Economics @ ITT

Good Times at the Top

Posted in economics by ittecon on September 12, 2013

Of the gains made by the top 10 percent, almost none went to the 90-95 group; in fact, the great bulk went to the top 1 percent. The bulk of the gains of the top 1, in turn, went to the top 0.1; and the bulk of those gains went to the top 0.01.

via Good Times at the Top – NYTimes.com.

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Why We’ll Be Better Off if the Walmart Protests Fail

Posted in environment by ittecon on September 5, 2013

I am not generally a fan of ad hominem attacks, but this Vedder is quite the wanker is the epitome of what is wrong with economics today.

The American economy has shown anemic, sputtering growth for several years—largely because businesses, investors, and consumers have been angry and fearful of public policies constraining their ability to operate efficiently and profitably.

That, in part, why I’m hoping that Walmart workers’ national protest movement will be a monumental failure.

via Why We’ll Be Better Off if the Walmart Protests Fail – The Daily Beast.

Putting China’s Low Household Consumption in Perspective

Posted in economics, International Economics by ittecon on July 22, 2013

It is widely known that China needs to rebalance its economy to rely more on consumption, but the extent of China’s imbalance between consumption and investment is not fully appreciated.  Comparisons to other emerging markets and countries like Japan, Taiwan, and Korea that pioneered the East Asian growth model show that China’s low levels of consumption are unparalleled.

via Putting China’s Low Household Consumption in Perspective | NewAmerica.net.

 

This is an article from 2011, but it was mentioned by Paul Krugman’s latest post.

The Big Lie Behind Food Stamps

Posted in economics by ittecon on July 22, 2013

Walmarts wages and benefits are so low that many of its employees are forced to turn to the government for aid, costing taxpayers between $900,000 and $1.75 million per store…

via Daily Kos: The big lie behind food stamps.

America’s Middle Class Is Sliding Toward the Third World

Posted in economics by ittecon on July 1, 2013

A recent article by Les Leopold informed us that our nation is near the bottom of the developed world in median wealth, probably the best gauge for the economic strength of the middle class. The source of the information, the Global Wealth Databook, provides additional evidence of our decline from our once-lofty position as an egalitarian country with opportunities for nearly everyone.

via More Evidence That Americas Middle Class Is Sliding Toward the Third World | Alternet.

America Doesn’t Have Richest Middle-Class in the World

Posted in economics by ittecon on June 19, 2013

America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!

This opulence is supposed to trickle down to the rest of us, improving the lives of everyday Americans. At least that’s what free-market cheerleaders repeatedly promise us.

Unfortunately, it’s a lie, one of the biggest ever perpetrated on the American people.

via Big Lie: America Doesn’t Have #1 Richest Middle-Class in the World…We’re Ranked 27th! | Alternet.

California To Wal-Mart: No More Taxpayer Subsidized Profits For You

Posted in economics by ittecon on June 5, 2013

For years, Wal-Mart—and other large retail operators—have been piling up huge profits by controlling their labor costs through paying employees sub-poverty level wages. As a result, it has long been left to the taxpayer to provide healthcare and other subsidized benefits to the many Wal-Mart employees who are dependent on Medicaid, food stamp programs and subsidized housing in order to keep their families from going under.

via California To Wal-Mart: Enough! No More Taxpayer Subsidized Profits For You – Forbes.

Income Inequality Defers the American Dream

Posted in economics by ittecon on June 4, 2013

Inequality is now one of the biggest political and economic challenges facing the United States. Not that long ago, the gap between rich and poor barely registered on the political Richter scale. Now the growing income divide, an issue that dominated the presidential election debate, has turned into one of the hottest topics of the age.

via Income Inequality Defers the American Dream | Alternet.

Corporate Hunger for Profits Has Devastated American Life—and the World

Posted in economics, environment, externalities, International Economics by ittecon on May 20, 2013

The damage caused by the relentless corporate drive for profits has become more clear in recent years. In the most important areas of American life, devastating changes have occurred:

Health Care: Almost half of the working-age adults in America passed up doctor visits or other medical services because they couldn’t afford to pay. The system hasn’t supported kids, either.

via The 4 Big Ways That Insatiable Corporate Hunger for Profits Has Devastated American Life — and the World Along with It | Alternet.

We’re living in an Ayn Rand economy

Posted in economics, Taxation by ittecon on May 18, 2013

Ayn Rand’s philosophy suggests that average working people are “takers.” In reality, those in the best position to make money take all they can get, with no scruples about their working-class victims, because taking, in the minds of the rich, serves as a model for success. The strategy involves tax avoidance, in numerous forms.

via We’re living in an Ayn Rand economy – Salon.com.