Tag Archives: wealth

No, iPhones Aren’t Luxury Items. They’re Economic Necessities


Apple To make it in America, you have to hustle. Fast-food worker or CEO, Uber driver or student, you have to stay connected in an economy built on the assumption that anyone is always reachable anywhere. In 2017, that means you need a smartphone.

When Apple released the iPhone in 2007, the world understood it as a gadget, a novelty, a cool thing you plunked down a handful of cash for if you were lucky enough to have the money. Then you just needed to figure out what to do with it. At first the answer was: play games and […]

Black college graduates are losing wealth. Here’s what can help.


2013 graduates of Bowie State University. (Chip Somodevilla/Getty Images) Ray Boshara is the director of the St. Louis Fed’s Center for Household Financial Stability and a senior fellow in the Aspen Institute’s Financial Security Program. The views here are his own.

Acclaimed TV shows such as “ Atlanta ,” “ Black-ish ” and “ Insecure ” reveal a troubling paradox: Why do many well-educated black Americans feel so economically insecure? Here’s a surprising clue: Blacks with college degrees have lost wealth over the past generation.

Lots of wealth, in fact — and in sharp contrast to whites. Research from the […]

The South Has the Fastest-Growing Economies and the Least Economic Mobility for the Poor


Atlanta (Source: Wikimedia Commons) The South is booming from an economic standpoint. For proof of this, one need only look at cities such as Atlanta , Austin, Charlotte, Dallas, Orlando and Raleigh to understand there is a new South. Of the 20 cities listed on Forbes’ “fastest-growing cities in 2016” list, eight are in the South. Despite this reality, poor people in the South are not sharing in this growth. It is in Dixie — the former Confederacy, the Jim Crow states — where children have the toughest chance of getting ahead. This is where people have the lowest […]

Get Smart: Three Ways of Thinking to Make Better Decisions and Achieve Results


“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”
— Abraham Lincoln

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Your ability to think clearly determines the decisions you make and the actions you take.In Get Smart!: How to Think and Act Like the Most Successful and Highest-Paid People in Every Field , author Brian Tracy presents ten different ways of thinking that enable better decisions. Better decisions free up your time and improve results. At Farnam Street, we believe that a multidisciplinary approach based on mental models allows you to gauge situations from different perspectives and […]

Americans Are Skeptical That Hard Work Will Pay Off

A worker walks across a factory floor in front of an American flag

Hard work isn’t enough to climb the economic ladder. Hard work is often touted as the key American virtue that leads to success and opportunity. And there’s lots of evidence to suggest that workers buy into the belief: For example, a recent study found that Americans work 25 percent more hours than Europeans, and that U.S. workers tend to take fewer vacation days and retire later in life. But for many, simply working hard doesn’t actually lead to a better life. In the past, economists have acknowledged that citing hard work as the path to prosperity is overly simplistic […]

How Did America’s Wealth Inequality Reach This Level of Toxic?


Photo Credit: nuvolanevicata / Shutterstock The following is an adapted excerpt from the new book Toxic Inequality: How America’s Wealth Gap Destroys Mobility, Deepens the Racial Divide, and Threatens Our Future by Thomas M. Shapiro. Copyright © 2017. Available from Basic Books, an imprint of Perseus Books, LLC, a subsidiary of Hachette Book Group, Inc.:

In recent years, as living standards for many families have declined and productivity, income, and wealth gains have flowed to the very top, a new conversation about inequality has emerged in the United States. The Occupy Wall Street movement, which began in the fall […]

How Did America’s Wealth Inequality Reach This Level of Toxic?


Photo Credit: nuvolanevicata / Shutterstock The following is an adapted excerpt from the new book Toxic Inequality: How America’s Wealth Gap Destroys Mobility, Deepens the Racial Divide, and Threatens Our Future by Thomas M. Shapiro. Copyright © 2017. Available from Basic Books, an imprint of Perseus Books, LLC, a subsidiary of Hachette Book Group, Inc.:

In recent years, as living standards for many families have declined and productivity, income, and wealth gains have flowed to the very top, a new conversation about inequality has emerged in the United States. The Occupy Wall Street movement, which began in the fall […]

Opinion: Reality check on seniors’ poverty and inequality in B.C.

A senior uses a walker in an image to illustrate stories on seniors and long-term care facilities. Photographed on Thursday September 15, 2016 in Brantford, Ontario. Brian Thompson/Brantford Expositor/Postmedia Network

Addressing the gaps in public supports for seniors need not detract from or mask the serious and growing economic insecurity experienced by younger generations. As recently as 40 years ago, old age meant living in poverty for more than a third of Canadian seniors. Thankfully, public programs like the Canada Pension Plan, Old Age Security and the Guaranteed Income Supplement changed this, cutting B.C.’s seniors’ poverty rate to a low of 2.2 per cent in the mid-1990s, among the lowest in the Western world.

Instead of building on this social-policy success, however, we have let it lapse, and seniors’ poverty […]

Social Inequality In America Essay


Social Inequality In America Essay

American Social Inequality essays American Social Inequality essaysMost Americans have a keen sense of the presence of inequality. We learn about it in many ways on a daily basis, from our Social Economic Inequality essays Social Economic Inequality essays When people think of social inequity, they In the United States , for example, much of social interaction is mitigated Free social inequality Essays and Papers Social Inequality of Health – The United States reportedly spends over $8,000 per person on healthcare annually. This amount is two-and-a-half times greater Free inequality Essays and Papers Alex […]

Urban Inequality Is a Crisis, But Don’t Blame Techies for It


As technology companies and the techies who work for them have headed to cities, they have increasingly been blamed for the deepening problems of housing affordability and urban inequality.

A few years ago, for example, the San Francisco-based writer Rebecca Solnit complained that the Bay Area’s conflict pitted “writers, artists, activists, environmentalists, eccentrics” against the newly moneyed tech elite.

But there is little evidence that the influx of wealthy people into the urban core and the transformation of some leading creative neighborhoods had led to any substantial diminution of these cities’ overall creative capacities. In fact, cities like New York, London, […]