Current public policies fall far short of addressing the basic disconnect that exists between an economy that produces a high number of low-wage jobs and a society where the cost of living has risen considerably in many areas, driven by the increased prices for housing and health care. The minimum wage, instituted in 1938, has failed to keep pace with inflation and doesn't protect against poverty. It has lost 24 percent of its purchasing power since 1979.
The federal government helps Americans build personal wealth in a variety of ways, most notably with tax breaks related to homeownership and retirement savings. However, most of this assistance goes to people who are already doing well. In 2003, the federal government spent $110.5 billion in homeownership incentives, the bulk of which accrue to better-off families. For example, nearly 90 percent of the mortgage interest deduction benefit accrues to tax filers with adjusted gross incomes over $50,000. Homeowners are even able to deduct mortgage interest on second residences.
New York, NY — The Inequality Matters conference kicks off on Thursday, June 3rd at New York University (NYU), with keynotes by Bill Moyers and Barbara Ehrenreich.
The conference will raise an alarm about the explosive growth in economic inequality in the U.S., examine its causes, and create a forum to press for solutions to this national crisis.
Key facts:
° The Congressional Budget Office (CBO) recently released new figures showing that the income gap in the US is now the widest in 75 years.
New York, NY. — Today a New York City-wide coalition of celebrities, community-based organizations, civil rights groups and criminal justice activists held a press conference to publicly launch its campaign, Release the Vote: Unlock the Block. Forty-two organizations have endorsed the initiative (listing attached).
Unlock the Block is mounting a major public information campaign to educate, mobilize and register thousands of people formerly incarcerated for a felony conviction, their families and their communities. See www.unlocktheblock.org.
NEW YORK — Over the last decade, high interest rate debt among America's seniors has skyrocketed, making them the fastest growing age group headed into bankruptcy court, according to a new report, "Retiring in the Red: The Growth of Debt Among Older Americans," released today from Demos, a non-partisan, public policy group based in New York City.
New York, NY — Demos has published two new reports which provide compelling research, analysis, and timely information on felony disenfranchisement laws, and their impact on American democracy.
New York, NY — Americans faced a massive rise in credit card debt during the 1990s, according to a new study released today by Demos. "Borrowing to Make Ends Meet" found that while low-income and elderly Americans have been hit hardest by the debt boom, Americans of all stripes are suffering under the burden of high-interest credit card debt.
New York, NY — Propositions to enact Election Day Registration (EDR) in California and Colorado were defeated yesterday, preventing citizens from gaining the ability to register and vote on Election Day. The promise of EDR is that every citizen, including significant portions of the population that have traditionally been marginalized, have the opportunity to participate in the democratic process.
The Executive Summary of the full report, Crossing Divides, examining four cases of policymaking during the 1990s -- the Earned Income Tax Credit, Individual Development Accounts, the Children's Health Insurance Plan, and Empowerment Zones -- suggests some emerging common ground among liberal and conservative policymakers.
Examining four cases of policymaking during the 1990s -- the Earned Income Tax Credit, Individual Development Accounts, the Children's Health Insurance Plan, and Empowerment Zones -- suggests some emerging common ground among liberal and conservative policymakers.
Washington, DC — Today in the United States, the credit card market is measured on a scale of billions. The amount of debt owed on credit cards in 2005 was $800 billion; $30 billion is how much lenders profit each year. Under the guise of "democratization" the federal government has deregulated the industry over the past 30 years, eliminating caps on interest rates and penalties. Those who can least afford it are paying the price.