Middle Class Often Taxed on Unrealized Capital Gains
Norway, now maybe more than any other nation, is really working to share the wealth.
There are now 813 billionaires with $5.7 trillion in wealth, making the ten-figure club even more powerful economically and politically. We need a progressive taxation system to reverse inequality.
Leopold’s new book offers a closer and more detailed look at how wealth extraction occurs, how workers bear the brunt of it, and how this dynamic challenges our political organizing efforts by labor unions and other progressive change organizations.
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The Fed’s pursuit of its 2% inflation target will slow economic growth, repress wage gains, make almost everyone’s job less secure, and put us at risk for a recession.
Economic models do not, and never can, fully reflect the extraordinary complexity of human markets. The point is to create useful abstractions to provide decision-makers with a sense of the budgetary and economic impacts of a given policy proposal.
Workers who are never in a union were projected to earn around $2.1 million their whole careers, while those who were in unions for their whole careers were estimated to make $3.4 million, according to a Cornell University study.
Today’s inflation is driven largely by supply-side constraints, which call for supply-side solutions. Such measures would do as much to tame higher prices as limited increases in interest rates would, and they would not come at the expense of American workers and the broader economy.
With plagues, political dysfunction and near-Dickensian economic differences rampant, a Mother Jones editor charts the lives of the super rich, showing the fascinating, otherworldly realm they inhabit—and the insidious ways this realm harms us all.
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