An internal discussion among the IMF staff regarding income inequality

IMFStaff members of the International Monetary Fund organization just published a document for debate regarding the global scope of income inequality. And while I dislike the phrase “income inequality” and prefer the phrase “opportunity inequality”, the document makes important points about what is probably the most serious issue of our times. The disclaimer at the beginning of the document warns against associating the findings of this paper with the IMF and that the paper should be taken as the views of its authors. That’s fine. It presents a lot of facts for serious consideration. The one overarching fact is that paying people more in real wages, rather than exploiting the working poor and gutting the middle class, makes for an environment that allows the economy to work for everyone, not just a privileged few. It’s worth the read.

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Media manipulation and the attempt to silence Bernie

Ignoring one who disagrees with you is clearly a form of polemic. I know this from experience. It’s a passive agressive tactic that can be very effective. Noam Chomsky has had plenty to say about media manipulation of political information over the years, and this is a shining example. Bernie Sanders deserves to be heard, especially since he has such a substantial following among the working class and poor in the US. From our friends over at naked capitalism.

The measurable and socially immoral consequences of opportunity inequality

We have this posted over at Naked Capitalism this morning, originally from VoxEU. This is even more disturbing when combined with the social reality that the disenfranchisement of young people who are not integrated into the basic structures of society invites higher crime rates.

From Nico Lang on why we hate the economically insecure

Lang quoting Barbara Ehrenreich from Nickel and Dimed: “When someone works for less pay than she can live on—when, for example, she goes hungry so that you can eat more cheaply and conveniently—then she has made a great sacrifice for you, she has made you a gift of some part of her abilities, her health, and her life. The “working poor,” as they are approvingly termed, are in fact the major philanthropists of our society. They neglect their own children so that the children of others will be cared for; they live in substandard housing so that other homes will be shiny and perfect; they endure privation so that inflation will be low and stock prices high. To be a member of the working poor is to be an anonymous donor, a nameless benefactor, to everyone else.”