Tag: Income disparity

To Tackle Inequality, We Need To Start Talking About Where Wealth Comes From

Yves here. While it was refreshing to see some Democratic presidential candidates depict inequality as an important political and economic issue, it would help if they sharpened their critique of why concentrated wealth is suspect. Too much inherited money lead to the creation of dynasties. As Bloomberg is so vividly demonstrating, the rich can buy […]

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Not All Keynesian Spending Is Equal

Yves here. Richard Murphy makes an extremely important point about how Keynes’ belief in the importance of well-functioning, cohesive societies and how sound economic policy could promote them. However, he skips over the fact that Keynes did not approve of much of Keynesian thinking, particularly the American Keynesianism developed and promoted by Paul Samuelson. Samuelson […]

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A Full Scale Attack on Medical Debt

Yves here. Even if you don’t agree with Bob Hertz’s prescription for medical debt, his typology of various types of debtors and the political and practical problems they pose provides a good foundation for further analysis. By Bob Hertz, a health care essayist The recent proposal by Sen. Bernie Sanders to cancel $81 billion of […]

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Progressives to Voters Skeptical of Bernie Sanders: This ‘Big Tent’ Movement Is a Winning and Practical Choice

Jerri-Lynn here. You can read this as a companion piece to yesterday’s post by Ferguson, Chen, and Jorgensen, outlining one key element of the Sanders demographic: lower income towns in New Hampshire voted heavily for Sanders; richer towns did the opposite (Lower Income Towns in New Hampshire Voted Heavily for Sanders; Richer Towns Did the […]

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Lower Income Towns in New Hampshire Voted Heavily for Sanders; Richer Towns Did the Opposite

Jerri-Lynn here: This post is short and to the point and reports a key fact about the Sanders vote in New Hampshire: lower income towns in the state voted heavily for Sanders, while richer towns did the opposite. By Thomas Ferguson, Director of Research, Professor Emeritus, University of Massachusetts, Boston; Paul Jorgensen, Assistant Professor of […]

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Subprime Auto Loans Explode, “Serious Delinquencies” Spike to Record. But There’s No Jobs Crisis, These Are the Good Times

Yves here. Subprime auto loans provide more evidence that this supposedly solid “recovery” has cracks in its foundations. This is the sort of “Ponzi finance” behavior that Minsky accurately depicted as leading to eventual ruin. By Wolf Richter, editor of Wolf Street. Originally published at Wolf Street Auto loan and lease balances have surged to […]

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Developing Countries Showing America Up

A cynical school of thought holds that one reason America makes borders so unpleasant is to deter US citizens from traveling so as to preserve our sense of exceptionalism in the face of countervailing evidence. For instance, one colleague, a former city planner, came back from a vacation in the south of France and raved […]

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A Socialism Equal to the World

Yves here. Funny that when the workers, who’ve been on the losing side of a class war for quite some time, finally start to act like they might do something about it, the official minders start waving the “socialism” and even “communism” words as if they are magic talismans that will ward off demands for […]

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Sanders Called JPMorgan’s CEO America’s ‘Biggest Corporate Socialist’ – Here’s Why He Has a Point

Yves here. I wish Sanders would use even more pointed messaging, like “socialism for the rich”. But for those who complain about Sanders not going after important targets, this slap back at Dimon, who criticized Sanders and socialism at Davos, shows that the Vermont Senator is landing punches, but choosing his fights carefully. And banks […]

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Corporate Counter-Mobilization: Uber and Deliveroo’s ‘Charter of Good Work’ Is Nothing but Fairwashing

Yves here. One bit of good news with Uber and its allies’ launch of an empty charter to pretend to deal with the job conditions of gig workers is it appears to have gotten little notice in the US. Perhaps the fact that it was launched at Davos was more than a bit of a […]

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Secular Stagnation: Demand Is Indeed the Culprit

Yves here. This post describes how much of the economics discipline has settled on a neat, plausible, and wrong explanation of secular stagnation. The only good news is at least pretty much no one buys Larry Summers’ theory. By Servaas Storm, Senior Lecturer of Economics, Delft University of Technology. Originally published at the Institute for New […]

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Michael Hudson on the History of Debt Cancellation, Austerity in Europe, January 2020

Yves here. Another long-form Michael Hudson discussion from Germany of why ancient societies found it in their survival interest to wipe out debt periodically, the resistance to this discovery, and how modern Europe illustrates the dangers of giving creditors the whip hand. Please enjoy this conversation. Rees Jeannotte [00:00:05] Hello and welcome. I’m Rees Jeannotte, […]

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A New Type of Conflict: France’s Ongoing Struggle for Pensions

Yves here. The limited media reporting on protests in France over pension “reform” depicts Macron as having won by outlasting the opposition. This account indicates that while some players, like certain union leaders, have surrendered, the rank and file, as well as other interests, are carrying on. I’m not in a position to validate whether […]

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Desperation Hidden in Plain Sight: Coastal Edition

We’ve regularly featured “How Is Your Economy?” queries to readers to get a more granular view of how different regions and industries in the US (and selectively abroad) are faring. A short thread in Links yesterday has me wondering if I’ve been asking the wrong question all these years. Asking about overall conditions can direct […]

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“A Who’s-Who” of People Against Progressives’ Agenda: DNC’s Perez Under Fire for Convention Committee Picks

Yves here. As progressives, meaning the real thing, not the Vichy Left, are finally developing and flexing atrophied muscles, so their opponents are making it obvious they intend to thwart them. As one seasoned political analyst said via e-mail about the DNC’s picks: “Amazing porkers”. But can the party brass prevail now that not only […]

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Another Great Depression or Tax Justice and Transparency? The Tax Justice Network January 2020 Podcast

Yver here. Lots of meaty topics this time at the TaxCast….like whether Brexit will usher in a buccaneer tax/finance regime, is depression just around the corner, and the looting of Angola. By Naomi Fowler. Originally published at Tax Justice Network The Taxcast kicks off the new decade with: the French strikes – tax justice and […]

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Dark Satanic Mills Are Not Just a Historical Artifact: MP Castigates Leicester Fast Fashion Factories

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. I have posted frequently on fast fashion’s horrific waste footprint. But the fashion industry has another dirty little secret: persistent horrific labor conditions. These are not just confined d to factories in […]

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War on Cash: New York City Businesses Must Accept Cash, City Council Decides

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Just a short post, conveying some  good news in  a skirmish in the ongoing war on cash:  a victory for all us who buy things in New York City. The New York […]

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Precarity: A Political Problem

Yves here. The basic premises of this post are sound: that precarity is the result of the shift in the last couple of generations of business revenues away from workers and towards profits, or capital, if you prefer. And that most people are far too complacent about that because they have deeply internalized prevailing market/neoliberal […]

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Jeff Bezos’ Not So Excellent Indian Adventure: Modi Government Disses Inept Amazon

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Jeff Bezos visited India last week, bearing the gift of of an Amazon offer to invest one billion dollars and create jobs to an India that faces its worst economic prospects  — […]

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The Lords and Ladies of Discipline: An Interview with Matt Stoller

Yves here. Implicitly, in this interview, Matt Stoller is referring to the contemporary incarnation of mainstream economics, which is neoclassical economics. It is worth remembering that neoclassical economics started being formalized in the late 19th century by thinkers like Leon Walras, Carl Menger, and William Jevons. One of the reasons their ideas took hold was […]

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