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Tag Archives: Income disparity

NYT Report: 9 of Every 10 Restaurants and Bars in N.Y.C. Can’t Pay Full Rent

This is Naked Capitalism fundraising week. 303 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in the financial realm. Please join us and participate via our donation page, which shows how to give via check, credit card, debit card, or PayPal. Read about why we’re doing this fundraiser, what we’ve accomplished in the last year, and our current goal, strengthening the comments section. By Jerri-Lynn Scofield, who has worked as a securities...

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Coronavirus Economic Distress Hitting Indebted Professionals

The Wall Street Journal describes tonight how the line between two tiers of the Covid economy isn’t as tidy as many might think. It isn’t just hourly workers in service businesses like restaurants and hotels who are seeing smaller or even no paycheck. High income professionals are also in distress due to having relatively high level of borrowings which makes them vulnerable to declines in income. We warned early on, as did a Bloomberg story in June, that layoffs would increase higher up the...

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Ilargi: Why Trump Will Win

Yves here. As Financial Times columnist Lucy Kellaway said: “The good thing about someone else’s prejudices is that they either confirm your own, or they make you cross – either of which is a blessing in these bland times.” Here Ilargi reveals a bias…but not, as some might suggest, of being pro-Trump, but of seeing this Presidential election as being personality-driven. I doubt that is correct, which is one of the many factors that makes this contest too difficult to call despite Trump...

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Importing Inequality: Immigration and the Top 1%

Lambert here: A turn-up for the books on open borders…. By Arun Advani, Assistant Professor, University of Warwick, Felix Koeni, Assistant Professor, Carnegie Mellon University, Lorenzo Pessina, PhD student in Economics, Columbia University, and Andy Summers, Associate Professor of Law, LSE. Originally published at VoxEU. Top incomes have grown rapidly in recent decades and this growth has sparked a debate about rising inequality in Western societies. This column combines data from UK tax...

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It’s Time for a Debt “Jubilee”

Yves here. Get a cup of coffee. This post explains in depth how private debt has been a millstone to growth, and offers a series of proposals for  restructuring of mortgage, student, and medical debt. Some readers may regard these plans as unduly modest. The flip side is that author Richard Vague is likely at the far edge of what is possible. By Richard Vague, Governing Board of the Institute for New Economic Thinking; Managing Partner, Gabriel Investments. Originally published at...

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How NAFTA Lost Democrats the South

Yves here. Most political analysts forget that the South once had a lot of manufacturing jobs in the textile and furniture industries. In keeping, I helped a Japanese billionaire buy some cotton spinning mills in North Carolina in the late 1980s. This article describes how the pro-business New Democrats sent a wrecking ball through those industries via Nafta and other trade deal, and with them, lost the support of lower income whites. By Gavin Wright, William Robertson Coe Professor of...

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Isolation, Addiction, and Drug Use in the Covid-19 Moment

Yves here. Many people are falling back on not-the-best coping methods for Covid-19 stress. The CDC has warned about excessive drinking in the face of evidence that at-home alcohol consumption is up. Even those who are economically unscathed are still contending with disrupted routines, limited social activity, and worries about disease risk. Anyone with a history of addiction, particularly if they are involved with drug or alcohol rehab programs, has to feel that they’ve been thrown to the...

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The Rise of Ultra-Processed Foods and Why They’re Really Bad for Our Health

Jerri-Lynn here. The next thing I would like to see someone study is the link between declining food security, especially decreased local food production, and the increase in world consumption and availability of these ultra-processed Frankenfoods. Which as we all know are compromised nutritionally, and no doubt contribute to the rise of many lifestyle diseases and the increase of obesity. So that people end up fact but malnourished. I post this as a reminder of problems we face that aren’t...

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America’s Dire Inequality Demands a New Conceptual Framework. This Economist Has One.

Yves here. I’m glad to see Lance Taylor taking on some pet ideas about inequality and low growth that have sadly gotten a following among policymakers. Or to put it another way, too many economists have been reluctant to take the most obvious cause of inequality seriously: that businesses-owners and the wealthy conducted a very successful class war against workers, particularly organized labor whose negotiations provided an anchor for both other blue collar and white collar wages and working...

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What Rent Drop? Listed Prices Aren’t Budging Where COVID-19 Hit Hardest

Yves here. I have a soft spot for stories that debunk conventional narratives, and we already have quite a few on Covid-19. UserFriendly sent one from Curbed a few days back that we ran in Links: No, the Pandemic Is Not Emptying Out America’s Cities. This story from The City is a variant on that theme: even one of the cities that Curbed singled out as having Covid-19 exodus, New York City, isn’t seeing much in rent relief. Of course, that may be “yet” given the eviction freeze plus how long...

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