Restaurant servers can't afford San Francisco rents so restaurants are going self-serve

San Francisco is one of the most expensive places in the world to live -- six figure incomes are considered "low" and even the tiniest homes are farcically expensive. Read the rest

We know how to fix homelessness, we just won't do it

The largest, wealthiest cities in America are filling up with tent cities -- especially on the west coast, where East Coast style right-to-shelter laws are rare -- and if the spectacle of human misery doesn't alarm you, perhaps you should be thinking about communicable disease epidemics. Read the rest

The Rent's Too Damned High: 15,000 words on the ways real-estate speculation and inequality have killed NYC

Harper's has published The Death of a Once Great City, Kevin Baker's beautifully written, 15,000 word, non-comprehensive list of all the ways that raising the rents in New York City (something that was enabled by the related phenomena of the increasing wealth of the global rich and the influence of property developers on New York City's planning) has squeezed all the juice out of the city, evicting its people and its businesses in favor of "land banked" condos and co-op units that serve as "an investment, a pied-à-terre, a bolt-hole, a strongbox" -- and whose only viable retail is chain pharmacies and ATMs. Read the rest

GDP vs human thriving: a "healthy" economy means debt-haunted people, desperately searching for housing

GDP and stock market performance are the two metrics that economists (and politicians) use to measure the health of a nation's economy, and by those metrics, Trump is doing a hell of a job. Read the rest

America: where rising productivity means longer working hours

In most countries, rising productivity means fewer working hours: but US workers, among the world's most productive, put longer hours than other rich-country workers, especially nordic workers -- if America's productivity/hours curve worked like it does in Denmark and Norway, American workers would get an additional 2.2 months of vacation every year. Read the rest

Illinois votes to eliminate inmates' doctor visit co-pays, equivalent to one month's wages

Illinois lawmakers have want to end inmates' co-payments of $5 for each prison doctor visit -- the equivalent of a month's wages in the prison's $0.05/hour and under workshops; in Oregon, they're contemplating creating a $3-5/visit co-pay. 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

Supreme Court rules that employers can make signing away your right to sue them in a class a condition of employment

Supreme Court Justice Neal Gorsuch used his stolen Supreme Court seat to carry the day for corporations against workers in Epic Systems Corp. v. Lewis, ruling that employers could force potential employees to sign away their legal right to participate in class action suits as a condition of employment. Read the rest

The Vatican dunks on the finance industry and its "amoral culture"

The Vatican has published “‘Oeconomicae et pecuniariae quaestiones’. Considerations for an ethical discernment regarding some aspects of the present economic-financial system” of the Congregation for the Doctrine of the Faith and the Dicastery for Promoting Integral Human Development, 17.05.2018, a lengthy report on the wickedness of Wall Street, in which the finance industry is condemned in the strongest and most specific terms, accused of creating an "amoral culture" dedicated to the "profit of the strongest" instead of the "authentic good." Read the rest

Stagnant wages + soaring cost of living + massive cuts to services = collapsing US birth-rate

The US birth-rate continued to plummet last year, with births falling in nearly all groups, and a one-year dropoff in overall fertility not seen since 2010; the US fertility rate is at its lowest level in recorded history. Read the rest

America's new aristocracy: the 9.9% and their delusion of hereditary meritocracy

It's true that the 1% have accumulated a massive share of America's national wealth; but just as significant is the cohort of professionals -- "well-behaved, flannel-suited crowd of lawyers, doctors, dentists, mid-level investment bankers, M.B.A.s with opaque job titles, and assorted other professionals" -- who style themselves as the "meritocratic middle class" but who actually represent the top decile of American wealth, with net worths from $1.2m to $10m. Read the rest

How the "global super-rich" have honeycombed London's posh neighbourhoods with sub-basements, sub-sub-basements, and sub-sub-sub-sub-sub-basements

London -- ground zero for financial shenanigans, money-laundering, and the conversion of housing from a human necessity to an asset-class -- has spent decades converting itself to an inert, open-air vault full of status-displaying safe-deposit boxes owned by offshore criminals and oligarchs who "improve" their empty properties with absurd fripperies to make them more flippable come the day that their local warlord purges them and they need the ready cash. Read the rest

Trump's sweetheart tax deal for economically useless financial engineering triggers a stock buyback bonanza

Stock buybacks are a form of economically useless, business-starving financial engineering that makes rich people much, much richer. Read the rest

Forced prison labor put downward pressure on wages at American companies, worsening inequality

In Economic Consequences of the U.S. Convict Labor System, UCLA economist Michael Poyker uses data on prisons and their surrounding areas from 1850 to 1950 to examine the role that free/extremely low-waged forced convict labor had on wages. Read the rest

Eviction Lab: a comprehensive database of every eviction proceeding in America for the past 16 years

The Eviction Lab is a collaboration between Princeton University and Matthew Desmond, author of Evicted: Poverty and Profit in the American City Paperback; the lab's team gathered the court records of ever landlord-tenant proceeding in every court in every county in America for the past 16 years. Read the rest

Credit bubble a-burstin': wave of bankruptcies sweeps subprime car-lenders

The subprime car-lending industry -- charging exorbitant rates for car-loans to people least suited to afford them, enforced through orwellian technologies, obscuring the risk by spinning the debt into high-risk/high-yield bonds -- is collapsing. 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

More posts