A lone bureaucrat has been fighting the financial industry for years, on an issue that stands at the intersection of two national challenges: investment regulation and retirement security. Along the way she’s collected some new and interesting allies. Is that a sign of things to come?
Last week the nation was treated to the sad and embarrassing spectacle of Jeb Bush, mollycoddled scion to an empire of failure, proclaiming that “I’m my own man.” Here’s a simple rule of thumb: Anyone who has to say he’s his own man, or woman, isn’t. The 62-year-old Mr. Bush has been coasting on his family’s power and privilege since he was a weed-smoking, Steppenwolf-listening prep school student in the sixties.
We talk a good game about opportunity in this country, but here are three signs that we’re failing to provide young people a fair shot at prosperity. Sign #1: People typically achieve most of their earnings gain in the first 10 years of employment. A new study from the Federal Reserve Bank of New York shows that “the bulk of earnings growth happens during the first decade” of a person’s employment. (The study actually focused on men, for methodological reasons.)
Nine out of ten Americans have fallen behind financially as the well-to-do – especially the ultra-wealthy – capture an ever-increasing chunk of our national income. This inequality threatens the entire economy’s future growth and stability. But whenever someone offers a solution to this growing problem, someone else on the right is likely to accuse them of “class war.”
We have become a profoundly unequal society. That reality is explored in new detail in a recent study from the Institute for New Economic Thinking (INET). Even more importantly, the INET study shows that it will take a dramatic shift in policy to restore the equilibrium. Unless we can build momentum for a new political agenda, we’ll be divided into a small minority with fabulous wealth and a permanent underclass with few hopes or prospects.
Every day brings more headlines in the European debt drama: “Greece elects anti-austerity government.” “Greek Finance Minister says he won’t negotiate with the ‘Troika.’” “Anti-austerity movements gain ground across Europe.”
The fact that this even needs to be said demonstrates that there’s been a breakdown in the democratic process, but we’ll say it anyway: Our number one priority should be protecting the planet for future generations. That said, green energy makes sense even if we base our thinking on economic considerations alone.
Today’s American right is burdened with a highly specialized and hyper-amplified sense of outrage. That outrage was triggered during this week’s State of the Union speech, especially by the president’s off-the-cuff response to a group of Republicans who sarcastically applauded the line, “I have no more campaigns to run.”
Here it was again. This holiday weekend we saw a lot of media coverage of Martin Luther King, Jr. But we heard very little about who he really was – a brave and visionary leader whose vision is as relevant today as ever. Dr. King’s life and legacy stand as a challenge to an entrenched society of privilege and injustice. Here are nine quotes that reflect that legacy.
“Americans don’t want angry, defensive figures running for president,” Democratic operative Will Marshall told McClatchy’s David Lightman this week. But who, precisely, is angry and defensive? As the pushback to Wall Street’s influence on government grows stronger, it is the banking industry’s supporters who sound enraged. And as economic populism gains traction in Democratic circles, it is corporate Democrats like Marshall who find themselves increasingly on the defensive.
If Democrats don’t make the right choice now, they may not have the chance to make economic policy – not for a long time to come. There’s been a lot of economic recovery talk lately, but most people will probably tell you that things still aren’t that great. Most Americans – 99 percent of them or so – are still struggling. Economic inequality is soaring, social mobility is declining, earnings at most income levels are stagnant or falling, and the percentage of working-age Americans who are actually working is at a record low.
They’re calling it a “Christmas gift” for Wall Street. Last week the Federal Reserve announced that it’s giving U.S. banks yet another extension on the “Volcker Rule” provision in the Dodd-Frank financial reform bill. As a result of this latest decision, banks won’t have to comply until mid-2017.
Death, like life, occurs within an interconnected web of forces. Eric Garner died at a specific place and time, but he was drawn there by those larger unseen forces. So was the officer who took his life. One of them never left. The neighborhood where Eric Garner died was near the terminal point for the Staten Island Ferry, which leaves lower Manhattan from a newly-built building on Whitehall Street.
Lately there’s been a great deal of talk about finding a better Democratic message, one that will unify the party and energize voters. But how, exactly, can Democrats reconcile factions that include both the Wall Street-friendly Clintons (whose relationship with the financial industry is highlighted in this cutting infographic from The Nation) and populist senators like Elizabeth Warren and Sherrod Brown?
As Election Day approaches, two reports show us exactly how corrupted our political system has become. Unless voters come out in force, it looks like corporate money is about to buy itself another house of Congress.
A recent poll showed that more than half of all people in this country don’t believe that the American dream is real. Fifty-nine percent of those polled in June agreed that “the American dream has become impossible for most people to achieve.” More and more Americans believe there is “not much opportunity” to get ahead.
In two weeks voters will go to the polls in a race that looks increasingly dire for Democrats. It’s not that voters agree with Republicans on the issues. On the contrary, polls show that a majority of voters across the political spectrum agree with core Democratic principles and programs.
As autumn descends on the America's capital, people are saying there’s a darkness on the edge of town. It’s born of the fear, pessimism and uncertainty that have become the Republican political brand. And if the polls are right, there’s every chance that its shadow will fall upon Capitol Hill and envelop both houses of Congress.
New York City Mayor Bill de Blasio will receive the Progressive Champion Award at the Campaign for America’s Future 2014 Awards Gala on Tuesday, October 14. Progressives who are elected to executive office have a unique opportunity to highlight neglected issues and stimulate much-needed debate, by taking actions that challenge the “conventional wisdom.” They can change the political landscape by employing a principle that might be called “leadership by example.&ldquo
Writing on our blog and in Real Clear Politics, my Campaign for America’s Future colleague Bill Scher dismisses Zephyr Teachout’s call for progressive primary challenges against conservative Democrats. Scher argues the left should focus instead on “gaining influence without launching a civil war,” arguing that “unlike the dynamic in the Republican Party, disagreements within the Democratic family are not debilitating.”
Scotland’s independence vote has been cast, and its citizens chose overwhelmingly to remain part of Great Britain. But this historic vote should be studied by all those who want to affect political and economic change around the world, because there are important lessons to be learned.
Two little-known rules on corporate reporting of executive pay are currently being reviewed by the Securities and Exchange Commission. While they have received almost no press coverage, these rules could have far-reaching consequences for our nation’s economy and the future of the middle class.
Our economy is broken. There’s one economy for the wealthy, and another for the rest of us. This division has been worsened by the behavior of corporate executives who manage their corporations for short-term personal gain rather than for long-term fiscal soundness.
“This is an economic revolution,” a new online video says about automation. The premise of “Humans Need Not Apply” is that human work will soon be all but obsolete. “You may think we’ve been here before, but we haven’t,” says CGP Grey, the video’s creator. “This time is different.” The video has gone viral, with nearly two million YouTube views in one week. But is it true?
The transfer of used military equipment from the armed forces to police departments around the country has been accompanied, at least to a certain extent, by a shift in public thinking. The news media have played a critical part in that shift, both in its coverage and in what it chooses not to cover.
They say that one swallow doesn’t make a summer, and one Politico story certainly doesn’t make a campaign season. But if a recent article there is correct – if the Democratic Party’s strategy this year really is “Running as a Dem (while) sounding like a Republican” – then the party may be headed for a disaster of epic but eminently predictable proportions.
Our long national nightmare is over – for the moment. Congress has adjourned for summer recess after a session that can safely be described as “historic,” both for its historic lack of accomplishment and the historically low regard in which it is now held by the public.
Walgreens is the pharmacy that, at least according to its website, can be found “at the corner of Happy & Healthy.” If its executives have their way, however, it may soon be found near the intersection of Ziegelackerstrasse and Untermattweg in Bern, Switzerland. By acquiring the much smaller Swiss company that is located near that corner, the American company can dodge millions in American taxes.
William Galston writes in the Wall Street Journal about a Republican senator’s plans to force a confrontation on government disability benefits. Though Mr. Galston doesn’t seem to see it this way, it sounds as if Sen. Orrin Hatch plans to hold benefits for disabled Americans hostage in order to force Social Security cuts on everyone.