income inequality
Economic inequality keeps getting worse, along with America’s toxic, corrupt politics
The most reliable economic fact for nearly 50 years is that American wealth and income inequality continues to explode. Alongside that we’ve seen rampant corruption and the toxic debasement of our politics. Meanwhile, hard-working Ohio and American families continue to suffer enormous hardship from poverty wages; childhood and family hunger; limited access to basic personal […]
Richest 1% of Ohioans make almost as much as entire bottom half, analysis says
Income inequality in Ohio has been growing for the past 50 years, with the 1% who make the highest wages getting 10% of the total take in 2018, according to a new analysis. Compare that to the lowest-earning 50% of Ohioans. Combined, they only made a little more than that tiny, highly paid sliver of […]
Is big split between rich and poor making us all poorer? Maybe
It seems as if income inequality would slow the economy. But in a recent survey a big portion of a panel of Ohio economists said… that depends. In the survey of 26 Ohio economists released Monday, 14 agreed that rising inequality in Ohio is slowing economic growth, four disagreed and eight said they were unsure. By […]
Ohio politicians push regressive tax system while shedding crocodile tears over inflation
Inflation hurts the people who make the least money the most, as do supply-side, regressive tax systems. So the wailing over inflation by wealthy politicians refusing to help hungry families and burdening them with regressive taxes while giving hand-outs to the rich, rings pretty hollow. Inflation squeezes working and middle class families because money doesn’t […]
How the Trump tax law created a loophole that lets top executives net millions
By Robert Faturechi and Justin Elliott, Pro Publica This story was originally published by ProPublica. In the months after President Donald Trump signed the Tax Cuts and Jobs Act in December 2017, some tax professionals grew giddy as they discovered opportunities for their clients inside a law that already slashed rates for corporations and wealthy […]
Experts overwhelmingly agree rural broadband will grow Ohio’s economy, reduce inequality. Senate leaders don’t
The great majority of a panel of Ohio economists agree: Better rural broadband would be an economic boon to the state and it would help to reduce a growing gap between haves and have nots, according to a survey that was released Monday. The results of the survey are likely to be grist for those […]
Budget measure would undermine affordable housing for hundreds of thousands in Ohio, critics say
Scores of Ohio business and social service organizations are voicing opposition to a move by Senate President Matt Huffman to raise taxes on housing for the state’s poor. A spokesman for Huffman didn’t respond to a request for comment. But a measure that Huffman placed in the state budget would require county auditors to value […]
Let’s celebrate working people by unrigging the economy
This Labor Day will be different. If they happen at all, most parades and cookouts will be smaller and socially distanced. One way we’ll celebrate, though, is by reflecting on the incredible acts of selflessness and generosity performed by Ohio’s working people during this pandemic — from the ICU nurse in Cleveland tending to a […]
The world on a billionaire’s budget
The world’s wealthiest are prospering. As of February 2017, there were about 2,000 billionaires in the world. This micro-elite controls over US$7.6 trillion, an increase of 18% from 2016. A billionaire’s spending power is difficult to grasp, both because most people do not correctly intuit large numbers, and because a billion dollars far outstrips most […]
Money buys even more happiness than it used to
Many factors determine happiness, but one has stirred considerable controversy over the years: money. While the old adage says that money can’t buy happiness, several studies have determined that the more your income increases, the happier you are, up until US$75,000 a year. After hitting that threshold, more income doesn’t make a difference. But in […]