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Tag Archives: Income disparity

Still No Minimum Wage Bill – Not Because Of Trump Or McTurtle – Because Of Pelosi And Hoyer And Their Blue Dogs

By Howie Klein. Published at DownWithTryanny! The Deseret News in Utah is far more conservative than the Salt Lake Tribune. But last week, the paper’s ran an OpEd that one wouldn’t expect to see in a right-wing Republican newspaper, America Has Gone Too Long Without Raising The Minimum Wage. “June 16 marks the longest period in history without an increase since the federal minimum wage was established in 1938. The federal minimum wage went to $7.25 an hour on July 24, 2009–...

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Economic Growth: A Short History of a Controversial Idea

By Gareth Dale, who teaches at Brunel University. He publishes occasionally in The Ecologist. This article includes passages from previously published texts, including ‘The tide is rising, don’t rock the boat!’ Economic growth and the legitimation of inequality (2018), Seventeenth century origins of the growth paradigm (2017), and The growth paradigm: A critique (2012). Originally published at openDemocracy The politics of economic growth are complex and contested as never before. In rich...

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Book Review: Chris Arnade’s “Dignity”

“When the Pharisees saw this, they asked his disciples, ‘Why does your teacher eat with tax collectors and sinners?'” —Matt 9:11 By Lambert Strether of Corrente Those who have followed Chris Arnade on Twitter or Flickr will be gratified that his new book, Dignity: Seeking Respect in Back Row America has arrived. I bought it and it’s excellent. It’s also very well produced on heavy, glossy stock, as befits a work that is, at least in part, a photobook. From the back flap, Arnade’s bio: Chris...

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Grenfell Tower Fire: A (Non-)Progress Report

By Lambert Strether of Corrente Today, June 14, is the second anniversary of the GrenFell Tower fire in London, a public housing block where 72 people died in a conflagration where the proximate cause was inflammable cladding installed on the outside of the building during a remodelling, and the ultimate cause was Thatcherite deregulation and a neoliberal infestation in London’s Housing authority (see NC here). From a photo essay, also at NC, published in the immediate aftermath of the fire,...

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The Poor Who Are Not With Us

America has a bad case of poverty denialism. And no wonder. Being poor is stigmatized. In neo-Calvanist America, if you aren’t doing well, it must be the result of bad choices (like choosing the wrong parents) or not working hard enough. So many people in dire straits often feel compelled to underplay how bad things are for the sake of their dignity. But as the gap between rich and poor has turned into a yawning chasm, the well off are even better able than before to distance themselves from...

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Eight Reasons Why Inequality Ruins the Economy

By Chris Dillow, an economics writer at Investors Chronicle. He blogs at Stumbling and Mumbling, and is the author of New Labour and the End of Politics. Follow him on Twitter: @CJFDillow. Originally published at Stumbling and Mumbling; cross posted from Evonomics I welcome Professor Sir Angus Deaton’s report into inequality. I especially like its emphasis (pdf) upon the causes of inequality: To understand whether inequality is a problem, we need to understand the sources of inequality,...

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Richard Murphy: For MMT (Long and Wonkish)

Yves here. Even though Richard Murphy is debunking some UK-based complaints (they don’t rise to the level of being critiques) about MMT, similar arguments come up in the US, so I thought his piece would be instructive on this side of the pond too. By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an “anti-poverty campaigner and tax expert”. He is Professor of Practice in International Political Economy at City University,...

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A Bernie Sanders Narrative for Seniors

Yves here. Note that the “seniors” problem that Peter Dorman discusses is among Democratic Party seniors. I would hazard that Sanders does pretty well among older independents and even Republicans frustrated with Trump. By Peter Dorman, professor of economics at The Evergreen State College. Originally published at Econospeak What follows is some unsolicited advice for the Sanders campaign. Politicohas an important piece on the downside of the extraordinary age bias in Sanders’ support.  Like...

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Consumers Are Changing But Perhaps Not How You Think

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Those of us who often write about various doomsday scenarios – e.g., plastics, climate change  – are well familiar with a standard magical thinking response: a miraculous change in the mindset of millennials will change the world, and save us all from impending disaster. Alas, Deloitte published a report last week, debunking this scenario: The...

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St. Louis Fed Study Shows Rising Level of Financial Desperation Among the Poor, Hidden by Aggregates

Reader UserFriendly highlighted an important St. Louis Fed study, The Unequal Recovery: Measuring Financial Distress by ZIP Code by Ryan Mather and Juan M. Sánchez. It sheds light on a topic that that readers regularly debate: why are there so many signs of distress in a supposedly robust economy? Some of the disconnect is due to rentier choke points, like rising housing costs, particularly in big cities, leading to more and more “affordable” housing being converted by gentrification or...

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