Category : Economy

(FT) WhatsApp hack led to targeting of 100 journalists and dissidents

At least 100 journalists, human rights activists and political dissidents had their smartphones attacked by spyware that exploited a vulnerability in WhatsApp, according to the Facebook-owned messaging service.

The victims of the attack, which was first revealed by the Financial Times in May, were contacted by WhatsApp on Tuesday.

Their phones were targeted through WhatsApp’s call function by customers of the Israel-based NSO Group, which makes Pegasus, a spyware program. Once installed, Pegasus is designed to take over all of a phone’s functions.

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Posted in Corporations/Corporate Life, Ethics / Moral Theology, Media, Politics in General, Science & Technology

(NYT) Silicon Valley Goes to Therapy

“In Silicon Valley,” Mr. Seibel added, “we did not talk this much about mental health even three years ago.” He estimates that more than 50 related start-ups are coming onto the scene. His firm just funded three: Stoic; Quirk, an app that uses cognitive behavioral therapy to treat people with anxiety and depression; and Mindset Health, which creates hypnotherapy apps that it says can treat anxiety, depression and irritable bowel syndrome.

Mindset Health was founded by two brothers, Alex and Chris Naoumidis, who previously created a peer-to-peer dress-sharing app for women. When that app failed, the brothers felt overcome with anxiety.

“We fell into this period of mental health problems,” said Alex Naoumidis, 24.

The brothers tried some of the existing wellness apps — meditation products, mindfulness tools — but remained unmoored. Their father suggested in-person hypnotherapy. It gave them the idea for Mindset.

Read it all.

Posted in Corporations/Corporate Life, Health & Medicine, Psychology, Science & Technology, Secularism

(Bloomberg) Overrun by Tourists, American Cities such as Charleston, South Carolina, Are Taking Aim at Hotels

Developers feel unjustly singled out. Jim Brady is trying to develop a 135-room hotel in Portland, Maine, where city leaders recently required new hotels to pay into an affordable housing fund, arguing that hospitality workers are being priced out. “I recognize that you need to earn a livable wage, and there are sectors that pay lower incomes, and hotels are some of those, but so are food and beverage facilities and retailers,” he says. “It just seemed unfair to say hotels were the cause of the affordable housing crisis.”

In Charleston, a decades-long effort to nurture tourism without spoiling the city’s 350-year-old heritage reached a boiling point recently. Former Mayor Joseph Riley presided over the “Holy City” for 40 years until 2016, and since then the city’s politics have been rife with infighting, locals say. Mayor John Tecklenburg campaigned on a pledge to temporarily halt new hotel construction as a candidate in 2015 and continued the fight upon taking office. Members of the City Council viewed that as alarmist and pushed for less severe restrictions. Councilman Mike Seekings, who’s hoping to unseat Tecklenburg in November’s election, published an op-ed in Charleston’s Post newspaper citing a fundraising email Tecklenburg once sent to supporters that included the line: “Every property that has the possibility of becoming a hotel will become a hotel unless we act.”

Read it all.

Posted in * South Carolina, Economy, Urban/City Life and Issues

(Sightings) Peter Sherlock–Religious Discrimination: The Australian Debate

Most submissions in response to the consultation draft of the bill agree that discrimination on the basis of religious belief—or its absence—should be prohibited. In this respect, the bill simply gives effect to article 18 of the United Nations Declaration on Human Rights, that everyone should have a right “to manifest … religion or belief in teaching, practice, worship and observance.” Moreover, in Australia, the national Constitution was written in the 1890s with a view to preventing religious interference in the making of laws. While Parliament still opens each day with the Lord’s Prayer, there arguably is a need for legislative protections against religious discrimination.

Several submissions, however, indicate significant opposition to the bill as it stands because its religious protections would facilitate other forms of discrimination. This includes, for the first time in modern Australia, the introduction of religious exemptions in discrimination legislation covering race and disability, paralleling those in sex discrimination legislation. Furthermore, the bill does not go far enough for some religious groups, who argue it would open them up to what the Catholic Church has described as “lawfare” in relation to employment practices at faith-based schools or agencies. The Sydney Anglican submission, for its part, dramatically argues that, as it is presently drafted, the bill would force the church to make its campsites available for hire for satanic black masses.

All the same, the debate surrounding the bill has largely overlooked two aspects of religious liberty. The first is religious harassment. This is a concept found in other discrimination laws, such as measures to define and prosecute sexual harassment. What will happen when conflicting religious beliefs and behaviors come into contact, including not only religious speech but religious dress, sounds, or rituals? How can the rights of people of no religion be protected? What are the limits of accommodation and respect?

The second regards the nature of power. We can glimpse this point in a unique provision of the bill: companies with a turnover greater than $50,000,000 would be prohibited from preventing its employees from expressing religious views that discriminate against others unless it can prove that such expression would lead to serious financial harm for the company. Discrimination which may lead to the harm of others is acceptable, in other words, unless it is going to cost a business a great deal of money. In modern Australia, money equals power; the widow and her mite would appear to have no protections whatsoever.

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Posted in Anglican Church of Australia, Australia / NZ, Corporations/Corporate Life, Ethics / Moral Theology, Law & Legal Issues, Religion & Culture, Religious Freedom / Persecution

(Atlantic) Why You Never See Your Friends Anymore

Experiments like this one have given social engineering a bad name. Nevertheless, Americans are imposing a kind of nepreryvka on ourselves—not because a Communist tyrant thinks it’s a good idea but because the contemporary economy demands it. The hours in which we work, rest, and socialize are becoming ever more desynchronized.

Whereas we once shared the same temporal rhythms—five days on, two days off, federal holidays, thank-God-it’s-Fridays—our weeks are now shaped by the unpredictable dictates of our employers. Nearly a fifth of Americans hold jobs with nonstandard or variable hours. They may work seasonally, on rotating shifts, or in the gig economy driving for Uber or delivering for Postmates. Meanwhile, more people on the upper end of the pay scale are working long hours. Combine the people who have unpredictable workweeks with those who have prolonged ones, and you get a good third of the American labor force.

The personalization of time may seem like a petty concern, and indeed some people consider it liberating to set their own hours or spend their “free” time reaching for the brass ring. But the consequences could be debilitating for the U.S. in the same way they once were for the U.S.S.R. A calendar is more than the organization of days and months. It’s the blueprint for a shared life.

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Posted in * Culture-Watch, America/U.S.A., Labor/Labor Unions/Labor Market

(BBC) Church of Scotland considers selling half Aberdeen’s churches

Almost half of Aberdeen’s churches are being considered for sale as part of a “once in a generation” review.

The 10-year plan recommends 15 buildings for disposal, with 15 being retained and the future of a further three under consideration.

The Church of Scotland report said it aimed “to reshape the church estate”.

Rev Scott Rennie, planning convener for the Presbytery, said there were “many more” church buildings than needed and that “difficult choices” lay ahead.

Read it all.

Posted in --Scotland, Church History, Housing/Real Estate Market, Presbyterian, Religion & Culture, Stewardship

(FA) The Unwinnable Trade War–Everyone Loses in the U.S.-Chinese Clash—but Especially Americans

In late June, the leaders of China and the United States announced at the G-20 meeting in Osaka, Japan, that they had reached a détente in their trade war. U.S. President Donald Trump claimed that the two sides had set negotiations “back on track.” He put on hold new tariffs on Chinese goods and lifted restrictions preventing U.S. companies from selling to Huawei, the blacklisted Chinese telecommunications giant. Markets rallied, and media reports hailed the move as a “cease-fire.”

That supposed cease-fire was a false dawn, one of many that have marked the on-again, off-again diplomacy between Beijing and Washington. All wasn’t quiet on the trade front; the guns never stopped blazing. In September, after a summer of heated rhetoric, the Trump administration increased tariffs on another $125 billion worth of Chinese imports. China responded by issuing tariffs on an additional $75 billion worth of U.S. goods. The United States might institute further tariffs in December, bringing the total value of Chinese goods subject to punitive tariffs to over half a trillion dollars, covering almost all Chinese imports. China’s retaliation is expected to cover 69 percent of its imports from the United States. If all the threatened hikes are put in place, the average tariff rate on U.S. imports of Chinese goods will be about 24 percent, up from about three percent two years ago, and that on Chinese imports of U.S. goods will be at nearly 26 percent, compared with China’s average tariff rate of 6.7 percent for all other countries.

The parties to this trade war may yet step back from the abyss. There have been over a dozen rounds of high-level negotiations without any real prospect of a settlement. Trump thinks that tariffs will convince China to cave in and change its allegedly unfair trade practices. China may be willing to budge on some issues, such as buying more U.S. goods, opening its market further to U.S. companies, and improving intellectual property protection, in exchange for the removal of all new tariffs, but not to the extent demanded by the Trump administration. Meanwhile, China hopes that its retaliatory actions will cause enough economic pain in the United States to make Washington reconsider its stance.

The numbers suggest that Washington is not winning this trade war. Although China’s economic growth has slowed, the tariffs have hit U.S. consumers harder than their Chinese counterparts. With fears of a recession around the corner, Trump must reckon with the fact that his current approach is imperiling the U.S. economy, posing a threat to the international trading system, and failing to reduce the trade deficit that he loathes.

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Posted in America/U.S.A., China, Economy, Ethics / Moral Theology, Foreign Relations, Politics in General

(BBC) Edinburgh hosts world summit on ethical finance

Scotland’s role as a global leader in ethical finance is being highlighted at a world summit in Edinburgh.

Senior representatives from more than 200 companies and organisations are attending Ethical Finance 2019.

Speakers include Scotland’s First Minister Nicola Sturgeon and the Archbishop of Canterbury.

The summit aims to “help define and shape the transition to a sustainable financial system where finance delivers positive change”.

The event is being hosted by the Scotland-based Global Ethical Finance Initiative (GEFI).

Read it all.

Posted in --Justin Welby, --Scotland, Archbishop of Canterbury, Corporations/Corporate Life, Ethics / Moral Theology, Personal Finance, Scotland, Stock Market, The Banking System/Sector

(Economist) Is The best way to eradicate poverty in America to focus on children?

Elderly residents of Inez, the tiny seat of Martin County, Kentucky, deep in the heart of Appalachia, can still vividly remember the day the president came to town. Fifty-five years ago, while stooping on a porch, Lyndon Johnson spoke at length to Tom Fletcher (pictured), a white labourer with no job, little education and eight children. “I have called for a national war on poverty,” Johnson announced immediately afterwards. “Our objective: total victory.” That declaration transformed Fletcher and Martin County into the unwitting faces of the nation’s battle, often to the chagrin of local residents who resented the frequent pilgrimages of journalists and photographers. The story never changed much: Fletcher continued to draw disability cheques for decades and never became self-sufficient before his death in 2004. His family continued to struggle with addiction and incarceration.

Today Martin County remains deeply poor—30% of residents live below the official poverty line (an income of less than $25,750 a year for a family of four). Infrastructure is shoddy. The roads up the stunning forested mountains that once thundered with the extraction of coal now lie quiet, cracked to the point of corrugation. Problems with pollution because of leaky pipes mean that some parts of the county are without running water for days. “Our water comes out orange, blue and with dirt chunks in it,” says BarbiAnn Maynard, a resident agitating for repairs. She and her family have not drunk the water from their taps since 2000; it is suitable only for flushing toilets. Some residents gather drinking water from local springs or collect rainwater in inflatable paddling pools.

The ongoing poverty is not for lack of intervention. The federal government has spent trillions of dollars over the past 55 years. Programmes have helped many. But they also remain fixated on the problems of the past, largely the elderly and the working poor, leaving behind non-working adults and children. As a result, America does a worse job than its peers of helping the needy of today. By the official poverty measure, there were 40m poor Americans in 2017, or 12% of the population. This threshold is extremely low: for a family of four, it amounts to $17.64 per person per day. About 18.5m people have only half that amount and are mired in deep poverty. Children are the likeliest age group to experience poverty—there are nearly 13m of them today, or 17.5% of all American children.

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Posted in Anthropology, Children, Economy, Ethics / Moral Theology, Politics in General, Poverty

(NPR) Older Americans Are Increasingly Unwilling — Or Unable — To Retire

Bob Orozco barks out instructions like a drill sergeant. The 40 or so older adults in this class follow his lead, stretching and bending and marching in place.

It goes like this for nearly an hour, with 89-year-old Orozco doing every move he asks of his class. He does that in each of the 11 classes he teaches every week at this YMCA in Laguna Niguel, Calif.

“I probably will work until something stops me,” Orozco says.

He may be an outlier, still working at 89, but statistics show that there may be more people like him in the near future. About 1 in 4 adults age 65 and older is now in the workforce. That number is expected to increase, making it the fastest-growing group of workers in the country.

Older adults are turning their backs on retirement for many reasons. Some, like Orozco, just love what they do. Others, though, need the money, and there are a lot of reasons why they do.

Read it all.

Posted in * Culture-Watch, Aging / the Elderly, America/U.S.A., Anthropology, Economy, Labor/Labor Unions/Labor Market, Pensions, Personal Finance, Social Security, Theology

(NYT) For Churches, a Temptation to Sell

“With every real-estate cycle, developers will systemically call on religious institutions because their sites are soft,” Ms. Friedman said.

In a way, it’s an odd time for churches to disappear. The number of congregations in New York is actually increasing, according to census records. There were 1,426 congregations in Brooklyn in 2010, up from 959 in 2000, records show, with large gains in Manhattan and Queens, too. And the 2020 census is expected to show more growth, religious leaders predict.

But small mosques and storefront churches account for a lot of the uptick. Older and highly visible institutions that once served Episcopalians and Lutherans, for example, are indeed closing. And dozens of Catholic churches, facing low attendance, have also gone dark in the past 15 years.

“Every time we turn around, another is being sold,” Gilford T. Monrose, who directs the Office of Faith-Based and Clergy Initiatives on behalf of Eric L. Adams, the Brooklyn Borough President.

Concerned that the borough is losing an important source of community services, Mr. Monrose has been working over the past few years to get churches to consider affordable housing as a lifeline.

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Posted in America/U.S.A., Housing/Real Estate Market, Parish Ministry, Religion & Culture, Stewardship

(Church Times) Good Money Week: Using money for good

“In the present state of mankind,” John Wesley declared in his celebrated 18th-century sermon on the use of money, “it is an excellent gift of God, answering the noblest ends.”

Rightly used, he said, money could feed the hungry, provide drink for the thirsty, clothe the naked, and provide shelter for the stranger. “It may be as eyes to the blind, as feet to the lame; yea, a lifter up from the gates of death!”

He warned against excessive spending, however, and condemned the exploitation of workers. He called on Christians to be generous in their financial giving, and recognised that money could be misused.

The right use of money has been a Christian concern since the early days of the Church, and, between then and now, both the institution and individuals, in their earning, hoarding, or spending of money, have fallen short of the ideals taught. Today, no doubt, Wesley would be a leading campaigner against the consumer society, drawing attention to how irresponsible and excessive consumption has led to environmental degradation.

Churches and faith investors have, for many years, done their best to align their investments with acceptable beliefs and ethics, and, despite good returns promised, have avoided buying shares in, for example, arms companies, and the tobacco and gambling industries. They have monitored businesses in which they invest closely to ensure they are not exploiting the vulnerable or despoiling the planet.

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Posted in Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(IP) How some American Christians distort the gospel

Watch and listen to it all.

Posted in America/U.S.A., Consumer/consumer spending, Economy, Psychology, Religion & Culture, Theology

(PR) The number of people in the average U.S. household is going up for the first time in over 160 years

Over the course of the nation’s history, there has been a slow but steady decrease in the size of the average U.S. household – from 5.79 people per household in 1790 to 2.58 in 2010. But this decade will likely be the first since the one that began in 1850 to break this long-running trend, according to newly released Census Bureau data. In 2018 there were 2.63 people per household.

Households are increasing in size mathematically because the growth in the number of households is trailing population growth. The newly released data indicates that the population residing in households has grown 6% since 2010 (the smallest population growth since the 1930s), while the number of households has grown at a slower rate (4%, from 116.7 million in 2010 to 121.5 million in 2018).

The increase in household size is significant because it could have implications for national economic growth. Rising household size reduces the demand for housing, resulting in less residential construction and less demand for home appliances and furniture. In general, it leads to a less vigorous housing sector – fewer apartment leases and home purchases, as well as less spending related to housing, such as cable company subscriptions and home accessories suppliers.

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Posted in * Culture-Watch, America/U.S.A., Economy, Housing/Real Estate Market, Marriage & Family, Sociology

Charleston is No. 1 moving destination in U.S., study says; Columbia, Greenville in top 10

A new study shows South Carolina’s three major metro areas are among the top 10 moving destinations in the U.S. with Charleston coming in at No. 1.

Realtor.com’s “Top Moving Destinations” analysis shows people from Charlotte, Atlanta and New York are flocking to or are interested in moving to the Lowcountry, based on metro areas that received the most out-of-state views on the real estate website during the April through June quarter of 2019.

The study found that people are moving from larger metro areas that cost a lot more to medium-size markets where housing is relatively more affordable, has plenty of jobs and large baby boomer populations are present.

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Posted in * South Carolina, Economy

A Moving NBC piece on the Problem of Suicide among American farmers

Posted in America/U.S.A., Death / Burial / Funerals, Economy, Health & Medicine, Marriage & Family, Suicide

A Prayer for Labor Day (IV)–For the Unemployed

O Lord and heavenly Father, we commend to Thy care and protection the men and women of this land who are suffering distress and anxiety through lack of work. Strengthen and support them, we beseech Thee; and so prosper the counsels of those who govern and direct our industries, that Thy people may be set free from want and fear to work in peace and security, for the relief of their necessities and the wellbeing of this realm; through Jesus Christ our Lord.

–Robert W. Rodenmayer, ed., The Pastor’s Prayerbook: Selected and arranged for various occasions (New York: Oxford University Press, 1960)

Posted in Labor/Labor Unions/Labor Market, Spirituality/Prayer

A Look Back to John F Kennedy’s Labor Day Address in 1963

We honor too the contributions of labor to the strength and safety of our Nation. America’s capacity for leadership in the world depends on the character of our society at home; and, in a turbulent and uncertain world, our leadership would falter unless our domestic society is robust and progressive. The labor movement in the United States has made an indispensable contribution both to the vigor of our democracy and to the advancement of the ideals of freedom around the earth.

We can take satisfaction on this Labor Day in the health and energy of our national society. The events of this year have shown a quickening of democratic spirit and vitality among our people. We can take satisfaction too in the continued steady gain in living standards. The Nation’s income, output, and employment have reached new heights. More than 70 million men and women are working in our factories, on our farms, and in our shops and services. The average factory wage is at an all-time high of more than $100 a week. Prices have remained relatively stable, so the larger paycheck means a real increase in purchasing power for the average American family.

Yet our achievements, notable as they are, must not distract us from the things we have yet to achieve. If satisfaction with the status quo had been the American way, we would still be 13 small colonies straggling along the Atlantic coast. I urge all Americans, on this Labor Day, to consider what we can do as individuals and as a nation to move speedily ahead on four major fronts.

First, we must accelerate our effort against unemployment and for the expansion of jobs and opportunity.

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Posted in History, Labor/Labor Unions/Labor Market, Office of the President

A Prayer for Labor Day (III)

O God, who hast taught us that none should be idle: Grant to all the people of this land both the desire and the opportunity to labour; that, working together with one heart and mind, they may set forward the welfare of mankind, and glorify thy holy name; through Jesus Christ our Lord.

Posted in Labor/Labor Unions/Labor Market, Spirituality/Prayer

A Prayer for Labor Day (II)

O God, who hast taught us that none should be idle: Grant to all the people of this land both the desire and the opportunity to labour; that, working together with one heart and mind, they may set forward the welfare of mankind, and glorify thy holy name; through Jesus Christ our Lord.

Posted in Labor/Labor Unions/Labor Market, Spirituality/Prayer

(Zenit) A Labor Day Reflection on Saint Joseph the Worker

ZENIT spoke with Father Tarcisio Giuseppe Stramare of the Congregation of Oblates of Saint Joseph, director of the Josephite Movement, about Tuesday’s feast of St. Joseph the Worker….

ZENIT: What does “Gospel of work” mean?

Father Stramare: “Gospel” is the Good News that refers to Jesus, the Savior of humanity. Well, despite the fact that in general we see Jesus as someone who teaches and does miracles, he was so identified with work that in his time he was regarded as “the son of the carpenter,” namely, an artisan himself. Among many possible activities, the Wisdom of God chose for Jesus manual work, entrusted the education of his Son not to the school of the learned but to a humble artisan, namely, St. Joseph.

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Posted in Anthropology, Labor/Labor Unions/Labor Market, Theology, Theology: Scripture

Michael Novak For Labor Day 2019

…a calling requires certain preconditions. It requires more than desires; it requires talent. Not everyone can be, simply by desiring it, an opera singer, or professional athlete, or leader of a large enterprise. For a calling to be right, it must fit our abilities. Another precondition is love — not just love of the final product but, as the essayist Logan Pearsall Smith once put it, “The test of a vocation is love of drudgery it involves.” Long hours, frustrations, small steps forward, struggles: unless these too are welcomed with a certain joy, the claim to being called has a hollow ring.

Working: Its Meaning and Its Limits, ed. Gilbert C. Meilaender (Notre Dame: Notre Dame University Press, 2000), pp.124-125, emphasis mine

Posted in Anthropology, Labor/Labor Unions/Labor Market, Theology

A Prayer for Labor Day (I)

On this three day weekend, when we rest from our usual labors, loving Father, we pray for all who shoulder the tasks of human laboring the marketplace, in factories and offices, in the professions, and in family living.

We thank you, Lord, for the gift and opportunity of work; may our efforts always be pure of heart, for the good of others and the glory of your name.

We lift up to you all who long for just employment and those who work to defend the rights and needs of workers everywhere.

May those of us who are now retired always remember that we still make a valuable contribution to our Church and our world by our prayers and deeds of charity.

May our working and our resting all give praise to you until the day we share together in eternal rest with all our departed in your Kingdom as you live and reign Father, Son, and Holy Spirit, one God, forever and ever. Amen.

–The Archdiocese of Detroit

Posted in Labor/Labor Unions/Labor Market, Spirituality/Prayer

(Economist) What companies are for

All this portends a system in which big business sets and pursues broad social goals, not its narrow self-interest.

That sounds nice, but collective capitalism suffers from two pitfalls: a lack of accountability and a lack of dynamism. Consider accountability first. It is not clear how ceos should know what “society” wants from their companies. The chances are that politicians, campaigning groups and the ceos themselves will decide—and that ordinary people will not have a voice. Over the past 20 years industry and finance have become dominated by large firms, so a small number of unrepresentative business leaders will end up with immense power to set goals for society that range far beyond the immediate interests of their company.

The second problem is dynamism. Collective capitalism leans away from change. In a dynamic system firms have to forsake at least some stakeholders: a number need to shrink in order to reallocate capital and workers from obsolete industries to new ones. If, say, climate change is to be tackled, oil firms will face huge job cuts. Fans of the corporate giants of the managerial era in the 1960s often forget that at&t ripped off consumers and that General Motors made out-of-date, unsafe cars. Both firms embodied social values that, even at the time, were uptight. They were sheltered partly because they performed broader social goals, whether jobs-for-life, world-class science or supporting the fabric of Detroit.

The way to make capitalism work better for all is not to limit accountability and dynamism, but to enhance them both. This requires that the purpose of companies should be set by their owners, not executives or campaigners. Some may obsess about short-term targets and quarterly results but that is usually because they are badly run. Some may select charitable objectives, and good luck to them. But most owners and firms will opt to maximise long-term value, as that is good business.

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Posted in Corporations/Corporate Life, Economy, Ethics / Moral Theology

(NYT) Jealousy Led Montana Chemist to Taint Colleague’s Water Tests

Lab rivalries go back nearly as far as labs themselves. There’s the case of a prominent 19th-century bacteriologist who paid local authorities to deny a former collaborator access to the bodies of plague victims. There are the AIDS researchers who sabotaged one another’s work on at least five occasions. And there are numerous stories of scientists who have accused colleagues of stealing their work.

But even the highest-profile cases rarely end up in criminal court; they typically become humiliating footnotes to the discoveries they slowed.

This week, however, a judge in Montana sentenced a former chemist at the water treatment plant in Billings after she pleaded guilty in October to a felony charge of tampering with public records or information.

The information in question? Her colleagues’ water tests, which she contaminated for three months, ultimately costing the Billings water treatment plant its state certification and thoroughly perplexing her colleague, her boss and a host of experts, who could not figure out why just one chemist’s tests kept failing, according to prosecutors.

Read it all.

Posted in Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Law & Legal Issues

(WSJ) American Families Go Deep in Debt to Stay in the Middle Class

The American middle class is falling deeper into debt to maintain a middle-class lifestyle.

Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.

Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation. Mortgage debt slid after the financial crisis a decade ago but is rebounding.

Read it all.

Posted in America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, Marriage & Family, Personal Finance & Investing, Theology

(USA Today) Co-living spaces: How millennials, Gen Z create affordable rent situations in big cities

After years of living alone and a six-month-long apartment hunt in New York City, 27-year-old Jade X found what she called the “holy grail” of living situations – roommates.

For two years, the hotel manager had been renting a $1,200-a-month one-bedroom apartment in a residential section of the Bronx, where she says she didn’t have any friends, felt little sense of community and “there was literally nothing to do.”

“I didn’t feel safe, and it really didn’t fit my vibe,” the free-spirited fashion design enthusiast said. “I liked the price of the apartment, but then again, you get what you pay for.”

After a friend recommended that she look into one of the metro area’s many communal living companies, Jade, who legally changed her last name to X, did some digging and quickly applied. Two weeks later, she moved into her new shared apartment in Bushwick, Brooklyn, that is operated by Venn, a network of shared homes and spaces in the neighborhood.

“Everyone who moves around New York City has their horror stories; but for the first time in my life, this was not one of them,” Jade said about moving into the two-story duplex. “After everything I’ve been through in New York, it was worth finding this in the end.”

Read it all.

Posted in Economy, Housing/Real Estate Market, Personal Finance, Urban/City Life and Issues, Young Adults

(IPE) Church of England eyes private equity after 2.6% loss in 2018

Poor performance across all markets during 2018, particularly the last quarter, meant the £2.4bn (€2.6bn) Church of England Pensions Board (CEPB) slumped to a 2.6% investment loss for the year.

The loss was published in the board’s annual report this morning, and compared with a 9.4% gain in 2017.

CEPB’s public equities allocation lost 6.9%, and the board – which runs assets on behalf of four church pension schemes – cut its exposure to 65% of its £2bn return-seeking portfolio. The long-term target allocation is 35%.

Within its public equity allocation, the CEPB has also continued to reduce its allocation to UK equities, now 6% of the return-seeking pool.

Read it all.

Posted in Church of England (CoE), Economy, Stewardship, Stock Market

(CT) Oren Cass’s New Book–‘Tis a Gift to Do ‘Undignified’ Work

In The Once and Future Worker, Cass turns high ideals into concrete proposals to actually heal the fractures splintering the American workforce.

The most compelling is the “wage subsidy.” Rather than luring large corporations to town with big tax breaks (like the Amazon HQ2 hysteria of 2017) or levying payroll taxes on low-income workers and then redistributing the money through entitlements, why not “pay for jobs” directly? What if a worker saw a “Federal Work Bonus” on her next paycheck, adding three extra dollars for every hour she had worked?

Cass also advocates building an educational system better suited to the four-fifths of students who do not complete the high-school-to-college-to-career path. Around two-thirds of Americans don’t have a four-year college degree. To better ensure that more of them can get good jobs and contribute to their communities, Cass proposes reinvesting in vocational training and shifting toward a more “tracked” form of schooling—similar to systems found in Europe—where students are grouped according to educational ability rather than lumped together in the same classroom.

Yet there’s one area that government policy can’t do much about: our cultural views about the value of lower-wage workers.

“Waiters, truck drivers, retail clerks, plumbers, secretaries, and others all spend their days helping the people around them and fulfilling roles crucial to the community,” writes Cass. “They do hard, unglamorous work for limited pay to support themselves and their families.” Why shouldn’t we admire those who do harder jobs for lower wages on a broad scale? We’re capable of doing this with police officers, teachers, and firefighters. Why shouldn’t the work done by trash collectors, housekeepers, and janitors deserve the same degree of respect?

For that, we need not just policy reform but a different story about work altogether.

Read it all.

Posted in Anthropology, Books, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Religion & Culture, Theology

(Local Paper) Charleston-area churches, bookstores could feel Trump tariffs and so-called ‘Bible tax’

Christian book publishers and some Charleston-area faith leaders fear that a proposed tariff on Chinese imports could lead to a shortage of Bibles in the United States.

Millions of Bibles are produced in China annually and a 25 percent tariff recently proposed by President Donald Trump would make it more expensive to print the religious text, according to Mark Schoenwald, CEO of HarperCollins Christian Publishing. That cost increase likely would be passed on to consumers, who would pay more for the world’s best-selling book.

If the 25 percent increase is reflected in the sticker price, a Bible that costs $15 today would cost $18.50 after the tariff takes effect.

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Posted in * South Carolina, America/U.S.A., Books, China, Economy, Foreign Relations, Politics in General