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Anat Shenker-Osorio to Discuss Her Book 'Don't Buy It: The Trouble with Talking Nonsense about the Economy' at AFL-CIO

Kenneth Quinnell | Economy

Anat Shenker-Osorio to Discuss Her Book 'Don't Buy It: The Trouble with Talking Nonsense about the Economy' at AFL-CIO

As part of the AFL-CIO's ongoing book club series, author Anat Shenker-Osorio will be discussing her book  Don't Buy It: The Trouble with Talking Nonsense about the Economy  at AFL-CIO headquarters in Washington, D.C., Thursday, Oct. 3, from noon to 2 p.m. Attendees are invited to bring their lunches, and beverages will be provided.

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Robert Reich’s ‘Inequality for All’ in Theaters Friday

Mike Hall | Economy

Of all developed nations in the world, the United States has the most unequal distribution of income...and it's getting worse. Tomorrow, you can find out why and what we can do to change this when “ Inequality for All ,” a new documentary by former Secretary of Labor Robert Reich, opens in select theaters across the country.

Click here to find a theater near you and opening dates  and  here to visit the film’s Facebook page .

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Action@Work See How America's Unions Make a Difference

Poor Health Is a Stark Byproduct of Income Inequality—and We’re Striking Back

Walter Allen | Economy

Photo of nurse with patient by Lewis Jacobs.

Health is a class issue. As the rich have become even richer, they’ve enjoyed better health and longer lives. In 1980–1982, the most affluent Americans could expect to live 2.8 years longer than those in the poorest group; by 1998–2000,  the gap had increased to 4.5 years . Just imagine how much the chasm has widened since 2000.

It’s hard to imagine a more stark class dividing line, or a more poignant reminder of the heartbreaking consequences of income inequality.

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Something Is Really Broken

William Spriggs | Economy

On Tuesday, the U.S. Census Bureau issued its annual report on income and poverty in the United States. It revealed what has been obvious in the five years since the collapse of Lehman Brothers and the onset of the Great Recession; something is really broken in our country. Since 1980 we have seen a steady climb in the share of income going to the top 5% of American households, except the downturns of 2001 and 2008. During those downturns, financial bubbles burst and the top lost income share. In both cases, the Federal Reserve System acted aggressively to save the financial sector and stave off further contagion from the sector of finance and speculation into the sector of goods production and employment—the real economy. The restoration of the financial sector restored the incomes of the top 5%, and the recovery after 2001 and the current recovery restored the steady growth of inequality.

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Did You Realize You Lost $7,000? Find Out Who Has It Now

Jackie Tortora | Economy

Photo via WeeklyDig/Flickr.

Yesterday's  U.S. Census Bureau figures  gave us a shocking dose of reality: Your family lost $7,000 from 2000 to 2012. 

Blogger Richard (R.J.) Eskow from Campaign for America's Future pointed out that on average,  most median income families lost even more than that : $7,490. 

He writes, "That’s $624 per month. $144 per week. $20 per day."

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Census Numbers Show Lost Decade for Working Families

Mike Hall | Economy

Today’s U.S. Census Bureau figures provide further evidence that America’s working families have experienced a “lost decade” of falling incomes from 2000 to 2012.

  • From 2000 to 2012, median income for non-elderly households fell $7,490, or 11.6%.
  • Median income for African American households fell $5,838, or 14.8%.
  • Median income for Hispanic households fell $5,219, or 11.8%.
  • From 1973 to 2012, median earnings for men working full-time fell from $51,668 to $49,398.

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Rally for 'Robin Hood' Tax in New York Today Is Part of Worldwide Day of Action

Kenneth Quinnell | Economy

Rally for 'Robin Hood' Tax in New York Today Is Part of Worldwide Day of Action

More than 1,000 New Yorkers will rally today , marching past the U.N. General Assembly meeting to call for a "Robin Hood" financial transaction tax on banks and financial institutions to fund the restoration and expansion of vital public services, to implement a real recovery, to fund international efforts for AIDS/HIV research and treatment and to address climate change.

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The Myth of the 'Free Market' and How to Make the Economy Work for Us

Robert Reich | Economy

Photo courtesy Harvard Ethics

One of the most deceptive ideas continuously sounded by the Right (and its fathomless think tanks and media outlets) is that the "free market" is natural and inevitable, existing outside and beyond government. So whatever inequality or insecurity it generates is beyond our control. And whatever ways we might seek to reduce inequality or insecurity—to make the economy work for us—are unwarranted constraints on the market's freedom and will inevitably go wrong.

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The 4 (or 5) Worst Market Failures in Human History

Stan Sorscher | Economy

I'm a capitalist for one reason: to raise living standards in my community. A familiar mantra of capitalism guides me: Markets are powerful and efficient.

I'm also a realist, so I temper that mantra: Markets are powerful and efficient. And markets fail.

Market failure  is an established, well-understood field of study in mainstream economics. Generations of economists accept the basics of market failure.

However, American economists turn their heads away at the mention of it, because it sounds like heresy.

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