Stuff YOU Should Know
Income Gap Between Americans Grows
A group made up of economists from around the world compiled IRS figures from the past 100 years. They concluded that the difference in income between the richest 1% of earners in America and the rest is the widest since the Great Depression. Even though the gap has been growing steadily over the past three decades, many believe that incomes swelled recently because the rich cashed in stocks as a way to avoid a recent increase in capital gains tax. Other factors include reduced costs for employers, outsourcing labor to other countries, the acceleration of technology, and a reduction in the power of the union.
For many generations, the wealthy largely inherited their money. In contrast, today’s top earners are more likely to be the “working rich,” highly paid executives or business owners. Their income is made up of regular wages, the sale of stocks, and other assets. In 2012, their incomes rose almost 20 percent, to above $394,000 a year. The income of the remainder of earners, on the other hand, rose only 1 percent last year.
Dig Deeper The economists reported that the gap was at its most narrow just after World War II. Do some research and find out why.
New Music Preview
Credit: ©Fancy Collection/SuperStock; New albums coming out in the fall are generating some interest in the media.
Some say that summer is the time for the hit single, while fall belongs to the album. While good music can come out any time, fall is typically the time when the big record labels seem to bring out their best of the year.
Releases getting much of the attention:
- Justin Timberlake – The 20/20 Experience Part 2. Even though last year’s 20/20 Experience Part 1 was his first release of new music since 2005, JT has hardly been out of the spotlight, what with all of his movie roles, producing duties, and guest spots on SNL.
- Britney Spears – Piece of Me. This is the eighth studio album from Ms. Spears. Will.i.am of the Black Eyed Peas is executive producer. It was scheduled to be released in December, but a leak on iTunes is likely to move that date up to fall. This times nicely with her recent announcement of 50 concert dates in Las Vegas throughout 2014 and ’15.
- Drake – Nothing Was the Same. This Canadian actor-turned-rapper has gained quite a following over the past few years. His third release comes on the heels of a Grammy win for the Best Rap Album for his sophomore album, Take Care.
- Elvis Costello and the Roots – Wise Up Ghost. Gen Xers and Millenials are likely to both be very excited about this collaboration by the punk rocker and hip-hop band. Root’s drummer ?uestlove described the project as a “moody, brooding affair, cathartic rhythms and dissonant lullabies.”
Other artists with widely anticipated releases include pop divas Katy Perry (Prism), Lady Gaga (Artpop), and Miley Cyrus (Bangerz); rockers Kings of Leon (Mechanical Bull) and Arcade Fire (Reflecktor); and “classic” artists Pearl Jam (Lightning Bolt), Nine Inch Nails (Hesitation), and Elton John (The Diving Board).
What Do You Think? Who are the artists you like to listen to? Are any of them represented above? If so, which are you most looking forward to hearing? If not, what new music are you anticipating?
Update on Syrian Crisis
President Obama gave a fifteen-minute televised address on September 10 to explain the latest developments in Syria. What started out as a series of peaceful protests has now escalated into a civil war, with over 100,000 people dead and millions living as refugees in other countries. While the United States has hoped to avoid military action, that changed on August 21 when Syrian President Assad ordered his troops to fire chemical gas into 11 neighborhoods in the hopes of eliminating those who oppose him. This act was a violation of international law (in 1997, the governments of 190 countries signed an agreement to prohibit such chemical weapons).
Syrian President Bashar al-Assad initially denied using chemical weapons on his own people, but has now admitted it and agreed to work with Russia (its ally) to destroy them. Weary of another Iraq or Afghanistan, Obama said he would not put “boots on the ground” in Syria. He made it clear that we do not intend to remove Assad from power. Instead, Obama would likely order a “targeted strike with a clear objective” in order to deter Assad and other would-be dictators. Following the President’s address, Secretary of State John Kerry traveled to Geneva, Switzerland, to meet with his Russian equivalent, Sergey Lavrov.
Dig Deeper This situation is likely to continue to evolve over the next several weeks and months. The President asked Congress to hold their vote on military action. Track the attempts at negotiation. How difficult do you think it will be to destroy Syria’s weapons “under international control”?
USMNT Qualifies for 2014 World Cup
The World Cup is a tournament of professional men’s soccer held every four years. It has become one of the most-watched sports competitions in the world. Thirty-two teams compete over the period of about a month. Like the Olympic games, the World Cup takes place in a different host country, chosen many years in advance. The U.S. Men’s National Team (USMNT) team recently qualified for its seventh-straight appearance at the 2014 competition, beating its long-time rival Mexico 2-0. In addition to its win, the American team needed Honduras to either win or tie in their game with Panama. (That game ended in a tie.) The U.S. team will play Jamaica in Kansas City on October 11 and then Panama on the 15th. Exhibition games will start in November in Scotland and Austria.
Meanwhile, debate over the World Cup games is heating up on the streets of Brazil. Protesters are concerned that funds for public services are lacking and much-needed improvements will be overlooked in favor of preparation for the games. Government corruption is a known problem in Brazil. There are already massive delays in the construction of stadiums, and many question the city’s ability to properly accommodate the expected crowds. Likely influenced by Arab Spring, the demonstrators are likely to continue, making progress on World Cup preparations challenging.