The Secret Shame of Middle-Class Americans (Neal Gabler) from the Atlantic
"Nearly half of Americans would have trouble finding $400 to pay for an emergency. I’m one of them. ... According to research funded by the Russell Sage Foundation, the inflation-adjusted net worth of the typical household, one at the median point of wealth distribution, was $87,992 in 2003. By 2013, it had declined to $54,500, a 38 percent drop. And though the bursting of the housing bubble in 2008 certainly contributed to the drop, the decline for the lower quintiles began long before the recession—as early as the mid-1980s, Wolff says."
Showing posts with label Economic policy. Show all posts
Showing posts with label Economic policy. Show all posts
Sunday, April 24, 2016
Sunday, February 14, 2016
America: Is it really going to Hell!?
How America Is Putting Itself Back Together (James Fallows) from the Atlantic
"Most people in the U.S. believe their country is going to hell. But they’re wrong. What a three-year journey by single-engine plane reveals about reinvention and renewal."
"Most people in the U.S. believe their country is going to hell. But they’re wrong. What a three-year journey by single-engine plane reveals about reinvention and renewal."
Sunday, January 3, 2016
China: A Return to the Ranks of Weak States?
Will 2016 Bring the Collapse of China’s Economy? (Gordon Chang) from the National Interest
"The severity of China’s economic problems—and the inability to implement long-term solutions—mean almost all geopolitical assumptions about tomorrow are wrong. Virtually everyone today sees China as a major power in the future. Yet the country’s extraordinary economic difficulties will result in a collapse or a long-term decline, and either outcome suggests China will return to the ranks of weak states. As an initial matter, China’s current situation is far worse than the official National Bureau of Statistics reports."
Economic collapse? Answer: Probably.
"The severity of China’s economic problems—and the inability to implement long-term solutions—mean almost all geopolitical assumptions about tomorrow are wrong. Virtually everyone today sees China as a major power in the future. Yet the country’s extraordinary economic difficulties will result in a collapse or a long-term decline, and either outcome suggests China will return to the ranks of weak states. As an initial matter, China’s current situation is far worse than the official National Bureau of Statistics reports."
Economic collapse? Answer: Probably.
White Rage and the Death of Middle America
America’s self-destructive whites (Fareed Zakaria) from the Washington Post
"Why is Middle America killing itself? The fact itself is probably the most important social science finding in years. It is already reshaping American politics. The Post’s Jeff Guo notes that the people who make up this cohort are “largely responsible for Donald Trump’s lead in the race for the Republican nomination for president.” The key question is why, and exploring it provides answers that suggest that the rage dominating U.S. politics will only get worse."
"Why is Middle America killing itself? The fact itself is probably the most important social science finding in years. It is already reshaping American politics. The Post’s Jeff Guo notes that the people who make up this cohort are “largely responsible for Donald Trump’s lead in the race for the Republican nomination for president.” The key question is why, and exploring it provides answers that suggest that the rage dominating U.S. politics will only get worse."
Tuesday, November 17, 2015
The American Dream, a Nightmare of Economic Dispair
Despair, American Style (Paul Krugman) from the New York Times
"In a recent interview Mr. Deaton suggested that middle-aged whites have “lost the narrative of their lives.” That is, their economic setbacks have hit hard because they expected better. Or to put it a bit differently, we’re looking at people who were raised to believe in the American Dream, and are coping badly with its failure to come true."
"In a recent interview Mr. Deaton suggested that middle-aged whites have “lost the narrative of their lives.” That is, their economic setbacks have hit hard because they expected better. Or to put it a bit differently, we’re looking at people who were raised to believe in the American Dream, and are coping badly with its failure to come true."
Thursday, August 6, 2015
The Poorer Next Generation
We’re Making Life Too Hard for Millennials (Steven Rattner) from the New York Times
"The wealth of millennials has been hit even harder than their incomes. Their median net worth was just $10,400 as of 2013, down 43 percent from the $18,200 that Gen Xers had in 1995 when they were under 35. With incomes squeezed, millennials are not only not saving much; they are dipping into whatever savings they do have."
"The wealth of millennials has been hit even harder than their incomes. Their median net worth was just $10,400 as of 2013, down 43 percent from the $18,200 that Gen Xers had in 1995 when they were under 35. With incomes squeezed, millennials are not only not saving much; they are dipping into whatever savings they do have."
Sunday, July 19, 2015
The Rhetoric about Workers "Choosing" Not to Work
The Laziness Dogma (Paul Krugman) from the New York Times
"The real source of his remark was the “nation of takers” dogma that has taken over conservative circles in recent years — the insistence that a large number of Americans, white as well as black, are choosing not to work, because they can live lives of leisure thanks to government programs. You see this laziness dogma everywhere on the right."
"The real source of his remark was the “nation of takers” dogma that has taken over conservative circles in recent years — the insistence that a large number of Americans, white as well as black, are choosing not to work, because they can live lives of leisure thanks to government programs. You see this laziness dogma everywhere on the right."
Saturday, July 4, 2015
The New Meaning of "Retirement"
Will Baby Boomers Change the Meaning of Retirement? (Nancy Cook) from the Atlantic
"Many older Americans want and need to keep working, but that requires a major shift in the way the country thinks about the elderly."
"Many older Americans want and need to keep working, but that requires a major shift in the way the country thinks about the elderly."
Tuesday, June 23, 2015
The Populist Backlash in Europe
The Old Continent Creaks (Arthur Goldhammer) from Democracy Journal
"Austerity and the failures of the technocratic elite have created the current populist backlash. France’s experience is instructive—and, possibly, ominous."
This is something I have been saying for years: democracies cannot afford to do nothing in the face of prolonged economic hardship. European leaders are facing a double whammy here (of their own making) by PROMISING that austerity would solve something. Well, they are seven years into this economic downturn and the unemployment numbers out of the EU range from really soft to really bad.
"Austerity and the failures of the technocratic elite have created the current populist backlash. France’s experience is instructive—and, possibly, ominous."
This is something I have been saying for years: democracies cannot afford to do nothing in the face of prolonged economic hardship. European leaders are facing a double whammy here (of their own making) by PROMISING that austerity would solve something. Well, they are seven years into this economic downturn and the unemployment numbers out of the EU range from really soft to really bad.
A New Social Contract for a Nation of Freelancers
Shared Security, Shared Growth (Nick Hanauer & David Rolf) from Democracy Journal
"Our changing economy has given rise to a nation of freelancers and contractors—and the need for a twenty-first-century social contract."
"Our changing economy has given rise to a nation of freelancers and contractors—and the need for a twenty-first-century social contract."
Sunday, June 14, 2015
Why Americans Are Turning Against Free Trade
Why Americans Are Turning Against Free Trade (David Frum) from the Atlantic
"When the proceeds of growth are not widely shared, the consensus in favor of pro-growth measures cracks."
"When the proceeds of growth are not widely shared, the consensus in favor of pro-growth measures cracks."
The Try-Hard Generation
The Try-Hard Generation (Fareed Zakaria) from the Atlantic
"I will grant that on American campuses today, there is a pervasive culture of achievement, often in a narrow pre-professional sense. But it’s strange to blame the students for something that is largely beyond their control. After all, they did not devise the intense system of tests that comprise the gateway to American higher education, nor did they create the highly competitive job market in anxious economic times. Admissions offices now prize nothing less than perfection."
"I will grant that on American campuses today, there is a pervasive culture of achievement, often in a narrow pre-professional sense. But it’s strange to blame the students for something that is largely beyond their control. After all, they did not devise the intense system of tests that comprise the gateway to American higher education, nor did they create the highly competitive job market in anxious economic times. Admissions offices now prize nothing less than perfection."
Thursday, May 28, 2015
The Age of the Overeducated Barista is Here to Stay
The Economy Is Still Terrible for Young People (Derek Thompson) from the Atlantic
"The era of the overeducated barista is here to stay. College graduates are still spending more and more years (and money) to get worse and worse entry-level jobs."
"The era of the overeducated barista is here to stay. College graduates are still spending more and more years (and money) to get worse and worse entry-level jobs."
Friday, May 1, 2015
Where China is Advancing ... and Where it Isn't
China’s new, better ‘leap forward’ (Robert Samuelson) from the Washington Post
"“China’s leap forward in science and engineering,” write Freeman and Huang, “is one of the defining events in modern intellectual history.” Still, they caution against overstating China’s advances."
"“China’s leap forward in science and engineering,” write Freeman and Huang, “is one of the defining events in modern intellectual history.” Still, they caution against overstating China’s advances."
Echoes of a Recession: Half of Americans have money worries
Half of Americans have money worries (Bernie Becker) from The Hill
"Half of Americans have deep concerns about their financial situation, according to Gallup. The 50 percent of people in the U.S. who have money worries is basically unchanged from the 49 percent Gallup found in 2014."
"Half of Americans have deep concerns about their financial situation, according to Gallup. The 50 percent of people in the U.S. who have money worries is basically unchanged from the 49 percent Gallup found in 2014."
The REAL Disconnect between Robots and Jobs
Fighting Robots With Robots (Froma Harrop) from the National Memo
"It sounds so efficient. Robots make the running shoes, sell the running shoes and buy the running shoes by the most cost-effective means possible. But there’s a problem. Who’s going to pay for the running shoes? I mean, if a robot can do your job taking drink orders, reading ultrasounds or selling washing machines, how are you going to earn the wherewithal to buy stuff?"
"It sounds so efficient. Robots make the running shoes, sell the running shoes and buy the running shoes by the most cost-effective means possible. But there’s a problem. Who’s going to pay for the running shoes? I mean, if a robot can do your job taking drink orders, reading ultrasounds or selling washing machines, how are you going to earn the wherewithal to buy stuff?"
Thursday, April 16, 2015
ENERGY NUGGET #1: Renewables are Now Ascendent!!
Fossil Fuels Just Lost the Race Against Renewables from Bloomberg
"This is the beginning of the end. ... The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there's no going back. The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels..."
"This is the beginning of the end. ... The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there's no going back. The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels..."
ENERGY NUGGET #2: Big Oil and the Auto Industry
Big Oil Is About to Lose Control of the Auto Industry: A pollution-free revolution is coming from Bloomberg
"While the U.S. pats itself on the back for the riches flowing from fracking wells, an upheaval in clean energy is quietly loosening the oil industry's grip on the automotive industry. Presentations by analysts at Bloomberg New Energy Finance (BNEF) this week pick away at the idea that supply alone is behind the plunge in crude prices to $50 a barrel. The presentation also shows that low-pollution cars are gaining ground, weakening the link between oil and driving. The result: Future transport is likely to look a lot different than what the major oil companies are fueling now."
"While the U.S. pats itself on the back for the riches flowing from fracking wells, an upheaval in clean energy is quietly loosening the oil industry's grip on the automotive industry. Presentations by analysts at Bloomberg New Energy Finance (BNEF) this week pick away at the idea that supply alone is behind the plunge in crude prices to $50 a barrel. The presentation also shows that low-pollution cars are gaining ground, weakening the link between oil and driving. The result: Future transport is likely to look a lot different than what the major oil companies are fueling now."
Friday, March 20, 2015
The Implications of the Student Loan Bubble
The Student Debt Time Bomb (Chuck Collins) from the National Memo
"Many more are defaulting after facing the stressful realization that they can’t find a job that pays enough to repay their debt. Over half of outstanding student loans are presently in deferral, delinquency, or default. The student debt debacle has huge implications for the future."
"Many more are defaulting after facing the stressful realization that they can’t find a job that pays enough to repay their debt. Over half of outstanding student loans are presently in deferral, delinquency, or default. The student debt debacle has huge implications for the future."
Sunday, February 22, 2015
Europe's Sclerotic Economy: Where's the "Recovery"?
Italy is Europe’s ticking time bomb (Matt O'Brien) from the Washington Post
"What's gone wrong? Well, everything. They all have supply and demand problems. That first part means that it's too hard to start a business, too hard to expand one and too hard to fire people. That makes their economies sclerotic even in the good times, and doomed in the bad ones."
"What's gone wrong? Well, everything. They all have supply and demand problems. That first part means that it's too hard to start a business, too hard to expand one and too hard to fire people. That makes their economies sclerotic even in the good times, and doomed in the bad ones."
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