skip to main content
skip to newscasts

Thursday, September 26, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Hurricane Helene charges toward Florida's Gulf Coast, expected to strike late today as a dangerous storm; Millions of Illinois' convenient voting method gains popularity; House task force holds first hearing today to investigate near assassination of Donald Trump in Pennsylvania; New report finds Muslim students in New York face high levels of discrimination in school.

view newscast page
play newscast audioPlay

Biden says all-out-war is threatening in the Middle East, as tensions rise. Congress averts a government shutdown, sending stopgap funding to the president's desk and an election expert calls Georgia's latest election rule a really bad idea.

view newscast page
play newscast audioPlay

The presidential election is imminent and young rural voters say they still feel ignored, it's leaf peeping season in New England but some fear climate change could mute fall colors, and Minnesota's mental health advocates want more options for troubled youth.

Patriotic Millionaires Report Widening Wealth Gap

play audio
Play

Friday, December 4, 2015   

AUSTIN, Texas - Patriotic Millionaires, a group that counts Warren Buffett, Bill Gates Sr., and chief executives of Fortune 500 companies among its ranks, has released a report exposing a growing wealth gap between the 400 richest Americans and the rest of the population.

Chuck Collins, an heir to the Oscar Mayer fortune who co-authored the report with the Institute for Policy Studies, summarizes what they found.

"Our main finding is that wealth is getting much more concentrated in the hands of a few than we thought," he said. "So, the wealthiest 20 people now have more wealth than the bottom half of the population, 152 million people."

Collins said it's important for millionaires and billionaires to speak out against inequality and advocate for policies that can reverse what he calls "dangerous trends."

According to the report, the richest 100 households now hold as much wealth as the nation's entire African-American population, and the top 186 people on Forbes magazine's annual list of the wealthiest Americans own as much as all Latinos in the United States.

While 11 members of the Forbes "Top 20" built successful companies or were shrewd investors, Collins said, nine made the list through inherited wealth. Because current policies favor the rich, he said, the United States is at risk of becoming a nation with the kind of hereditary aristocracy that Americans fought a revolution to overthrow. The report said extreme inequality corrodes the democratic process, polarizes communities and impairs public health.

"It undermines healthy economic activity and growth, and it erodes social mobility, the ability of people who are not born wealthy to have the opportunity to become wealthy," Collins said. "These inequalities undermine the fundamental American dream."

The report's recommendations to close the wealth gap include raising the minimum wage, limiting the influence of money in politics, shutting down offshore tax havens and taxing wealth from investments at the same rate workers pay on income.

The full report is online at ips.dc.org.


get more stories like this via email

more stories
A new report from the Council on American Islamic Relations-New York showed 43% of students who were bullied for being Muslim said they never asked for help. (Adobe Stock)

Social Issues

play sound

A new report found Muslim students in New York City public schools face high levels of discrimination in school. The report from the Council on …


Social Issues

play sound

With the election six weeks away, concern is building about attempts to intimidate voters at the polls - so, lawmakers are taking action at the state …

Health and Wellness

play sound

Health-care advocates say more than 1 million North Carolinians could lose access to health care if the promises made in Project 2025 are carried out…


A blood test for thyroid stimulating hormone (TSH) costs between $10 and $250 depending on which health care facility you choose. A comprehensive metabolic panel ranges from $10 to $700. (Adobe Stock)

Health and Wellness

play sound

Shopping for health-care procedures has historically been more challenging than getting the best deal on groceries or even car repairs. But Cari …

Health and Wellness

play sound

While overdose deaths in the Commonwealth have declined, deaths among Black Kentuckians have increased by 5%, according to data from the latest …

Environment

play sound

A North Dakota task force meets again next month as it considers updating the scope of local zoning laws dealing with factory farms. It is an issue …

Social Issues

play sound

Through this Saturday, Minnesota is recognizing Workplace Rights Week. From COVID precautions to emerging technology, labor voices said there is key …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021