YOU ARE HERE: LAT HomeCollectionsWealth Gap

Wealth Gap

December 26, 2013 | By Julie Makinen
BEIJING -- China marked the 120th anniversary of Mao Tse-tung's birth Thursday, feting the communist revolutionary with concerts of patriotic songs, visits to his mausoleum in Tiananmen Square, broadcasts of TV docudramas and exhibits of calligraphy and photography. President Xi Jinping, Prime Minister Li Keqiang and other senior leaders paid respects at Mao's mausoleum, where his body first went on view in 1977, a year after his death. Xi, who has been championing an anti-corruption campaign, said that this year's Mao commemorations should be “solemn, austere and practical,” but some of the commemorations have been extravagant.
November 8, 2010 | By Michael I. Norton and Dan Ariely
The gap between the wealthiest Americans and the poorest is bigger than at any time since the 1920s ? just before the Depression. According to an analysis this year by Edward Wolff of New York University, the top 20% of wealthy individuals own about 85% of the wealth, while the bottom 40% own very near 0%. Many in that bottom 40% not only have no assets, they have negative net wealth. A gap this pronounced raises the politically divisive question of whether there is a need for wealth redistribution in the United States.
November 12, 2010
Another calamity in Haiti Re "Haiti once again at disaster's brink," Nov. 10 It appears that the world doesn't understand the adage "An ounce of prevention is worth a pound of cure. " After the disastrous earthquake hit, there was an outpouring of contributions from Americans and people all over the world to help the Haitian people rebuild. Bill Clinton and George W. Bush went to Haiti to help lead the efforts. It appears somewhere along the line, the world just forgot about Haiti.
January 21, 2007 | From Times Wire Reports
More than 80,000 people gathered for an anti-capitalism conference in Nairobi, marching from Kibera, its largest slum, to the downtown area in a protest of global policies they say hurt the poor. In Nairobi, Kenya's capital, at least 700,000 people live in Kibera, just one square mile, with little access to running water and other basic services. Organizers of the World Social Forum set up the march to contrast the slum with Nairobi's elegant homes and hotels.
January 13, 2014 | By Emily Alpert Reyes
Poorer Americans suffered bigger blows than richer ones as the housing market fizzled during the Great Recession, causing wealth inequality to surge for the first time since the 1980s, a new report finds. During the recession, tumbling values in the housing market “increased wealth inequality because houses are the main asset of less advantaged groups,” reported the Stanford Center on Poverty and Inequality. Unlike the very rich, who held more of their wealth in stocks or businesses, poor and middle-class Americans banked more heavily on housing.
November 7, 2013 | By Steven Zeitchik
"Ender's Game" may not be the best-executed adaptation in the history of moviedom. But it's based on a major bestseller and a longtime fan favorite, so by all rights it should have made a boatload of money instead of eking out $28 million on its first weekend and going quietly into that dystopian night. It's hardly alone, of course. Why the young-adult boom has gone bust has been a hot topic  in development circles in recent weeks. There are rarely the kind of feeding frenzies in Hollywood of the kind that followed the first "Harry Potter" movies (and, to a somewhat lesser extent, the first “Twilight” movie)
August 13, 2000 | JAMES FLANIGAN
Southern California has had more than its share of boom times, but right now the economy is doing better than ever. The region, stretching from north of Los Angeles to the Mexican border, has a real chance to emerge in this decade as the most vital area in the world, measured in jobs, global importance and technological edge. It could blow those opportunities, to be sure--the region is hardly bulletproof.
August 23, 1999 | EDWARD J. McCAFFERY, Edward J. McCaffery, a professor at USC Law School and visiting professor of law and economics at Caltech, is the author of "Taxing Women" (Chicago Press, 1997)
I have been writing, lecturing and testifying against the gift and estate taxes--so-called death tax--for many years. My work has been credited with getting the current anti-death tax movement started. I have nonetheless been as shocked as anyone that politicians actually seem to have listened. We now stand at a moment when the death tax may be altogether eliminated, as the recent House tax cut bill would do, or reduced, as even Democratic compromises now propose.
April 12, 2005 | From Times Wire Reports
Thousands of villagers rioted in eastern China, injuring dozens of police, after two of about 200 elderly women protesting factory pollution died during efforts to disperse them, residents and officials said. The rioting Sunday in Huankantou village in the wealthy coastal province of Zhejiang was the latest in a string of outbreaks of rural violence as the world's most populous nation confronts a widening wealth gap and widespread corruption.
Los Angeles Times Articles