"Making the American taxpayer pick up BP’s bill for cleaning the disastrous Deepwater Horizon spill is an outrage," presidential hopeful Bernie Sanders tweeted on Monday. (Photo: In the six years since BP ‘s catastrophic Deepwater Horizon spill poured millions of gallons of oil into the Gulf of Mexico, environmentalists, Gulf coast residents, and politicians have clamored for justice. But Monday’s historic $20 billion settlement against the oil giant is not what they hoped it would be.
The settlement’s terms are so generous to BP that it amounts to a tax break worth billions—as some observers predicted .
A whopping $15 billion […]
View Original: Tax Windfall for Deepwater Horizon Settlement a ‘Major Coup for BP’
Get short URL The abandoned processing facilities at the Anaconda Copper Mine. (Photo by Kelapstick / wikipedia.org) / Wikipedia Nevada residents have been awarded up to a $19.5 million settlement in a class action case that accused a parent company of BP America of leaking toxic chemicals into the soil for decades and covering up the extent of contamination from an abandoned mine.
In a legal battle Atlantic Richfield Co. and its parent BP America Inc. have acknowledged no wrongdoing under the settlement agreement. Both businesses agreed to reimburse $7 million in property damages and $900,000 to a medical monitoring […]
View Original: BP to pay $19.5 million settlement in mine pollution case
Some $25 billion is headed to the five Gulf states that were devastated in the 2010 BP oil disaster. Just a fraction of the government fines and court settlements have been paid — but not all of it will end up repairing the damaged ecosystem.
Louisiana, which suffered the most damage in the spill, has used the fines and settlements to rebuild its coast , one that was already fragile and disappearing. When it took a direct hit from the BP disaster, oil choked off vegetation that is critical to holding together what land is left.
Fourchon Beach on the Caminada […]
View Original: Is The BP Oil Spill Settlement Money Being Well-Spent?
Helping hand: Irish workers eat their lunch on a girder in New York in 1932. Catholic immigrants — such as those from Italy and Ireland — relied upon government spending to help them get a start in the United States
Recently, the results of the American National Election Survey were released, showing troubling findings: Convictions about the perceived failures of particular racial groups were a more certain predictor of votes than income inequality or authoritarianism. Specifically, the ANES found that President Trump’s voters tended to agree more than past Republican voters with the notion that “Italians, Irish” and […]
View Original: African-Americans can’t just pull themselves up by their bootstraps
Concerns about rising income inequality are based on comparing income distributions over time. It is important to remember that such distributions are snapshots of a single year, and that the same households do not necessarily appear year after year in the same quintile of the distribution. Paying attention to mobility, as well as inequality, gives us a richer picture of the income possibilities for households over time. We document changes in a measure of income mobility over the past 40 years, a period in which income inequality has increased. We find a modest level of movement through the distribution, […]
View Original: Income Inequality Matters, but Mobility Is Just as Important
The Important Role of Tax Policy in Promoting Economic Mobility
Tax preferences are an important policy tool, totaling $1.2 trillion each year. Through the tax system, the federal government promotes homeownership, college attendance, retirement savings, and health insurance. However, these tax preferences are “upside down,” directing most of the relief to high-income households and those whose income comes from wealth rather than earnings. Even those who receive these subsidies often don’t see themselves as benefitting from government help.
Since 1970, U.S. tax policy has become less progressive, contributing to sharp increases in income inequality , which has now reached levels […]
View Original: The Important Role of Tax Policy in Promoting Economic Mobility
You might be surprised to learn that these things are harder to get into than Stanford. Stanford University’s acceptance rate remained extremely low for the class of 2021, with 4.7% of applicants accepted into the prestigious California-based school.
That means Stanford is the most selective college in the US, beating out all Ivy League institutions.
But while getting into Stanford might seem like a nearly impossible task, many other achievements in life — like acceptance into some elementary schools — are more difficult than earning a spot within the school’s prestigious walls.Read below to see nine things that are harder to […]
View Original: 9 things that are harder to get into than Stanford
Americans instinctively know that sometimes, in order to move up, you have to move out. And moving from one place to another has long been a key element of upward mobility in the nation. Until now.
Today, few cities in the country combine economic dynamism with affordability. New trends, meanwhile, demonstrate that while some people are still moving, their reasons aren’t what they used to be.
Throughout history, brave citizens have left the familiar behind for a new home offering a blend of economic opportunity, affordability and quality of life. The Census Bureau’s latest metropolitan population estimates , released March 23, […]
View Original: Young Americans aren’t moving like they used to
This fundamental paradox – that today is a good time and a challenging time to be a young person in America – is at the heart of Our Work.
Many young people are better off than ever before in America. High school graduation is at an all-time high, and teen pregnancy is at a historic low. More young children are in preschool, and fewer teens are using drugs and alcohol. More young people are graduating college, and fewer young people are in prison. But many young people still face enormous challenges. Just over 12 percent of youth are not in […]
View Original: The American Dream is both real and at risk.
Livemint Illustration: Jayachandran/Mint It is no coincidence that in F. Scott Fitzgerald’s magnum opus on the American dream, The Great Gatsby , just about every major character is a migrant in 1920s New York—the narrator Nick Carraway is from Minnesota, his neighbour Jay Gatsby from North Dakota, Gatsby’s former girlfriend Daisy Buchanan is from Kentucky and her husband Tom from Chicago. Migration has been the cornerstone of the American way of life; people’s ability to pack up and move brought dynamism to the US economy, ensuring that the right people could be matched with the right jobs at the […]
View Original: Managing migration for equitable development