economics

Created
Wed, 21/09/2022 - 09:46


The Truth Behind “Self-Made” Billionaires

Why do we glorify “self-made” billionaires?

Well, being “self-made” is a seductive idea —it suggests that anybody can get to the top if they’re willing to work hard enough. It’s what the American Dream is all about.

If Kylie Jenner can become a “self-made” billionaire at age 21, so can you and I!

Even as wages stay stagnant and wealth inequality grows, it’s a comfort to think that we’re all simply one cosmetics company and some elbow grease away from fortune.

Created
Thu, 01/12/2022 - 07:39


The Fed’s Inflation Mistake Continues

The Federal Reserve has been hellbent on raising interest rates to slow the economy. It’s a huge mistake.

You know who bears most of the pain of these rate hikes?

Most of the pain is borne by people who are already struggling to keep up with rising prices: lower-wage workers and the poor.

While the Fed has signaled that its interest rate increases might not be as drastic moving forward, the important thing to remember is that these hikes already fail to address a major driver of inflation — powerful corporations that are ratcheting up prices to pad their profit margins.

Created
Fri, 23/12/2022 - 10:28
I was rather intrigued by the understanding of The Western Traffic Commissioner’s decision not to fine Stagecoach South West for their utter incompetence in running a bus service. He says (and I’m quoting directly): Without having made a decision, I remarked to the operator that this appeared not to be a case where a formal... Read more
Created
Thu, 29/12/2022 - 22:19
A remarkable story has surfaced in yesterday’s Mail on line saying that Civil Servants have been getting shopping vouchers as part of an annual reward: Millions of pounds worth of Greggs, Nandos and Primark vouchers have been handed out to reward Civil Servants this year. The vouchers are , it seems, worth up to £100... Read more
Created
Fri, 30/12/2022 - 06:47
The Independent has already suggested that two thirds of junior doctors are considering leaving the NHS, but the fact that this is also disclosed in the right wing Spectator (previously edited by Boris Johnson) means that personally I am convinced it is true. It provides even more evidence that we have a government that is... Read more