Of course, he’d probably stiff the shop that produced the goods. Whether it’s in Miami or Guangzhou, Brooklyn or Guanajuato.
Of course, he’d probably stiff the shop that produced the goods. Whether it’s in Miami or Guangzhou, Brooklyn or Guanajuato.
Just like all those other educated nations that concluded healthcare is a right – not a privilege – and made it so.
Thanks, Barry Ritholtz
❝ In 2015, a blockbuster study came to a surprising conclusion: Middle-aged white Americans are dying younger for the first time in decades, despite positive life expectancy trends in other wealthy countries and other segments of the US population.
The research, by Princeton University’s Anne Case and Angus Deaton, highlighted the links between economic struggles, suicides, and alcohol and drug overdoses…Since then, Case and Deaton have been working to more fully explain their findings…
❝ In a new 60-page paper, “Mortality and morbidity in the 21st Century,” out in draft form in the Brookings Papers on Economic Activity…the researchers weave a narrative of “cumulative disadvantage” over a lifetime for white people ages 45 through 54, particularly those with low levels of education.
Along with worsening job prospects over the past several decades, this group has seen their chances of a stable marriage and family decline, along with their overall health. To manage their despair about the gap between their hopes and what’s come of their lives, they’ve often turned to drugs, alcohol, and suicide.
Meanwhile, gains in fighting heart disease have stalled, and rates of obesity and diabetes have ploddingly climbed.
Here are the five big takeaways from the researchers’ new opus.
❝ 1) Suicides, alcohol, and drug overdose deaths have gone up across the entire country…It’s not just a rural problem…
2) Deaths from chronic diseases such as diabetes have been rising…
3) The least-educated Americans are suffering the most…
4) Other nonwhite racial groups aren’t experiencing the same mortality uptick — so it’s not just about income…
5) This story is unique to the US…
❝ If American wants to turn the trend around, then it has to become a little more like other countries with more generous safety nets and more accessible health care, the researchers said. Introducing a single-payer health system, for example, or value-added or goods and services taxes that support a stronger safety net would be top of their policy wish list…
America right now is, of course, moving in the opposite direction under Trump, and shredding the safety net…
No one ever complained about American voters being quick to react to economic and political dangers threatening their lives and lifestyle. The opposite prevails courtesy of pundits, priests and – I would venture – a lockstep 2-party political hierarchy that severely limits opportunities for change outside the boundaries of obedience.
It may be that the contemptible, sneering class warfare now being inflicted in tandem by Trump and neo-con Republicans will provoke sufficient opposition to rise fast enough and deep enough to flush out the Democratic Party deadwood. I hope so.
That doesn’t mean I’m confident.
❝ What has happened in America should not be seen as a victory for hatefulness over decency. It is more accurately understood as a repudiation of the American power structure.
At the core of that structure are the political leaders of both parties, their political operatives, and fundraisers; the major media, centered in New York and Washington DC; the country’s biggest corporations, their top executives, and Washington lobbyists and trade associations; the biggest Wall Street banks, their top officers, traders, hedge-fund and private-equity managers, and their lackeys in Washington; and the wealthy individuals who invest directly in politics…
❝ The power structure of America wrote off Sanders as an aberration, and, until recently, didn’t take Trump seriously. A respected political insider recently told me most Americans were largely content with the status quo. “The economy is in good shape,” he said. “Most Americans are better off than they’ve been in years.”
Recent economic indicators may be up, but those indicators don’t reflect the insecurity most Americans continue to feel, nor the seeming arbitrariness and unfairness they experience. Nor do the major indicators show the linkages many Americans see between wealth and power, stagnant or declining real wages, soaring CEO pay, and the undermining of democracy by big money.
❝ Median family income is lower now than it was 16 years ago, adjusted for inflation. Workers without college degrees – the old working class – have fallen furthest. Most economic gains, meanwhile, have gone to the top. These gains have translated into political power to elicit bank bailouts, corporate subsidies, special tax loopholes, favorable trade deals and increasing market power without interference by anti-monopoly enforcement – all of which have further reduced wages and pulled up profits.
Wealth, power and crony capitalism fit together. Americans know a takeover has occurred, and they blame the establishment for it.
❝ The Democratic party once represented the working class. But over the last three decades the party has been taken over by Washington-based fundraisers, bundlers, analysts, and pollsters who have focused instead on raising campaign money from corporate and Wall Street executives and getting votes from upper middle-class households in “swing” suburbs…
Democrats have occupied the White House for 16 of the last 24 years, and for four of those years had control of both houses of Congress. But in that time they failed to reverse the decline in working-class wages and economic security. Both Bill Clinton and Barack Obama ardently pushed for free trade agreements without providing millions of blue-collar workers who thereby lost their jobs means of getting new ones that paid at least as well…
❝ Now Americans have rebelled by supporting someone who wants to fortify America against foreigners as well as foreign-made goods. The power structure understandably fears that Trump’s isolationism will stymie economic growth. But most Americans couldn’t care less about growth because for years they have received few of its benefits, while suffering most of its burdens in the forms of lost jobs and lower wages.
The power structure is shocked by the outcome of the 2016 election because it has cut itself off from the lives of most Americans. Perhaps it also doesn’t wish to understand, because that would mean acknowledging its role in enabling the presidency of Donald Trump.
Yes, I’m older than Robert Reich. Definitely more cynical. I’ve been watching the process he describes since the Truman Administration. Hypocrites like Hubert Humphrey helped found the Americans for Democratic Action as an antidote to progressive and class-conscious activism. Ain’t nothing quite like class collaboration to get your heart pumping – if your political life is dedicated to 2-party folderol over class confrontation and warfare.
Other than that – I agree with his analysis. My criticism is more of timeline and details.
I’m still a working class guy from a New England factory town. I went to work in a shithole factory when I was 17 years old – when Democrats were falling over each other to prove to Joe McCarthy, the Republican Party and America’s media barons they could red-bait with the worst of them. It took the civil rights movement, the anti-war movement, to shove Dems into class consciousness, sort of, again. What Reich describes is the second sellout in my lifetime.
At a time of massive wealth inequality, when 99% of all new income generated in this country goes to the top 1%, and when over half of the American people have less than $10,000 in savings, the last thing we should do is cut Social Security.
When the average Social Security benefit is $1,328 a month, and more than one-third of our senior citizens rely on Social Security for virtually all of their income, our job is to expand benefits, not cut them.
Despite what some of my Republican colleagues have said, Social Security is not going broke. It has a $2.8 trillion surplus and can pay every benefit owed to every eligible American for the next 18 years.
The best way to make Social Security solvent for the next 50 years is to scrap the cap on taxable earnings. Join me and my friends at Social Security Works in calling on Congress to scrap the cap and expand, not cut Social Security!
Today, a Wall Street CEO who makes $18 million a year pays the same into Social Security as someone earning $118,500. That’s absurd. If we simply applied the payroll tax on income above $250,000, not only could we extend Social Security’s solvency until 2065, we could also increase benefits to meet the elderly’s higher living expenses.
Despite the logic behind that, some Republicans want to raise the Social Security retirement age to 69 and reduce benefits. I wonder what world these people are living in. To take benefits away from seniors now is simply a continuation of the war being waged by the Republican Party against the elderly, against the children, against the sick and against the poor, in order to benefit millionaires and billionaires…
Stand with me today and call on Congress to scrap the cap and use the increased revenues to expand, not cut Social Security. If we stand together and fight back, we can win this battle.
U.S. Senator Bernie Sanders
Click on the link in the post. Join the fight.
For the solar and wind industries in the United States, it has been a long-held dream: to produce energy at a cost equal to conventional sources like coal and natural gas.
That day appears to be dawning.
The cost of providing electricity from wind and solar power plants has plummeted over the last five years, so much so that in some markets renewable generation is now cheaper than coal or natural gas.
Utility executives say the trend has accelerated this year, with several companies signing contracts, known as power purchase agreements, for solar or wind at prices below that of natural gas, especially in the Great Plains and Southwest, where wind and sunlight are abundant.
Those prices were made possible by generous subsidies that could soon diminish or expire, but recent analyses show that even without those subsidies, alternative energies can often compete with traditional sources…
And there have never been conventional power plant build-outs that got off the ground without state or federal assistance of some kind.
…In Oklahoma, American Electric Power ended up tripling the amount of wind power it had originally sought after seeing how low the bids came in last year.
“Wind was on sale — it was a Blue Light Special,” said Jay Godfrey, managing director of renewable energy for the company. He noted that Oklahoma, unlike many states, did not require utilities to buy power from renewable sources.
“We were doing it because it made sense for our ratepayers,” he said.
According to the Solar Energy Industries Association, the main trade group, the price of electricity sold to utilities under long-term contracts from large-scale solar projects has fallen by more than 70 percent since 2008, especially in the Southwest.,,
The price drop extends to homeowners and small businesses as well; last year, the prices for residential and commercial projects fell by roughly 12 to 15 percent from the year before.
The wind industry largely tells the same story, with prices dropping by more than half in recent years. Emily Williams, manager of industry data and analytics at the American Wind Energy Association, a trade group, said that in 2013 utilities signed “a record number of power purchase agreements and what ended up being historically low prices…”
“We’re finding that in certain regions with certain wind projects that these are competing or coming in below the cost of even existing generation sources,” she said.
…Solar executives are looking to extend a 30 percent federal tax credit that is set to fall to 10 percent at the end of 2016. Wind professionals are seeking renewal of a production tax credit that Congress has allowed to lapse and then reinstated several times over the last few decades…
Where that effort will go now is anybody’s guess, though, with Republicans in control of both houses starting in January.
Mail me a penny postcard when you find some Congressional Republicans interested in saving money, aiding the environment, contributing to sound ecological principles that make a better life for workingclass folks.
RTFA for details. There are answers for a few of the non-political questions.
– only if you’re part of the class or paid flunky of that class that profits from American labor.