Taxing Wall Street
As the rich get richer in New York public services are meanwhile bracing themselves for “draconian” cuts. To save New York, tax Wall Street, writes The Guardian’s Sadhbh Walshe.
As the rich get richer in New York public services are meanwhile bracing themselves for "draconian" cuts. To save New York, tax Wall Street, writes The Guardian’s Sadhbh Walshe. "Life in New York is about to get very interesting. Like so many other states, New York is in the red, facing a budget deficit of $9bn dollars in the coming fiscal year. In response to that deficit our political leaders have thrown out the scalpel and are wildly swinging the axe on just about every public service you can imagine, from prenatal care to senior centres. The accepted wisdom is that there is just no money to be had so these cuts have to be. But the truth is that there are billions of dollars out there for the taking, if Governor Paterson or Mayor Bloomberg were willing to raise income tax on the richest of New Yorkers even by a tiny amount. Wall Street has just had a bumper year with the top three banks who benefited from Tarp paying themselves almost $30bn in bonuses, higher even than their previous record in 2007. It seems reasonable to expect that a small portion of this windfall would be paid back in the form of income taxes to help out the people who are suffering now largely as a result of Wall Street's wild behaviour. But for some bizarre reason the inflated salaries of New York's wealthiest people are off limits. Instead the best the mayor and the governor can come up with is a soda tax that disproportionately affects poor people."
These five main food groups are important for your brain's health and likely to boost the production of feel-good chemicals.
We all know eating “healthy” food is good for our physical health and can decrease our risk of developing diabetes, cancer, obesity and heart disease. What is not as well known is that eating healthy food is also good for our mental health and can decrease our risk of depression and anxiety.
Infographics show the classes and anxieties in the supposedly classless U.S. economy.
For those of us who follow politics, we’re used to commentators referring to the President’s low approval rating as a surprise given the U.S.'s “booming” economy. This seeming disconnect, however, should really prompt us to reconsider the measurements by which we assess the health of an economy. With a robust U.S. stock market and GDP and low unemployment figures, it’s easy to see why some think all is well. But looking at real U.S. wages, which have remained stagnant—and have, thus, in effect gone down given rising costs from inflation—a very different picture emerges. For the 1%, the economy is booming. For the rest of us, it’s hard to even know where we stand. A recent study by Porch (a home-improvement company) of blue-collar vs. white-collar workers shows how traditional categories are becoming less distinct—the study references "new-collar" workers, who require technical certifications but not college degrees. And a set of recent infographics from CreditLoan capturing the thoughts of America’s middle class as defined by the Pew Research Center shows how confused we are.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.