The Census released its supplemental poverty measurement today. The details are numerous, but the headline is that under the SPM, the number of impoverished people climbs to 49.1 million, 2.5 million more than the conventional poverty measurement. Under the SPM measurement — which takes into account government benefits, child support, and other factors — the… Continue reading How useful is the poverty line?
Quick note on Social Security reform
I wrote previously about the myth of Social Security insolvency. Despite what most of the Republican presidential contenders have said, the program is on extremely solid ground. At the current rate, the program can pay out the present level of benefits until 2038 at which point it would need to take a 19% cut in… Continue reading Quick note on Social Security reform
Social mobility does not make an economy just
Eric Cantor bailed out on giving his grand speech on inequality friday. The UPenn student newspaper printed it instead. The speech is long and, like most speeches given by politicians, not really worth reading. That the speech was prepared and hyped reflects the amazing success that Occupy Wall Street has had in shifting the national… Continue reading Social mobility does not make an economy just
Why don’t you just get a job?
Opponents of Occupy Wall Street are quick to lob the time-tested jeer “why don’t you just get a job?” at protesters. Of course, this jeer is not based on any kind of economic sophistication. It is just the cliche used when someone has nothing intelligent to say. This taunt continues to flood still-confused media reports… Continue reading Why don’t you just get a job?
Remember that production has doubled in the last 40 years
In the discussions of why things are so bad, why incomes have not risen, why poverty keeps climbing, and why inequality is so severe, people should keep in mind one basic statistic: the US GDP per capita has doubled since 1970. Or to put it in more simple terms, the United States economy is producing… Continue reading Remember that production has doubled in the last 40 years