This news has been received from: dailykos.com

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

Night Owls, a themed open thread, appears at Daily Kos seven days a week.

At CommonDreams, Brett Wilkins writes—'$2.5 Trillion Theft': Study Shows Richest 1% of Americans Have Taken $50 Trillion From Bottom 90% in Recent Decades:

New research published Monday found that the top 1% of U.S. income earners have taken $50 trillion from the bottom 90% over the past several decades, and that the median worker salary would be around twice as high today as it was in 1945 if pay had kept pace with economic output over that period.

The study's authors, Carter C. Price and Kathryn Edwards of the RAND Corporation, examined income distribution and economic growth in the United States from 1945 to the present. The researchers found stark differences between income distribution from 1945 to 1974 and 1975 to 2018.

According to the study—which was funded by the Seattle-based Fair Work Center—the median salary of a full-time U.S. worker is currently about $50,000. Adjusted for inflation using the consumer price index, workers at or below the current median income now earn less than half of what they would have if incomes had kept pace with economic growth. This means that if salaries had kept pace with economic output, the median worker pay would be between $92,000 and $102,000 today, depending on how inflation is calculated.

Had the more equitable distribution of the roughly 30-year postwar period continued apace, the total annual income of the bottom 90% of American workers would have been $2.5 trillion higher in 2018, or an amount equal to about 12% of GDP.  In other words, the upward redistribution of income has enriched the 1% by some $47 trillion—which would now be more than $50 trillion—at the expense of American workers.

David Rolf, a Seattle labor organizer, president of the Fair Work Center, and founder of Service Employees International Union (SEIU) Local 775, is more blunt. He calls this "the $2.5 trillion theft." [...]

TOP COMMENTS • HIGH IMPACT STORIES

QUOTATION

“The government which had made the Negro a citizen found itself unable to protect him. It gave him the right to vote, but denied him the protection which should have maintained that right.” 
          ~~Ida B. Wells-Barnett, On Lynchings (1892)

TWEET OF THE DAY

x

Just want to give a shout out to that gooder relative that checks on me everyday and sometimes up to four times a day. Thank you Potential Spam! Much love relative.

— Prairie Rose (@msprairierose) September 15, 2020

BLAST FROM THE PAST

At Daily Kos on this date in 2003—Foreign help not on the horizon:

Four U.S. soldiers have died the past four days -- glorious victories in Bush's "flypaper" War Against Terror.

You see, as Bush, Andrew Sullivan, and other Chickenhawk Neocons remind us—we should celebrate every time U.S. forces are killed in Iraq, because those very same terrorists would otherwise be killing Americans here in the U.S.

Dead Americans in the U.S.—bad. Dead Americans in Iraq—good. Thank the heavens we can enjoy the benefits of good, sound Chickenhawk Neocon thinking.

Yet given our great successes in getting our US troops killed in Iraq, not the U.S., it's difficult to understand why we can't garner any international help.

On today’s Kagro in the Morning show: Orange Hitler is now Orange Mengele. Speaking of war crimes, US risks in Yemen rise while Trump attacks the ICC. Joan McCarter is at a loss over how Feinstein has memory holed the blue slip fights. Meanwhile, the Mother of all Shutdowns looms.

x Embedded Content

RadioPublic|LibSyn|YouTube|Patreon|Square Cash (Share code: Send $5, get $5!)

LINK TO DAILY KOS STORE

News Source: dailykos.com

Tags: trump joebiden 2020 election covid 19 coronavirus republicans community vote gotv gop democrats pandemic kamalaharris senate resistance progressives populists covid media culture classism

56 celebrities you probably forgot guest-starred on 'How I Met Your Mother'

Next News:

Pelosi: Hard to see Dems supporting less than $2.2T in COVID aid

Speaker Nancy PelosiNancy PelosiPowell warns failure to reach COVID-19 deal could 'scar and damage' economy Overnight Defense: House to vote on military justice bill spurred by Vanessa Guillén death | Biden courts veterans after Trump's military controversies Intelligence chief says Congress will get some in-person election security briefings MORE (D-Calif.) on Thursday said that she's hopeful the parties will reach an agreement on the next round of coronavirus relief but suggested Democrats aren't prepared to accept anything less than her last offer — $2.2 trillion — on a deal.

"When we go into a negotiation it's about the allocation of the resources," she told reporters in the Capitol. "But it's hard to see how we can go any lower when you only have greater needs."

The comments come as both sides are voicing some optimism that, after weeks of stalled negotiations, a bipartisan deal on an emergency coronavirus bill is possible before the November elections.

President TrumpDonald John TrumpBarr criticizes DOJ in speech declaring all agency power 'is invested in the attorney general' Military leaders asked about using heat ray on protesters outside White House: report Powell warns failure to reach COVID-19 deal could 'scar and damage' economy MORE on Wednesday urged congressional Republicans to accept more emergency funding — the very thing Democrats have been demanding. And Pelosi spoke by phone later in the day with the administration's chief negotiator, Treasury Secretary Steven MnuchinSteven Terner MnuchinDemocrats scramble on COVID-19 relief amid division, Trump surprise American Airlines, unions call for six-month extension of government aid Trump undercuts GOP, calls for bigger COVID-19 relief package MORE, in search of a path forward. Yet the sides still appear to be far apart on the top-line spending number.

House Democrats had passed the $3.4 trillion Heroes Act in May, but have since dropped their request to $2.2 trillion. Republicans have called for much less spending, initially proposing a $1.1 trillion package, then trimming that request down to $650 billion — a proposal that was soundly rejected by Senate Democrats last week.

Pelosi pointed out the odd dynamics of the negotiation: Democrats came down $1.2 trillion and, in response, the Republicans went down, too.

"We asked them to go up $1 trillion, instead they went down, not recognizing the need," she said.

Pelosi noted that, because four months have passed since the Heroes Act was written, the nation's public health and economic conditions have changed. She's asked her committee heads to update the legislation to meet current needs, which in some cases are more severe than they were in May. She singled out the airlines, restaurants and other small businesses as particular targets for more emergency help.

"The needs have only grown since May 15. ... So we're going to have to reallocate some of that money so that we can meet the needs as we see them," she said. "The fact is, we shouldn't be going down because we have these needs, so that we can open up the economy."

The Speaker noted that the federal government has already propped up Wall Street to the tune of trillions of dollars and accused Republicans of being reluctant to meet the needs of struggling workers.

"We don't object to the stock market doing well, that's for sure," she said. "But why can't we spend what it takes to shore up the middle class in our country?"

Most members of the Democratic Caucus appear to support Pelosi's hardline negotiating demand for at least $2.2 trillion, noting that small businesses are flailing, millions of workers remain jobless and the number of coronavirus deaths is poised to hit 200,000 in the United States.

Yet a number of moderates are also agitating for a vote this month on another emergency aid package — even absent an agreement with Republicans. Such a vote, proponents say, would put pressure on GOP leaders to negotiate further, while protecting vulnerable Democrats from campaign attacks that their party has done nothing since May to address the crisis.

Pelosi on Wednesday downplayed any internal divisions, saying all factions of the party simply want to unleash the funding to help their constituents.

When a reporter noted that some in her caucus are griping to the media about leadership tactics, she didn't hesitate.  

"Well, they don't say it to me," Pelosi said. "What they say is we need to have a solution."

She later added: "You hear different things, but the fact is we want to have an agreement, and we will stay until we have an agreement."

Tags Steven Mnuchin Nancy Pelosi Donald Trump Coronavirus Stimulus relief bill House Speaker

Other News

  • Rich get richer: US billionaires gained $845 BILLION during the first six months of the pandemic with Jeff Bezos pocketing $73billion and Elon Musk $67billion
  • Desperate search as ‘two boys, 7 and 9, are snatched from bedroom’
  • America’s Richest and Poorest States
  • A Republican witness gets humiliated when the author of a study he cited refutes him
  • Stimulus Checks 2: Democrats Reject Bipartisan Bill With $1,200 Payments
  • Brad Pitt and Jennifer Aniston reunite onscreen for first time in decades as they recreate THAT risqué topless scene during all-star table read of Fast Times At Ridgemont High
  • Pelosi under increasing pressure to cut coronavirus deal
  • Thursday Night Owls: Covid-19 will soon take its 200,000th U.S. life. How many more have to die?
  • Heartwarming moment parents are reunited with their abducted son 38 YEARS after he was snatched as a toddler
  • Giants starter Tyler Andreson ejected for arguing in third inning vs. Mariners
  • Trump to announce $13B in coronavirus relief to farmers at Wisconsin rally
  • White House Chief Of Staff Suggests Taking ‘Your Cameras’ To D.C. Airport, Snapping Pictures Of Lawmakers Heading Home Without Passing COVID-19 Relief Bill
  • Sen. Paul: Makes No Sense To Go Higher on COVID Bill
  • Pelosi on Relief Negotiations: Its Hard to See How Democrats Can Go Any Lower
  • Navarro blames Pelosi for stalled negotiations on next round of coronavirus relief
  • Emotional moment elderly parents are reunited with their 40-year-old son after he was abducted as a toddler nearly four decades ago
  • The Bulldogs stop Sydney in the final to climb to the bottom of the NRL ladder
  • Pricing Is Ridiculous: ESPN Puts Patriots Gillette Near The Bottom Of Its NFL Stadium Rankings
  • Lady Gaga Promotes Chromatica Album On Billboard Magazine Cover In Eccentric, Multicolored Gown