Income Inequality and the Great Crash of 2008

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—By 

|| Wed Oct. 3, 2012 9:13 AM PDT ||

I’ve mentioned before my rough-and-ready theory of the 2008 financial crisis:

  • Income inequality goes up.
  • As a result, earnings of the middle class become sluggish….
  • And earnings of the rich skyrocket, a trend reinforced by lower tax rates on both labor and capital income.
  • Rich people eventually run out of sensible things to invest all [...]
  • Do the rich really pay an unfair share?

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    Misconceptions and Realities About Who Pays Taxes

    By Chuck Marr and Chye-Ching Huang || Updated September 17, 2012 || Center on Budget and Policy Priorities

    Executive Summary

    Close to half of U.S. households currently do not owe federal income tax.  The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011. [1]   A widely cited figure [...]

    10 Things Republicans Don’t Want You to Know About Taxes

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    By Avenging Angel

    Tax Day 2012 has been a busy one for the propagandists of the Republican Party.  After the GOP successfully filibustered the Buffett Rule in the Senate, House Speaker John Boehner claimed that Republicans are “listening to the American people.”  Of course, what Boehner, Mitch McConnell, Mitt Romney and their allies don’t mention is that the Democratic proposal to implement a minimum 30 percent tax [...]

    Debt deal: anger and deceit has led the US into a billionaires’ coup

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    – By George Monbiot –

    The debt deal will hurt the poorest Americans, convinced by Fox and the Tea Party to act against their own welfare

    There are two ways of cutting a deficit: raising taxes or reducing spending. Raising taxes means taking money from the rich. Cutting spending means taking money from the poor. Not in all cases of course: some taxation is regressive; some state spending takes [...]

    Is the World Too Big to Fail? The Contours of Global Order

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    There are sure to be far-reaching consequences of what is taking place both in the decaying industrial heartland of the U.S. and in the Arab world.

    | By Noam Chomsky |

    The democracy uprising in the Arab world has been a spectacular display of courage, dedication, and commitment by popular forces — coinciding, fortuitously, with a remarkable uprising of tens of thousands in support of working people and [...]