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Economic Justice For All: The Great Regression to Progressive Action

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Presentation Transcript

  1. Economic Justice For All: The Great Regression to Progressive Action We Are One Conference

  2. OUR BROKEN ECONOMY

  3. Distribution of Wealth

  4. I Guess We Must be Optimists

  5. Who has the Money??? Top 1% has a third of the nations wealth. Top 10% has over 70% of the nation’s wealth. 90% of America has less than 30% of the nation’s wealth. Half of America only has 2.5% of the nation’s wealth.

  6. Average Wealth by Wealth Class in 2009

  7. Housing Crisis

  8. Debt!

  9. We are Now a Nation of Debtors $ Trillions Monthly Review 12/08. From Federal Reserve data. Size Of Whole Economy Total Outstanding Debt

  10. Lost Jobs

  11. New Job Loss • 14 million of those categorized as unemployed are out of work • In October 80,000 jobs were created yet need 90,000 jobs just to keep up with job growth DON’T THINK RIGHT. THINK NEED 200,000 JOBS TO KEEP UP WITH JOB GROWTH It is estimated that in addition to 14 million unemployed Americans, another 2.3 million have simply left the labor force.

  12. Lost Jobs

  13. Immigration Scapegoating

  14. The Truth About Immigrants Contribution to the Economy

  15. Undocumented Workers Contribute to Federal Taxes The IRS recently determined that between 1996 and 2003, undocumented workers paid $50 billion in federal taxes.

  16. Undocumented workers contribute to Social Security and Medicare The Social Security Administration estimates that the undocumented pay $8.5 billion in Social Security and Medicare taxes annually

  17. Immigrants contribute to wage gains for native-born workers Roughly 90% of native-born workers experience wage gains from immigration, which totals between $30 billion and $80 billion per year

  18. Legalizing undocumented workers can strengthen the US economy A path to legalization for undocumented immigrants would provide a $1.5 trillion dollar boost to the American economy over 10 years and boost wages for US born workers and newly legalized immigrants

  19. The Racial Wealth Divide

  20. Who has the Power?

  21. Citizens United Decision

  22. Workers Are The People

  23. In 2009, ProductivityUp 9% WagesDown4.5%

  24. Red States—Right to Work States

  25. Red States—Where Anti-Union Legislation is Moving

  26. What percentage of private sector workers in the U.S. has a union job? A. 0% B. 7% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C. 33% D. 50%

  27. Private Sector Union Density 33% 1955 7% 2011

  28. In the United States, how much more money does the average CEO make than the average worker? A. 50 times B. 96 times - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C. 178 times D. 343 times

  29. Average CEO pay - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 25 343 times higher than the average worker

  30. Which president did the most to deregulate investment banks, enabling them to crash the economy? A. George W. Bush B. Ronald Reagan C. 1st George Bush - - - - - - - - - - - - - - - - - - - - - - - - - - - - - D. Bill Clinton

  31. The national deficit makes up a bigger part of our economy than ever before. True False - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

  32. As a share of our Gross Domestic Product (GDP)… Our national deficit was higher following WW II than it is today. As a share of our Gross Domestic Product (GDP)… Our national deficit was higher following WW II than it is today. $ + $ $ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - As a share of our Gross Domestic Product (GDP)… Our national deficit was higher following WW II than it is today. $ - 1945 2011 +

  33. Two Economic Realities

  34. What broke our economy? Was it the Great Recession?

  35. The Great Recession Increased Inequality

  36. Economic Inequality didn’t start with the Great Recession

  37. Before the Great Recession: Great Income Inequality Between 1979-2007 About 64% of income growth went to the highest paid 10%. While the other 90% only saw 36% of income growth. The poorest 20% saw not even half of 1% income growth.

  38. Before the Great Recession: The Great Regression

  39. During the Great Regression Concentration of income and wealth Stagnating average wages Shift from 1 worker household to 2 worker households More work less You Have Declining savings Increased Economic Insecurity Shift of cost away from the elite to middle and working class

  40. Wages pretty stagnant from 1970’s 2009