Economy

A More Perfect Union

Emily Dopper and her boyfriend, Willem van Leeuwen, tourists from the Netherlands, were on their way to lunch at the Boathouse restaurant in New York’s Central Park when they encountered the picket line. Clay Skaggs, a striking waiter, intercepted them. “We’re asking you not to eat here,” he said in a tone of polite explanation. “They practice sexual harassment, and they stole $3 million in wages over two years. They also got a C-rating on their health inspection.”

Dopper looked dejected and unconvinced. “We came here to Central Park all the way from Europe,” she said.

Woe Is Europe

A week of credit-rating downgrades and skyrocketing interest rates fuels fears the monetary union is doomed.

Thanks, But No Thanksgiving

Employees and consumers fight back against "Black Friday," which increasingly starts on the holiday itself.

It may feel as traditional as leftover turkey, but it’s only been since the 1960s that retailers have named the day after Thanksgiving, when bargain shoppers hunt for discount goods like big game, "Black Friday." But this year, black could just refer to the pall cast on store employees’ holidays, which have been increasingly cut short in an effort to start the sales earlier and earlier.

In Nebraska, rumors of a Thanksgiving midnight opening at the Omaha North Target store where Anthony Hardwick has worked for the past three years first circulated on Facebook. By the time store managers confirmed that employees were scheduled to start their shifts at 11 p.m. Thanksgiving Day, the part-time parking attendant had taken matters into his own hands.

Ivy League Brain Drain

At Yale, OWS-inspired protesters target recruiters for the country's major finance firms.

She was tall, blond, standing in the lobby of a swanky hotel in downtown New Haven. She came for the recruitment seminar by Morgan Stanley, the banking and investment firm. Like the other Yale University students who attended, she came to learn more about starting a lucrative career on Wall Street. And like most of the people I interviewed that evening, she seemed afraid.

What to Read Before You Unwonk Tonight

  • Jonathan Chait wrote a truly excellent essay in this month’s issue of New York that refuses to sympathize with the liberal journalists and scholars who have been writing damning commentary on Democratic presidents since the early 20th century.

What Happened to the Tea Party?

When the 2012 Republican nominating contest was getting underway earlier this year, it was widely predicted (I predicted it myself) that the race would eventually come down to a contest between an establishment candidate like Mitt Romney or Tim Pawlenty, and a Tea Party candidate more appealing to the party's base. It seemed perfectly reasonable at the time; after all, the Tea Party had energized the GOP and propelled it to the historic 2010 congressional election victory. With its anti-Obama fervor, the Tea Party was the focus of all the GOP's grassroots energy, to such a degree that nearly every Republican felt compelled to proclaim him or herself a Tea Partier.

Super-Duper Failure

As many of us have been hoping and praying, the Super Committee fell of its own weight, making room for a much better debate about where budget cutting fits into a recovery strategy (if at all), and how to raise taxes progressively in order to finance the investments and jobs that America needs.

President Barack Obama was unwise to make this devil’s bargain in the first place; he has since moved on to emphasizing jobs and recovery. The Super Committee crack-up should be the last gasp of the “bipartisan” folly about deficit reduction as key to recovery—which the president himself gave a big boost with his appointment of the late Bowles-Simpson Commission.

The Establishment Strikes Back

Protesters in front of the New York Stock Exchange Thursday.

Occupy Weekly: The Establishment Strikes Back. This was the week that Occupy Wall Street faced its greatest pushback and pulled off its largest action yet. Sunday’s surprise police raid on Occupy Portland turned out to be one of several around the country, as mayors sent cops to clear occupations in cities including Chapel Hill, Salt Lake City, and New York. Some raids were marked by violence against protesters and press (including reporters from the right-wing New York Post and Daily Caller). Occupy Boston has secured a preemptive restraining order in hopes of warding off a similar eviction, and Occupy Los Angeles is seeking one as well.

Unemployment and Underemployment Over Time

I'm not the only nerd here in the room, right? Phew. Check out Remapping Debate's new graph of Bureau of Labor Statistics data of unemployment and underemployment, by state, over time. Don't miss the widget that lets you examine how the data differs by year.

In brief: It looks grim. Do use the data for good.

Occupy Wall Street: Seattle Redux?

AP Photo/Mary Altaffer

As in the anti-WTO demonstrations in Seattle in 1999, today’s nationwide Occupy Wall Street actions come in many shapes and sizes. There’s the enraged confrontations we’ve seen around Wall Street itself. There are the pre-arranged arrests we’ve seen in the banking district of downtown Los Angeles. There are permitted rallies sponsored by unions, which, as evening falls, will shift their locales to bridges around the nation in an attempt to loop the rebuild-the-decaying-infrastructure issue into the mélange of progressive causes that OWS champions. There’s an action for every mood and strategy –- though some strategies make a lot more sense than others.

Post Hoc Fallacy

Wednesday’s Washington Post deserves some kind of perverse award for advocacy journalism—in this case, for advocating the proposition that dire economic consequences will ensue if the congressional Super Committee fails to cut a deal for drastic deficit reduction. This is, of course, one side of an argument.

Those on the other side, including myself, have argued that austerity in a deep recession makes no economic sense and that as a matter of politics, the Obama administration would be far better advised to let the automatic sequester formula take effect, knowing that it would have to be reopened because of Republicans’ horror of deep defense cuts and the expiration of the Bush tax cuts.

Now What?

AP Photo/Seth Wenig

Early Tuesday morning, surprised by a violent police raid on Zuccotti Park, dozens of Occupy Wall Street activists stayed and accepted arrest, a few chained themselves to a tree (which was cut down by police), and others fled, though not all fast enough to escape tear gas. Later that morning, protesters returned expecting the city would yield to a temporary restraining order allowing their camp, but police ignored the order. Tuesday evening, defeated in court, occupiers returned to Liberty Plaza, filing in one or two at a time past watchful police. There were new signs (“Curfew 10 PM”), new rules (no lying down), and a newly urgent question: What’s next?

The Robots Are Coming!

Google, we learn from Monday’s New York Times, has a secret lab in an undisclosed location in the Bay Area where it is developing robots. We don’t know what the Google-oids are working on there, but we do know that the company has developed and built a driverless car that has already traversed 100,000 miles on California roads without getting either a ticket or a scratch.

Bending the Rules

Congress keeps finding new ways to attack farm-bill reform.

Yesterday, the House and Senate released their final appropriations bill for the current fiscal year. Like the House bill passed in June, the bill, which provides funding to the Department of Agriculture, cuts a number of programs. The National Sustainable Agriculture coalition discusses the programs most hurt in a detailed blog post. One of the areas most hurt is conservation: On the whole, programs that help preserve land were cut by almost $1 billion.

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