Governor wants to wait for a big-impact project to spend BP money


People on the Coast worried that upstate politicians would raid the BP settlement for economic damages might find some solace in the governor’s budget recommendation for next year’s legislative session.

In the document released Wednesday , the Bryant administration says it wants to sock the money away until someone comes up with a project that will have “an important economic impact” on the Gulf Coast and the state.

That’s very similar to a plan proposed by many leaders on the Coast. They’d like to see the money put into a reserve fund and spent on big-ticket projects that would boost the […]

How to future-proof the West’s economies

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Sure, growth could be more robust. Sure, some workers are getting left behind. Sure, corporate debt is high and markets look frothy. But those problems aren’t the biggest threat facing the economies of the United States and Europe.

What is? The answer from a group of top economic thinkers convened by POLITICO isn’t something in the economy. It’s politics .

At a time that technology is transforming society, the postwar order is being challenged and Asia is on the rise, we convened some of the smartest economic minds from both sides of the Atlantic in a working group at POLITICO headquarters. […]

The BP Oil Spill Settlement Is Wrong For America!


To the Editor:

The BP Oil Spill Multidistrict Litigation ("MDL 2179") officially started on August 10, 2010. The Transfer Order issued on that date by the United States Judicial Panel on Multidistrict Litigation ("JPML") clearly states: "…centralization may also facilitate closer coordination with Kenneth Feinberg’s administration of the BP compensation fund." From the very beginning, the purpose of MDL 2179 was to replace democratic adversarial litigation with a fund approach to compensating victims of the BP oil spill. The vast majority of BP oil spill victims will never have their day in court. Judicial economy, rather than justice, was the […]

Researchers chart rising wealth inequality across millennia


Kohler PULLMAN, Wash. – Researchers at Washington State University and 13 other institutions have found that the arc of prehistory bends towards economic inequality.

In the largest study of its kind, the researchers saw disparities in wealth mount with the rise of agriculture, specifically the domestication of plants and large animals, and increased social organization.

Their findings, published this week in the journal Nature, have profound implications for contemporary society, as inequality repeatedly leads to social disruption, even collapse, said Tim Kohler, lead author and WSU Regents professor of archaeology and evolutionary anthropology at WSU. The United States, he noted, currently […]

Keeping the American Dream Alive


Download report (PDF) This is a guest post by NLC President Matt Zone, councilmember, Cleveland.

The promise of economic mobility and opportunity lies at the heart of America’s culture and democratic society. At its core, this promise hinges on two basic concepts: first, that everyone has a chance to improve their economic status and wellbeing through personal initiative and hard work; and second, that the benefits of economic growth reach all population groups.

The American Dream, as it is so often called, has never been fully realized in every era and for every segment of society but it has been […]

The roots of inequality: Researchers chart rising inequality across millennia

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Credit: George Hodan/public domain Researchers at Washington State University and 13 other institutions have found that the arc of prehistory bends towards economic inequality. In the largest study of its kind, the researchers saw disparities in wealth mount with the rise of agriculture, specifically the domestication of plants and large animals, and increased social organization.

Their findings, published this week in the journal Nature , have profound implications for contemporary society , as inequality repeatedly leads to social disruption, even collapse, said Tim Kohler, lead author and Regents professor of archaeology and evolutionary anthropology at Washington State University. The United […]

Education plays only a small part in economic success

Education plays only a small part in economic success

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Share this article Most of us were brought up to believe that education is the key that opens the door to a better future. Whether this is true depends in part on how one defines a better future. If we’re just talking about upward mobility and earning power, it is not a given that education leads to greater financial success, according to a growing body of research.

In a 2014 study , the income tax records of 40 million children and their parents were analyzed to identify correlations between parent and offspring earning. The research team, comprising economists from […]

Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation


The Trump tax plan is an all-out assault on working Americans. According to the latest POLITICO/Morning Consult poll , a staggering 45 percent of voters support the GOP’s latest proposal to overhaul the American tax system. While the results reflect a 3 percent dip since the House GOP introduced its legislation, that lofty figure suggests the public possesses a flimsy grasp of what the bill actually contains—and how it might hurt them personally.

In his Tuesday column, the New York Times’ Paul Krugman urges his readers to take a closer look at the fine print. Mitch McConnell recently conceded that […]

World’s richest 1% control more than half of all wealth

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Wealth creation is on the rise around the world, but not everyone is sharing equally in the newfound riches.

Since the Great Recession, the richest global citizens have benefited far more from the worldwide increase in wealth than their poorer countrymen, according to a new report from investment bank Credit Suisse. The result? The top 1 percent of global citizens own 50.1 percent of all household wealth, up from 45.5 percent in 2000, the study found.

Widening wealth inequality has been a hallmark of the post-recession economy, causing policy experts and lawmakers to question whether the impact could do everything from […]

Column: GOP tax plan is no populist panacea


Karen Rubin Just as no one pleaded with Congress to repeal Obamacare because they wanted their health care more expensive and less accessible, no one has begged Congress for a tax plan that exacerbates growing income inequality, shifting $1.7 trillion from working people into the pockets of the already obscenely rich, adds to the national debt, slashes Medicare, Social Security and Medicaid, and would rob the nation of funding for infrastructure, education, national defense, public safety, public health and transitioning to a clean-energy economy.
When the “populists” demanded Tax Fairness, they didn’t mean that Congress should leave in all […]