Daily Digest - September 12: Reducing Inequality Isn't Impossible

Sep 12, 2013Rachel Goldfarb

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The Richest Nab The Greatest Share of Income Recovered (All In With Chris Hayes)

Roosevelt Institute Chief Economist Joseph Stiglitz discusses the ways that the labor market and financial systems have contributed to income inequality's growth. He talks about short-term solutions, like appointing a Fed chair who will focus on full employment.

Report: The Rich Are Now Richer Than Ever (MoJo)

Erika Eichelberger reports on a study showing that the vast bulk of the recovery has gone to the wealthiest Americans. Rising corporate profits and stock prices don't help the middle and lower classes.

Moving Past the Low-Wage Social Contract (Reuters)

Josh Freedman argues that for decades our social contract has used tax credits and subsidies to help low wage workers and encourage lower prices, and it isn't working. Tax credits don't reduce income inequality or increase income mobility.

Top California Lawmakers Back Raising Minimum Wage (NYT)

With the leaders of the legislature and the governor backing the bill, Ian Lovett reports that California is almost certain to pass the nation's highest minimum wage by Friday. The bill will raise the minimum wage to $9 on July 1, 2013, and to $10 on January 1, 2016.

The Real Reason the Poor Go Without Bank Accounts (Atlantic Cities)

Lisa Servon discusses her research on why some people prefer check cashers, despite the fees involved. She finds that check cashers may serve people living on the edge better, because there's no risk of cascading fees for overdrawn accounts.

Government-Shutdown Crisis Proceeding on Schedule (TAP)

Paul Waldman reports that if Tea Party Republicans have their way, we'll be headed for a shutdown in October. Of course, that isn't going to help the GOP's reputation with voters, but defunding Obamacare is more important then keeping government programs funded.

Five Years After the Crisis, These 13 Charts Show What’s Fixed and What Isn’t. (WaPo)

Neil Irwin presents data on what has and hasn't changed in the five years since Lehman Brothers declared bankruptcy. He claims that this data makes a persuasive argument that today's financial system is more stable then before.

New on Next New Deal

Three Graphs That Show Why Inequality Matters in the New York City Mayoral Race

Nell Abernathy, Program Manager for the Roosevelt Institute's Bernard L. Schwartz Rediscovering Government Initiative, shares some charts that explain why inequality (or as Mayor Bloomberg puts it, "class warfare") is so important in the NYC mayoral race.

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