Politics and Economics

Inequality matters — but not in the way you think

In recent weeks a hotly contested debate was reignited among academics and policy wonks over income inequality and tax progressivity. The issues have been discussed frequently in the news for much of the Democratic primary season. But the current academic debate has been reignited by economists Emmanuel Saez and Gabriel Zucman, who recently released a book and

Emerging countries to enact laws for workplace protection

Many emerging countries were under foreign colonization in the last century. This partly explains why these countries have been slow to protect workers. Colonial priorities were seldom about workplace safety. In the 21st century, the world has known rapid development of internet technology and digitalization. The globe is becoming like a small village where much

The $80 Trillion World Economy in One Chart

The latest estimate from the World Bank puts global GDP at roughly $80 trillion in nominal terms for 2017. Today’s chart from HowMuch.net uses this data to show all major economies in a visualization called a Voronoi diagram – let’s dive into the stats to learn more. The World’s Top 10 Economies Here are the world’s top

To save America, we must rebalance our economic system

America’s economic system is a mix of free-market capitalism with government actions and controls. It evolved along with our nation. Many of us came to believe this system rewarded hard work and was fair. Globalization and technological change challenged this belief. Increasing economic rewards to “knowledge workers” — people who work with their minds, not

How government causes poverty and how government can fix it

Why are people poor? Conservatives and liberals offer very different explanations. Conservatives point to a "culture of poverty" and suggest that much deprivation is the result of flawed choices and behavior by the poor themselves. They point to a strong correlation between poverty and a failure to follow the so-called success sequence: finish school, get

Here’s how much interest income Congress owes Social Security over the next decade

Social Security's importance to the American public simply can't be overstated. As of September 2018, the $1,417 benefit paid to the average retired worker is enough to keep an estimated 15.3 million elderly Americans above the federal poverty line, according to an analysis by the Center on Budget and Policy Priorities. Simply put, we'd be facing

Great news for champions of sustainable, ethical behavior

Wherever you live, and wherever you stand on the political spectrum, you probably believe that a significant share of the political elite in your country is irredeemably corrupt and unethical. And wherever you work, it is also likely that you know some senior leaders who do a poor job of conveying tone at the top

2018-09-12T13:59:51-06:00Tags: |

House hopes to tame student loan crisis with financial literacy bill

The House next week will try to fend off a growing pile of student loan debt — now at $1.4 trillion — by passing legislation requiring families to learn more about what it means to borrow tens of thousands of dollars for college. Republicans have scheduled a vote on legislation from Reps. Brett Guthrie, R-Ky.,

Sen. Elizabeth Warren & Republicans Unite Around ‘Accountable Capitalism’

In an opinion piece in today’s print edition of the Wall Street Journal titled “Companies Shouldn’t Be Accountable Only to Shareholders,” Sen. Elizabeth Warren announced that she will introduce legislation called the Accountable Capitalism Act to require all corporations with more than $1 billion in revenue to become federally chartered and adopt a new model of corporate

Economic inequality, politics, and capital

Economic inequality and campaign finance are two of the hottest topics in America today. Unfortunately, the topics are typically discussed separately, but they are actually intertwined. The rise of US economic inequality that economist Thomas Piketty chronicles in his renowned book Capital in the Twenty-First Century – starting in the late 1970s and continuing through today –

Information inequality makes voters vulnerable to manipulation

The media industry is unique in its ability to spread information that may influence the democratic process. There is ample evidence that news coverage influences voting and policy-making, and this issue has become even more prominent after the controversy over the role of ‘fake news’ in the 2016 US presidential election. A powerful defence against

Watch: Ruth Bader Ginsburg – documentary RBG

Ruth Bader Ginsburg has spent a lifetime fighting for gender equality, but in a recent interview the 84-year-old supreme court justice made clear she sees the fight as unfinished business. When asked at the Sundance Film Festival for her thoughts on the nascent #MeToo movement, she was unequivocal with her praise: “It’s about time,” Ginsburg

Investing in Poverty Reduction

The tax legislation that US President Donald Trump signed into law last December will dramatically increase inequality and the federal budget deficit. Yet, hidden within it – and within budget legislation enacted in February – are two promising programs for helping state and local governments address the needs of disadvantaged Americans. The new tax law creates generous incentives to

Making Poverty History Is The Best Job In Government

Poor old Penny Mordaunt, says Ian Birrell in The Times. He seems to think that she’s got the worst job in government but I disagree. While other new Cabinet Ministers struggle with crises they inherit from their predecessor, she’s been given a political and policy platform to secure her own place in history. On Channel 4 News

Silicon Valley VC to unite liberals and conservatives over basic income

Sam Altman, the president of Silicon Valley's most prestigious startup accelerator, Y Combinator, is one of the leading voices in Silicon Valley calling for a radical economic idea called basic income. The idea is meant to lift people from poverty by affording them a supplemental, no-strings-attached income on a regular basis. Many proponents have given their

Global migration’s impact and opportunity

Migration is a key feature of our increasingly interconnected world. It has also become a flashpoint for debate in many countries, which underscores the importance of understanding the patterns of global migration and the economic impact that is created when people move across the world’s borders. A new report from the McKinsey Global Institute (MGI), People on the

The U.S. Ranks #37 For Life Expectancy

For this end-of-year post leading into 2018, I choose to address the big topic of how long we live in America, and what underpins the sobering fact that life expectancy is falling. Life expectancy in the United States declined to 78.6 years in 2016, placing America at number 37 on the list of 137 countries

Is another debt crisis on the way?

Economic growth is accelerating across most of the world. Yet the world’s total gross debt-to-GDP ratio has reached nearly 250 percent, up from 210 percent before the global economic crisis nearly a decade ago, despite post-crisis efforts by regulators in many important economies to drive the banking sector to deleverage. This has raised doubts about the sustainability