That racial stereotyping hides the real cause and scale of economic damage to blue-collar and white-collar Americans families amid the rising wealth of the technocratic globalized elite which dominates the Democratic Party and at least half of the GOP.
.. That government failure is exemplified by the housing bubble, which destroyed a huge percentage of wealth held by black Americans.
A 2011 report by the Pew Research Center showed that the median wealth of black American households dropped by 53 percent because of the property bubble. The mid-point median of black American wealth crashed from $12,124 in 2005 to just $5,677 in 2009, according to the Pew report.
.. White Americans suffered far less from the bubble because many had already paid off their mortgages, because their debts were a small percentage of their income, and because whites had more assets in the stock market and other sectors outside the housing market. Still, the median wealth of white households also dropped by a huge 16 percent, from $134,992 in 2005 to $113,149 in 2009.
.. Meanwhile, wages for all men have remained flat for the past 44 years since 1973, according to the Census Bureau.
.. when Obama settled into the White House during the housing implosion, his economic policies helped very clever people invest their way back up to more wealth. The New York Post described the process:
The years 2008 through 2015 should be known as the Great Fleecing.
During that time, the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU … Who did this help? The 1%, and pretty much only the 1%.
.. The report does not discuss how technology is concentrating wealth among higher-skilled people, and it omits any talk of globalized outsourcing. It also avoids family stability and it ignores the topic of immigration, which has flooded the nation’s marketplace with cheap labor that effectively imposes a 5 percent tax on labor — and then transfers $500 billion a year to company owners and investors.
.. the report then lists a series of unrealistic demands, including a massive tax increase on the wealthy, a massive financial grant to children that could be spent when they become adults, more house-buying aid for poor people, a higher minimum wage, and “a federal jobs guarantee [that] would function similarly to the Works Progress Administration of the 1930s.”
.. But many people of all colors who cannot get through college are falling behind because technology, work, and business are becoming more complex. This increasing complexity ensures that an increasing share of income and wealth goes to people who are smart enough to arbitrage the increasing social and technological diversity, regardless of color... the Democratic elite prefers to import foreign voters rather than accept the equal social status of all blue-collar Americans... four million Americans turn 18 each year and begin looking for good jobs. However, the government imports roughly 1 million legal immigrants to compete against Americans for jobs... That Washington-imposed policy of mass-immigration floods the market with foreign labor, spikes profits and Wall Street values by cutting salaries for manual and skilled labor offered by blue-collar and white-collar employees. It also drives up real estate prices, widens wealth-gaps, reduces high-tech investment, increases state and local tax burdens, hurts kids’ schools and college education, pushes Americans away from high-tech careers, and sidelines at least 5 million marginalized Americans and their families, including many who are now struggling with opioid addictions.
Laws banning employers from asking for salary history during job interviews are beginning to grow in popularity.
Philadelphia council passed legislation making the practice illegal on grounds that it perpetuates pay discrimination, Philly.com reported.
Philadelphia’s mayor has said, through a spokesman, that he will sign the bill into law, making it the first such city law in the nation.
“Base the salary offer on the job, what the job is worth and what the applicant brings in experience and ability,” Councilman Bill Greenlee told Philly.com. Greenlee sponsored the ban.
The argument is that women and minorities are given lower salaries at their first jobs, and then forced to carry that inequity throughout their careers. The new ban would force employers to set salaries based on the job at hand, rather than the employee’s current income.
Similar bills has been introduced in the Pennsylvania and New Jersey state legislatures, and have already been enacted in Massachusetts.
Mayor Bill de Blasio, a Democrat, signed a bill on Thursday that makes it unlawful for those involved in the hiring process to inquire about what an applicant currently makes — a measure that takes aim at the gender pay gap.
“This is about fixing a broken history. This is about overcoming years and years of discrimination that held people back,” de Blasio said at the signing ceremony.
The law will go into effect in October. In the meantime, businesses that look for talent in one of the country’s largest labor markets will need to reexamine their hiring practices.
“This will require employers to change their job applications, employ new practices in terms of hiring, [and] retool how they engage in the salary discussions with prospective employees, focusing on salary expectations rather than current salary,” said Kathleen McLeod Caminiti, a New York attorney with Fisher Phillips who represents employers.
More than 20 states, from California to Georgia to Vermont, are considering similar legislation that would bar employers from asking about a job applicant’s pay history, according to the National Conference of State Legislatures. New York City joins Massachusetts and Philadelphia, which already have those laws on the books.
Such bills look to address a real problem. Women earned 79.6 cents for every dollar men made in 2015, according to data released by the Census Bureau last year.
Proponents say asking an interviewee about her salary history compounds the problem.
“If you have a practice that relies mostly or completely on someone’s prior salary in setting pay, that disadvantages women who may not negotiate as much as men, and will perpetuate any disparity that already existed,” said Maya Raghu, director of workplace equality at the National Women’s Law Center.
Suzy Welch: Here’s the best answer to ‘What’s your current salary?’
According to an apocryphal exchange between F. Scott Fitzgerald and Ernest Hemingway, the only difference between the rich and the rest of us is that they have more money. But is that the only difference?
We didn’t used to think so. We used to think that having vast sums of money was bad and in particular bad for you — that it harmed your character, warping your behavior and corrupting your soul. We thought the rich were different, and different for the worse.
.. The idea that wealth is morally perilous has an impressive philosophical and religious pedigree. Ancient Stoic philosophers railed against greed and luxury, and Roman historians such as Tacitus lay many of the empire’s struggles at the feet of imperial avarice. Confucius lived an austere life. The Buddha famously left his opulent palace behind. And Jesus didn’t exactly go easy on the rich, either — think camels and needles, for starters.
.. The point is not necessarily that wealth is intrinsically and everywhere evil, but that it is dangerous — that it should be eyed with caution and suspicion, and definitely not pursued as an end in itself; that great riches pose great risks to their owners; and that societies are right to stigmatize the storing up of untold wealth
.. Aristotle, for instance, argued that wealth should be sought only for the sake of living virtuously — to manage a household, say, or to participate in the life of the polis. Here wealth is useful but not inherently good; indeed, Aristotle specifically warned that the accumulation of wealth for its own sake corrupts virtue instead of enabling it.
.. Pope Francis. He’s proclaimed that unless wealth is used for the good of society, and above all for the good of the poor, it is an instrument “of corruption and death.”
.. Over the past few years, a pile of studies from the behavioral sciences has appeared, and they all say, more or less, “Being rich is really bad for you.” Wealth, it turns out, leads to behavioral and psychological maladies. The rich act and think in misdirected ways.
.. When it comes to a broad range of vices, the rich outperform everybody else. They are much more likely than the rest of humanity to shoplift and cheat , for example, and they are more apt to be adulterers and to drink a great deal . They are even more likely to take candy that is meant for children.
.. Mercedes and Lexuses are more likely to cut you off than Hondas or Fords: Studies have shown that people who drive expensive cars are more prone to run stop signs and cut off other motorists ... The rich are the worst tax evaders, and, as The Washington Post has detailed, they are hiding vast sums from public scrutiny in secret overseas bank accounts... They also give proportionally less to charity — not surprising, since they exhibit significantly less compassion and empathy toward suffering people. Studies also find that members of the upper class are worse than ordinary folks at “reading” people’ s emotions and are far more likely to be disengaged from the people with whom they are interacting — instead absorbed in doodling, checking their phones or what have you... rich people, especially stockbrokers and their ilk (such as venture capitalists, whom we once called “robber barons”), are more competitive, impulsive and reckless than medically diagnosed psychopaths... luxuries may numb you to other people.. simply being around great material wealth makes people less willing to share.. Vast sums of money poison not only those who possess them but even those who are merely around them. This helps explain why the nasty ethos of Wall Street has percolated down, including to our politics.. They seem to have a hard time enjoying simple things, savoring the everyday experiences that make so much of life worthwhile... Because they have lower levels of empathy, they have fewer opportunities to practice acts of compassion — which studies suggest give people a great deal of pleasure ... they believe that they deserve their wealth , thus dampening their capacity for gratitude, a quality that has been shown to significantly enhance our sense of well-being. All of this seems to make the rich more susceptible to loneliness; they may be more prone to suicide, as well... By and large, those complaints were not about wealth per se but about corrupt wealth — about wealth “gone wrong” and about unfairness. The idea that there is no way for the vast accumulation of money to “go right” is hardly anywhere to be seen... Wealth has arguably been seen as less threatening to one’s moral health since the Reformation, after which material success was sometimes taken as evidence of divine election. But extreme wealth remained morally suspect.. particular scrutiny and stigmatization during periods like the Gilded Age.. only in the 1970s did political shifts cause executive salaries skyrocket, and the current effectively unprecedented inequality in income (and wealth) begin to appear, without any significant public complaint or lament... Certain conservative institutions, enjoying the backing of billionaires such as the Koch brothers, have thrown a ton of money at pseudo-academics and “thought leaders” to normalize and legitimate obscene piles of lucre... high salaries naturally flowed from extreme talent and merit
In theory, the high-wage jobs of the technology industry could be filled by people working anywhere. But in practice, the best tech jobs in the U.S., offering salaries in excess of $100,000 a year, are becoming increasingly concentrated in the metropolitan areas of just eight cities, according to new research.
The eight leading U.S. tech hubs account for slightly less than 10% of U.S. jobs and about 13% of overall job postings. But the cities —
- San Francisco,
- San Jose,
- Baltimore and
— account for more than 27% of the listings for U.S. tech jobs
.. The finding is surprising in part because the cities are some of the most expensive in the country — for both employees and employers. Of the eight, only Raleigh, N.C., has seen home prices rise at a pace comparable to the national average. The other seven cities have grown dramatically more expensive in recent decades.