Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.
It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent. One response might be to celebrate the ingenuity and drive that brought good fortune to these people, and to contend that a rising tide lifts all boats. That response would be misguided. While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall. For men with only high-school degrees, the decline has been precipitous—12 percent in the last quarter-century alone. All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow.
With everything Big Oil and the government have learned in the year since the Gulf of Mexico disaster, could it happen again? Absolutely, according to an Associated Press examination of the industry and interviews with experts on the perils of deep-sea drilling.
The shift is most obvious, perhaps, in Eilat, the small city in the south where Anei and several thousand African asylum seekers live. Here, refugees find their children barred from municipal schools.
The three co-authors of the damning United Nations report on the 2008-2009 Gaza war rejected on Thursday an op-ed by the fourth member and chairman Richard Goldstone in which he retracted key conclusions of the report – in particular saying that Israel had not intentionally targeted civilians during the war.
Analysts who reviewed complex mortgage bonds that ultimately collapsed and ruined the U.S. housing market were threatened with firing if they lost lucrative business, prompting faulty ratings on trillions of dollars worth of junk mortgage bonds, a Senate report said Wednesday.
Goldman Sachs misled clients and Congress about the firm’s bets on securities tied to the housing market, the chairman of the U.S. Senate panel that investigated the causes of the financial crisis said.
Fukushima's disaster will scar much, perhaps all of Japan for generations, including fetuses and newborns to be genetically harmed by radiation poisoning.
Since Japan's Fukushima nuclear plant began leaking radiation after last month's earthquake and tsunami, those watching with consternation have included the Mirarr Aboriginal people of Australia's Northern Territory, who are determined to limit uranium mining on their land despite the promise of vast riches.
A panel set up by Austria's Roman Catholic Church to help people abused by clergy or church officials says it has recorded complaints from 837 alleged victims over the past year.
