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“Inequality for All” (90 minutes) – NOTETAKING GUIDEFeaturing former Secretary of Labor Robert ReichFilm is available in Media Services on dvd or streaming via video.oakton.edu Here are the 3 Central Questions of the film:What is happening in terms of income and wealth distribution?Why is it happening?Is inequality a problem? When does inequality threaten opportunity and democracy?Measuring Inequality: Top vs. middle income earners1978 Middle income males = Top 1% = 2010Middle 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 wagesIncreased consumptionCompanies hire moreTax revenue increasesGovt invests moreWorkers are better educatedWho 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 CycleWages stagnateWorkers buy lessCompanies downsizeTax rev. decreasesGovt cuts programsWorkers less educatedUnemployment risesHow does growing inequality undermine democracy?Troublesome cycle: Less $ money from rich going to support societyLess from middle class due to declining wagesBudget crisisLess revenue sharing with statesCannot support public collegesLoss of opportunity and mobilityPolitical polarization and widening inequalityCitizens United (2010)History is on side of social progress. Examples?Policy options for dealing with growing inequality?Text ready to 55155 ................
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