Economy

Economic Update: Independent Media

January 21, 2020

This week: Updates on the sale of a co-op craft brewery to a large corporation; U.S. medical costs are by far the highest in world, capitalism’s defense of inequality and instability with the “overcoming poverty” concept; Prof. Wolff interviews Laura Flanders, a long-time independent journalist, about the idea of an independent media.

Phase One of US-China Trade Deal Is Mostly Symbolic

January 17, 2020

President Trump says his just-signed trade deal with China is unprecedented, but it’s mostly symbolic and has little to nothing to offer ordinary Americans, says Jocobin’s Nicole Aschoff.

$600M Property Tax Overcharge Is Eroding Detroit’s Black Homeownership

January 16, 2020

African-American homeowners in Detroit don’t just face lingering damage from the 2008 recession. The city is suffering from a foreclosure crisis after overcharging homeowners $600 million in property taxes.

Women Outnumber Men in the US Workforce–What Does it Mean?

January 16, 2020

Katherine Moos discusses December’s employment data, which shows that for the second time in history women outnumber men in the U.S. workforce. The first time was during the Great Depression. Women still earn less than men, so by hiring more women employers are saving on payroll expenses.

Economic Update: Answering Our Critics

January 15, 2020

Three major criticisms of Economic Update are considered: (1) that we don’t praise capitalism for reducing world poverty, (2) that we don’t admit that “socialism has never worked anywhere,” and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal…

People Want a Wealth Tax, but Many Politicians Oppose It

January 15, 2020

Democratic presidential candidates Elizabeth Warren and Bernie Sanders are practically the only major politicians supporting a wealth tax to reduce inequality and fund government programs, even though polling shows nearly two-thirds of Americans support it.

Economic Update: Competition and Monopoly in Capitalism

December 11, 2019

Capitalism’s growing problems (inequalities, instabilities, unsustainability etc.) lead some defenders to argue that the cause is monopoly displacing competition in many industries. We disagree: Capitalism’s history is oscillations between competition and monopoly, each causing the other. Capitalism is the problem, not its oscillating forms.

Great Employment Numbers: 44% of Fully Employed Make $18,000 a Year or Less

December 10, 2019

Beneath the rosy employment report lives a reality of low-paying part-time and temporary work with no benefits or security.

Are Accusations of Chinese Human Rights Violations Reinforcing the Trade War?

December 5, 2019

Professor David Kotz discusses how the U.S.’s hardened trade stance has nothing to do with human rights, despite new reports of the massive human rights violations of the Uighurs, a Muslim minority in western China.

How Public Officials Milk the Healthcare System for Private Gain

December 2, 2019

An in-depth look at a series of local scandals shows how politicians game the healthcare system for private benefit, raising the costs for everyone.