New Economy

How Much In ‘Inequality Tax’ Are You Paying?

October 29, 2019 By Sam Pizzigati, Inequality.org Educate! Inequality, New Economy, Taxes

What nation ranks as the world’s richest? A simple question to answer, right. Well, not so much, suggests the just-released tenth annual Global Wealth Report from the banking giant Credit Suisse. Everything turns out to depend on how we define “richest.” If we mean by “richest” the nation with the most total wealth, we have a clear worldwide number one: the United States. The 245 million adults who call the United States home held, as of this past June, a combined net worth of $106 trillion. No other nation comes close to that total. China ranks a distant second, with a mere $64 trillion, Japan even farther back at $25 trillion.

First International Congress Of Communes, Social Movements And Popular Power

October 27, 2019 Orinoco Tribune. Create! Community Rights, Democracy, New Economy, Venezuela

Venezuela - “The communal councils serve more than 6 million 407 thousand 651 families representing more than 80% of the families of Venezuela that participate in urban, rural or indigenous communal council.” This was stated by the head of state and government, Nicolás Maduro, during the closing ceremony of the First International Congress of Communes, Social Movements and Popular Power. The Venezuelan President said that to date 3,173 Communes have been formed, organized and registered in Venezuela, “Commander Hugo Chavez left in 2012, in the Plan of the Homeland 2013-2019, to reach 3,000 Communes, but the goal is that in a moment all of Venezuela — for the development of the evolution of the last years, has 6 thousand, 8 thousand, 10 thousand Communes and the great majority live in Communes”.

Central Banks Bailing Out Wall Street And Big Finance As Crash Looms

October 21, 2019 Nick Beams, Wsws.org Educate! Banking and Finance, Banks, New Economy, Wall Street

Two actions by US financial authorities this week indicate that the United States will respond to a looming downturn in the global economy by providing, once again, unlimited amounts of cash to financial markets. On Wednesday, the Federal Reserve began an operation, lasting at least six months, to purchase around $60 billion of Treasury bills a month in response to sharp spikes in interest rates in overnight markets. The following day, in a separate action, the New York Federal Reserve injected $104.15 billion into financial markets to boost liquidity.

Why Fiber Is Vastly Superior To Cable And 5G

October 21, 2019 By Bennett Cyphers and Ernesto Falcon, Eff.org Create! Infrastructure, Internet, New Economy, Telecommunications

The United States, its states, and its local governments are in dire need of universal fiber plans. Major telecom carriers such as AT&T and Verizon have discontinued their fiber-to-the-home efforts, leaving most people facing expensive cable monopolies for the future. While much of the Internet infrastructure has already transitioned to fiber, a supermajority of households and businesses across the country still have slow and outdated connections. Transitioning the “last mile” into fiber will require a massive effort from industry and government—an effort the rest of the world has already started.

Can An Economic Stat Help Narrow Our Grand Economic Divide?

October 19, 2019 By Sam Pizzigati, Inequality.org Strategize! Economics, Inequality, New Economy

Why do so many Americans deeply distrust government? One part of the reason, two top economists suggested to a key congressional committee this week, just might be the most basic — and familiar — of the economic statistics the federal government produces. That stat — gross domestic product, or GDP — “measures the market value of the goods, services, and structures produced by the nation’s economy,” as calculated by the federal Bureau of Economic Analysis. The Bureau generates new GDP figures for every quarter of the year, and the release of these figures regularly makes headlines.

Economics Of Poverty, Or The Poverty Of Economics

October 18, 2019 Staff, Anticap.wordpress.com Educate! Economics, New Economy, Poverty

As every year, mainstream economists lined up to laud the choice. Dani Rodrik declared it “a richly deserved recognition.” Richard Thaler, who won the award in 2017 (here’s a link to my analysis), extended his congratulations to the Banerjee, Duflo, and Kremer and to the committee “for making a prize that seemed inevitable happen sooner rather than later.” While Paul Krugman, the 2008 Nobel laureate, refers to it as “a very heartening prize—evidence-based economics with a real social purpose.”

In Commune: Altos De Lídice

October 16, 2019 By Katrina Kozarek, Venezuelanalysis.com Create! Communes, New Economy, Venezuela

The Altos de Lídice Commune is an urban commune located in western Caracas. Formed less than two years ago, the commune emerged from the need to create collective grassroots solutions amidst a devastating economic crisis and US unilateral sanctions. Access to medicine, adequate medical attention and nutrition are all aspects of communal health which have deeply affected the quality of life of the inhabitants of Altos de Lídice and almost all Venezuelans in the midst of the current unilateral sanctions, and for this reason healthcare became the initial focal point of the Altos de Lídice Commune.

400 Richest U.S. Families Paid Lower Tax Rate Than Working Class, Study Finds

October 12, 2019 Mary Papenfuss, Huffpost.com Educate! Inequality, New Economy, Ruling Class, Taxes

For the first time in a century, the nation’s richest billionaires are paying a lower tax rate than working-class Americans, according to an analysis in a forthcoming book. The wealthiest 400 families paid an average effective tax rate of 23% last year ― the second year of President Donald Trump’s new tax law ― while the bottom half of all American households paid an average rate of 24.2%, according to the study. The superwealthy paid a lower rate than any other income group, according to an analysis in the new book “The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley.

The Wealthiest Americans Haven’t Paid Their Fair Share In Decades

October 9, 2019 Ilana Novack, Truthdig.com Educate! Inequality, New Economy, Ruling Class, Taxes

Donald Trump tried to sell America on his 2017 tax bill by calling it a middle class tax cut, and regurgitating Reagan-era talking points about how tax cuts for the wealthy actually benefit everyone. As Heather Long warns in The Washington Post however, while some middle class families got a modest cut in 2018, in 2019, millions of Americans were—or were about to be—“surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service.”

21st Century Corporate Governance: New Rules For Worker Representation On Corporate Boards

October 7, 2019 Lenore Palladino, Rooseveltinstitute.org Create! Corporations, New Economy, Workers

In a new working paper, Roosevelt Senior Economist and Fellow Lenore Palladino argues that the 21st century American economy requires a new, more accurate, and more effective model for corporate governance—one that can advance worker power and employee representation within American corporations and curb inequality. As it stands, outsized shareholder power is contributing to rising economic inequality; and workers have no part in the decision-making that determines the future of the corporations they work for, nor do they have a say in what happens to the value they help create.

Holistic Land Management – Only A Movement Can Prevent Desertification

October 6, 2019 Busani Bafana, IPS News. Create! climate crisis, Desertification, Food and Agriculture, New Economy

According to the United Nations Convention to Combat Desertification (UNCCD) the scourge of desertification is costing the global economy up to 15 trillion dollars annually, making it urgent to restore degraded land to mitigate climate change. In August 2019, the United Nation’s Intergovernmental Panel on Climate Change (IPCC)’s report said better management of land can curb greenhouse gases that contribute to global warming. IPCC scientists said tackling land degradation can help keep temperatures below 2 degrees Celsius, a goal global governments are dithering to meet. Holistic management, pioneered 50 years ago by acclaimed Zimbabwean ecologist, Allan Savory, is proving effective in the restoration of degraded land in many parts of the world where it is being applied.

Solutionary Rail Means Deep Cuts To Greenhouse Gases

October 4, 2019 Solutionary Rail, The Backbone Campaign. Create! Climate Change, greenhouse gases, New Economy

Electrify the trains: Electric cars and trucks will require resource-intensive battery manufacture and disposal. Electrifying the railroad, on the other hand, can take advantage of the fixed infrastructure of rail transport; like some bus lines in cities today, electric locomotives could receive electrical power by catenary wire accessed by a pantograph or an electrified third rail. An additional advantage of electric locomotives results from equipping them for regenerative braking – different from today’s diesel-powered trains equipped for dynamic braking, where energy is lost as heat.

A US Green Investment Bank For All: Democratized Finance For A Just Transition

October 4, 2019 Thomas Marois and Ali Riza Gungen, Thenextsystem.org Create! Banks, New Economy, Reform

In ways unimaginable just a few years ago, public banking and its potential for catalyzing a transition to a green and just future have been catapulted to the center of political and economic debate. The reason: The greed-driven excesses of Wall Street and global finance that gave rise to the 2008-09 global financial crisis are now continuing to drive today’s global crisis of climate finance. The financial sector today offers seemingly limitless access to debt for financing planet-damaging consumption but does not carry its weight in financing solutions to the climate crisis.

Minneapolis Pilots ‘Mobility Hubs’

October 3, 2019 By Katie Pyzyk, Smartcitiesdive.com Create! Infrastructure, Minneapolis, New Economy, Transportation

The idea of a mobility hub is not new, but at the same time it has not yet gained mainstream implementation. A German project manager is credited with devising the first integrated mobility hub 20 years ago to reduce the number of cars on the road and regain street space for other uses. Minneapolis looked to European examples, as well as domestic and regional ones, when developing its hub program. "European cities are well on their way, much further than the U.S. is, on this concept of mobility hubs," Johnson said.

Fining Corporations That Pollute Carbon Is Quite Popular

October 3, 2019 Matt Bruenig, Peoplespolicyproject.org Create! Carbon, Corporations, New Economy, pollution

The Emerson results are not directly comparable to the YouGov results because Emerson asks people only if they “support” it, “oppose” it, or are unsure, while YouGov gives people the additional options of “somewhat support” it and “somewhat oppose” it. Allowing the “somewhats” in gets you fewer unsure responses and so the overall numbers are higher. Nonetheless, the Emerson figures show us that a “carbon fine” does better than a “carbon tax,” meaning that even DFP’s astonishingly good findings understate just how high those numbers could be driven if the program was described in a more positive (but still accurate) way.

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