\"Inequality for All\" Notes - PS 1 PDF

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Brianna Taylor Chaffey College Professor Carter 12/07/19 “Inequality for All” Notes 1. Robert Reich teaches at U.C. Berkeley. 2. Some inequality is inevitable because of the term CAPITALISM. 3. The richest 400 people in the United States have more wealth than the bottom 50 million of us. 4. In 1913 income tax was instituted. 5. 1928 and 2007 saw the economy relying on the financial sector to provide all of their money. 6. A strong middle class makes the economy stable. 7. Consumer spending is 70% of the economy. 8. The household median of the middle class is 50,000 and is also 50% above and below. 9. The reason why the rich aren’t the key to fixing our environment is because they spend very little of their money and they are not generating enough economic activity. 10. The reason why there is no such thing as a perfectly free market is because the government sets the rules by which the market functions. 11. When you buy an Iphone, most of your money goes to Japan. 12. Globalization and Technology have reduced the average American workers pay. 13. We should emulate ourselves, the United States to get back on our feet. 14. Some of the aspects of the virtuous cycle are:

a. Wages increase b. Workers buy more c. Companies hire more d. Tax revenues increase e. Government invests more f. Workers are better educated 15. Inequality is clearly linked to education. 16. Executive pay isn’t always given in cash. It is usually given in stock options. 17. The inequality graph was in the shape of a bridge. 18. We tried three ways in history to deal with the fact that we weren’t making enough money. They were: a. Women go into paid work. b. Both men and women work longer hours. c. Borrowing/ Going into debt. 19. Income inequality undermines democracy because when so many resources, so much money, so much wealth, and so much income accumulates at the very top that with money comes the capacity to control politics. 20. Dwight D. Eisenhower. 21. 15% 22. 23. An individual can have an impact by having protests....