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'Poverty is our biggest challenge in education'
Policymakers have repeatedly tried to break the link between learning and socioeconomic status, the study points out, yet interventions have largely been unable to dent the trend.

Eligibility for free and reduced-price meals is a standard measure of student poverty. In Idaho, students who qualify for the federal subsidy have trailed their more affluent peers in proficiency rates on standardized tests by more than 20 percentage points — for at least four consecutive years.

Here’s a year-by-year breakdown of the gap in math and English, according to the State Department of Education:

2014-15: 23.3 percentage points.
2015-16: 22.6 percentage points.
2016-17: 23.4 percentage points.
2017-18: 23.9 percentage points.
education  idaho  economy  income_inequality 
june 2019 by JohnDrake
Predatory ‘home sale contracts’ cost black Chicago homeowners billions in the 1950s and 60s: report - Chicago Sun-Times
Black homebuyers in Chicago lost at least $3.2 billion in today’s dollars because of racist real estate policies and predatory contracts between 1950 and 1970, according to a report published Thursday.

In those 20 years, black Chicagoans purchased 60,100 homes. More than 75% of those homes were sold through so-called “home sale contracts.” Those contracts allowed the seller to hold the deed until the buyer paid off the home in full. Until then, buyers did not accumulate equity in the home and owners were allowed to evict them for missing a single monthly payment.
housing  redlining  racism  income_inequality  wealth_gap  chicago  real_estate 
may 2019 by perich
Progressive capitalism – an oxymoron | Michael Roberts Blog
Stiglitz’s views are either pure naivety or clever sophistry –or maybe both. Does he really think that there was a period when capitalism benefited both workers and corporations; rich and poor?  The ‘golden age’ after 1945 up to the late 1960s was the exception in advanced capitalist economies and then only for those economies, not for Latin America, Asia, the Middle East and Africa.  For the greater part of the globe, those decades were ones of dire poverty and a battle against imperialist exploitation.

Anyway, it is a myth that in the 1950s and 1960s that everybody gained from ‘progressive’ capitalism in the West.  And what gains that were made in public services, a welfare state, relatively full employment and rising incomes were mainly the result of struggle and pressure by the labour movement, forcing concessions from the owners of capital.

And Stiglitz never explains why this supposed regulated, democratic progressive capitalism came to an end in the 1970s, except to suggest it was down to the vile politics of Reagan, Thatcher etc.  But readers of this blog know that there was a change of objective conditions from the mid-1960s, namely a sharp fall in the profitability of capital globally.
joseph_stiglitz  progressivism  income_inequality  postwar_boom  michael_roberts  financialization 
april 2019 by perich
Stop fighting over scarce educational opportunities
March 26, 2019 | Financial Times | by Sarah O’Connor
Alexandria Ocasio-Cortez, US Democratic congresswoman, believes there is a shortage of routes available to children who want a better future.

Ms Ocasio-Cortez put her finger on a phenomenon that is showing up in many different guises as economic growth has slowed in the developed world. When the pie stops growing, the fights become fiercer and dirtier over how to divide it. One of the areas where this is playing out most emotively is education — an issue critical to the life chances of our children.

As developed countries grew steadily richer over much of the 20th century and educational opportunities expanded, absolute social mobility — the likelihood that children would do better than their parents — was commonplace.

There was never a perfect meritocracy, of course. Elites have always used their wealth and connections to put a “glass floor” under their children’s feet. But that seemed to matter less when it was easy enough for others to join them.

Now, in a world of stalling growth and yawning gaps between the top and the bottom, the chances of making it into the elite feel slimmer, even as the economic rewards for doing so grow fatter. At the same time, the economic penalties for not securing a decent education have become harsher....The underlying problem, as Ms Ocasio-Cortez points out, is the scarcity of routes available to young people who want a better future.

There is no single solution, but the list of fixes would include better state schools, more affordable higher education that is less variable in quality, a broader range of alternatives to university that still lead to decent jobs, and a revival of broad-based economic growth that lifts all boats, not just the yachts.

That may sound like an expensive laundry list, but inaction would cost more in the end.
Alexandria_Ocasio-Cortez  children  college-educated  cost_of_inaction  education  elitism  income_inequality  scarcity  Varsity_Blues 
march 2019 by jerryking
Opinion | Abolish Billionaires - The New York Times
By Farhad Manjoo
Opinion Columnist

Feb. 6, 2019

A radical idea is gaining adherents on the left. It’s the perfect way to blunt tech-driven inequality.
Alexandria_Ocasio-Cortez  Anand_Giridharadas  artificial_intelligence  capital_acumulation  digital_economy  Farhad_Manjoo  income_distribution  income_inequality  moguls  network_effects  rhetoric  software  superstars  winner-take-all 
february 2019 by jerryking
Corporations Are Swimming in Cash
In determining how much cash can be returned to the owners of a company’s stock in a given year, free cash flow offers insights that other measures, like net income (the typical earnings reported by a company) cannot. Net income is easier for companies to game (for tax purposes, for example) because net income allows companies to spread out expenditures on capital investments over a multi-year period. Free cash flow is harder to fake, as it is simply the cash generated through operations in a given year minus the expenditures on capital — plants, property, and equipment — made in the same year.

The distribution of free cash flow in 2017, for non-financial companies in the S&P 500, shows that the vast majority, more than 87 percent, had cash left over after capital expenditures. The first quartile (the level at which one quarter of companies performed worse) free cash flow in 2017 was $338 million in 2017. The third quartile free cash flow in 2017 was $1.8 billion.
corporations  profitability  cash_flow  income_inequality  wealth  one_percent 
january 2019 by perich
Highest Median Household Income on Record?
Income data released by the U.S. Census Bureau today show that 2017 median household income was the highest on record at $61,372.

But is it really?

By simply looking at median household income from previous years, one could infer that because it surpasses the median income for 2007 ($59,534 in 2017 dollars) and 1999 ($60,062 in 2017 dollars).
america  consumer_spending  gallup  income_inequality  economy 
september 2018 by JohnDrake
New Study Shows You Can Predict Credit Rating From Your Online Tech Fingerprint - Daniel Miessler
In general, there were a few things that jumped out as predictors.

iOS vs. Android (iOS users were around half as likely to default)
Emails with name in them were better
Desktops defaulted far less than mobile
People with numbers their emails defaulted more
People with old domain emails (Hotmail, Yahoo) defaulted more
People who ordered at night instead of in the afternoon defaulted more
income_inequality  bigdata  AI  finance  data  consumers_lowincome  america 
june 2018 by JohnDrake
Steven Brill's "Tailspin": How My Generation Broke America
May 17, 2018 | | Time | By STEVEN BRILL.

From matters small – there are an average of 657 water-main breaks a day, for example – to large, it is clear that the country has gone into a tailspin over the last half-century, when John F. Kennedy’s New Frontier was about seizing the future, not trying to survive the present..............The Meritocracy’s ascent was about more than personal profit. As my generation of achievers graduated from elite universities and moved into the professional world, their personal successes often had serious societal consequences. They upended corporate America and Wall Street with inventions in law and finance that created an economy built on deals that moved assets around instead of building new ones. They created exotic, and risky, financial instruments, including derivatives and credit default swaps, that produced sugar highs of immediate profits but separated those taking the risk from those who would bear the consequences. They organized hedge funds that turned owning stock into a minute-by-minute bet rather than a long-term investment. They invented proxy fights, leveraged buyouts and stock buybacks that gave lawyers and bankers a bonanza of new fees and maximized short-term profits for increasingly unsentimental shareholders, but deadened incentives for the long-term growth of the rest of the economy.....[We need 'guardrails' against legal and financial excesses.]......Forty-eight years after Inky Clark gave me my ticket on the meritocracy express in 1967, a professor at Yale Law School jarred the school’s graduation celebration. Daniel Markovits, who specializes in the intersection of law and behavioral economics, told the class of 2015 that their success getting accepted into, and getting a degree from, the country’s most selective law school actually marked their entry into a newly entrenched aristocracy that had been snuffing out the American Dream for almost everyone else. Elites, he explained, can spend what they need to in order to send their children to the best schools, provide tutors for standardized testing and otherwise ensure that their kids can outcompete their peers to secure the same spots at the top that their parents achieved.

“American meritocracy has thus become precisely what it was invented to combat,” Markovits concluded, “a mechanism for the dynastic transmission of wealth and privilege across generations. Meritocracy now constitutes a modern-day aristocracy.”.....
baby_boomers  entrepreneur  income_inequality  politics  revenge_effects  Steven_Brill  political_polarization  partisan-politics  fractured_internally  books  meritocratic  America_in_Decline?  elitism  lawyers  self-perpetuation  upper-income  inequality  privilege  the_best_and_brightest  tailspins  guardrails  the_American_dream  cultural_transmission  wealth_transfers 
may 2018 by jerryking
The Carpetbaggers of Tech | Julianne Tveten
In March, J.D. Vance—the character Horatio Alger would have written had he lived to see twenty-first-century San Francisco—became the suit-jacketed hype man for venture-capital firm Revolution LLC.
BigData  income_inequality  hype  remorse 
february 2018 by MF_reads

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