Tag: The destruction of the middle class

New Evidence on the Consequences of Gentrification for Children

Yves here. Gentrification is a tricky phenomenon, made worse by too much analysis via anecdote. More empirical work like this is badly needed. By Kacie Dragan, PhD Candidate in Health Policy, Harvard University, Ingrid Gould Ellen, Paulette Goddard Professor of Urban Policy and Planning at NYU Wagner and Sherry Glied, Dean, Robert F. Wagner Graduate […]

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The Financial Times’ Martin Wolf Discovers that Rentier Capitalism and Financialization Increase Inequality and Hurt Growth

Surprisingly, no one commented on a link to an important article by the Financial Times’ esteemed economics editor, Martin Wolf, Martin Wolf: why rigged capitalism is damaging liberal democracy, that weighed in as a major feature, as opposed to his usual column length. Wolf’s article is noteworthy by virtue of singling out, above all, rentier […]

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America’s Workforce Elderly Workforce To Double By 2028

Lambert here: If Sanders wants to appeal to a no-longer-young demographic, here it is: Precarious old codgers. (For myself, I want to write ’til I drop, because shuffleboard is a death sentence, but I recognize that I’m an outlier.) By Julianne Geiger, a veteran editor, writer and researcher for Safehaven.com. Originally published at SaveHaven. The […]

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Purdue Files for Bankruptcy, Agrees to Settle Some Pending Opioids Litigation: Sacklers on Hook for Billions?

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Purdue Pharma, the manufacturer of OxyContin owned by members of the Sackler family and catalyst for the opioids crisis, filed for chapter 11 bankruptcy reorganization Sunday night. The filing was part of […]

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Keynes Was Really a Conservative

Yves here. Note that Keynes was not concerned with the preoccupations of classical economists, who saw curbing rentiers as important, since their profiteering interfered with productive activity. Keynes had a more benign view of commerce. But he might have needed to see, say, the US health care industry in action to get a more rounded […]

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How Money Can Turn Electoral Results Upside Down

By Yasmine Bekkouche, Postdoctoral researcher, ECARES and Julia Cagé, Assistant Professor in Economics, Sciences Po; CEPR Research Fellow. Originally published at VoxEU. There is growing concern that money has corrupted politics. The column uses data from French elections since 1993 to show that an increase in spending per voter has consistently increased a candidate’s vote […]

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Dude! Where’s My Democracy?

By Kevin Albertson, Professor of Economics at Manchester Metropolitan University with a background in statistics and political economics. He is co-author of five books, including the Haynes Guide ‘How to Run the Country’. Originally published at openDemocracy Democracy is unwell, so it is said. In America and other leading democracies citizens are apparently increasingly critical […]

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Majority in US Back Free College Tuition and Student Debt Cancellation, New Poll Finds

Yves here. As we’ve said for many years, positions widely depicted by the press as left-wing, such as strengthening Social Security and Medicare, cutting military spending, making taxes more progressive, have consistently polled with solid majorities or at worst, pluralities. And the poll that found broad support for cancelling student debt and free college tuition […]

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Is it Really “Full Employment”? Margins for Expansion in the US Economy in the Middle of 2019

Yves here. This post is particularly timely given the seeming disconnect between weak job creation but headline unemployment holding rock steady. We’ve described some of factors that make employment conditions less rosy than they seem, such as that job creation has overwhelmingly been in relatively low-skill, poorly paid positions, and that the level of involuntary […]

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Private Equity and Surprise Medical Billing

By Eileen Appelbaum and Rosemary Batt Originally published at The Institute for New Economic Thinking website Surprise medical billing has become a critical issue facing Americans across the country because of purposeful corporate practices designed to increase profits. As hospitals have outsourced emergency rooms and other specialty care to reduce costs, private investors have bought […]

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‘Father Is Surgeon’: How Money Talked in USC Admissions Scandal

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Yesterday, the Wall Street Journal reported on emails sent among university officials at the University of Southern California (USC) that demonstrate how just heavily donations by  applicants’ families weigh in admissions decisions. […]

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Why Does Teen Vogue Need a Labor Column?

Jerri-Lynn here. Why not? Labor issues are certainly as relevant a concern to its readers as many topics the magazine regularly covers. And, I know Labor Day has passed, but this post is still germane. The Real New Network originally published this interview with Kim Kelly. Please make time to read Kim Kelly’s latest Teen […]

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R.I.P. Immanuel Wallerstein, Sociologist and “World Systems” Theorist

By Lambert Strether of Corrente Immanuel Wallerstein, author of The Modern World-System (Volume I, 1974[1]), Historical Capitalism (1983), The Decline of American Power (2003), and 33 other books, died on August 30 of this year. He was 89 years old. Oddly, or not, although he was a Senior Research Scholar at Yale, was head of […]

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CEO Compensation Increased 940% Between 1978 and 2018, Workers’ Only by 12%

Jerri-Lynn here. This Real News Network interview discusses a new Economic Policy Institute study, which shows that the dramatic increase in CEO compensation over the last forty years has had a large impact on increasing inequality. Absent the explosive rise in CEO compensation, worker pay could have doubled. [embedded content] GREG WILPERT: Welcome to The […]

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Bill Black: Is it Cynical to Believe the System is Corrupt?

Jerri-Lynn here. This Real News Network interview with Bill Black evaluates evidence that the US political and economic system is corrupt. A new NBC News/Wall Street Journal poll shows most US citizens believe the political and economic system is rigged against them, and Senators Bernie Sanders and Elizabeth Warren also echo this sentiment. Black is a […]

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Judge Issues $572 Million Verdict Against J & J in Oklahoma Opioids Trial: Settlements to Follow?

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Monday, Cleveland County district court judge Thad Balkman issued a $572 million verdict against Johnson & Johnson (J & J) in an opioids trial in Oklahoma – the first of thousands of […]

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Trump’s China Trade War Gaslighting: Will There Evah Be a Deal?

Trump has been up to what he seems to like to do best: whipsawing those who might be affected by his plans. On Friday, he put Mr. Market and huge swathes of Corporate America in a tizzy by retaliating against China’s tariff increases. China announced that it would impose new tariffs on $75 billion of […]

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Italy’s Right-Wing Government Collapses – Will the Next One Be Better?

Yves here. We’ve been giving short shrift to Italy because so much has been happening on other fronts, but also because Italian politics are even during normal times, daunting for outsiders, and these are not normal times. However, the fracture in Italy is taking place under the backdrop of Eurozone-created stresses continuing to damage its […]

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The Fed Thinks the US Economy Is Fine. Do You?

Fed spokescritters are saying the US economy is in decent health. From Bloomberg: The U.S. economy doesn’t appear to be headed toward a recession, Federal Reserve Bank of San Francisco President Mary Daly said. “When I look at the data coming in, I see solid domestic momentum that points to a continued economic expansion,” Daly […]

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