Economy

Chart: Values of Homes Owned by African Americans Take Outsized Hit Compared to Those Owned by Whites

Between 2010 and 2013, inflation-adjusted median home values fell by 4.6 percent for white households and 18.4 percent for African American households.

Prince George's County Government
Prince George's County Government Attractive homes line a street in Prince George's County, Maryland. This post originally appeared at the website of the Economic Policy Institute . T hough it is widely believed that home values have stabilized in most areas during the recovery, a recent report by the Federal Reserve found that between 2010 and 2013, the inflation-adjusted median home value for all homeowners declined 7 percent. Even more startling, however, is how unevenly home values have recovered by race of the homeowner. This 7 percent decline in the inflation-adjusted median home value breaks out into a 4 percent decline for both non-Hispanic whites and nonwhites (including Hispanics). But public data from the Survey of Consumer Finances—which provide more detailed race categories—show even starker differences among racial and ethnic groups. Between 2010 and 2013, inflation-adjusted median home values fell by 4.6 percent for white households and 18.4 percent for African American...

Can Robots Offer Amazon Moral Redemption?

An Amazon fulfillment center in Scotland. (Flickr/Chris Watt/Scottish Government)
If you're like many liberals, you probably feel conflicted about Amazon. On one hand, they seem to carry every mass-produced product in universe, and they usually have the lowest price, or nearly so. Shopping with them is incredibly convenient. On the other hand, the " fulfilment centers " at which people toil to pick and pack all the products people buy are basically the 21st century sweatshops, where workers endure horribly demanding work and demeaning treatment for low pay (Amazon isn't the only company that uses them, but they're the biggest). A few years ago, we learned that in the summer at some fulfilment centers they would park ambulances outside to cart off the workers who got heat stroke, because it was cheaper than installing air conditioning (which they eventually did in the face of a bunch of bad publicity). And the Supreme Court just heard a case involving Amazon workers who want to be paid for the time they are required to stand in line waiting to be searched like...

More Trade Agreements Won't Fix the Mess Made by Austerity

Even T-TIP's supporters know it will have little more than a trivial effect on growth.

(AP Photo/Kirsty Wigglesworth)
(AP Photo/Kirsty Wigglesworth) A demonstrator holds a banner in Parliament Square in London, Saturday, October 11, 2014. The demonstration was one of many across Europe against the Trans-Atlantic Trade and Investment Partnership, or TTIP. This article originally appeared at The Huffington Post. T he U.S. economy is growing slowly and Europe's hardly at all. The stock market lurch last week is a belated acknowledgement that our two economies share a common affliction, and Europe suffers more seriously. The affliction is austerity. And yet the main remedy being promoted by the U.S. government and its European allies is a trade and investment deal known as T-TIP, which stands for the Trans-Atlantic Trade and Investment Partnership. According to the deal's sponsors, T-TIP would help stimulate recovery by removing barriers to trade and promoting regulatory convergence and hence investment. The proposed deal is not popular in the U.S. Congress, which has to approve negotiating authority...

Unpredictable Schedules Inflicted on Workers are Wrecking People's Lives

This nationwide trend goes virtually undetected when we take the economy’s temperature each month.

(iStockPhoto/4774344sean)
(iStockPhoto/4774344sean) Nurses are among the many workers who suffer from unpredictable schedules that often lead to working double shifts. T he unemployment drop in the September jobs report, to 5.9 percent, was welcome news. But as many have noted, wages remain flat and 7.1 million Americans worked part-time but wanted to work full-time. Furthermore, the monthly snapshot, which focuses on limited questions and simplified distinctions, altogether misses a key indicator of the job market’s health. Our recent book, Unequal Time , suggests that for the millions of Americans fortunate enough to be working, scheduling has become chronically unpredictable. Most discussions of employment fail to capture the widespread variability in work hours, or what some employers now like to call “flexibility.” While recent media reports have focused on the unwieldy lives of young people working at Starbucks and clothing stores—working with a day’s notice or splitting shifts—the issue is far more...

It’s Not a Skills Gap That’s Holding Wages Down: It's the Weak Economy, Among Other Things

Workers’ ability to handle technological advances doesn’t explain what’s happened to American wages.

(Photo by: Hendrik Schmidt/picture-alliance/dpa/AP Images)
(Photo by: Hendrik Schmidt/picture-alliance/dpa/AP Images) A robotic welding system for Volkswagon car body shells is featured at the Industrial Museum in Chemnitz, Germany. T he inadequate quantity and quality of American jobs is one of the most fundamental economic challenges we face. It’s not the only challenge: Poverty, inequality, and stagnant mobility loom large, as well. But in a nation like ours, where wages and salaries are key to the living standards of working-age households, all these challenges flow from the labor market problem. OK, but this is a supposed to be an article about technology. What’s the linkage between technology and this fundamental problem? As a D.C.-based economist who’s been working on the issue of jobs and earnings for almost 25 years, trust me when I tell you that most policy makers believe the following: “Yes, there’s a problem of job quantity and quality, but it’s largely a skills problem. Because of recent technological advances, most notably...

Why President Obama Can't Get Any Love From the Public On the Economy

White House photo by Pete Souza.
One common axiom about presidential popularity is that presidents get more credit than they deserve for the good times and more blame than they deserve for the bad times. But Barack Obama is probably wondering why he can't get any credit at all. Today job numbers for the month of September were released, and the news looks excellent: 248,000 jobs were created, and the unemployment rate is now 5.9 percent. Since Steve Benen regularly updates his chart on job growth during the Obama administration, we'll use his : That looks pretty good. In fact, we've now had 55 consecutive months of private sector job growth, the longest stretch on record (weirdly, that job-killing Obamacare hasn't actually killed all the jobs). But now let's look at another chart, this one from Huffpost Pollster : Not so good! Not good at all, in fact. Obama crossed from net approval to disapproval in October 2009, and never got back into positive territory. The latest polls have his approval on the economy at around...

Tragedy, Privation and Hope: Joy Boothe's Inspiring Journey to Moral Monday

Horrifically orphaned and raised with prejudice, she built a house and a new life with her own hands. Now hers are among many building a movement for justice.

©Jenny Warburg
©Jenny Warburg Joy Boothe (in black pants) at a sit-in outside the office North Carolina Senate President Pro Tempore Phil Berger in June 2014, protesting Republican education cuts. W hen Joy Boothe showed up at last week’s Moral Monday rally in her hometown of Burnsville, North Carolina, she was fighting both sleep- and sun-deprivation. Boothe had just driven in from Asheville, 35 miles away, where her husband was recovering from a double knee replacement. “Despite my fears of leaving my husband’s hospital room for the first time in four days,” she told the small crowd gathered in the town square, “I’ve come to stand with you today. It’s that important. It’s that important. ” Boothe, a vice president of the local NAACP branch, was referring to the ongoing political upheaval in Raleigh, the state capital, four hours east of this small mountain town. There, an emboldened Republican legislative majority had cut unemployment benefits, turned away federal Medicaid funds, slashed education...

In Political System Disconnected From Society's Ills, Remedies Pushed to Fringes of Public Debate

(Kike Calvo via AP Images)
(Kike Calvo via AP Images) More than 100,000 people march through midtown Manhattan on Sunday, Sept. 21, 2014 as part of the People's Climate March, a worldwide mobilization calling on world leaders meeting at the UN to commit to urgent action on climate change. F or half a century beginning with Franklin Roosevelt, there was a direct connection between the problems that afflicted American society and the remedies on offer from our democratic system. High unemployment? The New Deal, the World War II mobilization, and the postwar boom took care of that. Stagnant wages? With unions, growing productivity, minimum wage laws, and other regulation of labor standards, American real wages tripled. Education? The G.I. bill, massive investment in public universities, community colleges, and later in public elementary and secondary education produced a better educated and more productive population. And until the 1980s, public higher education was practically free. The exclusion of blacks from...

At Religious Right Gathering, Dubious Plan Emerges for Recapturing the Presidency

At the Values Voter Summit, politicians were told that the path to victory is in promoting issues that turn out to alienate young people and women.

©A.M. Stan
©A.M. Stan Ted Cruz, U.S. senator from Texas, addresses the Values Voter Summit on September 26, 2014. O n Friday and Saturday, conservative politicians and activists descended upon Washington, D.C.'s Omni Shoreham Hotel, for the Values Voter Summit—a conference in which the religious right comes together to talk about what its members deem to be our nation’s real problems, like the ostensible persecution of Christians by the Obama administration, ISIL fighters said to be crouching on our Southern border and, of course, how to ensure that Republicans start winning national elections again without betraying the social-conservative cause. For those vying for the GOP presidential nomination, the annual event convened by FRC Action, the political arm of the Family Research Council, is often seen as a command performance. This year’s featured speakers included United States Senators Ted Cruz of Texas (who won the Values Voter presidential straw poll) and Rand Paul of Kentucky, Louisiana...

The United Kingdom Nearly Died for Margaret Thatcher's Sins

(Press Association via AP Images)
W hy on earth did the Scots, largely quiescent as part of Great Britain for three centuries, suddenly become the mouse that roared? It wasn't because they became besotted watching re-runs of Braveheart or Rob Roy , or even because they coveted more of a share of North Sea oil revenues. No, the Scots got sick and tired of Thatcherite policies imposed from London. Thanks to the partial form of federalism known as "devolution" provided by the Labour government of Tony Blair in 1997, Scotland got to keep such progressive policies as free higher education and an intact national health service, while the rest of the U.K. partly privatized the health service and began compelling young people to go into debt to finance college like their American cousins. But as long as progressive Scotland, with just one Conservative M.P. sent to the national parliament at Westminster, remained part of Great Britain, its own policies were in jeopardy. So the near-miss referendum was one part revived Scottish...

The Politics of Pre-K: How A Program Known to Help Poor Mothers Could Doom Your Candidacy

When the emphasis is kept on how it's good for business, early-childhood education is popular. Just don't call it childcare. 

(AP Photo/The Monitor, Gabe Hernandez)
(AP Photo/The Monitor, Gabe Hernandez) I n Pennsylvania’s gubernatorial race, education has emerged as one of the most heated issues. A Quinnipiac University poll released this month found education ranked as the most important issue for voters, after jobs and the economy. Despite contentious politics surrounding reform of public education from kindergarten through twelfth grade, Republican incumbent Tom Corbett and Democratic challenger Tom Wolf have discovered that plugging expansion of pre-kindergarten programs wins them political points without treading into treacherous waters. That is, as long as they don't mention the mothers who will inevitably benefit, too. The governor’s record is haunted by his 2011 budget, from which he cut nearly $900 million in public education funds—a decrease of more than 10 percent. The severe cuts have garnered national attention , particularly for Philadelphia—the state’s largest school district—which wrestled with a $304 million cut this past school...

Congress Didn't Pay a Lot to Go to College: Today's Students Shouldn't Either

Building photo: Architect of the Capitol - Dome: Carol M. Highsmith/Library of Congress
Architect of the Capitol This article originally appeared on the website of Demos . O ne of the oldest attack lines in politics is that a candidate or elected official is “out of touch” with the American people. The phrase, deployed often and by both parties, is often used to outline how a statement, voting record, or ideology is on the minority side of public opinion. In other cases, it’s used to target legislators who have served several terms, inferring that their tenure in office has left them too cozy and unresponsive to the needs of constituents. In the case of both Mitt Romney and John Kerry , it was used to infer that the very life experiences of a candidate left them out of touch with those of the “everyday American.” It’s designed to remove any and all appearances of empathy from the equation. In some cases, it’s actually true. Look no further than the cost of higher education. This week, the Senate was expected to (but looks like it no longer will) vote on a bill to allow...

Tenants Facing Eviction in Era of Skyrocketing Rents Need Legal Assistance

Without legal assistance, tenants often miss crucial steps and find themselves out of a home.

(AP Photo/Ricardo Figueroa)
(AP Photo/Ricardo Figueroa) Y ears after we’ve supposedly recovered from the housing crisis, millions of Americans are at risk of losing their homes, and housing is still one of the most troubling aspects of America’s growing inequality problem. The evidence is clear: Rents are rising in cities across the country, and the New York Times reported earlier this month that evictions are soaring nationwide. Tenant-landlord standoffs in U.S. cities are also becoming increasingly common—and bitter. But despite this bleak overall picture, some tenants are winning eviction battles and ultimately staying in their homes. How? What’s the difference between those who protect their homes and those who are at risk of falling into homelessness? Most often, outcomes depend on one factor: whether tenants have legal help. Across the country, civil legal aid programs are helping people under threat of evictions understand their rights, navigate the court system, and, most importantly, stay in their homes...

Naomi Klein: Pitting Environment Against Economy Risks Failure of Both

The solutions to climate change, she writes in a new book, are not those that consolidate wealth.

TED Women
TED Naomi Klein, author of This Changes Everything: Capitalism vs. the Climate , at her December 2010 TED Women Talk. This article was originally published at BillMoyers.com , the website of the television program, Moyers & Company. I n her new book, This Changes Everything: Capitalism vs. the Climate , Naomi Klein argues that if we had taken action years ago when scientists first established that human activities were changing our climate, we might have been able to deal with the problem of global warming with only minimal disruption to our economic system. But as we approach a tipping point, and the consequences of climate change come into sharper focus, that time has passed, and we now have to acknowledge that preserving humans’ habitat requires a paradigm change. But Klein doesn’t just offer us a depressing litany of the damage we’ve already done. She calls on us to seriously rethink the way our economy is structured to address not only climate change, but also other...

A Book for the People of Ferguson -- And Oppressed People Everywhere

Fred Ross's change-making Axioms for Organizers is updated for the Internet age, and for a new generation battling discrimination and police brutality.

fredrosssr.com
M ost residents of Ferguson, Missouri, have probably never heard of Fred Ross, Sr., but they could use his help now. Ferguson's population is two-thirds African American, but the mayor, almost all members of the city council and school board, and 95 percent of the police department is white, and in last year's municipal election only 7 percent of blacks came to the polls. Ross—perhaps the most influential (but little-known) community organizer in American history—had a successful career mobilizing people to challenge police brutality, fight segregation, and organize voter registration and voter turnout campaigns. Ross taught people how to channel their anger and frustrations into building powerful grassroots organizations that can win concrete victories that change institutions and improve people's lives. He understood that while sporadic protests can draw attentions to long-neglected problems, it requires the hard day-to-day intentional work of organizing to build power and give...

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