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#inequality

29 Beiträge25 Beteiligte3 Beiträge heute

"A few days ago, Federal Reserve economist economist Ricardo Marto published an important paper on what happened to the economy in the period after Covid struck. What he found, after crunching numbers from the Bureau of Economic Analysis, is that there was massive redistribution of wealth upward, from working people to big business.

According to Marto, domestic non-financial corporate profits doubled, to $4 trillion a year. As a percentage of total economic output going to profits, they went from 13.9% to 16.2%, while the labor share modestly declined.

There are two other disturbing elements in the paper. First, these profits went to reward shareholders in the form of dividends, not to investment to build more capacity. And second, profit levels have remained elevated. Throughout the pandemic recovery period, economists were vehement that profit increases did not reflect increased concentration, and that increased profits were temporary. Yet this research shows that such assumptions were wishful thinking.

Indeed, the most serious domestic policy failure of the Biden administration was allowing their economists to aggressively avoid addressing this shift upward in wealth from working people to big business. And now let’s fast forward to the current moment. We are in a trade crisis, and this crisis has some echoes of the post-Covid supply chain mess. And I suspect Donald Trump might be repeating Biden’s mistake.

This new crisis, of course, is the one that’s been wrought by Trump’s own abrupt tariff policies."

thebignewsletter.com/p/how-mon

‘Evidence for the long-run persistence of inequality comes from the city of Florence, based on a unique dataset containing tax-related data for all individuals from the year 1427...

Surnames associated with wealthier individuals in the dataset are associated with wealthier individuals today, six hundred years later.’
fairmlbook.org
The paper: doi.org/10.1093/restud/rdaa075
#economy #inequality

fairmlbook.orgFairness and machine learning

Folks, please don’t be so hard on Labour.

It’s not easy laying the foundations for the UK’s upcoming fascist government. (The Democrats should know; it takes dedicated effort.)

They’re working as hard as they can as it is to ensure the UK follows in the footsteps of the US.

#Labour#UK#UKPol

@cbctop_mirror

I'm not religious, nor am I really a huge fan of the Catholic church, but Francis was a far better than average Pope.

He pushed the church in key ways I hope the next Pope will continue and expand.

Especially it matters that he called for urgent and decisive action on human-caused Climate Change.

It matters, too, that he sought paths to acceptance and inclusion of diversity.

I liked that he was a humble man, rejecting trappings of wealth, critical of his church's hoarded wealth, pushing for financial transparency, and focused on helping the poor. He seemed to want to be peer of, advocate for, and inspiration to regular people. Anyone, Catholic or not, ought admire such.

The contrast is especially apparent from the US, where the sitting administration makes frequent appeals to religion for exactly the opposite reasons, to profit upon the poor for the sake of the rich, to undermine and deplete what meager wealth they have (again in service of the rich), and to sow seeds of intolerance and distrust.

#pope#PopeFrancis#death