income inequality

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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 »

85 Richest People Have as Much Money as Poorest Half

And wealthiest 1% of population has 46% of world's wealth: Oxfam report

(Newser) - Here's a shocking detail from a new Oxfam report: The poorest half of the entire global population, comprised of 3.5 billion people, has as much money as the wealthiest 85 people around the world. How much is that, exactly? More than $1.6 trillion. And if you look... More »

Raise the Minimum Wage? No, Let's Scrap It

John Aziz argues for a basic income policy instead

(Newser) - The idea of raising the minimum wage is a popular one , but not a very good one, writes John Aziz for The Week . His idea? Abolish the minimum wage, and replace it with a "basic income policy." There are two types: Either the government pays anyone whose income... More »

Almost 1 in 3 Bank Tellers Need Public Assistance

And that's costing taxpayers almost $900 million a year

(Newser) - You probably don't think of bank tellers the same way you think about, say, the fast food workers protesting today , but they, too, have ample reason to complain about their wages, a new report suggests. Nearly a third of tellers are on some form of public assistance, according to... More »

Hunger Games Makeup Tie-In Is Seriously Messed Up

Cover Girl's 'Capitol Collection' campaign glorifies the bad guys

(Newser) - CoverGirl's new Hunger Games tie-in marketing campaign is one of the more creative and well-executed you'll ever see. "It is also one of the most disturbing," writes Andrew Slack in the LA Times . The line is called the "Capitol Collection," a reference to the... More »

Middle Class Was 'Historical Fluke'—and We Let It Die

Edward McClelland thinks government action is necessary to prevent aristocracy

(Newser) - It's a sign of Edward McClelland's age that he remembers the middle class. He grew up in an automaking town in the 1970s, where even high school dropouts could get jobs that would support a family and a mortgage payment. Everyone assumed this was capitalism's triumphant endpoint,... More »

Top 1% Took Record Share of US Income Last Year

Perhaps because they were cashing in stock ahead of new tax rules

(Newser) - The pay gap between the richest 1% and the rest of America widened to a record last year. The top 1% of earners collected 19.3% of household income in 2012, their largest share in Internal Revenue Service figures going back a century, according to an analysis of IRS figures... More »

The Economy Is Just Like a Plane: Coach Sucks

And first class is constantly getting nicer

(Newser) - Take a good look at first class on the way to your cramped coach seat the next time you take a flight, because "airline seating may be the best concrete expression of what's happened to the economy in recent decades," writes Harold Meyerson at the Washington Post... More »

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