In the State of the Union address, Obama revealed that he will be implementing a myRA plan, which is basically an Individual Retirement Account administered by the government. Savers will put the money in after-tax (like a Roth IRA), the accounts will be small (capped at $15,000), and the returns will be modest but guaranteed.
In yesterday's post, I wrote about the broad history of inequality under capitalism. In many countries that have undergone capitalist development, inequality has moved in three stages. First, inequality rapidly escalates. Second, the rise in inequality slows down and actually reverses. Third, inequality shoots up once again.
Oddly enough, there is a gang of Republicans who have recently taken up the mantle of poverty. With the exception of Mike Lee, who has proposed to increase the Child Tax Credit, none of the people in this gang has come out with anything remotely interesting or worthwhile. Gang member Marco Rubio recently stepped out of his study, revealing that he had determined the old conservative marriage arguments are still the way to go:
Strikes at fast food establishments are set to sweep the nation today as part of an organizing effort that has been under way for more than a year. We should all know by now what the main concern of striking workers is. They get paid very little and that makes for a really poor existence. Although we have gotten some specific stories here and there, few have actually undertaken to systematically describe what it is like to live this kind of life. A new book just out by Jennifer Silva called Coming up Short takes on exactly this task.