"wage stagnation"

Our political upheaval wasn't caused by mob rule, but by institutions designed to preserve elite oversight

Even before the election of Donald Trump, America's pearl-clutching class has been invoking James Madison and his fear of "impetuous majorities" and his desire for "majority rule based on reason rather than passion," worried that the "adults" in the political halls were losing their grip and being forced into "extremism" by mob rule. Read the rest

America's largest fast-food chains forced to end conspiracy not to hire people looking for better-paid McJobs

Wage stagnation in the USA has many causes: both the destruction of trade unions and the erosion of labor protections in the law (these two things are connected) are obvious culprits, and do much to explain how real wages could be falling even as unemployment has gone down. Read the rest

Full time minimum wage workers can't afford the rent on a 2-bedroom apartment anywhere in the USA

In the US, states and cities have their own minimum wages, keyed to the local cost of living -- but every one of these minimum wages is insufficient to provide that most basic of needs: a roof over your head. Read the rest

Mass protests against IMF austerity force Jordan's Prime Minister to resign

Jordan is broke, thanks to falling tax revenues due to tax avoidance and low taxes on the super-rich, and the country is seeking to bridge the gap in its finances by borrowing from the International Monetary Fund, which backed a bill that imposed crushing cuts on public services to ensure that money could be found to pay back Jordan's creditors. Read the rest

Amid wage stagnation, corporate leaders declare the end of annual raises triggered by increased profitability

It was once the standard that firms that performed well would give all their employees an annual raise, in part to acknowledge workers' contribution to the business's fortunes, in part to ensure that wages kept pace with inflation (otherwise workers would be suffering a real-terms pay-cut every year). Read the rest

Bernie Sanders' New Deal: ending involuntary unemployment with guaranteed $15/hour infrastructure jobs

Bernie Sanders has a plan to solve America's wage stagnation and its long-neglected infrastructure: tax the super-rich and massively profitable corporations, then use the money to fix the multi-trillion-dollar infrastructure overhand left behind by decades of neglect, and hire Americans at $15/hour, plus full healthcare, to do the work. Read the rest

California's lax usury laws means out-of-state loan sharks are charging desperate Californians 183% APRs

California regulates payday loans (good thing, since Trump's about to kill the federal rules preventing payday loansharking), but not "installment loans" of $2,500 to $5,000 and that means that out-of-state lenders are able to target desperate Californians; they're getting seven-year loans of $5,000 that cost $42,000 to repay. Read the rest

Nudging doesn't give poor people retirement savings, it just makes them poorer

Nudging -- the idea that a well-designed "choice architecture" can help people make free choices that are better than the ones they would make without the nudge -- has a few well-publicized success stories: the cafeteria where frontloading veggies and other healthful options gets kids to choose carrots over pizza; and the employer-side deduction for retirement savings that gets employees to put aside a little more to retire on (this insight rates a Nobel-adjacent prize*!). Read the rest

"Economic murder": Senior UK public health researchers say 120,000 people died under Tory austerity

Dr Ben Maruthappu, a senior public health researcher from University College London is the lead author on a forthcoming peer-reviewed paper in the BMJ Open which attempts to quantify additional deaths attributable to the UK Conservative Party's austerity measures under the 2010-2015 coalition government and the Tory governments since; Maruthappu and his co-authors attribute 120,000 deaths to austerity, and call them "economic murder." Read the rest

American wages are so low, the robots don't want your job

The American "productivity paradox": technology keeps marching, but the amount of profit generated by the average worker's average hour is stagnant. Read the rest

It used to take 3 years for a British family to save for a home down-payment; now it takes 20 years

The Resolution Foundation's Living Standards 2017 is an eye-opening look at the current state of the British experiment in allowing wealth inequality to expand without any check, to use a combination of austerity, the elimination of protection for tenants, reckless lending, offshore money-laundering and public subsidies for speculators to turn the human necessity of shelter into the nation's leading asset-class. Read the rest

Canadian gov't economists insist that stats on collapsing middle class mean just the opposite

Dave sez, "Last year, Employment and Social Development Canada put together a report suggesting that the Canadian middle class has seen wage stagnation and is experiencing record levels of debt; Finance Canada felt that this 'appears to conflict with the general message in Budget 2014 and previous internal briefings' so they made a new report -- that says the opposite, while looking at the same data." Read the rest

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