by Summary:
From John Komlos and current RWER issue Cultural challenges are insurmountable The defective dominant ideology of neoliberalism characterized “by a huge overestimation of the wisdom of market processes,” has seeped into the popular culture to such an extent that it is difficult to make the citizenry understand that the best government is not one that governs the least.[1] It easy for market aficionados to label progressive politicians who aspire to improve the condition of the poor through government programs as socialists. Social challenges are deeply rooted Endemic racism haunts the social fabric. The lack of jobs, the mediocre educational system, and the limited safety net available to minorities makes it difficult to improve their life. The unemployment rate among minorities is
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From John Komlos and current RWER issue Cultural challenges are insurmountable The defective dominant ideology of neoliberalism characterized “by a huge overestimation of the wisdom of market processes,” has seeped into the popular culture to such an extent that it is difficult to make the citizenry understand that the best government is not one that governs the least.[1] It easy for market aficionados to label progressive politicians who aspire to improve the condition of the poor through government programs as socialists. Social challenges are deeply rooted Endemic racism haunts the social fabric. The lack of jobs, the mediocre educational system, and the limited safety net available to minorities makes it difficult to improve their life. The unemployment rate among minorities is
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from John Komlos and current RWER issue
Cultural challenges are insurmountable
- The defective dominant ideology of neoliberalism characterized “by a huge overestimation of the wisdom of market processes,” has seeped into the popular culture to such an extent that it is difficult to make the citizenry understand that the best government is not one that governs the least.[1] It easy for market aficionados to label progressive politicians who aspire to improve the condition of the poor through government programs as socialists.
Social challenges are deeply rooted
- Endemic racism haunts the social fabric. The lack of jobs, the mediocre educational system, and the limited safety net available to minorities makes it difficult to improve their life. The unemployment rate among minorities is usually twice that of whites. African Americans are 1.8 times as likely to be poor than their share of the population and their annual median household income was $24,600 less than that of whites in 2016. They are looked down upon because of their poverty, but their poverty is due to lack of opportunity and inferior schools available to them.
- It is widely recognized that the economy in unjust and is not working for half of the population. The top 1% earn 20% of national income. The bailouts of the financial system in 2008 left all the banks in the top 1% of the wealth distribution. None of them sank down into the middle class. Dick Fuld, who bankrupted Lehman brothers, still has $250 million in the bank, while Angelo Mozilo who bankrupted Countrywide Financial has $600 million. However, eight million families were callously evicted from their homes without mercy. Such asymmetric bailouts are indicative of the power of the oligarchy that fueled the populism harnessed by the Trump presidency.[2]
- The primary and secondary educational system remains mediocre. So, it does not prepare the next generation for the IT revolution. Furthermore, a large share of the poor is unable to afford college education so important in today’s economy. Hence, the significant demand for IT professionals is unmet. Yet, money is not available to improve the educational system.
- Life expectancy was falling even before the pandemic. The 150,000 people who die of “deaths of despair” provide evidence of the immense anxiety at the low end of the income distribution.[3] Such epidemic of suicide does not occur in a good economy.
The economy is out of balance read more