Archive for the ‘Plutocracy’ Category
An updated study by the prominent economists Emmanuel Saez and Thomas Piketty shows that the top 1 percent of earners took more than one-fifth of the country’s total income in 2012, one of the highest levels recorded in the century that the government has collected the relevant data.
The top 10 percent of earners took more than half of all income. That is the highest recorded level ever.
The figures underscore that even after the recession the country remains in a kind of new Gilded Age, with income as concentrated as it was in the years that preceded the Great Depression, if not more so.
In the United States, one of the main topics of academic political science is the study of attitudes and policy and their correlation. The study of attitudes is reasonably easy in the United States: heavily-polled society, pretty serious and accurate polls, and policy you can see, and you can compare them. And the results are interesting. In the work that’s essentially the gold standard in the field, it’s concluded that for roughly 70% of the population – the lower 70% on the wealth/income scale – they have no influence on policy whatsoever. They’re effectively disenfranchised. As you move up the wealth/income ladder, you get a little bit more influence on policy. When you get to the top, which is maybe a tenth of one percent, people essentially get what they want, i.e. they determine the policy. So the proper term for that is not democracy; it’s plutocracy.
More than three-quarters of the Senate Republican caucus signed onto legislation introduced Wednesday by Sens. Tom Coburn (R-OK) and Rand Paul (R-KY) that could render it virtually impossible for Congress to enact any legislation intended to improve working conditions or otherwise regulate the workplace. Had their bill been in effect during the Twentieth Century, for example, there would likely be no nationwide minimum wage, no national ban on workplace discrimination, no national labor law and no overtime in most industries.