Perhaps the most pathological problem with super is the most neoliberal: An enormous, extractive financial sub-industry has been built around it. Currently Australia pays over $30 billion dollars a year in super fees. Much of this is skimmed from low-balance accounts belonging to the worst off. It’s nearly the size of the military budget (roughly $40 billion) and twice what the whole country spends on electricity.
There are tens of different super funds, but all perform roughly the same role. This multiplication of effort means Australia’s superannuation system is absurdly wasteful. Super fees add up to more than $1,000 for every person in Australia, every year. By comparison, Norway’s nationalized pension fund has over twenty times lower fees per invested dollar.
These are the children some Frummer Rabbi’s tell their followers should be killed like vermin and develop hostile minds (ODT)
While most of us see ourselves as ‘not racist’, we continue to reproduce racist outcomes and live segregated lives
I am white. As an academic, consultant and writer on white racial identity and race relations, I speak daily with other white people about the meaning of race in our lives. These conversations are critical because, by virtually every measure, racial inequality persists, and institutions continue to be overwhelmingly controlled by white people. While most of us see ourselves as “not racist”, we continue to reproduce racist outcomes and live segregated lives.
Andrew Leigh, a member of the Australian parliament, has a side gig. He just happens to be a working economist. Other lawmakers may spend their spare hours making cold calls for campaign cash. Leigh spends his doing research — on why our modern economies are leaving their populations ever more unequal.
Leigh’s latest research is making some global waves. Working with a team of Australian, Canadian, and American analysts, he’s been studying how much the prices corporate monopolies charge impact inequality.
Working Class Middle America voted and wereconned into this. No cuts Abbott did the same in Australia. (ODT)
The income survey data show an even more mixed record. The Our World in Data database shows that by 2003 the real income of the median Australian household was only about 5% higher in real terms than in 1989, while the second and third decile households – mainly headed by those on low wages and some on social security – were actually no better-off than in 1989, largely due to the effects of the early 1990s recession.
Despite the way it’s been spun, the Commission’s main message is that in the decades ahead we will need both policies that generate economic growth and policies that ensure it’s well spread. One without the other could leave many of us worse off.
Aboriginal and Torres Strait Islander peoples still face key factors of inequality, such as: high incarceration rates, health issues, access to lands, high rates of children being taken away from their families and the need for self-determination for Aboriginal and Torres Strait Islanders peoples.
“It really does require a sentence to be imposed that will provide adequate deterrence to ensure that investors, who these days often are retired people who have no other means of earning a livelihood except for their investments … are adequately protected,” McLennan told a gobsmacked court.
Inequality is rising but we can learn from an earlier, more egalitarian Australia and reclaim the “fair go”.
Thursday 3 August 2017 When the lady with the awful hairdo uttered these villainous words of inequity … ”There is no such thing as society. There are only individuals making there are only individuals making their way” (paraphrased) … and when the second-rate actor aligned his politics with the Christian Right, the scene was set for…
Inequality is growing because there is an uneven distribution of power.
Inequality in wealth had “become more pronounced in the past few years because of the of the rise in assets prices – people that own those assets have seen their wealth go up,” he said.
Scholarships at private schools might be highly sought after, but they cause otherwise progressive people to support institutions that maintain structural inequality in society
The free trade has been beneficial for some countries, but has left developing nations in a perpetual state of struggle. According to Kamal Ahmed, who is a specialist in the field of Economics and a journalist for the BBC, a report published by the World Bank highlighted …
When Palestinians demand their attackers receive the same punishments as those who target Jews, the pretense of equal treatment before the law slips away. Some of Israel’s most hardline politicians are fond of saying that they don’t differentiate between terror attacks perpetrated by Jews and Palestinians. In the wake of the Duma arson that killed three members of the Dawabsheh family, the likes of Prime Minister Benjamin Netanyahu, Miri Regev, Ayelet Shaked and Naftali Bennett were all heard singing variations on the theme of “terror is terror, no matter whether Jewish or Arab.” [tmwinpost] The Israeli state and its judges, however, continue…
A man who filed hundreds of fake tax returns in the names of international students to claim money from the tax office will serve his sentence under an intensive corrections order.
As temperatures rise with climate change, the Earth’s natural capital will change too − but there may be few winners, even among the wealthy.
A video of an Aboriginal child’s early interaction with the justice system should never have been used to confect outrage with no regard for his welfare.
Health authorities in NSW must do more to protect Aboriginal children in remote communities from “diseases of poverty”, a coroner has warned. Kia Shillingsworth was four when she was rushed to Brewarrina Hospital in the NSW far northwest on October 29, 2012. Kia had been active that morning but by the afternoon was coughing, wheezing, lethargic and running a temperature. By 9pm, Kia was coughing blood and specialist crews were rushed to her hospital bedside by midnight. She was pronounced dead around 2am.
This is truly a must-see. Pass it on.
ROBERT B. REICH, Chancellor’s Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center for Developing Economies, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century. He has written thirteen books, including the best sellers “Aftershock” and “The Work of Nations.” His latest, “Beyond Outrage,” is now out in paperback. He is also a founding editor of the American Prospect magazine and chairman of Common Cause. His new film, “Inequality for All,” is now available on Netflix, iTunes, DVD, and On Demand.