For the past forty years American men’s incomes have stagnated, but women’s wages have risen. Unfortunately, the years of catch-up are now over. We need policies to raise wages for everyone.
Differences in the ways people live are only partly determined by income. They’re also determined by the levels of government services provided to everyone.
Entrepreneurs do create new value in the world and keep some portion of that value as a reward for their originality, risk-taking and hard work. But the Romneys are not entrepreneurs: They are rentiers – people “who siphon off wealth created elsewhere in the economy.”
Romney went to the trouble of filling out a Form 4684 (Casualties and Thefts) to report losses of $39. One can only wonder what was broken or stolen. I like to think that the $39 were lost in the world’s smallest shipwreck. I guess it’s just the romantic in me.
In the real economy – the place where the 99% live and work – it’s hard to take Mitt Romney’s plan seriously; but let’s try to make sense of it anyway, unhindered by logic, arithmetic or the laws of time, space and gravity.
Chicago teachers’ wages are the focus of a major political battle – not because their salaries are out of line in a legitimate comparison – but because people are playing politics with teachers’ pay.
In 2011, more than 46 million Americans lived below a poverty line that was set more than four decades ago.
If America could eliminate most serious poverty in the United States in the 1960s, surely we could do the same today.
According to the polls, the November presidential election is a dead heat. So much for the amateurs. What do the professionals think?
We can climb down the fiscal cliff in three steps: let the “temporary” Bush tax cuts for the rich expire on January 1, let military spending fall as the war in Afghanistan winds down, and wait for the economy to improve.
Congress could put 300,000 people back to work this month if it acted immediately to
provide direct support for local school districts.
Virgin Galactic’s space tourism venture for the 1% will warm the world for the rest of us.
There have been two recessions: a White Recession and a Black Recession. The White Recession was sharp and painful, but soon over. The Black Recession has now dragged on for four years, if not forty.
The economy is growing. The money is there. It’s our democratic choice: corporate profits or public schools.
People shouldn’t be fooled by an attractive-sounding slogan. Free knowledge is not free; it’s knowledge paid for by those who want you to have it. It’s only free to consume, not to produce.
Can you imagine Americans of 1968 settling for a minimum wage standard of living that had been set based on 1924 standards? What about 1880 standards? At some point we should expect low-wage workers to start living better than they used to.
A new report from the Pew Economic Mobility Project has some observers celebrating how well Americans are doing economically compared to their parents. But the report’s figures, upon closer inspection, give precious little cause for much celebration.
Expect life expectancy in Greece and other austerity-hit countries to drop in coming years. Suicides are only the first symptom of austerity syndrome. The worst is yet to come.
Real national income has grown in every quarter since July 2009. The problem isn’t a lack of growth. The problem is where that growth is going.
America has finally started talking about a financial transactions tax on Wall Street. But in the post- Citizens United era of unlimited corporate campaign spending, expect corporate dollars to trump the public good.
Median household income fell more than 6% in the last decade, yet national income per household grew 6%. Where did all that money go?
Austerity is going to make Greece a cheap place to visit once the protests die down, and backpacker adventure tourists will make Greece a cooler destination than ever. But for most people, it’s much better to live in a rich social democracy than in a cool adventure tourism destination.
The fundamental problem in the eurozone isn’t Greek debt or Spanish banks. It’s low German wages.
There’s no such thing as a free lunch, nor even a reduced-price lunch, when it comes to educating our children.
The debt crisis in Greece has any number of solutions. One has the rich of Greece all agog with fond expectations. Another is enticing the elites of Europe. What about the average people of Greece? They have a viable option, too, and that option would leave Greece more equal.
California can and should find the $1 billion it needs to maintain its current bare-bones CalWORKs support.
Historically, austerity has always hit hardest on those who have most to lose: the rich and powerful. Today’s austerity — in nations from Greece to the UK — has reversed that historic pattern and widened the gap between society’s most fortunate and everyone else.
Europe’s big banks and vulture hedge funds should pay the price for austerity, not government workers and the poor.
Europeans must decide whether their societies are to be governed by the people, for the people or by the market, for the market.
If only the three big forces of American politics would faithfully serve their constituents, the 2012 election could be about real choice. Instead we have Mitt Romney versus Barack Obama.
Economists will give you all sorts of answers based on technical factors, but in the end it all comes down to one word: inequality.
It’s not popular today to stand up for the poor, the homeless, the addicted, or the imprisoned. But progress means progress for everyone. There’s no such thing as progress for a few.
Would it be such a terrible thing if fast food workers got a twenty percent raise this year while executives took a pay cut? It’s not our economy that needs rethinking; it’s our ethics.
Austerity is a political decision, not an economic one. It benefits the few at the expense of the many.
The fact that the average American household today has an income of $50,000 instead of $100,000 can be attributed entirely to the fact that inequality has risen over the past four decades instead of declining.
The US economy has been growing since July 2009. So why aren’t things improving in the US realonomy?
To keep corporate income taxes low, either we have to keep individual income taxes high or we have to cut back on government services. In other words, it’s corporations versus people. That’s not class warfare. That’s simple arithmetic.
Federal workers have it hard enough without Congress playing politics with their paychecks and pensions.
“Tax and spend.” Those three dirty words are now the key to economic recovery in America’s Realonomy.
When we see outrageous bonuses for federal workers in good times, it’ll be fair to freeze their pay in bad times.