Social Class & Poverty
Social Class: Cultural Capital
Social Class: Wealth
Social Class: Taxation & Trickle-Down Economics
Social Class: Poverty by Age
Social Class: Child Poverty
Aliens: "Explain to us: How do you decide how to allocate resources and who does what work on Earth?" Capitalist: [showing charts] "So you see, on Earth we have a free market, so resources are efficiently allocated to meet the needs of the people based on market principles like supply and demand. Entrepreneurs own the factories and workers sell their labor to them." Aliens: "How can you 'own' a factory?"...
Again--Billionaire philanthropy is PR. Stop falling for it. Yes, $50M is a lot of money, but had Musk simply paid his taxes at the actual 37% rate, he would've paid $5.18B in taxes which is 104X his donation. ~ Qasim Rashid, Esq.
Jeff Bezos' salary is $81,840. But his wealth is $201,000,000,000 Failing to tax wealth is precisely what the billionaires want. ~ @RBReich
Strange how a trillion-dollar company can put its income overseas and pay no taxes but their minimum-wage employees gets their taxes taken directly out of their paycheck. ~ @DanPriceSeattle
Top individual tax rate and top 0.1% share of U.S. income, 1925-2018 Source: Emmanuel Saez (2020) and Institute for Policy Studies
Billionaire wealth reaching 20% of GDP: risk of overheating? ~ @gabriel_zucman Source: Saez, Emmanuel and Gabriel Zucman. 2020. "The Rise of Income and Wealth Inequality in America: Evidence from Distributional Macroeconomic Accounts." Journal of Economic Perspectives. 34(4).
Artificial scarcity is a feature of capitalism. Empty houses surround homeless people, tones of food waste encircle hungry people & unused medical resources sit idle near dying people. A commodified world that "takes necessities from the masses to giver luxuries to the classes" ~ MLK
The one statistic I can't wrap my head around is that Jeff Bezos got over $8.4 billion dollars richer today. Just today. One day. The budget for the whole city of Philadelphia, for an entire year, is $5.3 billion. ~ @JoshuaPotash
Sorry, why did nobody teach me that credit score weren't officially introduced in the U.S. until NINETEEN NINETY NINE???! The "boomers don't understand what Millinnials have gone through financially" thing is tired YALL REALLY were out here chastising younger generations for being financially irresponsible after you bought your houses and cars without credit scores?! And creditworthiness was previously determined based on character judgement, which is obviously going to skew toward white men??
One of the biggest myths is that billionaires are job creators. 1999: 50 billionaires, 4.3% unemployment rate 2019: 607 billionaires, 3.7% unemployment Now: 719 billionaires, 6.1% unemployment In the pandemic, billionaire wealth grew 55% while the number of jobs dropped 5% ~ @DanPriceSeattle
60 mil claimed unemployment, used up savings, & asked for help. 10 mil face eviction; 8 mil fell into poverty. But 600+ US billionaires got richer by $1 trillion. Capitalists buy governments to keep this system, pandemic or not. ~ @profwolff
Photo credit: Nationaal Archief/Collectie Spaarnestad/Fotograaf onbekend
Mr. and Mrs. Chalifoux faced eviction from their apartment, and with no place to turn, the jobless coal truck driver and his wife decided to sell their four children. Mrs. Lucille Chalifoux turns her head from camera above while her children sit below her. On the top step are Lana, 6, and Rae, 5. Below are Milton, 4, and Sue Ellen, 2, Chicago, Illinois, 1948 Source: Vidette-Messenger / Bettmann / CORBIS
Imagine being in your 70's or 80's, worth billions, and spending any of your remaining time on earth working to make sure your tax rate doesn't go up, even if it means millions of other people your age will suffer. How is that not sociopathic behavior? ~ @Rschooley
The divide widens with each generation, data show, the byproduct of wage stagnation and income inequality Source: Federal Reserve Distributional Accounts