News, Opinions & Events
‘The 401(k) industry owns Congress’: How lawmakers quietly passed a $300 billion windfall to the wealthy – Politico
“Greased by lobbying and campaign cash, tax breaks for retirement savings are one thing Congress agrees on. But they also blow out the deficit and add to income inequality.”
Important retrospective by Politico. Here’s what CCSE wrote before the horses left the barn and Congress passed the Secure Act 2.0:
Here’s how to include all US workers in the retirement savings system – 2 essential ingredients needed:
Half of Americans have no retirement savings — here’s how Congress can look out for them
And how the current system is adding to economic inequality:
How the American Retirement Savings System Magnifies Wealth Inequality – Society of Actuaries
What $26 Billion Buys – Robert Kuttner/TAP
“Netanyahu ignores Biden’s warnings and plans an imminent operation in Rafah.”
Trying to think of something Trump did as president worse than Biden’s handling of Netanyahu and the Gaza slaughter. Biden projects weakness and moral vacancy.
Mass graves in Gaza show victims’ hands were tied, says UN rights office – UN News
Biden administration imposes first-ever staff minimum for nursing homes – msn/WaPost
“The pandemic exacerbated staffing shortages in nursing homes. Poor wages and grueling working conditions put large amounts of stress on a low-wage workforce, which is made up mostly of women, minorities and immigrants. An independent study released last year by KFF, a nonprofit group specializing in health care, said around 80 percent of facilities would need to hire more staff to meet the new requirements.”
DRGs for dummies? Could the staffing minimums and new needs assessment rules lead to risk-adjusted payment for nursing home care?
Gen Z TikToker goes viral for rant about high cost of living – Fox
How much the typical worker makes at 19 retailers, from Amazon to Walmart – Business Insider
Interesting that the “median worker” at so many retailers works part-time.
Gaza aid flotilla plans to challenge Israeli blockade, organizers say – msn/WaPost
“Israel has argued for years that the naval blockade is justified to prevent weapons from reaching Hamas and other militant groups in Gaza — a policy that Arraf said was part of Israel’s ‘hermetic closure’ of the territory that amounted to collective punishment of its population, and a war crime.”
How Famine and Starvation Could Affect Gazans for Generations to Come – Reveal
“Research on World War II’s Dutch ‘Hunger Winter’ has terrifying implications for Gaza’s malnourished children – and then for their children.”
Gaza doctors save baby from womb of mother killed in Israeli airstrike – Guardian
US taxpayer $$ at work: watch infant untimely removed from womb.
Why not Keynes?: Keynes’ uneasy relationship with income distribution – Branko Milanovic
If republished, Milanovic’s recent “Visions of Inequality” should include this piece as a chapter. Much of US economic policy is still premised on Keynesian thinking. Including analysis of consumption at differing income levels in forecasting the impact of Covid stimulus dollars might have helped Congress and the White House better target the money to stimulate demand with less inflationary effects.
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Missing the obvious: life expectancy in the U.S. is closely related to income – Karl Polzer
“The underlying theory is simple: More income and wealth allow people and governments to support more years of life. Fewer resources put them at a disadvantage. Some politicians who see the connection may be leery of talking about it. Doing so would lead to awkward questions about improving working and living conditions for millions of Americans and dealing with growing economic inequality.
“The strong relationship between income and longevity is clear when comparing states… (E)ight of the nine states with the lowest median household income also are among the bottom nine in longevity. Similar clustering occurs comparing the highest ranked states across the two categories. Seven of the nine states with the highest median household income also are among the top nine in life expectancy.
“Realizing they are rowing in the same economic boat could prompt states to join forces on policy changes, particularly Mississippi, West Virginia, Louisiana, Arkansas, Alabama, New Mexico, Kentucky, Oklahoma, South Carolina, and Tennessee, and others ranking at or near the bottom…
“Presidential candidate and former South Carolina Governor Nikki Haley strongly proposes raising the program’s retirement age on the premise that increased life spans are undermining Social Security’s long-term solvency. If long-held assumptions about longevity were challenged, and potential losses to low-income workers and low-income states caused by raising the eligibility age came to light, would she change her position? Republican candidate Donald Trump, by the way, opposes cuts in Social Security as do most Democrats…”
Thanks to the Washington Examiner for running this op-ed:
Senate minimum wage bills make bipartisan compromise possible – Washington Examiner
For longer version with references, see:
Previous work on this issue:
One way to make living easier in Virginia – letter to WaPost
Yes, raise the minimum wage, but don’t stop there – op-ed
“More Americans are rightly asking if Israel could neutralize Hamas without massive destruction and loss of civilian life. Indiscriminate air attacks by the Netanyahu regime already have killed and injured tens of thousands of Gazans with no end to the violence in sight. To put this in perspective, imagine how Washington, D.C., would look if a foreign government with the power to fence in the District of Columbia dropped a comparable number of bombs here while shutting off access to water and food and destroying most of the capital area’s housing and medical system. UN officials say conditions in Gaza are catastrophic.”
Thanks to the Washington Post for publishing our letter to the editor:
One way to make living easier in Virginia – Karl Polzer/letter to WaPost
“Virginia Gov. Glenn Youngkin (R) told reporters he is ‘concerned about the cost of living in Virginia and we’re continuing to evaluate how best to address that,’ as reported in the Nov. 26 Metro article ‘Budget battle looms in Virginia. Facing a tighter fiscal environment and Democratic control of the legislature, Mr. Youngkin and fellow Republicans could help working families without denting the budget by making an expected Democratic push for a higher minimum wage a bipartisan affair.
“The GOP has been trying to attract more minority and working-class voters. However, party leaders have stopped short of addressing core economic issues, such as supporting higher wages and better benefits, and mainly stress cultural issues…”
Background Information on these issues provided to Virginia legislators
McCarthy & Co. offer themselves up on the cross to help motivate lazy poor people back to work
Work requirements are a policy failure: Why are they still an option? – The Hill
Thanks to the Washington Post for running our letter:
“Letting Americans Down”
“How can House Speaker Kevin McCarthy (R-Calif.), President Biden and Senate leaders claim to represent the working class and poor when Medicaid work requirements are a focal point in the debt ceiling standoff and the Trump-era tax cuts are not? According to the Congressional Budget Office, the work requirements in the Limit, Save, Grow Act would have a tiny impact (about $5.6 billion in fiscal 2025) on the nation’s $31.4 trillion national debt, but they would increase the number of uninsured and state costs and have no effect on hours worked by Medicaid recipients.
“In contrast, ending the Trump-era tax cuts, which disproportionately benefit the wealthy, could put a major dent in the national debt….”
Because most of this site’s readers won’t be able to get through the newspaper’s pay gate, here’s the draft of the letter sent to the Post:
Debt ceiling negotiators focus on a ‘speck’ in benefits for the poor, ignore the ‘logs’ in their own eyes.
“Legislative Choices for Paying Promised Social Security Benefits”
Statement of Karl Polzer, Center on Capital & Social Equity,
U.S. Senate Budget Committee hearing: “Protecting Social
Security for All: Making the Wealthy Pay Their Fair Share”
Has DT crossed the line into delirium tremens?
“It came out of his mouth during a campaign speech last month.”