New Economy

Billionaires Are A Sign Of Economic Failure

August 30, 2019 By Max Lawson, Inequality.org Educate! Inequality, New Economy, Ruling Class

The New York Times published an editorial comment on its front page in January 2019, provocatively entitled “abolish billionaires.” The editorial raised a serious question: what if instead of being a sign of economic success, billionaires are a sign of economic failure? In what ways can the boom in billionaires, and the dramatic increase in extreme wealth generally, be harmful? To answer this question, we need to understand the origins of billionaire wealth, and to understand how that wealth is used once it is gained. The answer to both these questions I think rightly casts doubt on the value of the super-rich in our society.

Inequality In The U.S. Is Stifling Economic Growth And Could Cost Us As Much As $1.5 Trillion

August 21, 2019 Ruth Milka, Nationofchange.org Educate! Inequality, New Economy

Failure to close the gap, leaving the majority of wealth among the super-rich, will cost the economy anywhere from $1 trillion to $1.5 trillion by 2028. The massive (and growing) wealth inequality in the US is hindering economic growth in the country, says a new report. Compiled by consulting firm McKinsey & Company, the new report “quantifies the impact” the wealth inequality gap. Failure to close the gap, leaving the majority of wealth among the super-rich, will cost the economy anywhere from $1 trillion to $1.5 trillion by 2028.

Are Ordinary People In The United States Screwed? My Reply

August 18, 2019 Jack Rasmus on his website. Educate! Debt, Finance and the Economy, New Economy, Recession, wealth inequality

In short, the policies since 2008–both Obama’s and Trump’s–for ten years now have been subsidizing the rich, the elites, the owners of capital incomes like never before in US history. Tax cuts and Fed policies have subsidized (i.e. redistributed) tens of trillions of dollars for the elites from fiscal and monetary policies. The redistribution/subsidization has been so extreme that that fiscal and monetary policies are now effectively ‘dead in the water’ when it comes to try to stimulate the real US economy once it descends into recession–which is less than 12 months away for the US and already happening in Europe, Latin America, and parts of Asia. Fiscal policy in the US is now dead-ended as an effective stimulus policy tool due to the $22 trillion current US national debt levels and annual $1 trillion plus budget deficits.

CEO Compensation Has Grown 940% Since 1978

August 16, 2019 By Lawrence Mishel and Julia Wolfe, Epi.org Educate! Bosses, Inequality, New Economy, Wages, Workers

What this report finds: The increased focus on growing inequality has led to an increased focus on CEO pay. Corporate boards running America’s largest public firms are giving top executives outsize compensation packages. Average pay of CEOs at the top 350 firms in 2018 was $17.2 million—or $14.0 million using a more conservative measure. (Stock options make up a big part of CEO pay packages, and the conservative measure values the options when granted, versus when cashed in, or “realized.”) CEO compensation is very high relative to typical worker compensation...

A Litany Of Economic Woes

August 14, 2019 Staff, Benl88.blogspot.com Educate! New Economy, Reform

As one who writes often about the economy, and often hears gasps of bewilderment and groans of boredom, I have tried to find ways to entice readers into the subject matter. But there is no corny joke to start this essay off. A litany is a list, and 8 items should give the reader a quick oversight of the failing economy. Added is a list of 4 reforms, simple and common sense. So let’s plunge in. 1. The “average weekly earnings” of eighty percent of U.S. workers was higher in 1965, 54 years ago, than in 2019, reports the Bureau of Labor Statistics.

Ian Haney López: Dividing Races The Main Weapon Of The Rich

August 13, 2019 By Roger Bybee, Inequality.org Strategize! Class Struggle, New Economy, Racism, Ruling Class

Donald Trump’s attacks on black U.S. Representative Elijah Cummings, the Reverend Al Sharpton, and the four progressive Congresswomen of color known as “the Squad” signal how the President, backed by other Republicans, intends to use racial divisiveness to stay in power. “Dividing the races has been the principal weapon of the rich in the class war they are winning,” as University of California-Berkeley law professor Ian Haney López told me in a recent phone interview.

The World’s Wealthiest Family Gets $4 Million Richer Every Hour

August 13, 2019 Staff, Bloomberg.com Educate! Inequality, New Economy, Ruling Class, Wealth

The numbers are mind-boggling: $70,000 per minute, $4 million per hour, $100 million per day. That’s how quickly the fortune of the Waltons, the clan behind Walmart Inc., has been growing since last year’s Bloomberg ranking of the world’s richest families. At that rate, their wealth would’ve expanded about $23,000 since you began reading this. A new Walmart associate in the U.S. would’ve made about 6 cents in that time, on the way to an $11 hourly minimum.

While Poorest Scapegoated, Analysis Of 25 World’s Wealthiest Families A Reminder Of Inequality’s Economic Drain

August 13, 2019 By Jon Queally, Nationofchange.org Educate! Inequality, New Economy, Ruling Class

"It's funny that the real truth about income inequality is not coming from the south like some would like you to believe—the sucking sound draining the middle-class is the 1 percent... Just saying." If the world needed yet another example of just how unequal the global economy has become, a new analysis of the top 25 wealthiest family dynasties published Saturday revealed that while one out of ten people in the world live on less than $2.00 per day, these super rich families now control a total of $1.4 trillion in assets and are making as much as $4 million every single hour.

The Mexican Debt Crisis And The World Bank

August 13, 2019 Eric Toussaint, Cadtm.org Educate! Debt, New Economy, US Imperialism, World Bank

Robert McNamara and president Luis Echeverria (1970-1976) were thick as thieves. The Mexican president had cracked down on the radical left. From 1973 on, Mexico’s foreign currency revenue soared thanks to the tripling of oil prices. This increase in currency revenue should have prevented Mexico from borrowing. However the volume of WB loans to Mexico rose sharply: it quadrupled from 1973 to 1981 (from USD 118 million in 1973 to 460 million in 1981). Mexico also borrowed from private banks with the World Bank’s backing.

NYC’s $15 Minimum Wage Helped Restaurants Thrive

August 11, 2019 Allana Akhtar, Business Insider. Create! Minimum Wage, New Economy, Workers Rights and Jobs

New York City restaurant workers saw their pay increase by 20% after a $15 minimum-wage hike, and a new report says business is booming despite warnings that the boost would devastate the city's restaurant industry. As New York raised the minimum wage to $15 this year from $7.25 in 2013, its restaurant industry outperformed the rest of the US in job growth and expansion, a new study found. The study, by researchers from the New School and the New York think tank National Employment Law Project, found no negative employment effects of the city increasing its minimum wage to $15. Restaurant workers in the city saw a pay increase of 20% to 28%, representing the largest hike "for a big group of low-wage workers since the 1960s," James Parrott, a director of economic and fiscal policies at the New School and an author of the study, told Gothamist.

Neoliberalism Has Met Its Match In China

August 9, 2019 Ellen Brown, Truthdig.com Educate! China, Inter-Imperialist Rivalry, Neoliberalism, New Economy

When the Federal Reserve cut interest rates last week, commentators were asking why. According to official data, the economy was rebounding, unemployment was below 4% and gross domestic product growth was above 3%. If anything, by the Fed’s own reasoning, it should have been raising rates. Market pundits explained that we’re in a trade war and a currency war. Other central banks were cutting their rates, and the Fed had to follow suit in order to prevent the dollar from becoming overvalued relative to other currencies.

Recession On The Way, Global Trade & Currency War Has Begun

August 9, 2019 By Staff, Jackrasmus.com Educate! China, Economics, Global Finance, Inter-Imperialist Rivalry, New Economy

Over this weekend, China’s Yuan currency broke out of its band and devalued to more than 7 to $1. At the same time China announced it would not purchase more US agricultural goods. The Trump-US Neocon trade strategy has just imploded. As this writer has been predicting, the threshold has now been passed, from a tariff-trade war to a broader economic war between the US and China where other tactics and measures are now being implemented.Trump will no doubt declare that China is manipulating its currency. A devaluation of the Yuan has the effect of...

Health Care Is Gobbling Up Your Wages

August 9, 2019 Bob Herman, Axios.com Educate! Health Care, New Economy, Wages

American incomes have barely changed over the past 20 years on an inflation-adjusted basis, and that's due in large part to the exploding costs of health coverage. The big picture: More people are plunging deeper into debt as the costs of housing, college and consumer goods greatly outgrow their paychecks. And those paychecks have been stagnant because employers are shoveling more money toward workers' health insurance. Between the lines: Employers consider a block of compensation for every employee.

5 Ways The Economy Is Stacked Against Young People

August 8, 2019 By Josh Hoxie, Otherwords.org Educate! New Economy, Wages, Workers, Youth

Today’s rising generation earns 20 percent less than their parents did at their age, despite being better educated and more productive. In fact, millennials are on track to become the first generation in modern American history to make less money than their parents did. The federal minimum wage, $7.25 an hour, is lower than the cost of living in every city in the country — and hasn’t gone up in 10 years. It’s hard to save when the money coming in doesn’t come close to covering the basics.

Climate Activists Set Sights On Ending Fossil Fuel Exports In Pacific Northwest Once And For All

August 7, 2019 Nick Engelfried, Wagingnonviolence.org Resist! Climate Change, Fossil Fuels, New Economy

When federal regulators came to Southern Oregon in June for hearings on a massive gas export project, they were greeted by a grassroots resistance movement 15 years in the making. About 800 people attended a series of four hearings put on by the Federal Energy Regulatory Commission, or FERC. Those speaking out against the gas project represented rural landowners, local governments, fisheries interests, tribal governments, and climate activist groups. “This project has brought people together from across the political spectrum,” said Rogue Climate campaigns director Allie Rosenbluth.

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