Though the federal government and Federal Reserve moved heaven and earth to ensure the 1% were made whole after the financial crisis, those unable to buy influence in Washington remain frayed. According to the Census Bureau over 14% of Americans remain below the poverty line while financial markets have made a considerable recovery from 2008 lows. There has been a recovery, for some.
|By: DSWright Tuesday August 12, 2014 11:04 am|
It’s the fake recovery, stupid. Despite lavish talk of an economic “recovery”, consumer confidence has remained low. Unlike the 1% who are seeing their wealth climb higher on the back of juiced financial markets and tax cheating the average American is living outside the plutonomy in a more limited world. In that world the new jobs pay an average of 23% less than the ones lost during the recession caused by Wall Street. In that world people still live paycheck to paycheck with little possibility for a more prosperous future.
|By: Gary Cohn Wednesday August 6, 2014 3:51 pm|
One night last year, as the public debate about economic inequality began to sharpen, California State Senator Mark DeSaulnier (D-Concord) was walking to the Berkeley premiere of a documentary film focused on that very subject. Inequality for All, narrated by former U.S. Labor Secretary Robert Reich, had been executive-produced by the man DeSaulnier was walking with that evening, Stephen M. Silberstein. At the time, DeSaulnier was casting about for ways to attack economic inequality and during their walk Silberstein, a software entrepreneur and philanthropist, mentioned an idea he’d been working on to help tackle the problem.
Until the 1980s, corporate CEOs were paid 30 times the amount the average worker received, but today, according to some conservative estimates, they make about 330 times that.
|By: June Carbone Saturday July 26, 2014 1:59 pm|
My generation associates the regulation of domestic workers with Zoe Baird and “nannygate.” In 1993, newly elected President Bill Clinton submitted Baird’s name to the Senate as his choice for Attorney General. She would have been the first woman to hold the position. Instead, the nomination was withdrawn because she and her then-husband, Yale Law Professor Paul Gewirtz, had managed their high profile careers and family life by hiring an undocumented couple to help them and had not paid their social security taxes.
Are we any farther along today? Sheila Bapat’s book, Part of the Family? Nannies, Housekeepers, Caregivers and the Battle for Domestic Workers’ Rights, suggests that the answer may be yes and no.
|By: DSWright Thursday July 17, 2014 7:55 am|
From a policy making perspective this does not mean states should never try to create a better business climate by lower business costs, but it does mean the trade-off between growth and inequality should be factored into that policy making process. It should be understood that the price of lowering business costs is not just less tax revenue but also increased inequality.
|By: DSWright Monday July 7, 2014 10:07 am|
Chalk another win up for the cynics who never bought for a moment that Obama was going to betray the people whom he has been serving loyally for the last five years. Even if Obama really desired to change things – something there is little evidence for – the game is rigged. As long as money dominates American politics moneyed interests will be dominant.
|By: Knut Sunday June 29, 2014 1:59 pm|
As most of you know, we were supposed to have this discussion six weeks ago with Piketty himself, but at the last minute he was overwhelmed by requests for interviews on television (including a stint on the Colbert Report) and just about every major newspaper in the English-speaking world and had to cancel. Jane is hopeful that we can have him on sometime in the future, but for the time being you will have to content yourself with Masaccio and myself.
|By: masaccio Sunday May 25, 2014 12:12 pm|
The media buzz over Thomas Piketty’s Capital in the Twenty-First Century is dying down, replaced by media buzz about a musician marrying an heiress and Stress Test by Timothy Geithner, the equivalent silliness for the rest of us. The chatter from ill-prepared journalists and pundits is being replaced by more substantive discussions from people who have actually read the book and comprehended what they were reading.
Piketty’s argument is that as long as the rate of return to capital exceeds the rate of growth in the economy, there will be an increase in inequality.
|By: DSWright Tuesday May 13, 2014 12:32 pm|
In academia you need a new theory to distinguish yourself. Notice the word new not necessarily good. Richard Florida came up with a new theory. It went something like this – that a “creative class”of high tech yuppies – driven by technology, talent, and tolerance – would drive economic development through the country, making us [...]
|By: DSWright Monday May 12, 2014 11:32 am|
2013 was a great year for high-tier hedge fund managers, even ones that pled guilty to securities fraud. The 25 highest paid hedge fund mangers made over $21 billion in 2013, more than twice as much as all the kindergarten teachers in America combined. Whether those 25 men provided as great a benefit to our country as all the kindergarten teachers I will leave to you to divine, dear reader.