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Category Archive: Economics

Jul 21 2014

Another kind of migrant worker

When I drive along the highway, I frequently pass campers and recreational vehicles driven by older people. I used to think of them as well-to-do retirees, enjoying a life of leisure wandering around the country and seeing the sights. But it turns out that in many cases, I would be wrong. The people in these …

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May 29 2014

A feature not a bug

ProPublica‘s Jesse Eisenger was harsh in his review of Timothy Geithner’s book about his role in the financial crisis. But he also lays the blame on president Obama because after all he was the one calling the shots and hiring the key people.

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May 10 2014

Increasing calls for wealth redistribution

People may recall in the 2008 presidential election the huge fuss that occurred when in a casual conversation with a voter, candidate Barack Obama made a vague statement to the effect we need to share the wealth. That voter was the infamous ‘Joe the Plumber’ who then had his fifteen minutes of fame as he …

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May 09 2014

Global fast food strike on May 15

On Thursday, May 15, fast food workers in 150 US cities and in 33 countries are going on strike. In the US, they are calling for a minimum wage of $15 per hour and to be able to form unions without retaliation.

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May 07 2014

America’s aging problem is just short term

census-aging

One of the big issues that has been driving policy discussions is the impact of America’s aging population. As the Baby Boomers age into retirement, this puts some strain on the Social Security system (since there will fewer young people paying into the fund and more people drawing money out) and increased health care costs.

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May 02 2014

Martin Gilens and Benjamin Page on the US political system

The two authors of the study that looked at a large amount of data that enabled them to test various hypotheses about who runs America and came to the conclusion that the middle class and lower have no influence on policy had an extended interviewed on The Daily Show two days ago. They are careful …

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Apr 17 2014

Is growth always good?

It seems to be almost axiomatic these days to think of economic growth as an unfettered good. But must it always be so? Johann Hari in the April 2010 of The Progressive magazine wrote in a review of a book about John Maynard Keynes, whose influential work has been used to fuel growth, about what …

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Apr 15 2014

Call for higher taxes on the rich

Today is tax day in the US, the deadline for filing one’s returns. Reader Norm sent me this short clip by Robert Reich where he explains how it can be that the rich and super-rich pay taxes at a much lower rate than do the middle and classes, thanks to a whole bunch of measures …

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Apr 04 2014

The super-wealthy’s rise

houseofdebt_SaezZucman1

The Occupy movement did us the valuable service of focusing attention of income inequality and giving rise to the meme of the 1% vs. the 99%. While that is catchy, the reality is that it is what is going on with the top 0.1% that is really telling. The class struggle that is intensifying is …

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Apr 03 2014

How the stock market is rigged

Michael Lewis talks to Jon Stewart about his latest book where he explains how the stock market is rigged in favor of high-frequency traders and that since wall street banks, financial media, and government regulators are all locked into the current system and benefit from it, they resist any changes that might make it fairer.

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