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The case for a minimum wage for U.S. workers with families to support- how Australia approaches the issue taking into account the median wage
12/31/2014
Australia's minimum wage is 54% of the median wage, compared to 38% for the U.S., according to the OECD. Australia's wage setting body sets the minimum wage for workers over 20 years of age, and takes into account the median wage in the interest of fairness. Workers with families to support need the Australian minimum wage of 16.87 Australian dollars ($13 U.S.). All of this money goes into consumer spending providing an immediate boost to the economy.
Linked Articles
Australia Weighs Whether Its Minimum Wage Is Too High
Wall Street Journal 01/26/2015
States’ Minimum Wages Rise, Helping Millions of WorkersNew York Times 12/31/2014
The huge negative effect of tech on jobs in the U.S., and other countries- prioritizing solutions in 2015-2025
10/06/2014
The Economist and William Galston writing in the WSJ, look at the hugely negative effect on jobs as technology makes it possible to produce the same output in goods with fewer workers. Galston offers solutions for the U.S., and the Economist offers solutions for EUrope, Asia, and other regions that need to create jobs.
Linked Articles
Countering Tech’s Damaging Effect on Jobs
Wall Street Journal 10/15/2014
The world economy: Wealth without workers, workers without wealthEconomist 10/06/2014
Reviving Detroit- Darren Walker of the Ford Foundation and not giving up on American cities
02/15/2014
The Ford Foundation was founded in Detroit in 1936, the Knight Foundation also has roots in the city. Both foundations donated the money needed to revive Detroit in 2014. The state of Michigan under Governor Snyder also acted with exceptional courage and wisdom to save the floundering city after a decade of collapsing infrastructure and services. The state acted responsibly by obtaining a supervisory role over the city's troubled finances. With all the surrounding atmosphere and talk of Republican deadlock with Democrats in the White House and Congress, Snyder, Walker, Judge Rosen, and others showed rare wisdom and courage to come together for innovative solutions.
Linked Articles
Finding $816 Million, and Fast, to Save Detroit
New York Times 11/07/2014
Mediator in Detroit Bankruptcy Walks Fine Line Between City, CreditorsWall Street Journal 02/15/2014
South Africa's Mandela's willingness to challenge established bias, restraint and generosity of spirit
12/09/2013
Ross Sorkin gives the example of Mandela changing his thinking on nationalization when confronted with the facts and Friedman points out Mandela's vision in giving whites a sense of pride in the new South Africa. Friedman goes further to compare this with the effort to get just enough votes to win elections, zip code by zip code using computer generated data on demographics and other parameters, that he sees in the U.S..
Linked Articles
How Mandela Shifted Views on Freedom of Markets
New York Times 12/09/2013
Why Mandela Was UniqueNew York Times 12/10/2013
Chinaua Achebe of Nigeria and Nadine Gordimer of South Africa- writing about Apartheid, the colonial system and modern Africa
03/22/2013
Linked Articles
Nadine Gordimer, Winner of South Africa's First Nobel Prize in Literature, Dies at 90
Wall Street Journal 07/14/2014
Chinua Achebe, Famed Nigerian Writer, DiesWall Street Journal 03/22/2013
The July 2012 Report by an independent parliamentary panel on the Fukushima nuclear plant disaster and prime minister Naoto Kan's testimony
05/28/2012
The report calls the disaster "a profoundly man-made event," and "a disaster 'Made in Japan,' " citing cultural factors that contributed to the accident. It is sharply critical of TEPCO and the Japanese government's response. Both the report and the testimony of the prime minister at the time of the accident, Naoto Kan, refer to the 'nuclear bloc' or 'nuclear village' in Japan that promotes nuclear energy. Some of its actions are dangerous to safety, such as locating the nuclear safety agency NISA inside the same ministry that promotes nuclear power, a critical flaw. Ironically Germany made the decision to make a gradual shift out of nuclear power after looking at the Fukushima nuclear plant disaster and near collapse in Japan, while Japan is reactivating its nuclear plants to meet energy needs without having obtained public confidence in the system of nuclear energy including the essential safety actions. The result is a profound credibility gap about the nuclear plant industry, and public opposition in Japan.
Linked Articles
Report blasts Japan’s preparation for, response to Fukushima disaster - The Washington Post
Washington Post 07/06/2012
Japan's Ex-Premier, Naoto Kan, Condemns Nuclear PowerNew York Times 05/28/2012
The $436 million payment by Greece to holdout bondholder Dart Management and the $1.5 billion demanded by holdout bondholder Elliott Management leading to Argentine default in 2014
05/15/2012
Greece made the payment to Dart Management at a time of 20% unemployment and daily protests on Athens streets, a month before elections in June 2012. Greece only did this as a last resort for release of EU funds that were being held up to make pament of interest on debt. This exacerabated discontent inside Greece as pensions were being cut and layoffs taking place, including increase in electricity bills. The Syriza party made gains in that election and the two main parties lost ground to other parties, including a violent anti-immigrant party. Argentina's Christina Kirchner faces a difficult time with the unions and centrist parties in Buenos Aires province, with a shortage of cash and sovereign wealth fund down to $29 billion in May 2014. Stevenson points out the payment to Elliott Management could lead to a situation where Argentina owed $15-$27 billion to all holdout and exchange investors in its bonds.
Linked Articles
Argentina Finds Relentless Foe in Paul Singer's Hedge Fund
New York Times 07/30/2014
Bet on Greek Bonds Paid Off for a Vulture FundNew York Times 05/15/2012
A consensus in Germany and France for improving France's competitiveness
05/01/2012
A consensus between Germany and France for slightly higher inflation in Germany, increase in German worker's wages, and wage restraint by unions in France in return for avoiding layoffs. This is a way to restore competitiveness of France after the balance was upset when German workers exercized wage restraint during the last decade, leading to France becoming less competitive with higher wages relative to Germany. Hourly wages in France estimated at 34 euros are 14% higher than in Germany.
Linked Articles
Europe Moving Toward Small Steps to Promote Growth
New York Times 05/10/2012
France Moves to Make Labor More FlexibleWall Street Journal 05/01/2012
The absence of solutions to the underlying problem of increasing U.S. health care costs in fiscal cliff deficit negotiations
04/03/2012
Without a new approach to increasing health care costs, especially considering the demographic changes in the U.S. with more people on Medicare in future years, the problems of defunding other areas such as education, R&D, and infrastructure, to fund these increases is likely to continue. Estimates show that the 50 million Americans enrolled in Medicare in 2012 will grow to 80 million by 2030, according to the Medicare program actuaries. Demographic changes as the baby boom generation ages mean more Americans relying on Medicare and Medicaid. With continually increasing health care costs from costly technologies, increasing of diabetes, asthma and other diseases, pricing in the medical industry, and some fraud costs, this is a toxic mix that will lead to to a situation where one of three dollars in spending get swallowed up here.
Linked Articles
Beneath Budget Battle, a Health-Spending Juggernaut
Wall Street Journal 12/17/2012
What to Do on the Day After ObamaCareWall Street Journal 04/03/2012
Obama, election advisor Plouffe, and how election politics imprint on "everything" in the Obama White House may have distorted responsible governing
02/20/2012
Linked Articles
Obama Adviser's Strategy Is High Risk, High Reward
Wall Street Journal 10/31/2012
Plouffe, Obama Aide, Lends Firm Hand to CampaignNew York Times 02/20/2012
Effects of trade and globalization on less educated white working class leading to job loss, lower earning, and the support for Donald Trump
09/27/2011
Linked Articles
Washington Post 12/25/2015
Tallying the Toll of U.S.-China TradeWall Street Journal 09/27/2011
EADS Airbus and manufacturing of the Airbus 320 and Neo at a new plant in Alabama
07/21/2011
Manufacturing in the U.S. will reduce the impact of currency fluctuations as planes are priced in U.S. dollars. It also improves the public perception of Airbus in the U.S. in its effort to secure orders from airlines in the U.S.
Linked Articles
Airbus's New Push: Made in the U.S.A.
Wall Street Journal 07/02/2012
AMR Adds Airbus as SupplierWall Street Journal 07/21/2011
The "cut, cap, and balance" pledge of Republicans and the impasse in deficit and budget ceiling negotiatons with the Obama White House
07/14/2011
Linked Articles
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Budget Shell Games Are Contrary to LawWall Street Journal 07/14/2011
Obama's second term- (6) failures in foreign policy of the Obama White House in Syria and Iraq and the conflict in historical context
10/07/2014
Linked Articles
Former Defense Chief Panetta Criticizes Obama in New Memoir
Wall Street Journal 10/07/2014
Will Syria Be Obama’s Vietnam?New York Times 10/07/2014
The Hong Kong legislature votes 28-8 to reject the Beijing election plan with 34 walking out- staying with the current system where a Chief Executive is elected from 1200 business and political leaders
09/29/2014
The current system actually may offer more choice of candidates as it provides for a Chief Executive to be elected from 1200 business and poltiical leaders from Hong Kong, compared to the Beijing plan to have a pro-Beijing committee vetting candidates. This realization led to the historic vote in the legislature after the failure to convince the government led by Xi Jinping to allow free choice of candidates.
Linked Articles
Hong Kong Votes Down Beijing-Backed Election Plan
Wall Street Journal 06/18/2015
Protests in Hong Kong Have Roots in China’s ‘Two Systems’New York Times 09/29/2014
Detroit's road to recovery- Judge Rhodes' rejection of a plan to pay off banks (2)
12/23/2013
Linked Articles
'Safe Harbor' in Bankruptcy Upended in Detroit Case
New York Times 12/23/2013
Judge Disallows Plan by Detroit to Payoff BanksNew York Times 01/16/2014
The broken link between credit expansion and GDP growth in China (1)
06/24/2013
Orlik and the editors of the WSJ point to the broken link between GDP growth and credit expansion. The IMF warns of increasing credit expansion. Stalling productivity growth and waste means every dollar of investment is bringing in less GDP growth. Stiglitz and Sen point out the need for improving other indicators such as healthcare, education and the environment as an overall guage of progress not just GDP growth. The new Chinese leadership is aware of the need for rebalance the economy towards consumer spending. Moves to reduce healthcare costs form the first efforts in this direction. Search terms "Orlik," "rebalancing."
Linked Articles
Wall Street Journal 07/01/2013
China's Silver Linings PlaybookWall Street Journal 06/24/2013
The Swiss central bank's effort to keep Swiss Franc at 1.20 to the dollar and Japan's Abe government's push for the yen at 90 to the dollar
12/25/2012
A determined effort by the Swiss National Bank to preserve export competitiveness as eurozone economies contract in 2013, by printing francs and buying up euros and foreign assets. The effort is designed to counteract declining wages and prices in Switzerland. The newly elected Japanese prime minister Shinzo Abe supports aggressive action by Japan's central bank to keep the yen between 85 yen and 90 yen to the U.S. dollar.
Linked Articles
Wall Street Journal 12/25/2012
Button-Down Central Bank Bets It AllWall Street Journal 01/09/2013
Obama and election advisor Plouffe- responsible governance, Simpson-Bowles and an election imprint on "everything"
05/26/2012
A White House aide says election advisor David Plouffe's influence affected "everything" in the Obama White House. Tom Friedman points to the influence of campaign consultants on the White House as overreaching and pervasive, going so far a to describe the campaign being developed in test tube fashion. Karl Rove pointed to president Obama keeping an eye on reelection 18 months before Nov. 6, 2012, as not a positive development. Friedman specifically mentions president Obama's failure to endorse the Simpson-Bowles commssion on deficit reductions as part of the imprint of election advisors because reducing tax expenditures or deductions might prove politically unpopular. Yet this was part of responsible governance to take on unpopular positions- something other presidents, including Democratic president Truman, did not fail to do choosing instead to educate pubic opiion on difficult steps needing to be taken. Truman took the decisions head on such as confronting the soviets in Greece and other parts of Europe and in Korea after the fall of the Iron Curtain, so soon after a major war when the public was weary of conflict.
Linked Articles
Obama Adviser's Strategy Is High Risk, High Reward
Wall Street Journal 10/31/2012
President Obama Should Seize the High GroundNew York Times 05/26/2012
Living wills of major banks in the U.S. under Dodd-Frank legislation
05/10/2012
The "orderly liquidation authority" of the FDIC and the U.S. Federal Reserve under the Dodd-Frank legislation provides a framework for bank resolution in the event of a crisis- something lacking in the 2008 financial crisis when Lehman Brothers collapsed. The largest finanial firms are required to write living wills so that orderly resolution can take place. Nine of the largest finacnial firms in the U.S. including Deutsche Bank, Credit Suisse and UBS, have submitted the wills to the Fed and the FDIC.
Linked Articles
Wall Street Journal 05/10/2012
Banks' 'Living Wills' UnveiledWall Street Journal 07/03/2012
Spain's effort to fix regional finances, austerity measures and risks of high unemployment
04/27/2012
Efforts to fix regional finances with spending cuts have pushed unemployment to about 27% in one of Spain's largest regions, Castilla-La Mancha. As banks consolidate and reduce lending this depresses small and medium sized businesses, the public sector layoff increase unemployment, part time unemployment and the growing underground economy depress tax revenues, creating risks of a downward spiral.
Linked Articles
A Spanish Leader Emerges as a Crusader for Austerity
Wall Street Journal 06/25/2012
Spain, Pursuing Austerity, Still Waits for the PayoffNew York Times 04/27/2012
Uncertain future for Australia's mining and commodities powered boom in 2012-2014
03/06/2012
The shift in China's economy towards consumption led growth from infrastructure development led growth is likely to affect mining commodity producing economies such as Australia, Brazil and Chile. The rapid appreciation of the Australian dollar and the real is also affecting the competitiveness of manufacturing in these countries.
Linked Articles
Australia Budget Turns Boom on Its Head
Wall Street Journal 05/09/2012
China Speeds Economic 'Transformation'Wall Street Journal 03/06/2012
Obama's 2012 presidential campaign and weak support from financially struggling white voters
01/13/2012
By a 26% margin financially strapped white voters affected by high unemployment favor Romney over Obama. This is wider than the 18% margin by which Obama, Kerry and Gore lost this group in prior elections. It will be crucial in states such as Ohio, Pennsylvania, Wisconsin and Michigan which were hard hit by the economic downturn.
Linked Articles
Romney holds key advantages among financially struggling white voters - The Washington Post
Washington Post 05/25/2012
White Blue-Collar Vote May Be Crucial in ElectionNew York Times 01/13/2012
Black people in the U.S. and declining economic advancement in 2008-2016
07/26/2011
Black people see fewer opportunities in the public sector in 2015. The black community has hardly recovered from the damaging effects of foreclosures and higher unemployment following the financial crisis of 2008, and the gap between whites and black people has widened during the last ten years.
Linked Articles
Public-Sector Jobs Vanish, Hitting Blacks Hard
New York Times 05/24/2015
Wealth gap widens between whites, minorities, report says - The Washington PostWashington Post 07/26/2011
Republicans, the U.S. Congress and earmarks
07/19/2011
Because of Congress's preference for earmarks opinion that sees better budget discipline in expanding the impounding powers of the President for federal spending dollars.
Linked Articles
Elected as Cost-Cutters, Freshmen Push Spending for Home Districts
New York Times 07/19/2011
GOP Balancing ActWall Street Journal 07/19/2011
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