The 85 richest people in the world have as much wealth as those in the bottom half of the wealth distribution, according to a new report published Monday by Oxfam highlighting the increasing wealth inequality around the world.
Among the report's other findings:One percent of the world's population owns about $110 trillion, or about half of the world's wealth, which is 65 times the total wealth of those on the bottom half of the wealth distribution. Seventy percent of the global population live in countries where economic inequality has increased in the last 30 years. The richest one percent increased their share of income between 1980 and 2012 in 24 out of the 26 countries where the data is available. And during the Barack Obama presidency in the United States, the wealthiest one percent captured 95 percent of the post-financial-crisis growth crisis while the bottom 90 percent became poorer.
The authors of the report argue that economic inequality can be beneficial, but extreme economic inequality, like that found by the study, can be damaging. more >>
For generations, people worldwide who yearn for freedom have looked to the United States. Here, every citizen can speak his mind, pursue his passion, and exercise other God-given liberties that are unjustly denied many others around the globe.
But that doesn't mean we're above reproach in all areas of freedom. Take economic freedom, which continues to deteriorate a little more each year.
I'm not basing this on hearsay, or on the latest jobs report. Every year, The Heritage Foundation and The Wall Street Journal release a detailed, country-by-country policy guide known as the Index of Economic Freedom. And the news for the United States has been getting a little worse each year over the last several editions. more >>
WASHINGTON – Congresswoman Michele Bachmann (R-Minn.) accused President Obama of causing "constitutional anarchy" similar to former Egyptian President Mohammed Morsi, by constantly changing the Affordable Care Act, or "Obamacare," as it is being implemented. She and other conservative Republicans presented alternatives to Obamacare at a Wednesday panel hosted by The Heritage Foundation.
"Obamacare is being played out in exactly the way the activist courts deal with the Constitution — Obamacare is this living law that no one knows what it means, and whatever the President says at a press conference or in a tweet reveals what's in the law," former presidential candidate Bachmann declared. This process of "legal constitutional anarchy" is much like former Egyptian President Mohammed Morsi declaring that "whatever he said was law," the Congresswoman argued.
When asked about the plans for a House Republican retreat at the end of January, Ohio Congressman Jim Jordan laid out four broad categories — a Republican alternative to the Affordable Care Act, tax reform, welfare reform, and privacy. more >>
WASHINGTON — A group of Christian leaders addressed the United States budget as a moral issue, claiming that the programs which lead the federal government to go into debt constitute an "idol" for churches and people alike and hurt the poor and future generations.
"Idolatry is at the heart of this problem," Josh Good, program manager for the Values & Capitalism initiative at the American Enterprise Institute, declared in a Thursday panel discussion hosted by The Committee for a Responsible Federal Budget. "We need to be careful, it seems to me, about centrally planned solutions that originate here," Good urged. He encouraged people and government "to push solutions out to more local levels where people who are relationally connected to the poor can lead the way."
Jay Richards, distinguished fellow at the Institute for Faith, Work and Economics, declared that "essentially, what we're dealing with on the national debt is an externality where the benefit is in the present and the cost is for someone else in the future." Richards insisted that it is always wrong to saddle future generations with debt in order to get a short benefit in the present. He argued for a non-governmental safety net, in order to avoid national debt and achieve more effective charity. more >>
President Barack Obama said Tuesday he would move ahead with his "year of action" agenda without waiting for Congress to pass legislation.
"I've got a pen, and I've got a phone. And I can use that pen to sign executive orders and take executive actions and administrative actions that move the ball forward," he told reporters before a meeting with his Cabinet.
Obama described 2014 as a "year of action" at last month's end of the year press conference. Since then, the phrase has emerged as a theme for the White House. His Jan. 11 weekly address, for instance, was titled, "Ensuring 2014 is a Year of Action to Grow the Economy." more >>
Remember the old children's song, "First comes love, then comes marriage, then comes baby in a baby carriage?" Once, it was more than a song, it was a universal recognition of how most families come into being. But now, a new tune is being sung, and it is decidedly off-key.
A paper is about to released by the National Center for Health Statistics, part of the Centers for Disease Control and Prevention, which shows a major change in our culture. The Center reports that for the first time in over the last ten years, "shotgun cohabitations" outdistance "shotgun marriages." Translated, it means once, when a couple conceived a child out-of-wedlock, they would marry to save face and remove the stigma of illegitimacy. Now, they simply move in together, and skip the wedding.
Data from the government's National Survey of Family Growth states that from 2006 to 2010, 18 percent of all single, pregnant women chose to move in with the baby's father, compared to 5.3 percent who opted for marriage when a child was conceived. In the 1990's, almost 25 percent of couples that conceived before marriage would wed. During that same period, out-of-wedlock cohabiting births have grown from 11 to 24 percent. more >>