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MAY DAY 2012 OCCUPY WALL STREET TEACH-IN “ How Inequality Created the Current Crisis ” And

MAY DAY 2012 OCCUPY WALL STREET TEACH-IN “ How Inequality Created the Current Crisis ” And “ What Is To Be Done? ” Kim Christensen Sarah Lawrence College Economics Faculty Kchristensen@slc.edu.

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MAY DAY 2012 OCCUPY WALL STREET TEACH-IN “ How Inequality Created the Current Crisis ” And

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  1. MAY DAY 2012 OCCUPY WALL STREET TEACH-IN “How Inequality Created the Current Crisis” And “What Is To Be Done?” Kim Christensen Sarah Lawrence College Economics Faculty Kchristensen@slc.edu

  2. The benefits of increased productivity over the last 35 years have not gone to the middle class Productivity and real median family income growth, 1947-2009

  3. HOUSEHOLD DEBT vs. ANNUAL INCOME

  4. Increasing domestic inequality of wealth & income 1. Globalization, “free” trade, out-sourcing, etc. 2. Decimation of US labor movement 3. Changes in types, incidence of taxes 4. Increasing financialization 5. Astronomical increases in CEO compensation, especially in finance 6. Decreased commitment to public education

  5. Decline of Organized Labor in the US 1. US labor law (weaknesses of Wagner, 1947 anti-labor Taft-Hartley Act) 2. Lack of enforcement of current labor law 3. McCarthyism; purge of left-leaning unions from the CIO 4. Union “avoidance” industry (2000 firms) 5. Government stance towards unions (Reagan breaking PATCO in 1981) 6. Union mistakes, esp. re: race, gender, nativity 7. Lack of support for labor from Democratic Party Result: no organized, effective political counter-weight to corporations.

  6. CEO pay as a multiple of the average worker's pay, 1960-2007 (UFE/IPS 2008)

  7. What Is To Be Done? 1. Relief for homeowners: “Cramdowns” to reduce homeowner debt to market value of homes 2. Invest in America: A “stimulus” package to increase productivity a. Green energy (US-manufactured solar, wind) & nationwide mass transit b. Forgiveness of student debt; Free college tuition for any student with “B” average in high school c. Single payer health care 3. Justice for American workers: Labor law reform a. Increasing and indexing the minimum wage to 1968 levels b. Workers gain legal standing to sue for discrimination based on union affiliation or support c. “Card check” 4. Tame finance a. Limit influence of Wall St. lobbyists, maximize influence of citizens in rule-making process of Dodd-Frank b. Strict regulation of proprietary trading (Volcker Rule), derivatives and CDS, ratings agencies (Franken Rule), “shadow-banks” c. Foster international cooperation on banking standards 5. Restore fairness to the tax system a. Reinstate the estate tax for estates worth over $1 million (exemption for farmers) b. Capital gains income taxed like any other income c. Eliminate tax ceiling on FICA taxes to stabilize Social Security d. “Tobin tax” on financial transactions

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