UFE's E-News - October 2007
A Special Dispatch to Help You Fight for a Fair Economy
Another World is Possible; Another US is on the Way
This summer, three members of UFE's Tax and Education Teams flew to Atlanta to join over 10,000 social and economic justice activists for the first nationwide social forum event in the U.S. The United States Social Forum (USSF) was marked by a spirit of determination to build unity between the very diverse attendees of the conference. Everywhere there was strong enthusiasm - as evidenced by events packed beyond double capacity - and an overarching feeling of solidarity spread over boundaries of ethnicity, skin color, gender, and country of origin. This small step of a conference was a giant leap for the economic justice movement. Read our full report here.
A new study by Charles Schwab and Ariel Mutual Funds finds that those of African descent will have a tougher time retiring than whites. According to the report, this disparity in retirement savings is not just a behavioral issue, and won't be changed simply through more financial education. It's that African-Americans CAN'T save as much, because they are more likely to be supporting elderly parents than whites, paying higher mortgage rates, and/or inheriting less. Fortunately, there is growing awareness across the country that this is not OK. Read more here.
Responsible Wealth Action News
Responsible Wealth is UFE's group of business people, investors, and affluent individuals among the top 5% of income earners and asset holders in the US who are concerned about growing economic inequality and are joining together to publicly address the problem. The October newsletter contains a range of articles from reports on this year's resolution to Wells Fargo, to Estate Tax updates and Wal-Mart shareholder "pep rallies." Read a PDF of the newsletter. Learn more about the Responsible Wealth project.
Is Your State Helping the Poor?
Helping low-income folks build assets is a key long-term solution to economic inequality. The Corporation for Enterprise Development (CFED) founded by Robert Friedman, long-time friend and supporter of UFE, has recently released state-by-state core policy ratings on assets and opportunity. Policies reviewed include incentives for college savings, curbing predatory lending, and state earned income tax credit, among many more. Print out the new scorecard and see how your state is doing!
This year's Executive Excess report has been better received than ever before! The report, which points to the growing burden on society of outrageous CEO pay, has been cited in mainstream and alternative press across the nation. We're definitely pushing the debate in the right direction. Here are some sample articles:
Reuters - They Make More in One Day Than You Do All Year
Marie Cocco - CEO's More Valuable Than Cancer Research
Barbara Ehrenreich - It's Not Easy Being Ultra-Rich
Progressive Merger Promises New Organizing Capacity
In late September, our key ally in the estate tax fight, USAction, which has 24 state affiliates on the ground, merged with online activist leader TrueMajority. With TrueMajority onboard, USAction is the first progressive group to effectively combine the netroots with the grassroots. This marks a huge stride for the economic and social activist movement by uniting the vast online world with real-life, in-your-face activism on the ground. Read their statement here.
Those familiar with the online social network Facebook, will be happy to know that our UFE Facebook Group page is up and running. Facebook's user-friendly interface and vast population will now help spread awareness of UFE and our materials, events and actions. Please join the group and feel free to invite any (or all) of your friends to join as well!
