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Tag Archives: inequality

Emmanuel Saez — Saying Inequality Has Not Increased in the US “the Equivalent of Being a Climate Change Denier”

In an interview with ProMarket ahead of his upcoming Stigler Center visit this week, UC Berkeley economist Emmanuel Saez discussed the impact of the 2017 Trump tax cuts, the disproportionate political power of the super-rich, and whether he agrees with Bernie Sanders that billionaires shouldn’t exist....ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of BusinessEmmanuel Saez: Saying Inequality Has Not Increased in the US “the Equivalent of Being a Climate...

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IMF boss says raise taxes on the rich to tackle inequality— Larry Elliott

Kristalina Georgieva, the IMF’s managing director, said higher marginal tax rates for the better off were needed as part of a policy rethink to tackle inequality. In a sign of how the IMF has moved away from the tax-cutting approach that once formed a central part of its policy advice, Georgieva said there needed to be a different approach to tackling what had become “one of the most complex and vexing challenges in the global economy”. The IMF chief, writing in a blog, said: “Inequality...

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Assessing progress on St. John’s Plan to End Homelessness

I’ve written an assessment of the 2014-2019 St. John’s Community Plan to End Homelessness. The full assessment can be found here. Points raised in the assessment include the following: -Newfoundland and Labrador has the highest unemployment rate of any Canadian province. This pulls people into homelessness, while also making it more challenging for the provincial government to finance policy asks (such as subsidized housing with social work support). -People...

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Take Back Our Party, Chapter 4: Our Democratic Party

By James Kwak Ever since I finished Economism (and the 2016 elections, which happened about the same time), there has only been one thing I have wanted to write. I tried in “The Importance of Fairness: A New Economic Vision for the Democratic Party,” and in “A New Economic Vision, in 27 Words,” and again in “Hey Democrats, the Problem Isn’t Jobs and Growth.” I wanted to write this thing because it has become clear to me not only that our economic world is screwed up in all sorts of...

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The Crisis of the Democratic Establishment

By James Kwak The Democratic Party is at a crossroads. On a host of issues, it is clear what we stand for and how we differ from the Republicans: minority rights, abortion, immigration, gun control, climate change, the importance of facts, and, of course, whether or not the president is above the law. On economic issues, however, the picture is not so clear. Elizabeth Warren’s speech at St. Anselm’s College on Thursday is an attempt to fix that problem—and also a shot across the bow of...

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Bill Mitchell— Free flows of capital do not increase output but do increase inequality

There was an IMF paper released in April 2018 – The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data – that had a long title but a fairly succinct message. It indicates that the IMF is still in a sort of schizoid process where the evidential base has built up so against the political voice and practice that the IMF has indulged itself as a front-line neoliberal attack dog that elements in its research division are breaking ranks and...

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Universal Basic Income and Universal Basic Services: a synthesis for the Election

Complements or substitutes?Over the summer in OurEconomy my PEF colleague Guy Standing argued that proposals for Universal Public Services (UBS) are not substitutes for the Universal Basic Income (UBI) that he has advocated so cogently.  I strongly agree.  The two are overwhelmingly complementary.  As we approach a UK general election on 12 December and the parties prepare their manifestos, revisiting the UBS and UBI becomes quite relevant. Review of two public policy...

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Hedge fund titan Ray Dalio: Trickle-down economy ‘not working’ — Brittany De Lea

“This set of circumstances is unsustainable and certainly can no longer be pushed as it has been pushed since 2008. That is why I believe that the world is approaching a big paradigm shift,” Dalio wrote. Governments are also battling large deficits, while pension and health care liabilities are increasing. The latter circumstance, he says, will result in an escalation of the wealth gap battle as the government decides whether to cut benefits, raise taxes or print money to address it. This...

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Ten things to know about the 2019-20 Alberta budget

I’ve just written a ‘top 10’ overview of the recent Alberta budget. Points raised in the post include the following: -The budget lays out a four-year strategy of spending cuts, letting population growth and inflation do much of the heavy lifting. -After one accounts for both population growth and inflation, annual provincial spending in Alberta by 2022 is projected to be 16.2% lower than it was last year. -Alberta remains Canada’s lowest-taxed province. It also...

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