THEN AND NOW – how the stats tell a shocking story
Fifty years since Martin Luther King Jr. called for an Economic Bill of Rights, how do stats today compare with 1968?
Is Dr. King’s Economic Bill of Rights needed even more now than in 1968?
Fifty years on, the USA is more unequal than in 1968 with greater levels of poverty, incarceration and war spending.
Fifty years on, the richest 85 people across the globe share a combined wealth of £1tn, as much as the poorest 3.5 billion of the world’s population.
Fifty years on, 69 out of the world’s top 100 economies are corporations.
Fifty years on, the facts speak for themselves – as a global family, we are worse off now than in 1968. This has not happened by accident, but through 4 decades of neoliberal policy implementation designed to benefit the few at the expense of the many. ‘Trickle down’ has not worked. ‘Trickle up’ has.
King’s awareness of the forces of global capital and the need for civil society to come together in the fight for different economic, social and political models is as relevant and urgent as it was in 1968.
King speaking in 1967 said
‘It is estimated that the USA spends $322,000 for every person we kill in Vietnam, while we spend $53 per person classed as poor, in the ‘War on Poverty’ (LBJ’s campaign).
Fifty years on from King’s call for an Economic Bill of Rights, we need to finish what he started.
THEN AND NOW
1968 Top Federal Tax Rates
Top Rate on Regular Income: 75.25%
Top Rate on Capital Gains: 26.9%
Top Rate on Corporate Tax: 52.8%
2015 Top Federal Tax Rates
Top Rate on Regular Income: 39.6%
Top Rate on Capital Gains: 25%
Top Rate on Corporate Tax: 35%
HOME OWNERSHIP USA
1968 63.9% 2014 65%
Black homeowners are not better off today than they were four decades ago. In terms of homeownership exits, they are worse off now. http://www.citylab.com/housing/2014/07/black-homeowners-are-worse-off-today-than-they-were-40-years-ago/374824/
2015 73% percent of whites own a home, compared to 47% of Latinos and 45% of blacks.
1968 13% 2011 15%
1968 25m 2011 46m
CHILD POVERTY USA
1969 13.8% 2012 21.3%
1968 94 per 100k population 2014 471 per 100k
SHARE OF TOTAL US INCOME BY 1%
1968 9% 2013 21%
SHARE OF TOTAL US INCOME BY 0.1%
1968 1% 2013 5%
MILITARY SPENDING USA
1968 $600 billion 2015 $1300 billion