Posts Tagged ‘inequality’

http://www.salon.com/2014/05/04/how_the_rich_stole_our_money_and_made_us_think_they_were_doing_us_a_favor/

Pushing people toward stocks, real estate and credit cards have all come at a cost — and with one goal in mind

Piketty’s Fair-Weather Friends | Jacobin

Posted: 2014/05/30 by Punkonomics (@dearbalak) in Links/Articles/Video
Tags: , ,

https://www.jacobinmag.com/2014/05/pikettys-fair-weather-friends/

Here we return to the vision of the classical economists — Adam Smith, Ricardo and Marx — who saw the income distribution as the outcome of a historical struggle between capitalists and those who employ them, with no “equilibrium solution” possible.

The particular history this chart recounts has been told before, by writers like Doug Henwood and J.W. Mason, though maybe the definitive version still waits to be told: how resurgent capitalists in the 1970s and 1980s, emboldened by a weakened working class, drafted managers tightly into their ranks using the tools and personnel of Wall Street, and reshaped the economic landscape. (Note the sheer size of the shift in this chart: had it not occurred, the average non-managerial worker’s compensation would be more than 20% higher today.)

Just how the spoils of that twentieth-century victory get handed down to future generations is a matter that will no doubt depend on the multiplicative dynamics of capital in the twenty-first century, as Piketty claims. But whether those numbers spell a social crisis or just more of the same will depend on how the next chapter of the struggle is written.

 

The Financial Times launched a strong critique of Thomas Piketty’s influential Capital in the Twenty-First Century but this is overall a nitpicking disingenuous apology for the 1% (no surprise):

  1. http://blogs.ft.com/money-supply/2014/05/23/data-problems-with-capital-in-the-21st-century/%5B/embed/lili%5Bembed%5Dhttp://www.huffingtonpost.com/2014/05/27/thomas-piketty-ft_n_5400214.html?1401233351
  2. http://www.livingwork.ca/?p=142

gordon-piketty-saez-389x400

Hear Darrick Hamilton, Associate Professor of Economics and Urban Policy at The New School (http://www.newschool.edu/) for Public Engagement (http://www.newschool.edu/nspe), speaking at the New School Minute, where faculty from every school present their timely and celebrated research in a series of rapid-fire 60-second lectures.

I went to grad-school at the University of North carolina at Chapel hill with Darrick!! :D

Thanks to Coalition Against Corporate Higher Education (CACHE) for this

http://www.ips-dc.org/reports/one_percent_universities/

The One Percent at State U

New report finds that student debt and low-wage faculty labor are rising faster at state universities with the highest-paid presidents.

One Percent at State U Report CoverState universities have come under increasing criticism for excessive executive pay, soaring student debt, and low-wage faculty labor. In the public debate, these issues are often treated separately. Our study examines what happened to student debt and faculty labor at the 25 public universities with the highest executive pay (hereafter “the top 25”) from fall 2005 to summer 2012 (FY 2006 – FY 2012). Our findings suggest these issues are closely related and should be addressed together in the future.

Since the 2008 financial crisis, executive pay at “the top 25” has risen dramatically to far exceed pre-crisis levels. Over the same period, low-wage faculty labor and student debt at these institutions rose faster than national averages. In short, a top-heavy, “1% recovery” occurred at major state universities across the country, largely at the expense of students and faculty.

  • The student debt crisis is worse at state schools with the highest-paid presidents. The sharpest rise in student debt at the top 25 occurred when executive compensation soared the highest.
  • As students went deeper in debt, administrative spending outstripped scholarship spending by more than 2 to 1 at state schools with the highest-paid presidents.
  • As presidents’ pay at the top 25 skyrocketed after 2008, part-time adjunct faculty increased more than twice as fast as the national average at all universities.
  • At state schools with the highest-paid presidents, permanent faculty declined dramatically as a percentage of all faculty. By fall 2012, part-time and contingent faculty at the top 25 outnumbered permanent faculty for the first time.
  • Average executive pay at the top 25 rose to nearly $1 million by 2012 – increasing more than twice as fast as the national average at public research universities.

Download the report [PDF]

 

 

 

 

I’ll be there to watch (again) and answer questions. Come join these badass people fighting for worker rights in Florida–not easy!

Presented by the Committee for Change at Walmart and Central Florida Jobs with Justice.

Friday, May 9th, 8PM

CWA: 2220 Edgewater Drive, Orlando, Florida

Come hang out with the community as we watch former Secretary of Labor Robert Reich indict the US’s growing wealth gap in the award winning Inequality For All. There will be a discussion after the film around the local effects of income inequality in Central Florida.

Oh, and we will have snacks and drinks (beer and wine too!) for FREE. We hope to see you there.

https://www.facebook.com/events/766291900047603

 

http://www.bookforum.com/inprint/021_01/12987