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Wealth Gap

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NEWS
January 29, 2012 | By Mark Zandi
Mitt Romney's run for the presidency has highlighted the widening gulf between the nation's haves and have-nots. As a founder in the 1980s of Bain Capital - among the nation's most prominent private-equity firms - Romney became extremely wealthy. As his tax returns show, he continues to receive tens of millions of dollars each year in returns on his investments. As Romney rightly argues, he has nothing to apologize for - his success reflects his talent and gives him real credibility when discussing the economy.
BUSINESS
November 8, 2011 | By Hope Yen, Associated Press
WASHINGTON - The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt. According to a Pew Research Center analysis of census data, released Monday, the median net worth among U.S. households headed by a person age 65 or older was 47 times greater than that of the median household headed by someone under 35. While people typically accumulate assets as they age, this gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation.
NEWS
September 5, 2000
While presidential candidates Al Gore and George W. Bush argue over tax cuts - how big they should be and who should get them - they agree on one tax break: The Earned Income Tax Credit. EITC cuts taxes for lower-income workers. That means those making less than $27,413 this year and with at least one child living with them; the credit is higher if a worker has two children. And it's "refundable," which means that if a worker ordinarily wouldn't have to pay federal income taxes, he or she would get the money anyway.
NEWS
July 12, 2000 | by Dana DiFilippo, Daily News Staff Writer
Loath to draw authorities' attention, most activists planning to protest during this summer's Republican National Convention are as secretive about their activities as casino card-counters. But today, organizers of the "Shadow Conventions" - an alternative gathering of activists and political muckrakers - will detail their plans for the five-day GOP convention, which kicks off July 31. Their goal, Shadow planners say, is to instigate real debate about real issues - instead of the "scripted, crafted and controlled forums" they predict will characterize the official party gatherings.
NEWS
March 28, 2005
Social Security has been a stabilizing promise President Bush has begun his second term with an aggressive effort to remake the Social Security program. Demographic data clearly indicate that the ratio of workers to recipients has dropped dramatically and will fall even further as the baby boomers begin to retire en masse. Depending on the political party one listens to, the dire impact of this situation will be felt sooner or later. Nevertheless, the situation needs to be addressed.
NEWS
August 5, 1998
America still owes itself a lot of talking, striving and promise-keeping to heal what racism has wrought. Despite the President's call for a soul-searching dialogue, millions of white Americans act as if it's no big deal, as if the missing ingredient were a little more gumption among racial minorities. Even well-intended citizens, appalled at the lingering effects of racism, still may wonder: What do we do now? Doesn't anyone have fresh ideas? If you're asking that question, it means you weren't among the thousands attending the National Urban League's annual conference, which wraps up today in Philadelphia.
NEWS
August 16, 2013
FIFTY YEARS AGO this month, on Aug. 28, 1963, Martin Luther King Jr. led a March on Washington that focused in part on economic equality. "The Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity," King said that day. Fifty years later, the income and wealth gap for minorities is still wide and troubling. The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to the Pew Research Center.
SPORTS
December 1, 2011 | DAILY NEWS WIRE REPORTS
THE FLYERS are ranked the eighth-most valuable NHL franchise by Forbes magazine with a worth of $290 million. That represents a decline from last year, when the Flyers were ranked sixth, at $301 million. Forbes ranked the Toronto Maple Leafs as the most valuable NHL franchise with a worth of $521 million. Forbes reported the average team value hit a record $240 million, while operating income fell 21 percent due to soaring player salaries. Hockey's wealth gap is widening: 18 of the 30 teams are losing money while top markets like Toronto, New York City and Montreal see their values rising, thanks to ticket revenue and cable television deals.
BUSINESS
March 14, 2016 | By Erin E. Arvedlund, Staff Writer
Among the country's big Wall Street firms, senior-level African Americans financial advisers are rare, says Ajamu Loving. And he would know, being an adviser of color with a doctorate in financial planning. "I heard 7 percent of astronauts who traveled into space were black," says Loving, recalling an event featuring African American astronaut Leland Melvin in Tampa, Fla., last year. "It struck me that was better than the number of financial planners of color. " It's a stark reminder for a community that's challenged by the lack of diversity and a wealth gap, but that has the same need as everyone to save for retirement.
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BUSINESS
March 14, 2016 | By Erin E. Arvedlund, Staff Writer
Among the country's big Wall Street firms, senior-level African Americans financial advisers are rare, says Ajamu Loving. And he would know, being an adviser of color with a doctorate in financial planning. "I heard 7 percent of astronauts who traveled into space were black," says Loving, recalling an event featuring African American astronaut Leland Melvin in Tampa, Fla., last year. "It struck me that was better than the number of financial planners of color. " It's a stark reminder for a community that's challenged by the lack of diversity and a wealth gap, but that has the same need as everyone to save for retirement.
NEWS
August 16, 2013
FIFTY YEARS AGO this month, on Aug. 28, 1963, Martin Luther King Jr. led a March on Washington that focused in part on economic equality. "The Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity," King said that day. Fifty years later, the income and wealth gap for minorities is still wide and troubling. The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to the Pew Research Center.
NEWS
June 11, 2012 | By Bob Brady
One of the most destructive trends in our nation today is the growth of income inequality. The increasing concentration of wealth, the shrinking of the middle class, and the growing number of people who are working but still poor threaten prosperity and undermine democracy.   The frustration about this is palpable among many in my district. But the problem is so vast that many aren't sure how it can be addressed. Unions, it turns out, are part of the answer. I recently learned of a struggling working mother in my district.
NEWS
January 29, 2012 | By Mark Zandi
Mitt Romney's run for the presidency has highlighted the widening gulf between the nation's haves and have-nots. As a founder in the 1980s of Bain Capital - among the nation's most prominent private-equity firms - Romney became extremely wealthy. As his tax returns show, he continues to receive tens of millions of dollars each year in returns on his investments. As Romney rightly argues, he has nothing to apologize for - his success reflects his talent and gives him real credibility when discussing the economy.
SPORTS
December 1, 2011 | DAILY NEWS WIRE REPORTS
THE FLYERS are ranked the eighth-most valuable NHL franchise by Forbes magazine with a worth of $290 million. That represents a decline from last year, when the Flyers were ranked sixth, at $301 million. Forbes ranked the Toronto Maple Leafs as the most valuable NHL franchise with a worth of $521 million. Forbes reported the average team value hit a record $240 million, while operating income fell 21 percent due to soaring player salaries. Hockey's wealth gap is widening: 18 of the 30 teams are losing money while top markets like Toronto, New York City and Montreal see their values rising, thanks to ticket revenue and cable television deals.
NEWS
November 21, 2011
By David A. Love Several recent reports demonstrate that the widening national inequality that has been the focus of the Occupy movement is not an illusion. A new report from the Bertelsmann Foundation shows that it is harder to climb the economic ladder in America than in nearly any other country in the developed world. Of the 31 countries surveyed, the United States ranked an astonishing 27th. Meanwhile, a study by the Congressional Budget Office found that the United States has become substantially more unequal over the past several decades.
BUSINESS
November 8, 2011 | By Hope Yen, Associated Press
WASHINGTON - The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt. According to a Pew Research Center analysis of census data, released Monday, the median net worth among U.S. households headed by a person age 65 or older was 47 times greater than that of the median household headed by someone under 35. While people typically accumulate assets as they age, this gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation.
NEWS
September 22, 2011 | BY WILL BUNCH, bunchw@phillynews.com 215-854-2957
KEVIN COLEMAN doesn't need a thick, glossy report from the Pew Research Center to tell him that the wealth of black families in America has decreased sharply since the middle of the 2000s. He's lived it. The Philadelphia man raised five kids as a single dad after a bad marriage to a woman who struggled with drug addiction, and he even saved enough in a 15-year run as a full-time cable-TV installer to finally buy a home in Olney in 2006 - right at the peak of the housing boom. Then came the crash of 2008, and Coleman lost his job. Within a matter of months, he'd lost the home as well - to foreclosure - and thus any equity he'd accumulated on the house.
BUSINESS
July 26, 2011 | By Hope Yen, Associated Press
WASHINGTON - The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The overall gap between rich and poor also widened, according to an analysis of census data. The Pew Research Center's Social & Demographic Trends project looked at U.S. Census data and found that the recession and uneven recovery had erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics. The analysis offers the most direct government evidence yet of the disparity between predominantly younger minorities, whose main asset is their home, and older whites, who are more likely to have 401(k)
NEWS
November 23, 2006
A deadly dish Re: "The soul of a Southern Thanksgiving," Nov. 16: Delilah Winder is doing her best to commit murder or perhaps death by suicide if anyone eats her macaroni and cheese. The sound we hear coming from her restaurant is not music, but arteries clogging. The dish has more than 58 grams of fat and 800 calories per serving! No wonder so many people are obese and diabetic, with high blood pressure. That recipe was mind-boggling. Please, let no one make this dish. Judy Filipkowski Wilmington Eakins would agree Brian Harrison, from Thomas Jefferson University, has put up a pragmatic argument for the good that can be accomplished for the school by selling Thomas Eakins' The Gross Clinic, allowing Jefferson to expand its facilities ("Symbol and conduit of Jeff's mission," Nov. 16)
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