Modern Monetary Theory: why government spending isn't like household checkbooks

You know the drill: someone proposes something utterly commonsense, that has been done all over the world (say, universal healthcare) and the next thing you know, someone's shown up to shout "Who will pay for it?!" Read the rest

Portugal proves that austerity doesn't work

Economists like Alberto Alesina and Silvia Ardagna reshaped the world when their theories of "expansionary austerity" were put into effect after the 2008 crisis: the idea that governments could "increase taxes, cut spending, and grow strongly" was powerfully tempting to the world's leaders, who saw in them a way to pull out of a recessionary spiral without limiting the number of yachts the oligarchs they depended on could afford. Read the rest

UK visitors wait 2.5 hours to get through immigration at Heathrow

Official UK government statistics reveal that on 30 days in July the Border Force agency at Heathrow failed to meet its target of processing visitors within 45 minutes; on July 5, visitors had to wait 2.5 hours. Read the rest

The worse your town was hit by austerity, the more likely you were to vote for Brexit

After the Brexit vote, a lot of people pointed out that the areas that voted most heavily in favour of separating from the EU were also the areas that relied most heavily on EU subsidies, and wondered why British voters would decide to slit their own throats. Read the rest

The rich-poor obesity gap in kids is widening

A long time ago, obesity was often used as a shorthand for wealth, but over the decades obesity has become more and more correlated with poverty, both in culture and science (while wealth is increasingly correlated with being slim). 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

Spain's austerity-loving, authoritarian Prime Minister loses no-confidence vote and is replaced by a socialist

Spanish politics have been a mess for a decade, since the financial crisis triggered brutal austerity that gutted Spanish services and quality of life to ensure that bondholders did not suffer an interruption in debt service; then came the Catalan independence vote, the violent suppression of same, then Madrid seized control over the autonomous region of Catalonia. Read the rest

Delaware! Tonight, a public vote will determine the fate of one of the state's most important libraries

Walter Stabosz writes, "Delaware was the first state to ratify the US constitution, giving it the moniker 'The First State.' It is also the second smallest state, and has only three counties. Tonight in Delaware's most populous county, New Castle County, there will be a vote that may decide the fate of a library built in one of New Castle's most underserved and at-risk communities. Read the rest

All of Puerto Rico loses power

1.4 million people in Puerto Rico lost power yesterday in an outage that lasted for a day and left part of the island without power even after service was mainly restored. Read the rest

If this goes on... The 1% will own two thirds of the world by 2030

The House of Commons Library has published research projecting the post-2008 growth of inequality until 2030, arriving at an eye-popping headline figure: at current rates, the richest 1% will own two thirds of the world's riches by 2030. I think that number is too low. Here's why. Read the rest

Seasteading meets the shock doctrine in Puerto Rico, where ethnic cleansing precedes Going Galt

Naomi Klein's l(ooooo)ongread in The Intercept about the state of play in Puerto Rico is the comprehensive summary of the post-Maria fuckery and hope that has gripped America's colonial laboratory, the place where taxation without representation, austerity, chemical weapons, new drugs, and new agribusiness techniques get trialed before the rest of America are subjected to them. Read the rest

A census of leading Italian politicians' Twitter followings finds a horde of zombies and bots

As Italy heads into a national election in which mass inequality and food poverty have disrupted Italy's always-shaky political equilibrium, La Republica publishes its analysis (Google Translate) of the Twitter followers associated with each of Italy's political superstars and finds some pretty intense inflation in the numbers. Read the rest

Trump wants to cap lifetime Medicaid benefits, even for disabled people, the chronically ill, and people with Alzheimer's

If Trump gets his way, your elderly relatives will be evicted from nursing homes after their Alzheimer's care eats up their lifetime Medicaid benefits; as Yves Smith writes, "are family members supposed to let them wander out into traffic and have nature take its course?" Read the rest

Publicly funded private school creates "poor kids' playground" for kids whose parents wouldn't contribute to new playground equipment

Wednesdbury Oak Academy in the West Midlands is an "academy school," similar to a US charter school -- a publicly funded, privately operated school, which, theory goes, is able to "experiment" with new educational techniques, by deviating from the standard curriculum, rejecting students on the basis of selection criteria, and hiring teachers without formal qualifications. Read the rest

Iran's mass protests were triggered by publication of a budget that revealed the costs of Shia evangelism

For more than a month, Iran has been rocked by mass demonstrations in its major and outlying cities, but the origin of these protests has been obscure. Read the rest

After Grenfell, local UK governments pay the developers who chose lethal cladding to replace it

In the wake of the Grenfell Tower disaster (in which a building full of poor people were roasted alive because their homes had been skinned with a highly flammable decorative element that was supposed to make it easier to look at from a nearby luxury neighborhood), local UK governments have scrambled to replace the deadly cladding on other buildings with something a little less fiery. Read the rest

UK Tory MP unclear on the concept of dystopia

The Getting to the Future First: How Britain can lead the Fourth Industrial Revolution report was created by Alan Mak, Conservative Member of Parliament for Havant, and it's a laughable compendium of trickle-down nonsense proposing that if all dividends from automation flow to capital, somehow everyone in the world will share in the benefits. Read the rest

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