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Tag Archives: Income disparity

Out of Africa: Rich Continent, Poor People

Yves here. Those of you who read Nicholas Shaxxon’s Treasure Islands may recall that one of his opening chapters discussed the extent of looting of Africa via the fact that its poor countries are capital exporters. It isn’t due solely to corrupt leaders pilfering official coffers and sending their ill-gotten gains to tax havens. It’s also due to multinational transfer pricing and tax games. A new book focuses on this topic, documenting even more of the mechanisms of wealth extraction. By...

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Public Schools Fray as Pentagon Gets More Pork

Yves here. I suspect many readers will be surprised to learn that some (many?) public schools have “wellness interventionists,” which are teachers who manage behavior problems. This post gives a window into a Connecticut school system that skews toward low income children (think the townies in New Haven) and describes a distressingly high level of aggression and non-compliance. Perhaps I am badly out of touch with conditions in American schools, but this is simply grim. It points to poor...

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Will Pfizer’s Paxlovid Be the Game-Changer that Saves Biden’s “Test to Treat” Program?

By Lambert Strether of Corrente. Paxlovid — “Peace and love,” dig? Or even just “Pax,” as American’s Chief Pharmaceutical Salesman White House Covid response coordinator Ashish Jha dubs it — is the key treatment in the Biden Administration’s “Test to Treat” program. As readers know, I’m all for treatment — indeed, I can’t understand why the White House didn’t intitiate an Operation Warp Speed for treatments when it took office — but with Paxlovid I have some questions. First, I’ll look at the...

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An Unexpected But Welcome Call to Cap CEO Pay Comes From France

Jerri-Lynn here. Neo-liberal Emmanuel Macron won yesterday’s French presidential election, defeating his right-wing rival, Marine le Pen. During the campaign, Macron endorsed some populist economic themes, including capping CEO pay – an idea originally floated in the 2017 French presidential election by candidate Jean-Luc Mélenchon, who that year failed to reach the voting’s final round.  This year, Mélenchon, once again called for limiting corporate maximum pay to 20 times its lowest level...

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Sri Lanka Economic Crisis Inflicted by Self-Serving Elite

Yves here. This piece is important not simply for presenting the details of how Sri Lanka went from being a development success story to a train wreck, but also for debunking the notion that Sri Lanka’s woes are the result of a Chinese debt trap. Even though the IMF’s record gives countries on the receiving end of loans reason to worry, at least so far, China has not lowered the hammer on any of its borrowers. By Anis Chowdhury, Adjunct Professor at Western Sydney University and University of...

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Book Review: An Urgent Plea for Mental Health Care Reform

Yves here. I don’t know whether to be cheered or depressed to learn that there are sound and often successful approaches for treating severe mental health problems. But for the most part, we don’t do them due to how we do medicine. By Joshua C. Kendall, a Boston-based journalist and author. His reporting on psychiatry, neuroscience, and health policy has appeared in numerous publications, including BusinessWeek, The Boston Globe, The New York Times, The Los Angeles Times, The Daily Beast,...

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Abortion Foes Played the Long Game, And They Are Winning

Yves here. The leaders of the feminist movement of my youth bear culpability for the failure to secure abortion rights. They wasted their time and Peak Feminism tail winds chasing a never-gonna-pass Equal Rights Amendment instead of nailing down key protections via legislation. And not caring about funding was another big fail. Richard Nixon was perfectly happy to go along with abortion rights but insisted the government not pay for it, knowing full well that that de facto created serious...

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Healthcare Expert Greg Travis Speaks About the Official Disappearing of COVID-19 Pandemic

Yves here. As much as I strongly prefer video presentations with transcripts, this long talk on Covid with Greg Travis, organized by WSWS, is very much worth your time (and you can listen at 1.25x time). Readers may remember Greg Travis from the Boeing 737 Max debacle. Travis, a software developer/technologist with a strong interest in public policy, was an early and accurate critic of the Max, and his posts included helpful explainers about things like how AOA sensors work. A major theme is...

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Business Groups Thwart Senate Confirmation of David Weil to Key Labor Department Post

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Last week business lobbyists, led by the International Franchise Association (IFA), succeeded in in thwarting confirmation of David Weil to head the Labor Department’s Wage and Hour Division. Weil’s transgression: his previous performance when he held the same position from 2014 and 2017. Per the Hill, Business lobby defeats Biden labor nominee in...

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Letter to SEC: How Stock Buybacks Undermine Investment in Innovation for the Sake of Stock-Price Manipulation

Jerri-Lynn here. Grab a cup of coffee. William Lazonick’s latest on stock buybacks – which Biden promised to address during the presidential campaigning hasn’t (see for further context,  Where Did You Go, Vice President Joe? Biden Retreats from Bashing Looting, Um, Buybacks). In this  comprehensive post, Lazonick and co-author Ken Jacobsen analyse how: “ Rule 10b-18, as originally written in 1982 and revised by the Commission in 2003, has in fact undermined capital formation by business...

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