Tag: The destruction of the middle class

Report from the Ground in Paris: The Most Recent Gilets Jaunes Protests

By Lambert Strether of Corrente. Our own Colonel Smithers was in Paris for the most recent Gilets Jaunes protests (“Gilets jaunes protests cause extensive damage on Champs-Élysées“; “Macron calls for ‘strong decisions’ after violent Yellow Jacket protests“)[1] and threw a series of emails over the transom. I’m going to put extracts from the Colonel’s mail […]

Read More

“Middle Class” Once Meant Stability and Now Means Fragility

By Alissa Quart, Executive Editor, Economic Hardship Reporting Project. Cross posted from the Institute for New Economic Thinking website feel that being middle class is not what it once was and that we are all running in place as fast as we can to stay the same, to quote Alice in Wonderland’s Red Queen,” Brenda […]

Read More

A Way-Too-Early Handicapping of the 2020 Presidential Race

By Thomas Neuburger. Originally published at DownWithTyranny! [embedded content]A cigarette, martini, a staircase and Bette Davis — the 2020 election in a nutshell There are two groups of candidates in the Democratic candidate field. The first group contains people like Bernie Sanders. The second group contains all other candidates whom corporate Democratic power brokers will […]

Read More

Bill Black Analyzes Brad DeLong’s Stunning Concession: Neoliberals Should Pass the Baton and Let the Left Lead

Jerri-Lynn here. The times they are a’changin. In this Real News network interview, Bill Black analyzes Brad DeLong’s stunning concession that neoliberals should get out of the way and let the left lead since their coalition with Republicans did not work. Black is the author of The Best Way to Rob a Bank is to Own […]

Read More

Economic Consequences of the U.S. Convict Labor System

By Michael Poyker, Postdoctoral Researcher, Columbia University Graduate School of Business. Originally published at the Institute for New Economic Thinking website hile labor coercion in agricultural and preindustrial economies is well-studied, few papers address the effects of coercive institutions in an industrial setting (Naidu and Yuchtman, 2013). The most common form of labor coercion in […]

Read More

Hubert Horan: Can Uber Ever Deliver? Part Eighteen: Lyft’s IPO Prospectus Tells Investors That It Has No Idea How Ridesharing Could Ever Be Profitable

By Hubert Horan, who has 40 years of experience in the management and regulation of transportation companies (primarily airlines). Horan has no financial links with any urban car service industry competitors, investors or regulators, or any firms that work on behalf of industry participants Can Silicon Valley investors create $125-150 billion in ridesharing market value […]

Read More

Do Real Estate Markets Make Our Cities Less Livable?

By Aaron Freedman, Communications Strategist & Economics Editor, Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Economics Editor Aaron Freedman talks to Samuel Stein, a geography PhD candidate at the City University of New York Graduate Center and an Urban Studies instructor at Hunter College, about his new […]

Read More

China Syndrome Redux: New Results on Global Labour Reallocation

Yves here. This article has a significant finding. It contends that while the shift of manufacturing jobs from the US to China did create a tremendous number of jobs in China, it did not lead to an increase in manufacturing wages. This would seem implausible until you remember that China had (and still has) hundreds […]

Read More

Bezos Admits His Fortune Is Due to Public Infrastructure….Even as He Fought Paying a Homeless Tax in Seattle, Shakes Down Cities for Subsidies

As the lawyers like to say, res ipsa loquitur, or the thing speaks for itself. But I wanted to add a comment to this section of a section from a lightly edited Q&A held with Jeff Bezos at the Yale Club, published in Business Insider. Another factor that helped boost Amazon sales was its avoidance […]

Read More

The Rapid Victory of the West Virginia Teacher Strike Shows What Happens When Progressives Join the Fight Against School Privatization

Yves here. After years of lagging pay and demonization (when teachers are held in high esteem in virtually all of the rest of the world), the West Virginia strike is yet another successful step towards improving teacher working conditions. By Jeff Bryant, a writing fellow and chief correspondent for Our Schools, a project of the […]

Read More

Inequality Indicator: Retirement Homes in Secondary Tourist Area (Door County) Bid Way Up

Yves here. Those of you who know and love Door County (a peninsula in Wisconsin with Lake Michigan on one side and Green Bay on the other) may be offended at it being called a “secondary” tourist area. But it almost entirely a regional holiday destination, laid back, outdoorsy, with lots of hiking and biking […]

Read More

Randy Wray: Response to Doug Henwood’s Trolling on MMT in Jacobin

Yves here. Wray saves one of his best lines for late in the article: “As Kelton puts it, people like Henwood think money grows on rich people.” But boy, is it a hard slog to deal with people who refuse to deal with MMT in good faith. By Randy Wray. Originally published at New Economic […]

Read More

Nomi Prins: Survival of the Richest, The March of Inequality

Yves here. Keep in mind that historically, the levelers of inequality have been war, financial crises, protracted battles by workers to get better incomes and workplace protections, and, of course, revolutions. By Nomi Prins, a former Wall Street executive, whose latest book is Collusion: How Central Bankers Rigged the World (Nation Books). She is also […]

Read More

The Yellow Vest Phenomenon and the Radical Right

Yves here. While imitation is the sincerest form of flattery, the gilet jaunes may not be so happy to have right wing yellow vest copy-cats. By Rob May, who is currently completing a PhD. on the radical right at Sheffield Hallam University. His work focuses on British fascism’s links and influences with overseas counterparts. He […]

Read More

Why Did Trump Choose to Be Such an Unpopular President?

By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives Donald Trump promisedto deliver a middle-class tax cut of epic proportions. “The largest tax reductions […]

Read More

Don’t “Buyback” Fair Labor Standards

By William Lazonick, Professor of Economics, University of Massachusetts Lowell. Originally published at the Institute for New Economic Thinking website For over three decades, trillions of dollars in corporate stock buybackshave contributed to unstable employment, inequitable income, and diminished innovation in the U.S. economy. Enabling, and even encouraging, this “legalized looting of the business corporation”is […]

Read More

Wolf Richter: My Fancy-Schmancy “Fed Hawk-o-Meter” Ticks Down, Still Red-Lines. In Passing, Fed Plants Seed for Removing “Patient”

Yves here. It is disheartening to see the degree to which the Fed has embraced mission creep and then has proven not to be very good at it. It was bad enough that Paul Volcker weakened the Fed’s commitment to full employment by taking the position that any inflation is too much inflation, and using […]

Read More

Opioid Crisis Shows How Economic Inequality Kills

By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Pharmaceutical pushers like Purdue Pharma “couldn’t have done their dirty work” without America’s increasingly unbalanced economy America’s growing rate of economic inequality is more than a numerical ratio that worries economists or […]

Read More

France’s Institutional System Favours Rebellion Against Its Leader

Yves here. This article describes some key elements of France’s political system that have stoked the gilet jaunes movement. By André Sapir, a Senior Fellow at Bruegel, University Professor at the Université libre de Bruxelles, and Research Fellow of the London-based Centre for Economic Policy Research. Cross posted from Bruegel; based on an opinion piece […]

Read More

Amazon Drops New York City Headquarters Plan in a Snit

When Alexandria Ocasio-Cortez and Michael Bloomberg agree on something, it’s worth taking seriously. Particularly if it involves New York City. Both New York City pols objected to the corporate welfare plan for Amazon, in the form of nearly $3 billion in subsidies, detailed in the Financial Times chart below, for installing one of two “second […]

Read More