Ten-year Greek government bond yields tumbled to their lowest in nearly three years one day after Fitch upgraded the country’s sovereign credit ratings.
Over the last several years, more Americans have found that aging has left them in the clutch of poverty. Between 2005 and 2009, the rate of poverty among American seniors rose as they aged, as did the number of people entering poverty, according to a new report from the nonpartisan Employee Benefit Research Institute (EBRI).
Rising income inequality in rich nations has cast doubt on the old adage, often upheld by the economics profession, that a rising tide lifts all boats. A new report from Oxfam reinforces the notion that wealth does not trickle down of its own accord. The anti-poverty advocacy group says sometimes actively redistributive policies may be needed to address huge income gaps. It also says that, contrary to conventional economic thinking, such policies will directly contribute to better growth rather than impede it.
The devastating U.S. recession of 2008-2009 has highlighted the problems of income inequality and poverty in the world’s richest nation. In 2010, the last year for which data is available, the number of U.S. poor hit a record 46 million. As the country celebrates the Martin Luther King Jr. Day holiday, a look back at the civil rights’ leaders remarks on the subject are enlightening – if only for their continue relevance nearly half a century later:
U.S. poverty is becoming increasingly concentrated both geographically and racially, according to a new study from the Federal Reserve Bank of Cleveland. The authors find that while the poverty rate has moved up and down in a relatively narrow range over the last 40 years, mostly mirroring the ups and downs of the economy, that a deeper look at the data reveals some disturbing trends.
CBS's 60 Minutes showed a heartbreaking story last night that described several homeless families with children in Florida. The segment, entitled "Hard Times Generation: Families living in cars" (embedded above), detailed families living at the absolute edge of economic survival as they slept in their cars, in hotel rooms and with neighbors. In a deflating economy with few available jobs, they are the invisible underbelly. Big kudos to 60 Minutes for bringing their plight to our attention.
He has starred in such blockbuster films as Pirates of the Caribbean, as well as the upcoming Harry Potter and the Deathly Hallows, but actor Bill Nighy’s heart is set on his real life role as an ambassador for Oxfam.
Pope Benedict's encyclical "Charity in Truth" proposed a sweeping reform of the world economic system from one based on the profit motive to one based on solidarity and concern for the common good. Like other such documents in the Roman Catholic Church's social teaching tradition, the encyclical delivers a strong critique of unbridled capitalism. This can be uncomfortable for Catholics who champion free enterprise and some conservative Catholic writers reacted quickly and critically. One of them, George Weigel, wrote the encyclical "resembles a duck-billed platypus."