A Quote by Eleanor Holmes Norton
I agree that income disparity is the great issue of our time. It is even broader and more difficult than the civil rights issues of the 1960s. The '99 percent' is not just a slogan. The disparity in income has left the middle class with lowered, not rising, income, and the poor unable to reach the middle class.
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The people who are having the hard time right now are middle-income Americans. Under the president's policies, middle-income Americans have been buried. They're just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a tax in and of itself. I'll call it the economy tax. It's been crushing.
Income is now more concentrated in the hands of the rich. Those well-off households tend to save and invest higher proportions of their earnings than middle-class or low-income families do.
This is a very important issue that the corporate media chooses not to talk about a whole lot, that we have an economic system which is rigged, which means that at the same time as the middle class of this country is disappearing, almost all of the new income and wealth in America is going to the top 1 percent. You have the top one-tenth of 1 percent owning almost as much wealth as the bottom 90 percent - 58 percent of all new income is going to the top 1 percent.
If you're going to compare a middle-income black kid with a middle- income white kid, and, say, you control for family background, family education, and family income, and if this middle-income black kid doesn't score as well as the white kid on the test, then I say, look, you haven't taken into consideration the cumulative effect of living in a segregated neighborhood and going to a de facto segregated school. You're denying a position at Harvard or some other place to a kid that really could make it. That's why I support affirmative action that's based on both class and race.
The standard of 'affordable' housing is that which costs roughly 30 percent or less of a family's income. Because of rising housing costs and stagnant wages, slightly more than half of all poor renting families in the country spend more than 50 percent of their income on housing costs, and at least one in four spends more than 70 percent.
People at the very top of the income scale also benefited from globalization and automation. But the income of working- and middle-class people in the developed world has stagnated.
The answers to feeding hungry children is not fewer dollars to feed hungry children, it's to do more. It is to raise the minimum wage. It is to increase, not dismantle, the earned income tax credit. It is to make college more affordable for more middle class families, not more expensive. These are the things that grow our middle class.
Things are getting worse. You know, when you look at this campaign, and you realize the enormously serious issues this country faces, right, we got a collapsing middle class. We have more wealth and income inequality today than we've had since the 1920s. We have all of these enormous issues.
There's no question that the black middle class has benefited greatly by the civil rights movement. But there is a large black underclass that does not have access to jobs. If there's no clear road to income and status except crime, we should expect social problems. You can't solve this problem without addressing the economic issues, and the same is true with gender.
The middle class is a group defined by more than just money: it also leans on credentials, education, aspirations, assets, and, of course, household income.
The confidence is really driven by the woman - whether she can have the confidence that there will be enough earning or income to finance all the domestic spending - but also by the middle-income class, which for many Asian countries has become the growth power for the economy.
The United States is a special case, and for me, very interesting. It's studied carefully and we know a lot about it. One of the most striking features of the elections is the class-based character of the vote. Now, class is not discussed or even measured in the United States. In fact, the word is almost obscene, except for the term "middle class." And you can't get exact class data; the census doesn't even give class data. But you can sort of see the significance of it just from income figures.
The collective income of all these people - the bottom half - is less than three percent of global household income, and so there is a grotesque maldistribution of income and wealth.
I always like to say, Bill Clinton created more millionaires and billionaires than any president, but you know what, more people moved out of poverty. Middle-class income - all-time high.
'Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider that their own policies, which put the entire burden on central bankers to print money and drive up stock, bond and other asset prices, are actually exacerbating income and wealth disparity.
We will lower the tax burden on middle class Americans by asking the very wealthy to pay their fair share. Middle class taxpayers will have a choice between a children's tax credit or a significant reduction in their income tax rate.
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