By Rachel Goldfarb, originally published on Next New Deal
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Inequality and the American Child (Project Syndicate)
Roosevelt Institute Chief Economist Joseph Stiglitz says the impact of economic inequality in the U.S. is even stronger on its children, who could be protected through the right policy changes.
The US, with its cherished image as a land of opportunity, should be an inspiring example of just and enlightened treatment of children. Instead, it is a beacon of failure – one that contributes to global sluggishness on children’s rights in the international arena.
Though an average American childhood may not be the worst in the world, the disparity between the country’s wealth and the condition of its children is unparalleled. About 14.5% of the American population as a whole is poor, but 19.9% of children – some 15 million individuals – live in poverty. Among developed countries, only Romania has a higher rate of child poverty. The US rate is two-thirds higher than that in the United Kingdom, and up to four times the rate in the Nordic countries. For some groups, the situation is much worse: more than 38% of black children, and 30% of Hispanic children, are poor.
None of this is because Americans do not care about their children. It is because America has embraced a policy agenda in recent decades that has caused its economy to become wildly unequal, leaving the most vulnerable segments of society further and further behind. The growing concentration of wealth – and a significant reduction in taxes on it – has meant less money to spend on investments for the public good, like education and the protection of children.
Follow below the fold for more.
Taxpayers Could be Liable Again for Bank Blunders (CBS News)
Erik Sherman speaks to Roosevelt Institute Fellow Mike Konczal about the modification to Dodd-Frank built into the spending bill. Mike says the changes come straight from the banks.
Progressives Just Lost a Fight on the Budget. So Why Are They So Happy? (TAP)
Paul Waldman suggests that GOP control of Congress is liberating to the more progressive Democrats, because they no longer have to compromise to pass Democratic legislation.
The Year in Inequality: Racial Disparity Can No Longer Be Ignored (AJAM)
Ned Resnikoff says solving American economic inequality will prove impossible without acknowledging the racial disparities brought on largely by inheritance and homeownership.
Economic Recovery Spreads to the Middle Class (NYT)
Nelson D. Schwartz says the U.S. economy is showing its very first signs of the wage gains that will be needed for the economic recovery to reach the middle class.
Even With a GOP Congress, Obama Could Still Defend American Workers. Here’s How. (In These Times)
David Moberg puts together a list of ten items that the president could accomplish using the Department of Labor, in particular by strongly enforcing the Fair Labor Standards Act.