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Category Archive: Economics

Mar 27 2014

Living hand-to-mouth while being well off

Many people live in a state of economic insecurity from paycheck to paycheck, where any sudden financial hit (illness, loss of job, major car or home repair) can cause serious hardship. Such people are nowhere close to meeting the rule of thumb of having at least eight month’s living expenses available in the form of …

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Mar 10 2014

The war on poorer retirees

There has been a concerted effort by the wealthy class in the US to get the media to think that cutting the debt is the biggest issue facing the nation and that there is only one way to do that and that is by cutting earned benefits. Peter G. Peterson, the billionaire former commerce secretary …

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Feb 27 2014

The new gilded age

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Jon Perr displays ten graphs that chart various economic measures over the last century or so. These include the share of total income by the top income brackets, CEO-to-worker compensation ratios, marginal tax rates for the highest income levels, effective tax rates, average incomes, and more. The graphs are spectacular in their clarity even if …

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Feb 12 2014

Walmart’s despicable practices

A Walmart employee answers common questions such as why it is so hard to find someone to help you locate items and why, when you do, they tend to be so surly.

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Feb 09 2014

The return of Karl Marx

Karl Marx is one of the major influences in the whole field of political economy. Even those who think he is the embodiment of evil have to acknowledge how much his analyses of capitalism has shaped the way we view things and structure our socieities. But some of his most publicized predictions were spectacularly wrong, …

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Jan 30 2014

Disturbing finding about the middle class

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The Pew Research Center has released the results of a new survey that finds that fewer Americans self-identify as middle class. This is disturbing but not for the obvious reasons.

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Nov 16 2013

Geithner goes to Wall Street

Timothy Geithner has, during his entire time as governor of the New York Fed and then as Treasury Secretary, been a loyal servant of Wall Street and the big banks. Neil Barofksy, in his blistering expose and insider’s view of how the financial bailout played out, showed how Geithner and the other senior executives in …

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Nov 06 2013

Now this is change we can believe in

Democratic Senator Tom Harkin of Iowa is introducing legislation that seeks to strengthen Social Security benefits while increasing revenues for it. His Strengthening Social Security Act of 2013 has the following features:

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Nov 05 2013

That’s an outrage!

Yesterday’s Plain Dealer had a story that same-sex couples legally married in another state but residing in Ohio will pay lower taxes than that paid by heterosexual couples in the same economic situation. The constitutional amendment banning same-sex marriages passed back in 2004 when opposition was at its peak has now led to the delicious …

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Oct 28 2013

The (prescription) drug cartel in the US

It is no secret that many prescription drugs are extremely expensive. Much of the price is not due to the actual cost of manufacture but due to the companies that produced them seeking to recoup the costs of their research and development and marketing investment plus their profit margin. The difficult question is how to …

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