TTR returns to its traditional Tuesday slot with the latest on the problems of affordable housing, the pros and cons of bank nationalization, the future of the news business and the demographics of North Carolina.
- Low-income homeowners still get stiffed. While the mortgage crisis has deservedly preoccupied policy makers during the recent economic meltdown, the long-simmering problems of low-income renters threatens to impoverish millions of families. Research by the Center on Budget and Policy Priorities shows that since 1995 federal funding for low-income housing assistance has dropped by over 20 percent, both as a share of GDP and non-military discretionary spending. Meanwhile, the number of low-income renters spending more than half of their income on housing costs has increased by over 33 percent since 2000 -- alarming because the government defines unaffordable housing as a situation where rent exceeds 30 percent of a family’s income. As of 2007, a total of 8 million renter households were unmanageably cost-burdened; these renters often represent the working poor. This problem, which escalated under moderate economic conditions, could potentially fly off the charts as the economy continues to crater. -- JL
- What to do about the banks. Bank nationalization, ever a contentious topic, has been debated fiercely, with some conservatives fretting about creeping socialism as the administration tries to assuage the fears of a skittish market. A recent Brookings report attempts structure the debate by defining bank nationalization, and then enumerating the pros and cons. The most pressing argument for nationalization is the fact that no-strings government aid bleeds the taxpayers with no guarantee that the banks will change their ways. But the report finds near universal consensus amongst center-left economists that the Feds will be worse at running banks than the private sector. The government is unprepared for nationalization of our Byzantine banking system and U.S. markets are panic-stricken by the notion. In short, the chaos and disruption caused could outweigh the benefits. If the government decides nationalization is the correct course, it will need to clearly explain its objectives, means, and exit strategy. The report concludes by cautioning "full nationalization may prove necessary as a last resort for one or two of the larger banks, but should only be undertaken when, and if, it is clearly necessary." -- JB
- A newsy death foretold. Over the past two years, both print and online newspapers lost four percent of their readership. While many of us expect a bleak future for print journalism, the Pew Research Center's analysis of news media consumption data, posted last week, adds nuance to these hunches. The report concludes that most news consumers now blend online and traditional sources, which indicates that we haven't completely abandoned dead-tree journalism. Instead, Pew says, "the familiar distinctions among news sources are breaking down." The report details exactly who consumes what and how much, but here's a quick look: Generations X and Y's print readership has declined less sharply than older generations in recent years, but this may be because their readership in the first place never quite reached the same levels as the Baby Boomers' and the Silent/Greatest Generation's (born before 1946). Baby Boomers still read more news than anyone, but have along with everyone else seen this habit decline. The Silent/Greatest Generation -- traditionally, the most faithful print readers -- have seen their overall news readership decrease more than any other group in the past decade. Alas, what non-web news outlet can we count on? "Over the last decade," the report affirms, "the percentage saying they watched TV news has remained relatively stable." -- CP
- Data from a battleground. Democracy North Carolina, a nonpartisan organization advocating for progressive election and campaign reform, has broken down county-by-county numbers to paint a demographic picture of 2008 voters in a state that is likely to play a major role in federal elections for decades to come. The Voter Activism Index examines data such as new voter registration, voter turnout by party and race, and the number of voters who took advantage of early voting and same-day registration. Each of the state's 100 counties is ranked in each category. The top ten most active counties, determined by totaling the rankings in all fourteen categories, are evenly split politically, with five favoring Obama and five going for McCain, but Obama's victory in all seven of the state's biggest urban counties is what swung the state his way. Other significant findings include the turnout rate among black registered voters, which exceeded that of their white counterparts for the first time since Reconstruction, and that counties with military bases or universities saw the biggest percentage gains in new registered voters. -- MK
-- TAP Staff
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