The United States Of Inequality
Dave Cohen * The Decline of the Empire
I was taken aback to read a post called In the US everyone’s talking about income inequality, but nobody’s really doing anything about it (Quartz, April 18, 2013). Since the death of the Occupy movement, only infrequently will someone mention astonishing inequality in the United States. It is rarer still for somebody to notice that nobody’s doing anything about it.
On the face of it, income inequality is high on America’s agenda. President Barack Obama has made it a signature issue of his second term, bluntly stating that the US won’t succeed “when a shrinking few do very well and a growing many barely make it.” Federal Reserve Chairman Ben Bernanke decried inequality for “creating two societies.” Nobel laureate Joseph Stiglitz blamed the “concentration of income and wealth at the top, the hollowing out of the middle and increasing poverty at the bottom” for disrupting the American dream.
Even Goldman Sachs CEO Lloyd Blankfein called for “some redistribution” to create a stable and just society. But despite the growing consensus in Washington, Wall Street and academia, there hasn’t yet been concrete action and the situation is only taking a turn for the worse.
The US has the highest level of income gap of any of the advanced countries, with the top 1% capturing over 90% of the income growth.
A Gini coefficient (the most commonly used measure of inequality) of zero represents perfect equality, while 1.0 indicates maximum inequality where one person takes all the income.
A reading above 0.4 is widely seen as an indicator of potentially destabilizing inequality. In 2011, the Gini coefficient for the US rose sharply to 0.475 from the 0.469 recorded in 2010 (pdf, p.2), and not a single state managed to reduce inequality.
When Lloyd Blankfein calls for “some redistribution” of the wealth and income, you know we are in some deep, deep shit. That is lip service of course.
continue article at The Decline of the Empire:
http://www.declineoftheempire.com/2013/04/the-united-states-of-inequality.html
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