New Economy

The Curious Malaise Of The Middle Class

May 30, 2019 Jason Hirthler, Dissidentvoice.org Educate! Class Struggle, Middle Class, New Economy

Passing through the vestibules of airports, one experiences the quotidian toil of modern neoliberal life. Even as one’s spirits rise at the thought of a fresh destination, or perhaps a familiar one, the vast task force of transit works fastidiously about you. The TSA army bark irritated orders to lethargic queues of travelers; everywhere badged employees swipe cards and pass through nondescript doors; a lone, lank youth brushes the carpeted floor with a broom, sweeping miniscule dust mites into his empty dust pan; the cashier issues her rote boilerplate: “Is that all?”...

How Inequality Makes US Poorer

May 29, 2019 Staff, Stumblingandmumbling.typepad.com Educate! Inequality, New Economy, Poverty

My chart shows the point. It shows the 20-year annualized rate of growth in GDP per worker-hour. It’s clear that this was much stronger during the relatively egalitarian period from 1945 to the mid-70s than it was before or since, when inequality was higher. This might, of course, be coincidence: maybe WWII caused both a backlog of investment and innovation which allowed a subsequent growth spurt and a desire for greater equality. Or it might not. This is not the only evidence for the possibility that inequality is bad for growth.

How Accurate Are The US Jobs Numbers?

May 9, 2019 Jack Rasmus, Counterpunch.org Educate! Employment, Jobs, New Economy, United States

While the Current Establishment Survey (CES) Report (covering large businesses) shows 263,000 jobs created last month, the Current Population Survey (CPS) second Labor Dept. report (that covers smaller businesses) shows 155,000 of these jobs were involuntary part time. This high proportion (155,000 of 263,000) suggests the job creation number is likely second and third jobs being created. Nor does it reflect actual new workers being newly employed. The number is for new jobs, not newly employed workers. Moreover, it’s mostly part time and temp or low paid jobs, likely workers taking on second and third jobs.

Lesson From History: How Bronze Age Rulers Simply Canceled Debts

April 18, 2019 By Michael Hudson, Evonomics.com Strategize! Debt, History, New Economy

There has been an explosion of discussion about whether to cancel student debts. Critics of the idea point out that wealthy people would be the main gainers, posing moral hazard. The debate has has quickly slipped into a discussion of modern economies and whether it was moral to cancel the debts of people who are in arrears, when some people have struggled to keep current on their payments.” Bankers and bondholders love this argument, because it says, “Don’t cancel debts. Make everyone pay, or someone will get a free ride.”

The Social And Solidarity Economy Is A Workable Alternative To Capitalism

April 18, 2019 By Ana Álvaro Moreno, Adrián Gallero Moreiras, Miguel Ángel Martínez del Arco, Equaltimes.org Create! Capitalism, New Economy, Revisionism

The social and solidarity economy (SSE) is an economic phenomenon in the full throes of expansion throughout the European Union, as well as other parts of the world. This is no doubt partly the result of the 2008 economic and financial crisis and the prolonged post-crisis period, which – despite the economic recovery in macro-economic terms – has, over the last ten years, led to ever-growing inequalities, precarious employment and cutbacks in basic public services in ‘welfare societies’.

Top 5 Reasons To Choose A Community Bank Or Credit Union

April 17, 2019 By Stacy Mitchell, Ilsr.org Educate! Community Banks, Credit Unions, New Economy

Most locally owned banks and credit unions offer the same array of services, from online bill paying to debit and credit cards, at much lower cost than big banks. Average fees at small banks and credit unions are substantially lower than at big banks, according to national data. Studies show that small financial institutions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.

Sign Of Hope Or Worry? When The Dollar Store Comes To Town

April 17, 2019 By Patrik Jonsson, Csmonitor.com Educate! Economics, New Economy, Retail

On a “mission to save my neighborhood,” Burnell Cotlon, an Army veteran, built his Lower 9th Ward Market literally by hand, shingle by shingle. Today, his counter wall features cameo shots with Mark Zuckerberg. The launderette out back was donated by Ellen DeGeneres. There are shiny apples and $4.50 pork chop plates. His grocery store is seen as an oasis. But Mr. Cotlon’s gambit to help revive a stagnant Lower 9th Ward faces a new challenge: the Dollar General down the street. A boom in dollar stores across the United States since the Great Recession – three open every day on average – has provided both hope and despair in communities struggling for economic footholds.

The Radical Way Berlin Plans To Solve Its Housing Crisis

April 14, 2019 By Emily Schultheis, Huff Post. Create! Corporatism, Germany, Housing, New Economy

Berlin ― A sea of placards streamed across Berlin’s Alexanderplatz, a large public square under the shadow of the city’s massive TV tower, with bold messages daubed in paint and printed across placards. “The City Belongs to Us!” “My Home, Not Your Profit!” “I Don’t Want to Move!” Thousands of people took to the streets in Germany’s capital city on Saturday to protest the rapidly rising cost of apartments in Berlin. “There were old people, young people, families, there were even homeowners … it was basically a snapshot of the entire population of Berlin,” said 77-year-old Barbara von Boroviczény, one of the activists involved in organizing the protest as part of grassroots campaign group Expropriate Deutsche Wohnen & Co.

Public And Cooperative Sector Contribution To Innovation

April 11, 2019 Leo Sammallahti, Coop.exchange Educate! Cooperatives, New Economy

There is a widespread belief that the driving force of innovation is competition between companies. The government is viewed as an obstacle holding back the full potential of entrepreneurs with outdated regulation. However, practically all tech start-ups that are poster-boys for innovation are built on two profound inventions, both of which are born out of publicly funded research: the digital computer and the internet. These inventions were not born from profit driven competition, but instead cooperation between scientists.

A Cure For Excessive Wealth Disorder

April 10, 2019 By Chuck Collins, Inequality.org Strategize! New Economy, wealth inequality

This isn’t your parents’ inequality influenza, but a more virulent strain of extreme disparities of income, wealth, and opportunity. Just 400 billionaires have as much wealth as nearly two-thirds of American households combined. And just three individuals — Jeff Bezos, Warren Buffett, and Bill Gates — have as much wealth as half of all U.S. households put together. Since the economic meltdown of 2008, the lion’s share of income and wealth growth hasn’t gone just to the top 1 percent — it’s gone to the richest one-tenth of 1 percent.

Why Can’t We Close The Racial Wealth Gap?

April 9, 2019 Brentin Mock, Citylab.com Strategize! Inequality, New Economy, wealth inequality

If the college cheating scandal has reinforced anything, it’s that one of the primary advantages of being wealthy is that the wealthy can buy more advantages. This helps explain why African Americans, who’ve historically been denied wealth, lag in almost every category of society behind whites, who have long benefited from capital extracted from black labor and culture. It also helps explain why—despite a “booming” U.S. economy that is nearing full employment—a giganticracial wealth gap remains. On average, white households have nearly 6.5 times the wealth of black households.

How My Republican Parents Convinced Me The U.S. Needs Single-Payer Healthcare

April 5, 2019 V. R. Craft, Millennialpolitics.co Create! Electoral Politics, Health Care, New Economy, Single-Payer

Twice, my Republican mother has almost died from a lack of affordable health care, but she still hates the idea of a single-payer system. The first time she almost died she was at age 21. Her appendix ruptured because she’d put off seeing a doctor until she could get insurance from, ironically, the insurance company she’d just started working for because she wanted health insurance. (Dad didn’t get insurance through his employer at the time.) The health insurance didn’t kick in for three months, so she put off going to the doctor until her appendix had ruptured and sprayed infected tissue everywhere.

When Cities Shut The Water Off

April 2, 2019 By Maureen Taylor, Inequality.org Educate! Detroit, New Economy, Protests, Water

In 2014, the Detroit Water and Sewerage Department started its most recent egregious campaign of mass water shutoffs that targeted low-income, residential customers who were behind in payments. In June of that year, rumors started to surface about poisoned public water in Flint, Michigan. Both issues marked the start of long nights of terror for blue-collar workers, a terror that has not yet ended. Concerns over water were not new to those in the American Rust Belt, but never before had their ferocity and scale reached such depths.

It’s The For-Profit Health Care Industry Telling Us We Can’t Afford Medicare For All

March 30, 2019 By Salomeh Keyhani, Economy For All Educate! Health Care, New Economy, Profit

The most important question about Medicare for All is a simple one: If other industrialized countries can afford to offer high-quality universal health care to their citizens, why can’t the United States? We’ve been fooled to believe that the USA requires a uniquely expensive, fragmented and administratively complex system of health care coverage. But that’s just plain wrong. In a seminal paper published in 2003, Uwe Reinhardt and Gerard Anderson found “it’s the prices, stupid” that set the U.S. health care system apart. It’s not that care in the United States is higher quality. Nor is it that we use more of it than other countries.

Marx And The Democratization Of Work

March 24, 2019 Richard D. Wolff, Roarmagazine. Create! Karl Marx, New Economy, Worker Cooperatives, Workers Rights and Jobs

Marx himself said and wrote little about the future beyond capitalism. He didn’t believe in future-gazing; no one could know how the world would evolve. Marx gave us some ideas of what might have to happen if we were going to get beyond capitalism. But he offered no blueprints or road maps. Later Marxists did not always share these hesitations, especially after Marxists came to play leading roles in what they called “socialist” societies. Marx never suggested, contrary to what so many have said, that the state — the government — had to play some sort of ongoing, central role in what this future post-capitalist world would look like.

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