0 Comments · Wednesday, April 24, 2013
The budget bill currently working through
the Republican-controlled Ohio legislature would cut taxes in a way
that favors the wealthy, according to a new analysis.
0 Comments · Wednesday, April 17, 2013
Ohio CEOs are making more than 160 times more than the
average Ohioan, according to a new report from the AFL-CIO. In 2012, the
average CEO salary was about $6.2 million; the rest of us teeter around
$39,000. CINCINNATI -1
ACLU: Ohio’s poor population is regularly victimized by legal system
1 Comment · Wednesday, April 17, 2013
For most people, being charged with a
minor offense like speeding is often little more than an inconvenience.
others, though, it could literally change — or ruin — a life.
by German Lopez
74 days ago
Most Americans underestimate U.S. wealth inequality
A YouTube video that went viral over the weekend may have broken the rosy illusions the average American has about wealth and income inequality.
Using data from Mother Jones,
Dan Ariely, ThinkProgress and CNN, the video compares the average American’s ideal distribution of wealth, what the average American says wealth inequality looks like and how wealth is distributed in reality — ultimately showing that the average American says the nation is much more equal than it really is.
The video suggests investment income as one of the drivers of inequality. The top 1 percent wealthiest Americans hold 50 percent of the
nation’s stocks, bonds and mutual funds, while the bottom 50 percent of
Americans only hold 0.5 percent of such investments, according to the
“The average worker needs to work more than a month to earn what the CEO makes in one hour,” the narrator says.
In the past, the United States was a lot closer to equality. As the
video points out, the top 1 percent only took home 9 percent of the
nation’s income in 1976. Today, that number is up to 24 percent.Ohio isn’t immune to the trend. A previous report
from the left-leaning Center on Budget and Policy Priorities found
Ohio’s income gap — the income difference between the rich and poor — is
wide and growing, and low-income and middle-income
Ohioans have actually seen their incomes drop since the 1990s.
The video doesn’t make any suggestions on how to fix the
problem — it simply shows massive inequality exists — but there are
plenty of ideas out there. A paper from the Congressional Research Service
suggested the tax system may be playing a role in driving up income and wealth inequality: “However, the top tax
rate reductions appear to be correlated with the increasing
concentration of income at the top of the income distribution. … The
statistical analysis in this report suggests that tax policy could be
related to how the economic pie is sliced — lower top tax rates may be
associated with greater income disparities.”
In December, The Washington Post posted 10 empirically supported ideas, which included funding preschool education, making unions easier to join and promoting trade in highly skilled professions.
In his 2013 State of the Union, President Barack Obama
suggested raising the federal minimum wage to help combat poverty
and income inequality — a policy that economist Lawrence Mishel of the
Economic Policy Institute recently advocated.
Here is the full video:
2 Comments · Tuesday, November 20, 2012
For a week, it was looking like Hostess,
maker of Twinkies, Wonder Bread, Ding Dongs and Ho Hos, would shut down
at the age of 82. The company was only saved by a judge’s demand for
Hostess to mediate with striking workers.