Word: wealth
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Dates: during 1980-1989
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...middle class? As some of its members fall into poverty and others acquire wealth, it has been shrinking. Economic consultant and investment adviser Gary Shilling calculates that the group made up of households earning from $20,000 to $60,000 a year in inflation-adjusted 1985 dollars has dwindled from 53% of the nation in 1973 to 49% in 1985. Median family income is about $30,850, almost exactly what it was 15 years ago when inflation is factored in. But even that may overstate the fortunes of the middle class, whose living standards have gone down in several ways...
Growing inequality could even threaten those who now benefit from it by putting an end to the economic expansion. An extreme concentration of wealth and income during the 1920s was a leading cause of the Great Depression. Marriner Eccles, a Republican banker from Utah who became head of the Federal Reserve Board in the 1930s, explained, "While the national income rose to high levels, it was so distributed that the incomes of the majority were entirely inadequate, and business activity was sustained only by a rapid and unsound increase in the private debt structure." Today there are disturbing parallels. Some...
...University should fully divest if diplomatic tactics fail. There is no reason for Harvard to associate with a company whose practices are unethical. While South Africa was never any different, Harvard now has a second chance to use its wealth and influence for good, and it should...
...outers. The long list of possessions mentioned in the filing included Hawaiian real estate, half interest in a Vail, Colo., ski lodge, two Cadillacs, a Mercedes-Benz and a 13,649-piece Byzantine coin collection. But the petitioners, oil heirs Nelson Bunker and Herbert Hunt, realized that their fabled wealth -- still about $1 billion even after many years of financial setbacks -- was in danger of being wiped out by their burgeoning legal problems...
...referendum question on this year's ballot would, if approved, close nuclear power plants in the common-wealth because of the hazardous wastes they produce. Supporters say Question Four would make the state use other, less harmful sources of energy...