OCC Inequality For All Movie Discussion
“Inequality for All” (90 minutes) – NOTETAKING GUIDE
Featuring former Secretary of Labor Robert Reich
Film is available in Media Services on dvd or streaming via www.video.oakton.edu
Here are the 3 Central Questions of the film:
A.What is happening in terms of income and wealth distribution?
B.Why is it happening?
C. Is inequality a problem? When does inequality threaten opportunity and democracy
Measuring Inequality: Top vs. middle income earners
- 1978 Middle income males =
- Top 1% =
- 2010 Middle income =
- Top 1% =
- Top 1%: Saez and Piketty IRS tax data from 1913 to today
- 1928 and 2007 peak years for top 1% of income earners:
- What happened to US economy and society during these peak times?
- What makes an economy stable?
- How does Reich define middle class in terms of income?
- Problems with concentration of income and wealth in few hands? (Nick Hanauer: Pillow business)
- “Job creators”?
- Making a claim that current arrangement is:
- Pro-business =
- Per Nick, what helps ensure a “free market”?
NOTE: Central question for Nick is who do the rules benefit and who do they hurt?
- Why is inequality widening?
Late 1970s :
- iPhone Example: Concerns are not just over costs of labor. The question centers on ____________?
- Globalization and Technology
- As inequality rises, what happens to social mobility?
- Per Reich, whom should we emulate?
- Three decades after WWII. “The Great Prosperity”
- Economy boomed, but inequality remained low. What led to this?
- Note the Virtuous cycle:
- Increased wages
- Increased consumption
- Companies hire more
- Tax revenue increases
- Govt invests more
- Workers are better educated
- Who were the winners and what did they win (with globalization and technological innovation)?
- Per Reich, what is the huge lie operating in the culture today?
- Three ways to cope with declining incomes during “The Great Regression”:
Note the Vicious Cycle
- Wages stagnate
- Workers buy less
- Companies downsize
- Tax rev. decreases
- Govt cuts programs
- Workers less educated
- Unemployment rises
- How does growing inequality undermine democracy?
Troublesome cycle:
- Less $ money from rich going to support society
- Less from middle class due to declining wages
- Budget crisis
- Less revenue sharing with states
- Cannot support public colleges
- Loss of opportunity and mobility
- Political polarization and widening inequality
- Citizens United (2010)
- History is on side of social progress. Examples?
- Policy options for dealing with growing inequality?
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