The Fiscal Times published an article arguing that a family with an income of $250,000 per year is not really rich. When taxes, housing costs, college costs for children and so on are accounted for, even those with an income five times the median family income are just barely getting by, it said. Later the Fiscal Times reported that a study recently found that a middle class family needs at least $150,000 of income just to cover the basics. Subsequently, The New York Times published an article sympathizing with the plight of those making only $250,000. They are certainly...
Read more »
Young workers see pay shrink in United States. The Economic Policy Institute think tank found that the average inflation-adjusted hourly wage for male college graduates aged 23 to 29 dropped 11% over the past decade to $21.68 in 2011. For female college graduates of the same age, the average wage is down 7.6% to $18.80. For the entire working population, average hourly wages have risen modestly over the past 10 years. But that is partly because many of the lowest-paid workers have lost their jobs and are no longer included in the average.”People who normally make below-average wages are...
Read more »
Recently, the New York Times praised Chelsea Clinton’s current successes and commitment to public service. Ms. Clinton is the daughter of current U.S. Secretary of State Hillary Clinton and former President Bill Clinton. The Times reported Ms. Clinton is making the sacrifice of leading us because she feels a responsibility to serve the public good and “hopes to make a positive, productive contribution.” Ms. Clinton’s newsworthy steps toward public service, noted by the NYT, include: meeting people such as Elton John and Richard Gere, taking a public role with her father’s Clinton Global Initiative, presenting an award to her...
Read more »
Bankers are unpopular. Not the ordinary bank teller or the back-up IT staff, but the directors and top managers who award themselves huge salaries and big bonuses. They are so unpopular, in fact, that the chief executive of Royal Bank of Scotland, Stephen Hester, has been forced to give up a bonus of nearly £1m while his predecessor, Sir Fred Goodwin, has been stripped of his knighthood. The banks defend themselves by arguing that they bring “wealth” into Britain, and pay a considerable amount of tax on it. Some even describe themselves as “wealth creators”. This is absurd. What...
Read more »
SO PROCLAIM some of those who called for the occupation of Wall Street, explaining: “We are getting kicked out of our homes. We are forced to choose between groceries and rent. We are denied quality medical care. We are suffering from environmental pollution. We are working long hours for little pay and no rights, if we’re working at all. We are getting nothing while the other 1 percent is getting everything. We are the 99 percent”. A powerful appeal – the sort of thing we might say ourselves. But who are “the other 1 percent” that are getting the...
Read more »
Mark Fishman, associate professor of sociology at Brooklyn College, City University of New York, investigated routine news production by examining the work practices of reporters and other news workers. His research findings were published by the University of Texas Press in 1980 in a book entitled Manufacturing the News. At the beginning of his book, Fishman touches on the practical mode of social reproduction by quoting from W. I. Thomas, The Child in America (1928): “Our picture of how the world works is integrally tied to how we work in the world. By acting in accordance with our conception...
Read more »
It’s exploitation that causes workers’ problems. On an ultra-simplistic level we could say that capitalism in the persona of capitalists uses capital (in its basic form, money) to make a profit. By utilising capital in the form of property, equipment, machinery, investment or speculation the capitalist needs to employ members of the working class in order to increase the original capital for the benefit of the capitalist. This can only be done if the workers agree knowingly or unknowingly to their own exploitation. Why exploitation? In the monetary world society we live in everyone has a need for money...
Read more »
“poverty status at birth is linked to worse adult outcomes” An estimated 14.1 million Americans under age 18 are poor. The longer a child is poor, the worse his or her adult outcomes. Childhood poverty rates, according to the U.S. Census Bureau says the report, have ranged between 15 and 23% over the past four decades. Children who are born into poverty have much higher rates of economic and educational difficulties in their adult years. According to a study from the Urban Institute “Childhood Poverty Persistence…” by Ratcliffe and McKernan, 49% of American babies born into poor families will...
Read more »
From MarketWatch.com Tiffany & Co says sales at its flagship New York store jumped 26% in the first quarter. International luxury goods giant Louis Vuitton Moet Hennessy whose brands range from Fendi to Givenchy to Moet & Chandon Champagne, plus, of course, Vuitton bags says U.S. sales boomed 20% in the first quarter, including a remarkable 58% boost for sales of jewelry and expensive watches like Tag Heuer. the Swiss watch federation says exports of luxury watches (those $2,000 “timepieces”) to the U.S. rose 12% in May and are now ahead 9% for the year. Super-luxury goods purveyor Richemont...
Read more »
One thing I am certain of is that I would give my life for my children, such is the power of my feelings for them. I did not take to the nappy changing or the enforced insomnia and as they grew older I resigned myself to the fact that during their teens I was embarrassment personified to them; so much so that I had to drop them a few hundred yards from the school gates in case ‘someone might think they knew me’. I tried to explain that for the past fourteen years their mother had led me to...
Read more »
