This video of a Texas high school student taking his teacher to task has become a viral hit. You may be asking, “What about the Texas miracle?”
The New York Times reports on the dismal finances of the state’s education system (and before you get there, the unionization rate of…
Trenton Oldfield, who disrupted the annual Oxford-Cambridge Boat Race in April this year to protest against inequality, was sentenced to six months in jail for the offence of “public nuisance”. Although the race was restarted 25 minutes later, Judge Molyneux made it clear that Trenton had disrupted the smooth running of things, and for that he must go to jail: “Thousands of people had lined the banks of the river to enjoy a sporting competition. Many more were watching at home on live television.” The message is blunt: if it’s on TV and aristocrats are involved, then the state can deprive you of your liberty for as long as it likes.
From The 1% are the very best destroyers of wealth the world has ever seen by George Monbiot in The Guardian
If wealth was the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire. The claims that the ultra-rich 1% make for themselves – that they are possessed of unique intelligence or creativity or drive – are examples of the self-attribution fallacy. This means crediting yourself with outcomes for which you weren’t responsible. Many of those who are rich today got there because they were able to capture certain jobs. This capture owes less to talent and intelligence than to a combination of the ruthless exploitation of others and accidents of birth, as such jobs are taken disproportionately by people born in certain places and into certain classes.
Anthony Atkinson, an economist at Oxford University, has studied how several recent financial crises affected income distribution—and found that in their wake, the rich have usually strengthened their economic position. Atkinson examined the financial crises that swept Asia in the 1990s as well as those that afflicted several Nordic countries in the same decade. In most cases, he says, the middle class suffered depressed income for a long time after the crisis, while the top 1 percent were able to protect themselves—using their cash reserves to buy up assets very cheaply once the market crashed, and emerging from crisis with a significantly higher share of assets and income than they’d had before. “I think we’ve seen the same thing, to some extent, in the United States” since the 2008 crash, he told me. “Mr. Buffet has been investing.”
“The rich seem to be on the road to recovery,” says Emmanuel Saez, an economist at Berkeley, while those in the middle, especially those who’ve lost their jobs, “might be permanently hit.” Coming out of the deep recession of the early 1980s, Saez notes, “you saw an increase in inequality … as the rich bounced back, and unionized labor never again found jobs that paid as well as the ones they’d had. And now I fear we’re going to see the same phenomenon, but more dramatic.” Middle-paying jobs in the U.S., in which some workers have been overpaid relative to the cost of labor overseas or technological substitution, “are being wiped out. And what will be left is a hard and a pure market,” with the many paid less than before, and the few paid even better—a plutonomy strengthened in the crucible of the post-crash years.
(Source: The Atlantic)
— “An Economic Interpretation of the Constitution”, Charles Beard