You might remember this TV show about how a group of homies got along with each other and with urban life in New York City. The characters were all in their 20s and 30s, and some of the guys in this group shared an apartment together. Some of the ladies in the group shared an apartment, too, in the same building as the guys. There was occasional romantic tension between some of the male and female buddies, and some of them even morphed into real romantic couples. There seemed to be no real point to this show other than […]
View Original: The Gentrification of City-Based Sitcoms
The racial wealth gap in America limits economic mobility and endangers the financial stability of our country. Systematic oppression and discrimination have led to a typical white household in the United States currently maintaining 10 times more wealth than a typical African American household and almost nine times more wealth than a typical Hispanic household. These disparities exist at every income and educational level and have real consequences for working families. Over time, this reality has provided white families with greater financial security, as well as expanded opportunities for educational and economic advancement. Congress is currently debating a proposal […]
View Original: 4 Ways Repealing the Estate Tax Would Expand the Racial Wealth Gap
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. […]
View Original: How to future-proof the West’s economies
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 […]
View Original: Keeping the American Dream Alive
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 […]
View Original: Education plays only a small part in economic success
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 […]
View Original: Paul Krugman: The GOP Could Create a Plutocracy That Lasts a Generation
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 […]
View Original: Column: GOP tax plan is no populist panacea
The story we tell ourselves about upward income mobility is unraveling. The majority of respondents to a New America survey felt that it is harder than ever to attain a foundational element of the American dream, in which children earn more than their parents. But most respondents still believe another tenet of the American mobility narrative: that going to college creates upward mobility.
While it is true that college graduates do better in our economy than nongrads, earnings from different college degrees vary considerably. For low-income students in particular, not all college degrees are equally valuable. These and other recent […]
View Original: Leveraging new data can help low-income students climb the economic ladder, writes Michael Lawrence Collins.
Broken glass covers an armed forces recruiting poster at the scene of an explosion outside the U.S. Armed Forces Career Center in New York’s Times Square, March 6, 2008. REUTERS/Lucas Jackson Policymakers have largely ignored the growing gap between the rich and poor.
Capitalism has failed at redistributing wealth.
The American system could soon reach a breaking point. The American Dream is broken. Paul Ryan, speaker of the House of Representatives, recently stated that "in our country, the condition of your birth does not determine the outcome of your life."Yet the idea that every American has […]
View Original: How the American dream turned into greed and inequality
The town of Cherokee sits in the Qualla Boundary, a large tract in North Carolina that is home to the Eastern Band of Cherokee and the Cherokee Central School. Skooter McCoy was 20 years old when his wife, Michelle, gave birth to their first child, a son named Spencer. It was 1996, and McCoy was living in the tiny town of Cherokee, North Carolina, attending Western Carolina University on a football scholarship. He was the first member of his family to go to college.
McCoy’s father had ruined his body as a miner, digging tunnels underneath lakes and riverbeds, and […]
View Original: Free Money: The Surprising Effects of a Basic Income Supplied by Government