Poverty

Doyle McManus: Income equality is not a partisan issue

(Newser) - Republicans seem to have shifted thinking about income inequality and the plight of poor people, writes Doyle McManus in the Los Angeles Times . Conservative stalwarts Paul Ryan and Marco Rubio are among those pitching proposals to help low-income Americans make ends meet, perhaps learning a lesson from Mitt Romney's... More »

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