Recent popular demonstrations such as the Occupy Wall Street movement have made it clear that the high levels of inequality in the United States remain a pressing concern for many. While protesters have primarily focused their ire on private financial institutions, the Federal Reserve (Fed) has also been one of their primary targets. The prevalence … Continue reading »
Great Recession
Political responses to the Crash
Back about a decade or two, as polarization widened among America’s politicians and political activists, most analysts concluded from the initial flurry of research that the general public seemed exempt. Officeholders and activists were taking more extreme positions on hot-button issues like immigration and welfare, but Americans in general seemed to be largely in the … Continue reading »
Inequality update
Inequality has become the new hot topic over the last several years – in the media and in the research community. This post briefly reports several recent studies of inequality that tell us what’s been happening, why, and to what effect. (It’s not a cheery story.) Before that, notice how rapidly public attention – if … Continue reading »
The Great Recession and preferences for redistribution
Differences in attitudes towards welfare and redistribution are an important source of political tension, especially during recessions. What factors shape people’s attitudes towards welfare and redistribution? There are two main strands of thought on this question in the literature. One strand emphasizes economic self-interest as a key determinant of attitudes toward welfare and distribution. According … Continue reading »
Hopeless unemployment
However bad you think the global economy is today in terms of the business cycle, that is only one lens through which to view the world. In terms of global life expectancy, total world wealth, the overall level of technology, growth prospects in emerging economies, and global income distribution, things look rather good, while on … Continue reading »
The wrecking ball
The destruction caused by the bursting of the housing bubble and the subsequent Great Recession continues to wreck havoc on our economy, communities, families and workers. Last month, the Federal Reserve released 2010 data from its Survey of Consumer Finances (SCF). This triennial survey, one of the best sources on net worth (assets minus liabilities) … Continue reading »
Consume this
This Christmas season and this Great Recession combine to focus media attention on this critical question: Are Americans spending enough? News anchors breathlessly report Black Friday receipts, trends in online shopping, and FedEx shipping loads. If only people would stretch their budgets, use their credit cards more, take a fling or two, and buy! — … Continue reading »
The fallout from the Great Recession continues
Last week the U.S. Census Bureau released its annual report on income, poverty, and health insurance coverage for 2010. Data from the report represents that of the first full year into our economic recovery (which official started in June 2009). It is no surprise, given the focus of this report and the weak recovery, that … Continue reading »
Why the right-wing bullies will hold the nation hostage again and again
When I was a small boy I was bullied more than most, mainly because I was a foot shorter than than everyone else. They demanded the cupcake my mother had packed in my lunchbox, or, they said, they’d beat me up. After a close call in the boy’s room, I paid up. Weeks later, they … Continue reading »