Meeting Minutes from InspireSeattle
Social on May 30, 2015
Income
Inequality in King County (and America)
Much has been written and said of the widening income inequality in America.
But even with the press coverage the issue has been receiving recently, most
Americans still don't realize how extraordinarily unequal our country has become
since the 1970s. These misconceptions are captured in this 6 minute video on
Wealth Inequality in America https://www.youtube.com/watch?v=QPKKQnijnsM.
This distressing trend unfortunately exists in King County as well. And the
impacts extend beyond income inequality itself - race, income, neighborhood are
each major predictors of whether we graduate from high school, become
incarcerated, how healthy we are, and even how long we will live. Given the
national and international factors leading to income inequality, is there
anything we can do about it locally?
King County is working to address this through their Equity and Social Justice
work (see the “King County Equity and Social Justice Annual Report”, which is
found on this website www.kingcounty.gov/equity (on
right of the page)). The county is committed to implementing our equity and
social justice agenda to work toward fairness and opportunity for all and to
remove barriers that limit the ability of some to fulfill their potential. Our
economy and quality of life depends on the ability of everyone to contribute.
Solutions that build equity and opportunity rely
on us all getting involved.
Guest Speaker: Carrie Cihak
Carrie S. Cihak is Chief of Policy in the King County Executive’s Office. She
develops solutions for issues that are complex, controversial, cross-agency, or
of particular concern to King County Executive Dow Constantine. Carrie leads a
team of advisors known informally as the “policy pod” to guide implementation of
the goals of the King County Strategic Plan. She comes to the Executive Office
after eight years as a senior-level policy and budget analyst for the County
Council. Carrie is trained as a PH.D-level economist and worked on
international trade and finance for President Clinton’s Council of Economic
Adviser.
Additional Info on Forum:
***
Earlier this week, King County Executive Dow Constantine delivered his annual
State of the County address, in which he highlighted the threat income
inequality poses for our region. He also announced a proposal called Best
Starts for Kids that would put every child in King County on a path toward
lifelong success and the ability to contribute their fullest to our region.
Best Starts for Kids would fund prevention and early intervention strategies
based on the latest brain science with a property tax levy costing the average
homeowner about $1 per week. You can view or read his State of the County
address and learn more about Best Starts for Kids here: http://1.usa.gov/1bRrqTr.
***
Joseph Stiglitz, Nobel prize winner in economics, has outlined what must be done to
restore a just and equitable economy in the United States. Below is a link to the report he produced as
chief economist at the Roosevelt Institute:
Rewriting
the Rules of the American Economy: An
Agenda for Growth and Shared Prosperity
***
Subsidies, tax
treatment, legal protection and other mechanisms conspire to aid the wealthy
while often serving to dampen economic gains.
Below are listed 20 measures to break the legal framework that locks in inequality and are taken from a New York Times piece:
“What the Debate on Inequality is Missing” by Edouardo
Porter, New York Times, May 5, 2015
*
Stop the proliferation of trade
agreements that protect the rights of
corporations to move operations outside the
country and done little to
protect the formerly middle-class workers on
the wrong side of trade
*
Stop the steady tightening of
intellectual property rights
* Change how financiers are rewarded -
*
Replace options in bankers' pay packages with subordinated debt, to impose losses on executives if their bets went
bad down the road.
*
Banks could be forced to issue contingent capital that converts to preferred stock in times of distress, imposing
losses on existing
shareholders.
*
Eliminate/remove investment pacts in trade agreements which allow multinationals to sue governments for
compensation if regulation hurts their profits
*
Stop grandfathering existing businesses
to protect them from new
regulation
*
Stop granting water rights to whoever
first uses the water
*
Create a higher minimum wage - set at
a living wage standard
*
Guarantee of government employment up to 35 hours a week, to address
unemployment and the proliferation of unstable
hourly jobs that make it so
hard for the working poor to earn a living.
*
Strengthen unions and create a "social and economic council" where
representatives of labor and civil society
could have a say in policy,
offering a counterweight to corporate power.
* Aim gov't
research budget toward technologies that might help the
employability of workers rather than
substitute for them.
*
Reform antitrust law, to broaden its narrow focus on efficiency and
explicitly consider its impact on the
distribution of wealth.
*
Marginal income tax rates could be pushed higher (65%?) not only to raise
more revenue but also to reduce the incentive
for executives to do whatever
it takes to increase the next quarter's profit
and bolster their own
compensation.
*
To give ordinary workers a real stake, create a universal capital
endowment for every adult - financed through a
substantial wealth transfer
or estate tax
*
Create a sovereign wealth fund to invest in promising companies
*
Create a government bond that offers a real return - perhaps linked to
the rise of average household income - to
evade the predatory fees that
banks impose on the middle class's
investments.
Many thanks to our speaker Carrie Cihak, Dave Gamrath for
organizing and emceeing, and Candy Sullivan for hosting this important discussion.
|
|
Previous meeting minutes
- June 3, 2017, Immigration Workshop
- February 19, 2017, Action Against Trump
- December 4, 2016, Transforming Anger
- July 9, 2016, Growth in West Seattle
- May 7, 2016, Trans-Pacific Partnership
- March 5, 2016, Hidden Half of Nature
- November 15, 2015, Nick Licata: ALEC
- October 3, 2015, City Council Forum
- May 30, 2015, Income Inequality
- April 25, 2015, Ending the War on Drugs
- March 14, 2015, Consequences of Energy
- February 7, 2015, Fighting Hunger
- November 15, 2014, Restoring Democracy
- October 4, 2014, The Political Mind
- May 31, 2014, Obamacare
- May 3, 2014, Surveillance Technology
- March 8, 2014, Sexual Abuse in the Military
- January 25, 2014, No New Jim Crow
- November 16, 2013, WAmend: SuperPacs
- October 19, 2013, Earthquake Risk
- September 7, 2013, Wiring the Brain
- June 8, 2013, Who are the Moochers?
- April 27, 2013, Port of Seattle
- March 23, 2013, Electing by District
- February 23, 2013, Beyond Coal
- January 12, 2013, Saving Our Forests
- October 20, 2012, Climate Change
- September 15, 2012, Initiative Process
- June 16, 2012, J Street
- May 12, 2012, Transportation in Seattle
- March 31, 2012, Death Penalty
- February 25, 2012, Duwamish River
- January 21, 2012, Bob Ferguson
- November 19, 2011, Immigration Policy
- October 15, 2011, Inequality
- June 18, 2011, Social Justice Issues
- May 21, 2011, Washington Investment Trust
- April 23, 2011, Panel: Community Needs
- February 26, 2011, Sustainability
- January 22, 2011, Social Security
- November 6, 2010, Health Care Reform
- October 2, 2010, Charter Schools
- June 26, 2010, Sustainable Biofuels
- May 22, 2010, Education in Afghanistan
- March 20, 2010, Debt Relief
- January 23, 2010, Recycling
- November 7, 2009, Genetically Engineered Foods
- October 10, 2009, Homelessnesss
- September 19, 2009, Population
- June 13, 2009, Racism
- May 16, 2009, Nuclear Energy
- April 11, 2009, Affluenza
- March 7, 2009, Education
- January 10, 2009, Iraqi Refugees
- November 8, 2008, Palestine
- October 11, 2008, Corporate Responsibility
- September 13, 2008, Sally Clark
- June 21, 2008, U.N. Millenium Goals Project
- May 16, 2008, Evangelicalism
- March 29, 2008, Media
- February 23, 2008, Niger Delta
- January 19, 2008, Environmental Issues in Washington State
- Nov. 17, 2007, Affordable Housing
- Oct. 13, 2007, Health vs. Healthcare
- Sept. 8, 2007, Nick Licata
- June 23, 2007, Local Transportation
- May 5, 2007, Global Warming
- Mar. 31, 2007, Publicly Financing Campaigns & Impeachment
- Feb. 09, 2007, Family Planning and Population
- Jan. 6, 2007, Peak Oil
- Oct. 20, 2006, Upcoming Election, David Goldstein
- Sept. 17, 2006, Initiative Process
- July 22, 2006, Women in Politics
- June 10, 2006, Local Transportation
- April 22, 2006, Language in Politics
- Feb. 25, 2006, War in Iraq
- Jan. 14, 2006, Eric Oemig
Previous IAN Events
|
|
|