In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.
Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the U.S. is becoming “a hereditary aristocracy of wealth and power.” …
“The wealthiest 25 individuals in the United States today own $1 trillion in combined assets,” the report notes. “These 25, a group equivalent to the active roster of a major league baseball team, hold more wealth than the bottom 56 percent of the U.S. population combined, 178 million people.”
Attlee Remembered October 7th & 8th at Sands Film Studios, Rotherhithe
Clement Attlee died 50 years ago on 8 October 1967. Attlee Remembered is a weekend of film, discussion and theatre that celebrates the man, his life and the domestic achievements of his 1945-51 Labour Government. Sands Films Studios is in historic Rotherhithe, close to the riverfront from where the Mayflower set sail. A beautiful Georgian building housing its cinema, theatre and extensive local archive, Sands Films is a three minute walk from Rotherhithe overground station, which itself is well served by both underground and overground lines. (More below).
WHY ATTLEE NOW?
Over the past few years we have seen more and more references to Clement Attlee in relation to Jeremy Corbyn and, prior to him, Ed Miliband. This is all to the good, as Attlee has always been eclipsed by Churchill and Attlee is far from being the household name he should be. The wider public (especially younger generations) – in as far as they have heard his name – will have no comprehension of the relevance and timeliness of his story: as a Mayor, as MP, as deputy wartime leader, as Prime Minister and the fact that he remains (despite many attempts to remove him) the longest serving Labour Party leader (1935-55).
Clement Attlee’s government shaped our society for seven decades to come. How do we want the next seven to seventy years shape up? How do we prize and protect the notion of ‘generosity towards the future’ so powerfully embodied in the Attlee administration?
ATTLEE REMEMBERED WEEKEND
Programme: We have a wonderful line-up of contributors for our films, discussions & performance programme. PDF version here.
Contributors biographies (with yet more names TBC).
Single sessions on Eventbrite.
Films are free (but must be booked), discussions £3, Theatre £5.
This is almost unheard of. Unemployment was most recently this low in December 1973, when the UK set an unrepeated record of just 3.4%.
The problem with this record is that the statistical definition of “unemployment” relies on a fiction that economists tell themselves about the nature of work. As the rate gets lower and lower, it tests that lie. Because – as anyone who has studied basic economics knows – the official definition of unemployment disguises the true rate. In reality, about 21.5% of all working-age people (defined as ages 16 to 64) are without jobs, or 8.83 million people, according to the Office for National Statistics. Continue reading
- The population of the UK is an estimated 65.1 million.
- 1 in 20 GP surgeries have closed or merged since 2013. 57 closing down in 2016 alone.
- The NHS England budget is £117 billion for 2016/7 and will rise after inflation to £120 billion by 2019/20.
- Every 36 hours the NHS will treat 1,000,000 patients.
- Accident and emergency departments recorded their worst ever waiting times in 2016/7.
- Hospitals recorded their worst ever waiting times for elective surgery in 2015.
- The NHS in England has 149,808 doctors, 314,966 nurses, and employs 1.3 million people.
- 19% of NHS staff and 29.5% of NHS doctors are non-British.
- The average age of recent migrants to the UK is 26.
- Healthcare costs change with age: a 20-year old costs an estimated £500 per year, a 65-year old £3750 per year and an 85-year old £7500 per year.
- The population of the UK over 65 in 1975 was 1 in 8. Today it is 1 in 6. By 2050 it will be 1 in 4. There are 1.5 million people over 85 in the U.K today.
- The NHS buys many drugs from Europe and the USA paying in Euros (€) and US dollars ($).
- Health tourism, foreign citizens using the NHS, costs the NHS an estimated £1-300 million per year. A new overseas surcharge recouped £289m in 2015. This is 0.3% of the total NHS budget.
- Stationery costs the NHS £146m/year.
- Compared internationally the NHS achieves above average outcomes, with average funding and below average staff numbers. OECD.
- Health costs rise each year in developed countries, above real world inflation. This is broken down into staff wage inflation, new technologies, population growth, new drugs and medical advances.
- The NHS was estimated to require £30 billion by 2020 to meet predicted demand. To date, it has received £4.5 billion.
- Social care is estimated to require £4 billion by 2020 to maintain current service.
- The ratio of people working to those retired is called the Old Age Dependency Ratio (OADR). This was steady at around 300 retirees for every 1000 people working from the 1980s to 2006, but has now since started to rise. With retirement age changes, it will still increase by 20% by 2037 to 365.
At the heart of Guilluy’s inquiry is globalization. Internationalizing the division of labor has brought significant economic efficiencies. But it has also brought inequalities unseen for a century, demographic upheaval, and cultural disruption. Now we face the question of what—if anything—we should do about it.
A process that Guilluy calls métropolisation has cut French society in two. In 16 dynamic urban areas (Paris, Lyon, Marseille, Aix-en-Provence, Toulouse, Lille, Bordeaux, Nice, Nantes, Strasbourg, Grenoble, Rennes, Rouen, Toulon, Douai-Lens, and Montpellier), the world’s resources have proved a profitable complement to those found in France. These urban areas are home to all the country’s educational and financial institutions, as well as almost all its corporations and the many well-paying jobs that go with them. Here, too, are the individuals—the entrepreneurs and engineers and CEOs, the fashion designers and models, the film directors and chefs and other “symbolic analysts,” as Robert Reich once called them—who shape the country’s tastes, form its opinions, and renew its prestige. Cheap labor, tariff-free consumer goods, and new markets of billions of people have made globalization a windfall for such prosperous places. But globalization has had no such galvanizing effect on the rest of France. Cities that were lively for hundreds of years—Tarbes, Agen, Albi, Béziers—are now, to use Guilluy’s word, “desertified,” haunted by the empty storefronts and blighted downtowns that Rust Belt Americans know well. Continue reading
The combined impact of fewer workers and lower productivity is enormous. In 2008, before the true extent of the recession was known, the Congressional Budget Office (CBO) projected that by 2017 the economy’s potential would be 29 percent larger than it had been in 2007. In its most recent report, the CBO puts the economy’s potential for 2017 at just 16 percent more than its 2007 level. This difference of 13 percentage points translates into more than $2 trillion a year in today’s economy.
It’s also well worth noting that this lost output is income that disproportionately would have gone to those at the middle and bottom of the income ladder. The people who don’t get employed in a weak economy are overwhelmingly African Americans, Hispanics, and workers with less education. Furthermore, in a weak labor market, workers at the middle and bottom of the wage ladder aren’t well positioned to get wage increases. The weakness of the labor market in the Great Recession and the anemic recovery that followed were both associated with a large shift in national income from wages to profits. In short, this was a hard punch to the belly for large segments of the working population.
In 2015, according to PSZ, the richest 1% of people in America received 20.2% of all the income in the nation. Ten points of that 20.2% came from equity income, net interest, housing rents, and the capital component of mixed income. Which is to say, 10% of all national income is paid out to the 1% as capital income. Let me reiterate: 1 in 10 dollars of income produced in this country is paid out to the richest 1% without them having to work for it.