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Tag Archives: Income disparity

Applications for New Businesses Have a Double-WTF Moment

Yves here. In addition to Wolf’s caveats about the possible less than upstanding reasons for a spike in the number of new businesses, keep in mind that 90% of new businesses fail in the first three years. So while this is good news about the potential for recovery, don’t underestimate the amount of attrition. Although I did not follow new business formation in the old normal, my recollection is one of the reasons for the high propensity to failure was that a lot of the new businesses were...

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Daunte Wright’s Killing Makes the Case for Shrinking Police Budgets

Yves here. I don’t pretend to have any good answers for what to do about police brutality, particularly towards people of color. During the Presidential campaign, Biden backed even more police spending, no doubt to clam the nerves of the Dem’s professional-managerial class base. More unequal societies are lower trust societies, so the K-shaped recovery is only going to increase the perception of risk among the well off. Two things to keep in mind. First is that the most troubling form of...

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Pricey Learning Pods Are Now Helping Vulnerable Students. Will the Trend Survive the Pandemic?

Yves here. I wish someone could provide a range of guesstimates as to what various interventions in schools would cost to improve ventilation, as opposed to learning pods at $13,000 a semester. The problem, as anyone who has spent much time in NYC or other East Coast cities knows, most schools are old, and some are even antiques. But older schools would have windows that were originally designed to open, and one would assume could be or in most cases were fitted with screens. In any event,...

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Whither AOC?

Yves here. Tom Neuburger gives a hard look at AOC’s recent donations to corporate Democrats and tries to ferret out what she intended to accomplish. Tom is at a loss to understand why AOC chose the party members she did. I am at a loss to understand why she thought $5,000 donations would have made any difference to the recipients even if they had been on board with taking funds from her. As I am sure readers know, there’s a dark art as to how heavyweight bundlers and donors work around formal...

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Lessons from the First New Deal for the Next One

Yves here. While this article has a lot to recommend it, I have to voice some reservations. The first is that it jumps on the “Biden as FDR” bandwagon, which Lambert debunked yesterday. The second is the New Deal brand expropriation by Green New Deal advocates. As we’ve stressed repeatedly, the Green New Deal proponents will not acknowledge, let alone promote, far and aways the most important and urgent measures we can take to combat climate change: radical conservation. They aren’t even...

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Only Multilateral Cooperation Can Stop Harmful Tax Competition

Yves here. My tax maven friend has mentioned off and on that OECD countries have been working on how to stop or at least reduce multinational tax avoidance via artful transfer pricing and other scheme, via their Base Erosion and Profit Shifting initiative, or BEPS. The wee problem is it was launched in 2013 and it’s now 2021. Will the US showing more support make a difference? By Anis Chowdhury, Adjunct Professor at Western Sydney University and University of New South Wales (Australia), who...

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Michael Hudson Asks Our Readers: If Democracy Winds Up Creating Financial Dominance, What Do We Call China?

Yves here. I hope readers will take Michael Hudson’s query to heart. His work has demonstrated how the financial sector tends to gain power and increase inequality if unchecked via debt jubilees or other methods to keep it from acting as a rentier and creating debt peonage. He wonders what would be the most fitting label for countries that like China have adopted substantial elements of a modern market economy but are taking steps to restrict the influence of financiers. By Michael Hudson, a...

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Prince Philip Was the Godfather of Anglo-British Nationalism

Yves here. It may seem odd to commemorate the death of Prince Philip, since the British monarchy is a hoary symbol of [take your pick of positive or negative associations] whose main purpose today is brand-building. Yet even today, the Royals exercise influence over politics (one recent article described the Queen’s extensive but quiet lobbying in defense of her tax havens), opinion, and fashion. A bare minimum, they are billionaires whose deal with the British public is they get to rattle...

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Martin Luther King’s America Redux: “The Greatest Purveyor of Violence in the World”

Yves here. Comparatively few recall that Martin Luther King fell into disfavor in the US when he became an early critic of the War in Vietnam. King described how the cost of the conflict fell disproportionately on young black men and that military spending drained resources from social programs. But he also stated that as an advocate of non-violence, he had to stand for it in all settings, which included opposing US aggression abroad. We’re fans of Liz Theoharis, and we hope you appreciate...

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The ‘Roaring Twenties’ and Covid Recovery: Revisiting the Evidence for Europe

Yves here. I’m not sure I get this post. Seriously. It is clever to use the recovery from World War I and the Spanish Flu as a point of departure for discussing the real economy after Covid. But the world was vastly different then. Pre Great War globalization broke down. The major powers went back on the Gold Standard, although Peter Temin has argued, persuasively, that that was the worst thing they could have done and that it led to the Great Depression. And the world didn’t have to worry...

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