Winning Progressive

So where are all of the gains in productivity going? Two places:

First, owners of capital are getting a bigger share of GDP than before. In other words, the share of profits has risen faster than wages. Second, the highest paid workers are getting a bigger share of the wages that go to labor.

The net result is that families at the higher end of the income distribution have received more of the income produced by the economy since the 1980s. The latter fact has been documented meticulously by the brilliant research of Thomas Piketty and Emmanuel Saez.

The widening gap between productivity and median income is a defining issue of our time. It is not just about inequality – important as that issue is. The widening gap between productivity and median income has serious implications for macroeconomic stability and financial crises. Our forthcoming book takes up these issues in more detail.

There are two problems with these claims. First, the CBO’s calculations undervalue the best research on the minimum wage. Second, even in the CBO’s estimated world, low wage workers are much better off as a whole than under the current $7.25/hr. minimum wage.

shihtzuman:

How trickle down economics works.http://click-to-read-mo.re/p/5mnL

shihtzuman:

How trickle down economics works.

http://click-to-read-mo.re/p/5mnL

The best example of how government antipoverty programs can succeed involves the elderly. In 1960, about 35 percent of older Americans were poor. In 2012, 9 percent were. That’s because senior citizens vote, so politicians listened to them and buttressed programs like Social Security and Medicare. In contrast, children are voiceless, so they are the age group most likely to be poor today. That’s a practical and moral failure.

workingamerica:

Texas Democrats fight back against Rick Perry’s Obamacare sabotage.

Volkswagen exec: We will accept what workers decide on Chattanooga plant union.

Los Angeles considering $15 minimum wage for hotel workers.

It’s almost like Los Angeles and New York City are competing for most populist city.

Chairman of Ohio Public Utilities Commission won’t run for reelection after ALEC connections are revealed.

House sponsor of “right to work” in Missouri admits law would lower wages.

Rep. Keith Ellison takes on wage theft in federal buildings.

Key Quote: “If a federal contractor thinks that they can steal the pay of workers, it’s very hard to believe that they would voluntarily pay those workers more money.”

Finally: 7 reasons we don’t want “fast track” trade deals.

think-progress:

BREAKING: Intolerance is losing.
They introduce themselves as pro-life. And I say, ‘Oh, I’m so glad. You must be fighting for healthcare for the poor.’ And they look at me like I’m bonkers.

-Sheila Walsh, a Catholic nun (via ereyes312)

#when you get called out by a nun

(via windscurve)