Here’s something to ponder on a Sunday:
The rich were meant to have the most leisure time. The working poor were meant to have the least. The opposite is happening.
That is extracted from this: The Free-Time Paradox in America – The Atlantic
It’s a fascinating study of work and leisure and why it is not what many expected.
Forget what Steven Mnuchin said about Greta Thunberg needing to study economics before offering climate change proposals. That was an asinine thing for him to say.. But read that article in the Washington Post for the ideas. They spoke to an economist about climate change and how economics comes in and it’s worthwhile for that.
People might argue that we need to do something about climate change, but we can’t afford it. If you want to argue back, the article can help.
Not yet, but clearly it is in trouble, based on this: Why Muji Is Struggling | News & Analysis | BoF.
My feeling is they have expanded past the point it is sustainable, and now they are going to have to adjust. Hopefully they can adjust: they are a good company and they could be as big as IKEA or H&M. Or they could go bankrupt. The next few years will show which direction they go.
Thanks to Jeff Smith for sending me this link!
We don’t talk much about poverty anymore. We talk about the middle class a lot. We don’t talk about the upper class or the rich anymore: instead we talk about them in terms of percentage points. And we don’t talk about the poor as much as we talk about those who are homeless. But there are still poor people in our society, and one member of that group wrote about it here: Falling.
He has a home, he was middleclass, and now he is poor. The story is sad but not exceptional.
I don’t know why we don’t talk about the poor so much any more. Perhaps we see poverty as shameful, not for the people who are poor, but shameful for people who don’t see themselves as poor. I don’t know. I think we do need to talk about it and the spectrum of financial status, and I think we need to work towards a fairer and more equitable society. First, we need to look and talk about it more clearly.
Is the one thing about the Obama legacy that can’t be repealed. Namely this:
There is no mystery about Barack Obama’s greatest presidential achievement: He stopped the Great Recession from becoming the second Great Depression.
Obama did many important things, Obamacare being the obvious. As someone who had seen many failed attempts at achieving this, to see him team with Pelosi and others to achieve this was astounding.
That said, there would have been nothing accomplished by Obama if the US spiralled into a second Great Depression, dragging down the world economy with it. I continue to see criticism of the actions taken by his team then, especially among progressives. They argue that more should have been done. You can google “Obama terrible” and find pieces like this.
Time will tell, but so far Obama is holding up as anything but terrible. I predict he will rise in Presidential standing in the future. Meanwhile, the world is in much better shape due to the actions he took in the early stages of his presidency to avert worldwide economic disaster.
I have thought about this piece on capital often since I read it: Continuations by Albert Wenger : Capital Is No Longer Scarce.
I realize it is relative and that there are people and organizations that have difficulty accessing capital. But I believe overall there is an abundance of capital. I believe that is why you see a lot of the behaviours you see in the world, from negative interest rates to bogus unicorns like We and Uber and Lyft to high housing valuations to no inflation.
German Lopez from Vox makes it, here: America needs more unions – Vox.
As for me, many unions fall under the idea of countervailing power, which I am a strong proponent for. The countervailing power aspect is important. The worst unions are not that.