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economics Uncategorized

Krugman: Envy Versus Anger

Krugman: Envy Versus Anger But the polling data don’t say anything about envy: when people say that they have lost their belief that hard work will be rewarded, they aren’t saying that they are envious of the rich; they’re saying that they have lost their belief that hard work will be rewarded. To the extent […]

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economics Uncategorized

The Undeserving Rich

The Undeserving Rich conservatives seem fixated on the notion that poverty is basically the result of character problems among the poor. This may once have had a grain of truth to it, but for the past three decades and more the main obstacle facing the poor has been the lack of jobs paying decent wages. […]

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politics Uncategorized

“Democracy Has Descended Into Institutionalized Bribery”: An Interview with David Graeber

“Democracy Has Descended Into Institutionalized Bribery”: An Interview with David Graeber We’re taught that democracy was like a scientific breakthrough. People discovered democracy, as if people didn’t know how to count beforehand. But what you see when you look at the anthropological record, are countless examples of egalitarian decision making.

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economics Uncategorized

Only 3% of the very rich are entrepreneurs

Only 3% of the very rich are entrepreneurs According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were […]

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economics Uncategorized

(via Why a Strong Middle-Class Is Necessary For Growth | Next New Deal)

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I like it when people criticize Occupy Wall Street by claiming they are anarchist who want more government. And I love the reaction of those critics when you point out the obvious flaw in their criticism.

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economics Uncategorized

America is both especially unequal and has especially low mobility. But he also argues that because we are even more unequal now than we were a generation ago, we should expect even less social mobility going forward. Very illuminating — and disturbing. (via The Great Gatsby Curve – NYTimes.com) Wow. This looks awful.

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economics politics Uncategorized

The average Bush tax cut in 2011 for a taxpayer in the richest one percent is greater than the average income of the other 99 percent ($66,384 compared to $58,506). The Average Bush Tax Cut For The 1 Percent This Year Will Be Greater Than The Average Income Of The Other 99 Percent | ThinkProgress

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Bin Laden Capture Earns Leon Panetta A $10,000 Bottle Of Wine

Bin Laden Capture Earns Leon Panetta A $10,000 Bottle Of Wine If you are making bets involving century old bordeaux, you are in the 1%