Category : Economy

(Gallup) More Cite Gov’t as Top U.S. Problem; Inflation Ranks Second

More Americans name the government as the nation’s top problem in Gallup’s latest poll, which encompassed the rocky start of the 118th Congress’ term. With high prices persisting, inflation remains the second most-cited problem (15%), and amid elevated tensions about the southern U.S. border, illegal immigration edged up three percentage points to 11%. Mentions of the economy in general fell six points, to 10%, the lowest reading in a year.

The poll’s Jan. 2-22 field period included the four-day, 15-vote process in which Republicans, who now hold a slim majority in the U.S. House of Representatives, ultimately elected Kevin McCarthy to be Speaker of the House. Revelations about classified government documents from 2009 to 2017 found in President Joe Biden’s private office and home also surfaced while the poll was in the field. Although mentions of the government as the nation’s top problem rose six points this month to 21%, job approval ratings of Biden (41%) and Congress (21%) remained flat.

The government ranks as the top problem for both Republicans and Republican-leaning independents (24%) and Democrats and Democratic-leaning independents (18%). Inflation and immigration are each cited by 18% of Republicans, while mentions of inflation (11%), the economy in general and race relations (9% each) trail the government among Democrats. Democrats are more likely than Republicans to view unifying the country and the environment as top problems.

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Posted in * Culture-Watch, * Economics, Politics, America/U.S.A., Economy, Politics in General, Sociology

(Washington Post) $5.4 billion in covid aid may have gone to firms using suspect Social Security numbers

The U.S. government may have awarded roughly $5.4 billion in coronavirus aid to small businesses with potentially ineligible Social Security numbers, offering the latest indication that Washington’s haste earlier in the pandemic opened the door for widespread waste, fraud and abuse.

The top watchdog overseeing stimulus spending — called the Pandemic Response Accountability Committee, or PRAC — offered the estimate in an alert issued Monday and shared early with The Washington Post. It came as House Republicans prepared to hold their first hearing this week to study the roughly $5 trillion in federal stimulus aid approved since spring 2020.

The suspected wave of grift targeted two of the government’s most generous emergency initiatives: the Paycheck Protection Program, known as PPP, and the Economic Injury Disaster Loan, dubbed EIDL. Started under President Donald Trump — and managed by the beleaguered Small Business Administration — the roughly $1 trillion in loans and grants aimed to help cash-strapped companies stay afloat financially during the worst economic crisis since the Great Depression.

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Posted in Corporations/Corporate Life, Ethics / Moral Theology, The U.S. Government

(Fortune) Millennials and Gen Z won’t have enough kids to sustain America’s population—and it’s up to immigrants to make up the baby shortfall

Millennials and Gen Z are less enthusiastic about having children than their parents. The reasons are many: financial, social, and biological, along with the preference among younger generations for “freedom.”

America’s falling fertility rates have been a cause for concern for several decades. During the Great Recession in 2008, millennials delayed marriage and having children, causing fertility rates to drop.

Then, early in the COVID-19 pandemic, there was a short-lived “baby-bust,” when conceptions fell slightly. Months later, the rates rebounded but were inconsequential compared to the huge number of daily deaths.

Over the next few decades, demographers expect the population growth to decline further. But there’s one hope for increasing the U.S. population: immigrants.

A report by the Congressional Budget Office (CBO) released Tuesday predicts that the nation’s population will near 373 million by 2053, up by almost 3 million from CBO estimates a year ago. The difference? An increase in immigrants over the next three decades.

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Posted in * Culture-Watch, America/U.S.A., Anthropology, Children, Labor/Labor Unions/Labor Market, Marriage & Family

(NYT front page) Across the Technology industry Landscape, Easy Money Yields to Hard Times

Eighteen months ago, the online used car retailer Carvana had such great prospects that it was worth $80 billion. Now it is valued at less than $1.5 billion, a 98 percent plunge, and is struggling to survive.

Many other tech companies are also seeing their fortunes reverse and their dreams dim. They are shedding employees, cutting back, watching their financial valuations shrivel — even as the larger economy chugs along with a low unemployment rate and a 3.2 percent annualized growth rate in the third quarter.

One largely unacknowledged explanation: An unprecedented era of rock-bottom interest rates has abruptly ended. Money is no longer virtually free.

For over a decade, investors desperate for returns sent their money to Silicon Valley, which pumped it into a wide range of start-ups that might not have received a nod in less heady times. Extreme valuations made it easy to issue stock or take on loans to expand aggressively or to offer sweet deals to potential customers that quickly boosted market share.

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Posted in * Economics, Politics, Corporations/Corporate Life, Economy, Federal Reserve, Labor/Labor Unions/Labor Market, Science & Technology

(Washington Post) A good history lesson–Before book-banning wave, the FBI spied on people’s library activity

The FBI’s purpose, according to Herbert N. Foerstel in his book “Surveillance in the Stacks,” was to demand details about library use by people from countries “hostile to the United States, such as the Soviet Union.” Agents tended to approach whoever was at the reference desk — often a student assistant or paraprofessional — and ask for names and other details of people who used the library to locate technical and scientific materials, such as engineering journals and publications of the National Technical Information Service. At the University of Wisconsin, according to Foerstel, agents watched a Soviet national reading the Russian newspaper “Pravda” and then asked a librarian if that copy “had been marked up.”

The rise in book bans, explained
The public was largely ignorant of these encounters until the case of Gennady Zakharov, a Russian-born United Nations aide who was indicted in 1986 for trying to transmit “unclassified information about [American] robotics and computer technology” to the Soviets. His source turned out to be a Guyanese college student who stole publicly available microfiche from several New York-area libraries and sold it to Zakharov.

The next year, the New York Times reported for the first time on the existence of the Library Awareness Program, calling it part of a national counterintelligence effort.

The FBI immediately tried to downplay the program’s significance. “Hostile intelligence has had some success working the campuses and libraries,” said James Fox, deputy assistant director of the New York FBI office, “and we’re just going around telling people what to be alert for.”

This explanation didn’t satisfy librarians. “We’re extremely concerned,” said Betsy Pinover, public relations director of the New York Public Library, “about intellectual freedom and the reader’s right to privacy, and are committed to protecting the privacy of our readers.” The New York Library Association and American Library Association issued similar statements. Rep. Major R. Owens (D-N.Y.), a former librarian, called it “a new low for the anti-intellectualism of the Reagan administration.” Cartoonists took aim; humorists made hay.

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Posted in Books, Ethics / Moral Theology, The U.S. Government

(NYT front page) Amid Dusty Trays, Offices Rethink the Cafeteria

The corporate cafeteria can be an especially lonely place these days.

“You used to walk in at 12 o’clock on a Tuesday and stand in line to get something,” said Casey Allen, 46, who works for a division of the agricultural chemical company BASF in Raleigh, N.C. “Now, you walk in and you’re usually first in line.”

A paternalistic fixture of white-collar life born of the Industrial Revolution, the office dining room survived the midcentury move to sprawling suburban office parks. It weathered the rise and fall of cubicle culture and power lunches, and more recently, the lavish excess of the Silicon Valley office lunch.

But as the American office emerges from its pandemic slumber, can the cafeteria survive layoffs, a workweek that sometimes requires only a few days in the mother ship and a new, more demanding generation of employees?

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Posted in * Culture-Watch, America/U.S.A., Anthropology, Corporations/Corporate Life, Dieting/Food/Nutrition, Labor/Labor Unions/Labor Market

(NYT Dealbook) Just How Common Is Corporate Fraud?

On a recent visit to Salt Lake City, Alexander Dyck ordered Chinese takeout and received a branded fortune cookie wishing him wealth and promoting FTX, presumably packaged before the crypto empire’s epic collapse. “I should have saved it,” he said regretfully.

Mr. Dyck is a professor of finance at the University of Toronto, who just published a provocative new study on the pervasiveness of corporate fraud. The study has been passed around in the world of academia in recent weeks, and has become a fascination among general counsels, corporate leaders and investors.

It suggests that only about a third of frauds in public companies actually come to light, and that fraud is disturbingly common. Mr. Dyck and his co-authors estimate that about 40 percent of companies are committing accounting violations and that 10 percent are committing what is considered securities fraud, destroying 1.6 percent of equity value each year — about $830 billion in 2021.

“What people don’t get is how widespread the problem of corporate fraud is,” Dyck said about his study, which was published in the Review of Accounting Studies this month.

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Posted in Corporations/Corporate Life, Economy, Ethics / Moral Theology, Law & Legal Issues

(RNS) Work Hard, Pray Hard: How Pentecostalism Took Off Among California Laborers

The farm labor history of California has often been told through the plight of agricultural laborers during the Depression era and the efforts, beginning in the early 1960s, of the United Farm Workers to improve working conditions of Mexicans in the fields.

But to Lloyd Barba, a professor of religion at Amherst College, this history isn’t complete without factoring in religion, particularly the stories of California’s Mexican farmworkers who embraced Pentecostalism, a Christian movement generally seen at the time as a “distasteful new sect” with “cultish and fanatical tendencies.”

“I think about how often Latino history is told as labor history, and that makes sense … but where are the laborers going?” Barba said. “If we’re going to get a more balanced and accurate Latino history, we have to look at Latino religious life.”

In his recently released book, Sowing the Sacred: Mexican Pentecostal Farmworkers in California, Barba writes about the Mexican and Mexican American Pentecostal agricultural workers who built houses of worship in the state’s agricultural towns, who turned to “divine healing” for injuries they sustained working in the fields and whose worship style inspired civil rights leader Cesar Chavez to incorporate music and singing in his union organizing.

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Posted in America/U.S.A., Books, Church History, History, Labor/Labor Unions/Labor Market, Pentecostal, Religion & Culture

(Economist) There is no easy escape from America’s debt-ceiling mess

Republicans, who have newly taken control of the House of Representatives, say that they cannot abide runaway spending and must rein it in. This deep concern appears episodic. When Donald Trump was president, the debt ceiling was increased three times with Republican support, and the national debt rose by $8trn over his term ($3.2trn of which came before covid-induced spending began in 2020). Those increases were not particularly contentious, and the White House wishes the same for this one. “Raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos,” Mr Biden’s press secretary said in a statement released on January 20th.

But it may not be so simple. Republicans are unlikely to let their leverage over Mr Biden lapse. Kevin McCarthy squeaked into his position of Republican speaker of the House by promising many concessions to hardliners, including pledging extreme brinkmanship over the debt ceiling. Mr McCarthy has vowed to secure spending cuts in exchange for raising the debt limit, and pledged to put the country on the path to a balanced budget in a decade. As part of his bargain to attain power, the beleaguered speaker also had to allow a parliamentary manoeuvre that would make his own removal easier. Mr McCarthy may not be able to keep his promises, in which case his own party could end his speakership in its first year.

This is forcing financiers, lawyers and officials to focus on the unthinkable. The starting point of such contingency planning is that a sovereign default would be cataclysmic: in all likelihood stocks would plunge, borrowing costs would soar, growth would suffer and the dollar’s status as the world’s dominant currency would be shaken. Any way to avoid this series of disasters merits attention. The problem, unfortunately, is that each proposed workaround has severe—and quite possibly unworkable—drawbacks.

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Posted in * Economics, Politics, America/U.S.A., Budget, Credit Markets, Economy, Ethics / Moral Theology, House of Representatives, Politics in General, Senate, The National Deficit, The U.S. Government, The United States Currency (Dollar etc)

(NYT) The U.S. Hit the Debt Ceiling. How Bad Will It Be?

Washington is gearing up for another big fight over whether to raise or suspend the nation’s debt limit, with Treasury Secretary Janet L. Yellen telling Congress on Thursday that the United States had reached its existing borrowing cap of $31.4 trillion.

The United States borrows huge sums of money by selling Treasury bonds to investors across the globe and uses those funds to pay existing financial obligations, including military salaries, safety net benefits and interest on the national debt. Once the United States hits the cap, Treasury begins using “extraordinary measures” — suspending some investments and exchanging different types of debt — to try to stay beneath the cap for as long as possible. But eventually, the United States will need to either borrow more money to pay its bills or stop making good on its financial obligations, including possibly defaulting on its debt.

Responsibility for lifting or suspending the borrowing cap falls to Congress, which must get a simple majority in both the House and Senate to vote for any change to the debt limit. Raising the debt limit has become a perennial fight, with Republican lawmakers using it as leverage to try to force spending cuts.

This year is shaping up to be the messiest fight in at least a decade. Republicans now control the House and they have adopted new rules that make it more difficult to raise the debt limit and strengthen Republicans’ ability to demand that any increase be accompanied by spending cuts. Senate Republicans have also insisted that increases to the debt limit should be tied to “structural spending reform.”

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Posted in * Economics, Politics, Economy, House of Representatives, Politics in General, Senate, The U.S. Government

(Church Times) Care now needed for NHS staff, as well as patients, say hospital chaplains

Hospital chaplains are witnessing acute stresses and strains in the NHS, in a ministry now as much geared to the needs of staff as of patients; current pressures were showing the value of that trend towards staff well-being, the president of the College of Health Care Chaplains (CHCC), Dr Simon Harrison, said on Monday.

“What Covid began is now very much continuing,” he said. “My colleagues and I are in emergency departments daily, visiting to support patients wherever they are found. There’s nothing we’re doing that’s new. Everyone is in different ways putting their hand to the pump.

“But what we learned from Covid is that you need to see staff where they are: to be alongside them on the front line. It’s not about waiting to be called, but about going out proactively to see how they’re doing on a good day or a bad day. The thing chaplains do which is relatively unique is brief encounters: a lot of these, in the moment — very real, confidential if required, but in the moment.”

Canon Mia Hilborn, a Hospitaller and chaplaincy team leader at Guy’s and St Thomas’ NHS Foundation Trust, in central London, described the added pressure from the sheer numbers in hospital, including many who no longer needed to be there. but had nowhere to go as a result of the shortage of workers in the care system.

“There’s a shortfall if everyone is well. But if they take leave or are off sick, then it’s a major shortfall,” Canon Hilborn said.

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Posted in Church of England, England / UK, Health & Medicine, Labor/Labor Unions/Labor Market, Ministry of the Ordained

(Economist Leader) The destructive new logic that threatens globalisation

Nobody expects America to go back to the 1990s. It is right to seek to preserve its military pre-eminence and to avoid a dangerous dependence on China for crucial economic inputs. Yet this makes other forms of global integration all the more essential. It should seek the deepest co-operation between countries that is possible, given their respective values. Today this probably requires a number of overlapping forums and ad hoc deals. America should, for instance, join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, an Asian trade pact based on an earlier deal it helped write but then abandoned.

Saving globalisation may seem impossible, given the protectionist turn in American politics. But Congress’s aid to Ukraine shows that voters are not insular. Surveys suggest the popularity of free trade is recovering. There are signs that the Biden administration is responding to allies’ concerns about its subsidies.

Yet rescuing the global order will require bolder American leadership that once again rejects the false promise of zero-sum thinking. There is still time for that to happen before the system collapses completely, damaging countless livelihoods and imperilling the causes of liberal democracy and market capitalism. The task is enormous and urgent; it could hardly be more important. The clock is ticking.

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Posted in * Economics, Politics, America/U.S.A., Economy, Foreign Relations, Globalization, Politics in General

(BBC) Church of England announces £100m fund after slavery links

The Church of England is pledging £100m to “address past wrongs”, after its investment fund was found to have historic links to slavery.

The funding will be used to provide a “better and fairer future for all, particularly for communities affected by historic slavery”.

A report last year found the Church had invested large amounts of money in a company that transported slaves.

Justin Welby said it was “time to take action to address our shameful past”.

The Archbishop of Canterbury previously called the report’s interim findings a “source of shame” in June 2022.

The investigation, which was initiated by the Church Commissioners, a charity managing the Church’s investment portfolio, looked into the Church’s investment fund, which back in the 18th century was known as Queen Anne’s Bounty.

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Posted in --Justin Welby, Archbishop of Canterbury, Church History, Church of England, Economy, Ethics / Moral Theology, History, Race/Race Relations, Religion & Culture

(Gallup) Nurses Retain Top Ethics Rating in U.S., but Below 2020 High

Nurses continue to garner the highest ethics rating from Americans among a diverse list of professions, a distinction they have held for more than two decades. The 79% of U.S. adults who now say nurses have “very high” or “high” honesty and ethical standards is far more than any of the other 17 professions rated. Still, the current rating is 10 percentage points lower than the highest rating for nurses, recorded in 2020, when they were on the front lines of the COVID-19 pandemic and their ethics ratings soared.

Two other health-related professions that enjoyed similar bumps in their ethics ratings in 2020 — medical doctors and pharmacists — now rank second and third behind nurses, with 62% and 58% of Americans, respectively, rating them highly. And like nurses, both of these professions’ ethics ratings dropped significantly in 2021 and edged down further this year. All three are now below their prepandemic levels.

Pharmacists, who typically earned higher trust ratings than doctors before 2013, have ranked slightly below that profession since the pandemic and now register their lowest ethics rating in four decades of measurement (58%) by one point. Medical doctors’ rating is at its lowest point since 1999 and nurses’ since 2004.

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Posted in * Culture-Watch, America/U.S.A., Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market

(Barrons) Robots Are Replacing Workers Lost in the Pandemic. They’re Here to Stay.

Midway through a mission to deliver food at George Mason University in Virginia, the little white robot paused. A throng of students headed its way, blocking its path to its destination. The robot weighed its choices: It could let the students pass, attempt a runaround, or try to barrel through. A few seconds elapsed, a decision was made. Whirring up again, the robot splintered the group as it trundled down the middle.

“Sometimes they’ll come at your legs a bit,” says Alice Christensen, an anthropology major who had just opened the lid of another robotic vehicle, taking out her Subway sandwich. Christensen, 22, often summons the vehicles, made by a start-up called Starship Technologies, to deliver food from a campus restaurant, using an app similar to Grubhub or Uber Eats. She doesn’t mind the fees, typically $2.50 a delivery, though she does get annoyed at the occasionally glitchy app and dozens of Starship vehicles that roam the campus, making hundreds of deliveries a day.

“They’re really convenient when you’re pressed for time, but they can be a nuisance,” she says.

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Posted in * Economics, Politics, Economy, Labor/Labor Unions/Labor Market, Science & Technology

(Bloomberg) Sarah Green Carmichael–What We Learned About Hybrid Work in 2022

This was supposed to be the year of returning to the office. The same could be said for 2021, and even the second half of 2020. The office seems to have become a place where we’re always “returning” but never quite “arriving.”

Although office occupancy rates have risen meaningfully, they are still nowhere near pre-pandemic norms in most of the country. In most big cities, offices are still empty more than half the time. Even in Austin, Texas — which has the highest occupancy rate among large cities, according to Kastle Systems badge-in data — workplaces are still much emptier than before the pandemic.

So, what have we learned about hybrid work over the past 12 months?

Hybrid work is the norm. The idea of a tug of war between managers and employees over spending time in the office has been a bit exaggerated. Polls have shown consistently that employees do value some degree of face time and want to be in the office roughly two days a week. Managers would prefer three. For those keeping score at home, that’s a difference of … one day.

“Overwhelmingly, managers are pretty much aligned with employees,” Stanford’s Nicholas Bloom says. The exceptions he has found are people who have “30-plus years of work experience, and have been very successful and have done that all in person … but they are real outliers.” Instead, most bosses are gradually becoming comfortable with managing and evaluating employees they don’t see every day — and not with creepy surveillance software, which Bloom dismisses as “awful.”

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Posted in * Economics, Politics, Anthropology, Economy, Labor/Labor Unions/Labor Market, Science & Technology

(Church Society) Increasing numbers of parents now borrowing to get by, Children’s Society survey finds

The cost-of-living crisis is driving more parents and carers to resort to borrowing to get by, new research from the Children’s Society suggests.

In a survey of 2000 parents and carers of children under 18 in the UK, carried out in November and published on Monday, most respondents (86 per cent) reported being under financial strain.

Asked how well their household had been managing financially over the past three months, one third (34 per cent) said that they were “just about” getting by, 21 per cent said that they were finding finances “quite difficult”, while 12 per cent said that they were finding it “very difficult”.

The Children’s Society explains in a statement: “We considered those that said they found it quite or very difficult to manage financially during the last three months to be in financial strain; 33 per cent of those that responded indicated they were in financial strain.”

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Posted in * Culture-Watch, * Economics, Politics, Children, Christmas, Economy, England / UK, Marriage & Family, Personal Finance & Investing, Religion & Culture

(Economist Leader) What 2022 meant for the world–Some years bring disorder, others a resolution. This one asked questions

Economic nationalism is popular. The largesse during the pandemic changed expectations of the state. Creative destruction, which reallocates capital and labour, may be unpalatable to ageing populations that put less store by economic growth and to younger voters who embrace the politics of identity.

But big-government capitalism has a poor record. Given decades-high inflation, caused partly by ill-judged fiscal and monetary policy, especially in America, it is odd that voters want to reward politicians and officials by giving them power over bits of the economy they are not suited to run….

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Posted in * Culture-Watch, * Economics, Politics, Anthropology, Economy, Globalization, History, Politics in General

(NYT) Brussels Court Orders Three Tied to Qatar Bribery Case to Remain in Detention

A court in Belgium ruled on Wednesday that two suspects in a case linking current and former European lawmakers to alleged bribery by Qatar should remain in prison until trial and that a third should wear an electronic monitor, as the snowballing scandal continued to rock European Union institutions.

Four people, including Eva Kaili, a former vice president of the European Parliament who is from Greece, were charged last week with corruption, money laundering and participation in suspected bribes from Qatar, in what may be the biggest scandal in the history of the Parliament.

A court hearing for Ms. Kaili was postponed until Dec. 22, the office of the Belgian federal prosecutor said on Wednesday, so she remains imprisoned outside Brussels. Parliamentary lawmakers also stripped Ms. Kaili of her title as vice president during a plenary session in France.

Court documents seen by The New York Times identified the other suspects as Pier Antonio Panzeri, a former member of Parliament; Francesco Giorgi, Ms. Kaili’s partner and an assistant to a current European lawmaker; and Niccolo Figa-Talamanca, secretary general of a Brussels-based charity. Mr. Panzeri and Mr. Giorgi were ordered to remain detained until trial, and Mr. Figa-Talamanca was ordered to be placed under electronic monitoring.

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Posted in * Economics, Politics, Belgium, Economy, Ethics / Moral Theology, Europe, Foreign Relations, Greece, Personal Finance, Politics in General, Qatar

(Economist) The strange case of Britain’s demise–A country that prided itself on stability has seemed to be in free-fall. Whodunnit?

A country that likes to think of itself as a model of phlegmatic common sense and good-humoured stability has become an international laughing stock: three prime ministers in as many months, four chancellors of the exchequer and a carousel of resigning ministers, some of them repeat offenders. “The programme of the Conservative Party,” declared Benjamin Disraeli in 1872, “is to maintain the constitution of the country.” The latest bunch of party leaders have broken their own laws, sidelined official watchdogs, disrespected Parliament and dishonoured treaties.

Not just a party, or a government, but Britain itself can seem to be kaput. England’s union with Scotland, cemented not long after Belton House was built, is fraying. Real incomes have flatlined since the crash of 2008, with more years of stagnation to come as the economy limps behind those of most other rich countries. The reckless tax-slashing mini-budget in September threatened to deliver the coup de grâce. The pound tanked, markets applied a “moron premium” to British sovereign debt and the Bank of England stepped in to save the government from itself.

Today the economy is entering recession, inflation is rampant and pay strikes are disrupting railways, schools and even hospitals. The National Health Service (nhs), the country’s most cherished institution, is buckling. Millions of people are waiting for treatment in hospitals. Ambulances are perilously scarce.

In Grantham, a town of neat red-brick terraced houses, half-timbered pubs and 45,000 residents, the malaise shows up in a penumbra of hardship. Amid staff shortages in the nhs—and an uproar—the local emergency-care service has been cut back. Immured in stacks of nappies and cornflakes at the food bank he runs, Brian Hanbury says demand is up by 50% on last year, and is set to rocket as heating bills bite. Rachel Duffey of PayPlan, a debt-solutions firm that is one of the biggest local employers, predicts that need for help with debts is “about to explode” nationwide, as people already feeling the pinch come to the end of fixed-rate mortgage deals. As for the mini-budget: “It was a shambles,” laments Jonathan Cammack, steward of Grantham Conservative Club.

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Posted in * Culture-Watch, * Economics, Politics, Economy, England / UK, History, Politics in General

(WSJ) Homelessness Worsens in Older Populations as Housing Costs Take Toll

Debbie Sholley always imagined she would be living comfortably by the time she reached her golden years.

Instead, the 62-year-old former social worker worries she will soon be living on the streets of this growing city, after her landlord raised the rent more than she can afford.

“I think about what it would be like, and it’s scary. Where am I going to go?” said Ms. Sholley, whose ailing husband died of Covid-19 in 2020 and who suffers from various lung ailments that keep her from working anymore. “I never thought I’d be in this position.”

Ms. Sholley is one of a rising number of older people around the country who are on the verge of homelessness or now living on the streets after falling on hard times. Homeless shelters and aging-service groups in numerous cities say they are seeing more elderly people in desperate need of housing than in years past. A confluence of factors are driving the increase, they say, including soaring rents, a nationwide shortage of affordable housing and the winding down of pandemic-related aid programs such as the federal eviction moratorium.

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Posted in * Culture-Watch, Aging / the Elderly, America/U.S.A., Housing/Real Estate Market, Poverty

Archbishop Justin Welby’s address at the Lord Mayor’s Banquet

What are the virtues that will bring the City to a golden age, not just successful by material standards, but good human beings; saving a legacy of global flourishing? What are they with next year the 10th Anniversary of the publication of the Parliamentary Banking Standards Commission report, which focused on virtue?

Ethics and virtues aren’t inscribed on paper or tablets.

They can only be written on the human heart.

As a banker at the Commission in 2012 said when shown a dense two-page ethical code designed for use in a large dealing room – ‘it would make a rather good paper aeroplane’.

The greatest failures in our society come from the absence of the virtues of self-awareness; that we do believe in our own sinless perfection, and we don’t believe in sin.

If we can’t acknowledge our shortcomings, our sins, we don’t learn from our failures. And if we don’t think we need forgiveness, we don’t give it to others. Forgiveness oils the wheels of society, of politics, of the markets. It makes civilisation possible. After war it may take generations, reasonably and understandably, but without it the international future is of armies fighting by night on a darkling plain.

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Posted in * Economics, Politics, --Justin Welby, Anthropology, Archbishop of Canterbury, Church of England, Corporations/Corporate Life, Economy, England / UK, Ethics / Moral Theology, Religion & Culture, Stock Market, The Banking System/Sector

(FT) Megan Greene–Like Godot, the US recession has been long heralded but failed to materialise. It will, sooner or later

It may be the most anticipated recession in history. Economists have been forecasting contraction for the US economy since at least April, shortly after the Federal Reserve began raising interest rates. But a bit like Godot, it has yet to show up. Credit the cash cushion American consumers and corporations built during the pandemic. But that will eventually disappear, and then the economy will nosedive.

In 2020 and 2021, generous unemployment insurance benefits, stimulus cheques and child tax credit payments helped households squirrel away roughly $2.3tn in excess savings — the amount above what they would have saved had there been no pandemic. This powered a surge in demand as the economy reopened (fuelling upward pressure on inflation). October retail sales posted their strongest gain in eight months. Consumption accounts for more than two-thirds of US gross domestic product growth, and so far spending has remained strong.

But with consumer price inflation running at 7.7 per cent in October and median wages rising 6 per cent, according to the Atlanta Fed’s wage growth tracker, people’s standards of living are falling. As stimulus programmes ended last year and the economy reopened — increasing opportunities to spend money — Americans’ cash war chest has been dwindling, and the spending extravaganza cannot last. Economists’ estimates for how much is left vary from about $1.2tn to $1.8tn. 

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Posted in * Economics, Politics, America/U.S.A., Economy, Personal Finance & Investing

(NYT) ‘Innovation Hubs’ Aim to Lift Distressed Areas. Congress Just Has to Fund Them.

The Economic Innovation Group report is the most detailed effort yet to steer that selection, by trying to balance the needs of left-behind areas with their potential for an economic rebirth. It measures that potential using data on regions’ industrial composition and economic complexity, along with two key human ingredients for innovation: the number of working-age science and technology graduates and the number of patent authors in an area.

To measure need, the report looks at the share of a region’s prime-age adults who are not employed or are looking for work, two measures of so-called “brain drain” — the flight of college graduates from an area — and the distance from a “superstar” city like New York or Chicago.

The top 10 cities on the list are a mix between higher potential (like Phoenix and Salt Lake City) and higher need (like a pair of Ohio cities, Toledo and Akron). Many are college towns, Mr. Fikri noted, that are not quite large enough to have yet sustained a thriving industrial sector that grows out of scientific research.

Greenville, S.C., tops the list with a score balanced almost evenly between potential and need, followed by Provo, Utah, and Tucson, Ariz.

The report’s researchers say their data suggests policymakers could — and should — spread the hubs across various areas with different bases of technological expertise and differing levels of need, in hopes of maximizing both the advancements and the regional economic gains they produce.

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Posted in * Economics, Politics, * South Carolina, America/U.S.A., Economy, Science & Technology

(Front page of yesterday’s NYT) As Gen X and Boomers Age, They Confront Living Alone

In 1960, just 13 percent of American households had a single occupant. But that figure has risen steadily, and today it is approaching 30 percent. For households headed by someone 50 or older, that figure is 36 percent.

Nearly 26 million Americans 50 or older now live alone, up from 15 million in 2000. Older people have always been more likely than others to live by themselves, and now that age group — baby boomers and Gen Xers — makes up a bigger share of the population than at any time in the nation’s history.

The trend has also been driven by deep changes in attitudes surrounding gender and marriage. People 50-plus today are more likely than earlier generations to be divorced, separated or never married.

Women in this category have had opportunities for professional advancement, homeownership and financial independence that were all but out of reach for previous generations of older women. More than 60 percent of older adults living by themselves are female.

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Posted in * Culture-Watch, Aging / the Elderly, Children, Economy, Health & Medicine, Housing/Real Estate Market, Marriage & Family, Psychology

(1st Things) Dan Hitchens on Richard Henry Tawney (1880–1962): A 20th Century Prophet

A couple of years ago I stumbled upon a cult. Browsing in a secondhand bookshop, I picked up R. H. Tawney’s Religion and the Rise of Capitalism and, remembering a vague resolution to read it one day, took it to the counter. The fresh-faced student at the cash register was delighted. “It’s . . . amazing,” he said reverently. A few days later, finding myself in full agreement, I emailed a writer in whose work I perceived some Tawney-like themes to ask whether he knew the book. “I read it fifty years ago,” he replied, “and it changed my life.”

In recent decades, membership of his fan club has declined—too Christian for the socialists, too socialist for the Christians—but at one time Richard Henry Tawney (1880–1962) towered over British intellectual life. To his contemporaries he was a legend, “the greatest living Englishman,” according to the historian Sir Michael Postan. The Guardian declared in 1960 that his writings “will be read with delight as long as the English language is spoken.” Surveying Tawney’s contributions, not just as a historian, but as a writer, activist, teacher, and mentor, someone suggested to Archbishop of Canterbury William Temple that what Britain needed was “more men like Tawney.” The archbishop replied: “There are no men like Tawney.” To a generation that had run out of faith in free-market capitalism, he appeared to be that unusual thing, a prophet who actually knew what he was talking about.

Deeply earnest, prematurely bald, self-deprecating to the point of masochism, Tawney nevertheless exuded an unmistakable charisma that can still be experienced today in the texture of his prose—its beautiful cadences, smash-and-grab satirical raids, elegiac melancholy, pin-sharp analysis, metaphorical exuberance, and spiritual clarity. The supreme example is Religion and the Rise of Capitalism, based on the Holland Memorial Lectures he delivered at King’s College, London in 1922. The bestselling history book in interwar Britain, it owed its success partly to a widespread feeling that the reigning economic system had failed, partly to the national weakness for nostalgia: Tawney was one of those writers who located his ideals in a consciously romanticized past, and the book is above all a lament for a lost moral order.

From the twelfth through the sixteenth century, in Tawney’s telling, money was, at least to an extent, governed by Christian moral norms. Feudal lords might be merciless, guilds might be ­monopolistic, the papacy might be corrupt, but late-­medieval society still shone out with, in ­Tawney’s characteristically memorable phrase, “a certain tarnished splendour.” Widespread cruelty and oppression could not wholly extinguish the idea of social solidarity, of a world that made eternal salvation its ultimate goal and thus put money-­worship in its place. Peasant and lord, craftsman and merchant knew their duties to each other, and the strong were regularly prevented from exploiting the weak. In the institutions that fed the hungry and provided credit to the financially insecure; in the ecclesiastical or civil courts where usurers were excommunicated and fined; in the pulpits where avarice was denounced as a deadly sin, and in the confessionals where middlemen would have to repent of overcharging customers or not sharing their goods with the poor, medieval man was prevented from destroying his own soul and his neighbor’s livelihood.

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Posted in * Economics, Politics, Economy, England / UK, History, Religion & Culture

(FT) New England ‘importing European prices’ in looming gas supply crunch

A European-style winter energy crunch is looming over New England in the north-east US, even as American natural gas producers export record volumes and a wave of fuel heads across the Atlantic.

Utility bosses in the region have called for emergency assistance from Washington to pre-empt a crisis, while lashing out at a century-old law that has cut New England off from some of America’s prolific shale output and left it more dependent on expensive imports.

On Friday, a vessel laden with liquefied natural gas will land in Massachusetts — but the federal law preventing foreign vessels sailing between US ports means the gas will come from Trinidad, not the US export plants along the Gulf of Mexico that are shipping record amounts of fuel abroad.

“You would think that charity would begin at home . . . that American fuel would go to American ports,” Joe Nolan, chief executive of Eversource Energy, one of New England’s biggest utilities, said in an interview. “We’re going to have to compete just like everybody else — in the global market.”

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Posted in * Economics, Politics, America/U.S.A., Economy, Energy, Natural Resources

(BBC) UK faces biggest fall in living standards on record

The UK faces its biggest drop in living standards on record as the surging cost of living eats into people’s wages.

The government’s forecaster said that household incomes – once rising prices were taken into account – would dive by 7% in the next few years.

It also expects the number of people who are unemployed to rise by more than 500,000.

It came as the chancellor said the UK was already in recession and set to shrink further next year.

But Jeremy Hunt said his Autumn Statement – which unveiled £55bn of tax rises and spending cuts – would lead to a “shallower downturn” with fewer jobs lost.

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Posted in * Economics, Politics, Economy, England / UK, Personal Finance

(CNBC) 60% of Americans are living paycheck to paycheck heading into the peak shopping season

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before.

As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%.

“More consumers who have historically managed their budgets comfortably are feeling the financial strain, which will impact their spending behavior as we head into the holiday shopping season,” said Anuj Nayar, LendingClub’s financial health officer.

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Posted in * Economics, Politics, Economy, Personal Finance

A very hard winter for many: Some C of E bishops respond to the Chancellor’s Autumn statement

“Ahead of today’s statement one of our key concerns was to see benefits keep pace with inflation. So we welcome the Chancellor’s commitment in this regard but continue to call for the end to the two-child limit on Universal Credit, which hits some of the poorest families hardest.

“This is going to be a very hard winter for many. Our churches, in communities across the country, are already reporting alarming rises in demand for foodbanks and other services which have become a lifeline.

“It is heartbreaking to hear of people who just a year ago were donating to foodbanks but are now using them themselves.

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Posted in * Economics, Politics, Church of England (CoE), CoE Bishops, Dieting/Food/Nutrition, Economy, England / UK, Ethics / Moral Theology, Personal Finance & Investing, Politics in General, Poverty, Religion & Culture