The Federal Reserve's just-published 2016 Survey of Consumer Finances reveals that income inequality is rising in the USA, with the top decile now controlling 77.1% of the nation's wealth; wealth that is increasingly retained through intergenerational bonds, meaning that wealth is apportioned by accident of birth rather than merit; and (unsurprisingly, given the foregoing), the browner you are, the less you have.
Matt Bruenig's breakdown of the numbers paints a depressing picture of a world where the super-rich own it all and the rest of us knife each other for scraps and crumbs.
In 1989, the top 1 percent in each group owned around 28 to 29 percent of that group’s wealth. By 2016, the white 1 percent owned 36.5 percent of white wealth; the black 1 percent owned 40.5 percent of black wealth; and the Latino 1 percent owned 44.7 percent of Latino wealth.
Overall, the new data presents a bleak reality. Wealth inequality is higher than ever. The overwhelming majority of Americans still have less wealth now than they did one decade ago. The wealth of each racial group is overwhelmingly monopolized by a small elite class. And black and Latino families especially remain trapped in a wealth underclass from which there is no obvious escape.
Wealth Inequality Is Higher Than Ever
(via Naked Capitalism)
Over 1,000 Google employees have signed a petition urging senior management to reconsider the company's plan to launch a censored Chinese search product (codename: Dragonfly), a revolt that's been in the works since the news broke; the employees demand transparency about the project and point out that it violates the Association of Computing Machinery's code […]
Grant Burningham interviewed me for his Bots and Ballots podcast (MP3), covering a bunch of extremely timely tech-politics issues: Facebook and the impact of commercial surveillance on democratic elections; Alex Jones, censorship and market concentration; and monopolism and the future of the internet.
Who likes socialism and mistrust capitalism? Democrats and young people, who are mostly the same people.
From self-driving cars to Siri, we’ve already gotten a taste of what AI can do, and now this groundbreaking technology is making its way to education and revolutionizing the way we learn new languages. Mondly uses state-of-the-art speech recognition to help you speak foreign languages like a true local. Lifetime subscriptions are on sale for […]
We’ve all used Excel at some point in our careers, but chances are most of us have only scratched the surface of what this ubiquitous program can do. From automating simple tasks to presenting data through beautiful charts and PivotTables, Excel brings a ton of utility to the table that can make a huge impact […]
Traveling isn’t always the most comfortable experience, but at least you have your music to keep you company on those long flights. That is, until your chatty neighbor and that crying baby three seats over drown out your playlist. These Paww WaveSound 3 Noise-Cancelling Bluetooth Headphones block up to 20 decibels of audio, so you can […]