User:Becritical/Sandbox/First
This version may have the missing sources [1]
Sources
[edit]name=LAT1>Michael Hiltzik (October 12, 2011). "Occupy Wall Street shifts from protest to policy phase". Los Angeles Times. Retrieved October 17, 2011. "More telling, they accounted for nearly 32% of all U.S. corporate profits in the second quarter, up from 13.4% in 2008. That's important, because it documents an unhealthy domination of economic activity in the U.S. by financial transactions, many of which, as we've come to learn, contribute little to economic productivity. That ratio is not only too high, incidentally, it's way out of line with the historical norm, which is closer to the range of 8% to 12%. Meanwhile, the income disparity between the top earners and everyone else has soared. According to the Congressional Budget Office, in 1980 the share of all pre-tax income collected by the top 1% of earners was 9.1%; in 2006 it was 18.8% (federal taxation cut that share to 16.3%). In 1980, the average income of the top 1% was about 30 times that of the lowest 20% of households; in 2006 it was more than 100 times that of the lowest quintile."</ref
ref>Top 5 targets of Occupy Wall Street The Christian Science Monitor by Maud Dillingham</ref
ref name="CBPP">"Tax Data Show Richest 1 Percent Took a Hit in 2008, But Income Remained Highly Concentrated at the Top." Center on Budget and Policy Priorities. Accessed October 2011.</ref
ref name=doubled>Top Earners Doubled Share of Nation’s Income, Study Finds New York Times By Robert Pear, October 25, 2011</ref
new
[edit]http://www.nytimes.com/2011/10/06/opinion/occupied-wall-street-seen-from-abroad.html
http://www.nytimes.com/2011/10/07/opinion/krugman-confronting-the-malefactors.html
http://topics.nytimes.com/top/reference/timestopics/organizations/o/occupy_wall_street/index.html
visualeconomics.creditloan.com/wp-content/uploads/2011/11/OccupyWallStreet-Dan-110411-1.jpg
should be good http://www.guardian.co.uk/news/datablog/video/2011/nov/16/99-v-1-occupy-data-animation
- This is filed under "news" and "world news," also referenced by [2], it is part of their general coverage of the Occupy movement
http://www.cbsnews.com/8301-215_162-57328622/a-populist-uprising-may-shape-2012/
The financial times:
"Today only the foolhardy would dismiss a movement reflecting the anger and frustration of ordinary citizens from all walks of life around the world … the fundamental call for a fairer distribution of wealth cannot be ignored." The American dream "has been shattered by a crisis brought about by financial excess and political cynicism. The consequence has been growing inequality, rising poverty and sacrifice by those least able to bear it – all of which are failing to deliver economic growth." It ends thus: "The cry for change is one that must be heeded." [3] and
Source summary
[edit]Here is a source from The Guardian. It is linked from the main website, where is is under News --> World News --> Occupy movement [4] as of Nov 21. It is by Simon Rogers, who in addition to working on the datablog is also a news editor on the Guardian. The only reason we would have to question this source is that it is called a "blog." I checked this source out on the RS noticeboard here, and I think editors agreed that although for opinion it would have to be cited inline, it is a reliable source for the economic statistics relevant to the "We are the 99%" slogan. The most negative comment noted that choice of statistics can be used to make a point, but that we face such problems with any news source. We cannot use raw data on Wikipedia unless it's specifically about the subject, and the Congressional Budget Office isn't going to oblige us by saying that their data support the "99%" slogan. Thus we have to use secondary sources to avoid OR. I suggest that this is a reliable source for the article.
- This is filed under "news" and "world news," also referenced by [5], it is part of their general coverage of the Occupy movement
Text
[edit]The phrase "The 99%" is a political slogan of "Occupy" protesters.[1] It was originally launched as a Tumbler blog page in late August of 2011 by an anonymous 28-year-old New York activist named "Chris."[2][3][4] It refers to the vast concentration of wealth among the top 1% of income earners compared to the other 99 percent, and indicates that most people are paying the price for the mistakes of a tiny minority.[5][6][7]
According to a Congressional Budget Office (CBO) report, gains in income have been consintrated in the top 1% of the population, who have more than doubled their income over the last thirty years.[8] The report was released just as concerns of the Occupy Wall Street movement were beginning to enter the national political debate.[8]
Public opinion: XXXXXXXXXXXXXXXXXXXXXX
Incomes:
In 2010, the average American income was $26,487, which in real terms was over $2000 less than in 2006. The income of the 24 million poorest households went down 10%, while the 400 wealthiest households went down 4%, which is $270.5 million lost for each household. During the Great Recession poverty has increased, but sales of luxury goods such as luxury cars have increased. Today, top executives are paid an average of $4.9 million each, and executives at the largest companies are paid XXXmoreXXX than 4 times what they were in the 1970s. During the same period, non-supervisory workers saw their pay decrease by over 10%.
Taxes:
Those whose incomes are $100,000 to $200,000 yearly pay up to 25% in taxes, but the tax returns of the 400 richest households show that they paid an average of 18.1% in 2008, lower than the 23% they paid in 2001
this is because: summary of financial wealth versus overall wealth
Wealth:
he richest 1% of Americans own a third of the wealth, and the top .01% of the population
checked to here
According to the CBO, between 1979 and 2007 the incomes of the top 1% of Americans grew by an average of 275%. During the same time period, the 60% of Americans in the middle of the income scale saw their income rise by 40%. Since 1979 the average pre-tax income for the bottom 90% of households has decreased by $900, while that of the top 1% increased by over $700,000, as federal taxation became less progressive. From 1992-2007 the top 400 income earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%.[9] In 2009, the average income of the top 1% was $960,000 with a minimum income of $343,927.[10] In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. Financial inequality (total net worth minus the value of one's home)[11] was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[12] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.[12][13][14] During the economic expansion between 2002 and 2007, the income of the top 1% grew 10 times faster than the income of the bottom 90%. In this period 66% of total income gains went to the 1%, who in 2007 had a larger share of total income than at any time since 1928.
References
[edit]- ^ "Occupy Prescott protesters call for more infrastructure investment". Western News&Info, Inc. Retrieved 11-17-11.
{{cite web}}: Check date values in:|accessdate=(help) "The "99 percent" phrase has become the slogan of the Occupy Wall Street movement that has spread throughout the United States." - ^ "We Are the 99 Percent" Creators Revealed Mother Jones Fri Oct. 7, 2011 By Adam Weinstein
- ^ ""We Are the 99 Percent" Creators Revealed". Mother Jones and the Foundation for National Progress. Retrieved 11-17-11.
{{cite web}}: Check date values in:|accessdate=(help)"It began as a simple little idea, just another blog among millions. The Occupy Wall Street protest was scheduled to begin on September 17, and launching We Are the 99 Percent on Tumblr seemed like a good way to promote it." - ^ "The World's 99 Percent". FOREIGN POLICY, PUBLISHED BY THE SLATE GROUP. Retrieved 11-17-11.
{{cite web}}: Check date values in:|accessdate=(help) - ^ Cite error: The named reference
Reutersmalfeasantwas invoked but never defined (see the help page). - ^ "Wall Street protests spread". CBS News. Retrieved 11-17-11.
{{cite web}}: Check date values in:|accessdate=(help) - ^ CBO: Top 1% getting exponentially richer CBS News, October 25, 2011 "The Occupy Wall Street movement has, for the most part, been formed around the idea that wealth distribution in America is unfair, and that the economic system is skewed to reward the already wealthy with the highest gains. A new report from the Congressional Budget Office appears to have confirmed that. Specifically, it has confirmed that the rich really are getting richer. Between 1979 and 2007, the top 1 percent of Americans with the highest incomes have seen their incomes grow by an average of 275 percent, according to the CBO study (PDF)"
- ^ a b "CBO: Incomes of top earners grow at a pace far faster than everyone else's". The Washington Post. Retrieved 11-17-11.
{{cite web}}: Check date values in:|accessdate=(help) "As Occupy Wall Street and related protests inject themselves into the 2012 presidential campaigns, a new government report shows that over the past three decades the incomes of the nation’s top earners have grown far more rapidly than those of everyone else...The nation’s economic gains have been increasingly concentrated in the households of the top 1 percent, according to the Congressional Budget Office, echoing previous studies cited by Occupy Wall Street protesters. For the 1 percent of the population with the highest incomes, average income grew 275 percent between 1979 and 2007, the report said. Middle-income Americans saw just less than a 40 percent rise during the same period, while the 20 percent of the population on the bottom saw an 18 percent increase." - ^ It's the Inequality, Stupid By Dave Gilson and Carolyn Perot in Mother Jones, March/April 2011 Issue
- ^ Who are the 1 percent?, CNN, October 29, 2011
- ^ "Financial wealth" is defined by economists as "total net worth minus the value of one's home," including investments and other liquid assets.
- ^ a b Occupy Wall Street And The Rhetoric of Equality Forbes November 1, 2011 by Deborah L. Jacobs "Since 2008, national unemployment rates have remained above 9% with much higher rates for African Americans and youth—16% and 24.6% respectively. An estimated 10.4 million mortgages could default this year. Income inequality, with concentrated wealth at the top and flat incomes or impoverishment for the vast majority of the country’s population, has increased precipitously since the 1960s. The well known facts are worth reciting again: the top one percent of the country owns 34.6% of the wealth in total net worth; the next 19% owns 50.5%; the bottom 80% owns 15%. In financial wealth, the figures are even more startling: 42.7%, 50.3%, and 7.0% respectively. And these statistics from UC-Santa Barbara Sociology Professor G. William Domhoff are from 2007, the most recent complete data available for analysis. Domhoff cites economist Edward Wolff, who concludes that the Great Recession has meant a whopping drop of 36.1% in median household wealth as compared to 11.1% for the top one percent, further widening the gulf between the obscenely rich and the rest of us—the 99%."
- ^ Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—an Update to 2007 by Edward N. Wolff, Levy Economics Institute of Bard College, March 2010
- ^ Wealth, Income, and Power by G. William Domhoff of the UC-Santa Barbara Sociology Department