This article originally appeared in The London School of Economics and Political Science blog British Politics and Policy on July 25, 2017.
Generations of British and American children have benefited from their parents’ hard work, which has contributed to many decades of strong economic growth. This has helped to ensure that, on average, children in their adult lives are economically better-off than their parents were at the same age. Authors But growth has now been weaker for many years. The absolute upward mobility taken for granted in the past, fueled by the creation of “more room at the […]
View Original: Glass floors and slow growth: A recipe for deepening inequality and hampering social mobility
In addition to his exemplary work as a Senior Fellow for the Cato Institute, Johan Norberg narrates some great videos for Free to Choose Media. Here are some that caught my eye. The foolish and counterproductive War on Drugs .punish the rich
A grim consequence of Cuban communism.
The real lesson to learn from Sweden. But my favorite video, which I shared back in January, is his concise explanation of why policy makers should focus on fighting poverty rather than reducing inequality. I’m posting it again to set the stage for a discussion on inequality and fairness. Now let’s […]
View Original: We Only Resent Inequality When It’s Rigged
Author, The Way Back: Restoring the Promise of America Frank Buckley is a Foundation Professor at Scalia Law School at George Mason University, where he has taught since 1989. Previously he was a visiting Olin Fellow at the University of Chicago Law School, and he has also taught at McGill Law School, the Sorbonne, and Sciences Po in Paris. He received his B.A. from McGill University and his LL.M. from Harvard University. He is a senior editor of The American Spectator and the author of several books, including The Once and Future King: The Rise of […]
View Original: Restoring America’s Economic Mobility
Most economists agree that advances in robotics and AI over the next few decades are likely to lead to significant job losses. But what’s less often considered is how these changes could also impact social mobility. A new report from UK charity Sutton Trust explains the danger, noting that unless governments take action, the next wave of automation will dramatically increase inequality within societies, further entrenching the divide between rich and poor.
The are a number of reasons for this, say the report’s authors, including the ability of richer individuals to re-train for new jobs; the rising importance of “soft […]
View Original: Robots and AI are going to make social inequality even worse, says new report
As college enrolments decline, have skills become more valuable to employers than credentials?
“From almost any individual’s perspective,” wrote David Leonhardt for the New York Times in 2014, “college is a no-brainer. It’s the most reliable ticket to the middle class and beyond.”
Given the exorbitant expenses of third-level education in the US, Leonhardt’s statement is unpalatable for many, yet hardly controversial. For decades, students and parents have aspired towards gaining college degrees with the widely held conviction that to get a good job, the first thing you need is a good education.It’s a truism that holds up as well […]
View Original: Are Competencies More Important Than Credentials In The Modern Workplace?
Javier López The aftershocks of the Great Recession are still being felt. The trail of suffering in the shape of unemployment and destruction of wealth has transformed the map-making of the western world, ending up by provoking a real geopolitical recession with an Anglo-American epicentre aka the cradle of global capitalism. Likewise, the coordinates of the political agenda are being modified; old conflicts are resurfacing, new cracks appearing. Once again, distribution of wealth, inequality and their effects are returning to the centre stage of public debate. Why is this?
We are reproducing the abnormal levels of inequality of the Gilded […]
View Original: Democracy Without Glue
The 1 percent is not the main cause of inequality in America. You and I are.
More precisely, the culprits are the top 20 percent, which, as the economist Richard Reeves writes in his new book about the upper middle class, includes “you and me.” (“ Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do about It”)
It does include myself and most of my friends. You could very well be saying the same about yourself.This top 20 percent may not be posh, but they are […]
View Original: Neal Milner: You And I Are The Main Causes Of Inequality In America
Time to Change, the latest Social Mobility Commission report, states that radical reform is needed to repair a divided Britain, arguing that decades of policy failures have left the poor behind ( Report, 28 June). But increasing social mobility would not repair this divide, it would increase it. Effective social mobility leaves the poor even further behind, as it depletes the working classes of those who are able to achieve educational success against the odds. The remorseless focus on aspiration and bettering oneself results in a phenomenon that the report also highlights: the large numbers of graduates from working-class […]
View Original: Social mobility is the wrong goal – what we need is more equality
Occupy Wall Street demonstrators participating in a street-theater production wear signs around their neck representing their student debt during a protest against the rising national student debt in Union Square, in New York. Reuters/Andrew Burton
It’s no secret that we’re in the midst of a student loan crisis. Student loan debt has grown more than auto loan, credit card and home equity loan debt combined since 2003, according to the Federal Reserve Bank of New York, as the cost of higher education has skyrocketed and more students have flocked to get degrees.
The proliferation of high-interest student loans has outpaced […]
View Original: These 3 charts explain the economic side effects of the student loan crisis
© Getty Images During his campaign, President Donald Trump found a sympathetic ear in those who believed they were not benefitting from past economic policies.
He promised voters that he would fight income inequality, yet his administration’s stances have instead been fueling class divides that favor those at the top at the expense of low- and middle-income earners.
How ironic.Consider education policy.Secretary of Education Betsy DeVos recently announced the rolling back of regulations that were designed to prevent for-profit institutions from defrauding students. Overwhelmingly, the for-profit colleges have benefited from enrolling students with low-income backgrounds.Previous regulations held these institutions accountable for […]
View Original: Higher education’s new class system