inequality   18940

« earlier    

Paul Allen’s life is a testament to his spirit and a monument to inequality.
His wide-ranging accomplishments are a testament to his spirit, a monument to inequality, and a preview of how today’s tech titans might one day spend their billions.
economics  inequality  slate 
1 hour ago by jorgebarba
Here's Fresh Evidence Student Loans Are a Massive, Generational Scam - VICE
"Over the centuries, America has bestowed generous, state-sponsored privileges upon select classes of its citizens. Veterans and old people get free socialized healthcare—and, for the most part, they love it. Corporations (who count as people, look it up) get sweet tax breaks and, in the case of defense contractors, no-bid deals to build extremely expensive weapons unlikely to be used in the near future. And young people get thousands and thousands of dollars of student loans to pay for college, putting them in a hole they might spend the rest of their lives digging out of.

Obviously, one of these things is not like the others—the United States has put many students in the position of making decisions that can determine their financial futures when they're teenagers. This has nightmarish consequences: Some 44 million people have $1.5 trillion in student loan debt on the books. And even when young people do get through college and find a decent job, many can't fathom possibly buying a home or taking on other trappings of adulthood when faced with decades of monthly loan bills.

The worst part is that those who sought an elite education on the widely accepted notion that it would help them later in life were basically sold a bad bill of goods.

All that debt provides awfully little payoff in terms of boosted wages, even as it ensnares more and more people and hits youth of color especially hard, according to a new paper released Tuesday by two researchers at the left-leaning Roosevelt Institute. Research fellows Julie Margetta Morgan and Marshall Steinbaum concluded that more and more debt hasn't significantly boosted income for college grads—it just seems that way because high school grads without BAs are making less than they once did. They also found that looking at decent rates of repayment by student debtors is a misleading way to look at the scale of this crisis. And thanks to workers lacking the power they once enjoyed in an increasingly skill-obsessed economy, young people are often being pressured into getting extra degrees on their own dime (which is to say by taking on more debt) for minimal payoff.

For some perspective on how America let student loans get so out of control, why taking on debt is so often a mistake, and what we can do about it, I called co-author Julie Margetta Morgan for a chat.

VICE: Why do you think this has been allowed to get so bad, to the point not only that it's widely known as a crisis, but one that gets worse and worse?

[A] Julie Margetta Morgan: We have seen the overall amount of student debt grow and we've seen some of the industries around repayment get worse over time, although default rates recently got a little bit better. But I think that the reason why it's sort of been allowed to exist as this quiet crisis is that there's not a lot of agreement among experts that, on the whole, student debt is getting worse. I think that's because experts primarily look at measures around successful repayment of the loan as the target. And in this paper we try to take a slightly different look. First of all we interrogate those questions around repayments themselves—so we have a section around, like, experts have said that student debt is not a bigger burden now than it was a generation ago. And yet if you delve into the figures a little bit deeper you can see that, in fact, it is worse—the burden is worse but the repayment plans are slightly better, which masks the burden on students.

So part of what we're trying to do here is combat some of the common wisdom in the higher education policy world—what we tend to hear is: Yeah, students are taking on a lot of debt but ultimately that debt is worth it because their degrees are paying off in the long run. And we're finding that that's not necessarily true.

[Q] Is the most radical conclusion you reached here that the increased debt burden people are bearing is not paying off in terms of boosted income? Or is that already well known?

[A] That higher education is not paying off in terms of overall changes in the distribution of income is definitely apparent to labor economists but not necessarily apparent to higher education policy experts and those who advocate on behalf of students, because we are so often fed the college earnings premium as the single measure of whether college pays off over time. Yes of course college still pays off, but it pays off because it's becoming less and less viable for someone to make a living with just a high-school diploma. It's no longer this thing of, I'd like to earn a higher income, I guess I'll go to college. It's like, I have to go to college in order to not end up in poverty—and I'm also forced to take on debt to get there.

[Q] Is there any evidence that, thanks to income growth in the last year or two, college debt is paying off more than it did?

[A] It remains to be seen, but I'm not sure that it's a good idea for us to tie higher education policy—how we fund college—to the swings of the labor market. Our focus should be on taking the risk off of the individual and spreading it across the public, because the public is getting a lot of the benefit of college degrees.

[Q] Have you seen any indicators that people—including the communities hit hardest by college debt—might actively be avoiding college because of the specter of endless debt?

[A] We have lower levels of college attainment already among African American and Latino populations and we do see polls that suggest people are more and more skeptical of the value of college. And that's exactly the result we don't want to see. We don't want to see the people already discriminated against in the labor market avoiding going to college.

The other trend that comes to mind is this trend of programs that we would have previously considered trade programs, whether they're now being offered at for-profit colleges or as industry credentials that are trying to become part of the mainstream higher education system and get access to the loans. So there's a world in which people are trying to avoid getting the loans but the loans are actually following them to these trade programs.

[Q] But given that discrimination, is it not rational to—in some cases—calculate against attending college given the massive debt burden and how it hits some communities extra hard?

[A] I think it's absolutely at an individual level a rational decision that we're seeing people make. And at a national level we ought to be concerned about that and looking to change policies so people don't have to make that decision.

[Q] I know one of your aims here was to reinforce that this is a worse crisis than people think, but isn't the problem that Republicans just don't care?

[A] There's obviously a group of policymakers who don't want to deal with it. But I think there's another subset of policymakers who are looking at the student debt crisis through the lens of repayment—that the goal is to ensure that people can repay their loans. Keeping people out of default shouldn't be the biggest goal we set for ourselves.

If student debt is a crisis, is the answer that we should have less student debt? Or just that people are able to make their monthly payments? Our answer is that we should have less debt overall.

[Q] Part of your paper is about how workers keep getting pressured to gain new degrees and credentials that load them up with debt—all because they have no power. Is this about unions disappearing, or what would help there?

[A] Certainly the declining power of unions is one part of it. The lack of say for average workers in the decision-making at the companies they work for, the increase in corporate concentration within the economy—the rise of monopoly power makes it harder for workers to have a say, because there are fewer employers. And back during the recession, the scarcity of jobs made it harder for employees to have power and negotiate for themselves.

[Q] It's hard not to read the paper and feel like taking on student loans is maybe (very often) a mistake or even that the larger system is a scam. Even when students are not being preyed upon by for-profit schools or predatory lenders, the whole seems flimsy or even fraudulent. Is that unreasonable?

[A] I don't think it's unreasonable. I think of it as a failed social experiment that young people are caught in the middle of. It wasn't intentionally sold like a scam, but the way young people experience this is they were told: You go to college, you study, don't worry so much about how much it costs, it's going to be worth it in the end. And they get out on the other side, they have a ton of debt, they are working as hard as they can, but they're not getting ahead—they're treading water. They're making payments on their debt, but not able to buy a house, they're not able to save for retirement. You were sold on a promise, you come out on the other hand that that promise was false, and everybody looks at you like, What's wrong?

One of the things I thought was so exciting about writing this paper is it puts data to that deep frustration that we see in younger generations right now.

[Q] It doesn't seem likely that we'll see a major overhaul of the system in DC right now, with unified Republican control. But what can and should be done, the next time Democrats have control of the government, or in the meantime?

[A] There are things we can do right now. it's encouraging to see what's happening in the courts—some great student advocates and lawyers have taken action to make sure the [Education Secretary Betsy] DeVos administration at least enforces rules on the books to help get student loan cancellation for a smaller group of borrowers and limit predatory practices at for-profit schools.

As we look to the future, we have to think a lot bigger. We should be looking at both free and debt-free options for college. Free college at public universities and more debt-free options for students. That's how we take care of generations… [more]
studentloans  health  healthcare  inequality  2018  economics  socialsafetynet  society  us  education  highered  highereducation  colleges  universities  juliemargettamorgan  marshallsteinbaum  debt  income  policy  politics  labor  markets  capitalism  work  unions 
yesterday by robertogreco
Opinion | We’re Measuring the Economy All Wrong - The New York Times
cui bono.
The skewed statistics aren't wrong to those parties intended to benefit.
economics  inequality  fail  metrics  law  statistics  income  labor  no.fucking.shit 
yesterday by po
White Americans Gain the Most From Trump’s Tax Cuts, a Report Finds - The New York Times
Explains how the distribution of income, and different means of earning that income, have meant that the benefits of tax cuts are very uneven for different racial groups.
inequality  taxes  race  trump 
3 days ago by johnmfrench
How I Know You Wrote Your Kid’s College Essay - The New York Times
[not quoting the article here, but adding this response from Phoebe Maltz Bovy:
https://twitter.com/tweetertation/status/1049271068064534529

"Where to begin? Maybe where commenters do: why is someone who *edited college admissions essays for pay* lecturing parents on the inauthenticity + unfairness of parents helping kids with theirs?

But also: no “henceforth” (or any other word) isn’t a definitive tell that a 17-year-old got help writing something. But that’s kind of the least of it. The real problem is the admissions essay itself in its current purpose

It’s not a writing sample. It’s not a cover letter. It’s... well, the linked article explains quite well what it is, but unfortunately celebrates it while doing so

"So the good news is: The college essay is the purest part of the application." With purity meaning what, in this context?

Purity as in, *who the applicant truly is as a person*, something colleges go through this whole ritual of pretending 1) that they can figure out via a short (and maybe ghostwritten) essay) and 2) that it's remotely their place ethically to determine

"In fact, a good test of a college essay is: Can the writer convince the reader that she would make a great roommate?" Meaning, "Are you any fun?" Again, the two questions: 1) *can* colleges even assess "fun" from these things, and 2) should as-a-person-ness even enter into this?

What would be the great tragedy if - if the US finds regional-colleges-for-all too bleak or foreign - the assessment really were based on tangibles? (Could be grades, scores, extracurriculars, demographics, could even take into account special circumstances) and not As-A-Person?

Colleges both logistically can't *and shouldn't pretend to* know who applicants are as people, and it's so bonkers that assessment is at all based on how charming (to adults) someone comes across in an essay (that someone else maybe wrote)

The application should be understood by all parties as just that: an application for admission to a school or, if common-app, multiple schools. That's all it is, no more, no less. It's not a Human Worthiness test.

I've written on this before and named the problem as "holistic" assessment. But in a way, that's not even it. Keep "holistic," fine! But be clear that it's holistic assessment *of college applicants* and not *of applicants as human beings*"]

[my addition to that:
https://twitter.com/rogre/status/1051555285020495873

"👏 to this response thread. There is no “purity” in the admissions process, not even in the essays as the oped claims. This “authenticity” business is just the latest gaming of the hyper-corrupted process in the favor of those that have more."]
colleges  universities  admissions  2018  phoebemaltzbovy  parenting  elitism  highered  highereducation  education  collegecounseling  purity  authenticity  inequality 
4 days ago by robertogreco
Christi Belcourt on Twitter: "Education in schools is not the only form of education. The land has been my teacher for 25 years. I will never graduate and will always be an apprentice to her. The animals educate. The stars educate. Not everything can be t
"Education in schools is not the only form of education. The land has been my teacher for 25 years. I will never graduate and will always be an apprentice to her. The animals educate. The stars educate. Not everything can be taught in a brick box. Not everything should be.

Education from and on the land is needed for children. We need the next generation to be free thinkers. Unintentionally, the structures within the current education system are contributing in assimilating all children into a form of thinking that teaches them to conform.

Education in schools is affecting Indigenous nations. It’s not all positive. Hardly any of our kids knows the lands like the back of their hands any more. Hardly any knows animal traditional laws, protocols. Hardly any can survive on the land. And almost all are taught in English

Without intending it, by sending ALL our children to school, we are creating a society of dependence. Because unable to survive on the land means a dependence on goods and services. It also means a continued decline in our languages as the day is spent in English.

Even communities once entirely fluent not long ago are noticing their young people conversing in English. I was just in a community where the teenagers were fluent. But pre-teens weren’t. How can communities compete w/ English when their children are emmersed in it all day?

I don’t want to offend educators. Educators are some of the most selfless and kind people I’ve met. They go above and beyond for kids every day. My observations are about some of the long term boarder effects re: institution of education and its detrimental effects on our nations

The late Elder Wilfred Peltier once wrote that the education system harms children in a few ways. He was speaking specifically about Indigenous kids but his thoughts could be applied to all I suppose. He said it sets kids up with a skewed sense of self. (Con’t)

Elder Wilfred Peltier said children are taught early in school to be graded. He said the harm isn’t only in the child who gets low grades and is made to feel less than. The worse harm is to kids who get higher grades and are made to feel better than others.

He also said the structure of the classroom is problematic. It implies the teacher knows everything and the student knows nothing. In Indigenous communities we talk about how children are teachers and each one has unique gifts. But schools don’t nurture those gifts.

A child might be gifted in reading the stars or knowing traditional medicines. Schools eliminate that as a possibility to be apprenticed in those things. And they take up so much time in a child’s life there is no time left over for language and apprenticing in their gifts.

We will need scientists and people who have gone through school. But we also need medicine apprentices, land knowledge, language keepers and star readers. We need experts of the lakes and animals. This come from apprentiships w/ kokums and moshoms. It comes from the land itself.

In this time of climate change the world needs Indigenous knowledge more than ever. It’s in our lands and langusges. It can’t come from school. So we have to question this. And really look at it to suss out the good and the bad in a non emotional and non judgemental way.

Is there a way to have half of all Indigenous kids apprenticed full time with kokums or moshoms in land/water based education? Is there a way to identify what gifts kids will have early on and give them the life long training to nurture those gifts?

My concluding thought is the tendency will be towards “improving” or “fixing” schools to allow for more Indigenous languages or teachings etc without fundamentally changing anything. My point is the kind of education I’m talking about cannot be within the school system."
education  unschooling  deschooling  indigeneity  schooling  wilfredpeltier  christibelcourt  2018  inequality  children  authority  experience  apprenticeships  kokums  moshoms  multispecies  land  morethanhuman  canon  climatechange  experientiallearning  gifted  language  languages  landscape  colonialism  heterogeneity 
4 days ago by robertogreco
Barbara Kingsolver’s ‘Unsheltered’ Is Liberal Pabulum - The Atlantic
She shares this sensibility with Kingsolver, who is often described as a “political novelist” but who has only the shallowest understanding of political reality. Her novels specialize in self-congratulatory gestures of empathy: the clumsy representation of characters whom she finds obviously distasteful but wants to redeem, modeling the respect and understanding that she believes can open our hearts and minds and subdue our partisan acrimony. The result is not a bad novel—it is perfectly competent at the level of the sentence—but a novel that fails so dramatically to capture the corrosive realities of liberal capitalism that it just might deflate, once and for all, the middlebrow fantasy that stories can help us get through these dark times.
USA  politics  environment  inequality  TrumpDonald  liberalism  literature  change  neoliberalism  individualism  personalResponsibility  fiction  KingsolverBarbara 
5 days ago by petej
Universal Basic Income Is Silicon Valley’s Latest Scam
The real purpose of digital capitalism is to extract value from the economy and deliver it to those at the top. If consumers find a way to retain some of that value for themselves, the thinking goes, you’re doing something wrong or “leaving money on the table.”
SiliconValley  Uber  monopolies  UniversalBasicIncome  consumerism  ownership  cooperatives  capitalism  assets  inequality  redistribution  dctagged  dc:creator=RushkoffDouglas 
5 days ago by petej
Anand Giridharadas on How Liberal Philanthropy Backfired
"Why Philanthropy Is Bad for Democracy Anand Giridharadas, author of Winners Take All, on how well-meaning liberals paved the way for Trump"
anandgiridharadas  philanthropicindustrialcomplex  philanthropy  charitableindustrialcomplex  charity  democracy  governance  government  nonprofit  nonprofits  2018  nicktabor  power  inequality  control 
5 days ago by robertogreco
Anne Trubek on Twitter: "This is the single biggest problem of the entire Rust Belt, I’ve come to believe. Our cities are run by non-profits, not elected officials… https://t.co/5ZHeJlpzkn"
"This is the single biggest problem of the entire Rust Belt, I’ve come to believe. Our cities are run by non-profits, not elected officialsAnne Trubek added,
Anna Clark

[quoting: @annaleighclark
https://twitter.com/annaleighclark/status/1049697553296580608

"The power of philanthropy in Detroit can't be underestimated. (Eg: https://www.elle.com/culture/a37255/forgotten-rape-kits-detroit/ …; https://detroithistorical.org/learn/encyclopedia-of-detroit/grand-bargain …) Money that was denied to the city over decades -- tax base, loans, mortgages, investment, state revenue sharing -- comes back as charity. A loaded…

As in other cities where philanthropists take responsibility for basic public services, it can fill an immediate, urgent need. (Water! Lights!) It also comes at a cost to transparency and shifts our expectations, bit by bit, of our democratic leaders & institutions.

Detroit is, in many ways, ground zero for this model. From 2012:
"Welcome to Your New Government: Can Non-Profits Run Cities?"
https://nextcity.org/features/view/welcome-to-your-new-government

But see also Flint:
"This City Runs on Donations
Small family foundations are increasingly funding parks, neighborhood revitalization, education and more. What’s next for urban-focused philanthropy?"
https://nextcity.org/features/view/philanthropy-money-foundations-city-funded

Here's a provoking take from @DavidCallahanIP
"A Foundation Gives $1 Billion in One City and Things (Mostly) Get Worse. What’s the Lesson?"
https://www.insidephilanthropy.com/home/2017/6/27/a-foundation-gives-away-1-billion-in-one-city-and-things-mostly-get-worse-whats-the-lesson "]

...and I want to publish on this topic but everyone I ask...works for a non-profit so cant b/c of fear of losing their job....

Not to mention the arts...what percentage of working artists are funded by non-profits? Ppl are actually surprised by the concept of being an artist and *not* be grant funded...nor have many thought about possible downsides to taking that $

And according to one very persuasive argument, it led to Trump (cc @annaleighclark—still best analysis of this issue I’ve read)

[but if you wanna give me some of that sweet foundation money DMs are open]

And as Randy Cunningham persuasively argues, in Cleveland the non-profits bought out activists in 80s by creating CDCs

FULL DISCLOSURE I AM PRESIDENT OF THE BOARD OF A NON-PROFIT (also I own a business that is....not a non-profit. We all live in contradictions."
annetrubek  annaclark  rustbelt  charitableindustrialcomplex  philanthropicindustrialcomplex  economics  inequality  democracy  nonprofit  governance  charity  philanthropy  nonprofits  capitalism  power  control 
5 days ago by robertogreco

« earlier    

related tags

1%  2012  2015  2018  3013  academia  action  activism  admissions  afd  age  ai  algorithms  america  americandream  analysis  anandgiridharadas  and  andreasmaln  anger  annaclark  annetrubek  anthropocene  apprenticeships  art  artificialintelligent  aspiration  assets  austerity  authenticity  authority  automation  bancos  banking  basic.income  batchelder  behaviour  berniesanders  bias  bigdata  blacksocialistsofamerica  boston  brazil  breath  brexit  bridlejames  businessmodels  canada  canon  capitalism  career  causal_inference  celebrates  change  changing  charitableindustrialcomplex  charity  chemtrails  childre  children  christibelcourt  cities  class  classism  cleveland  climate  climatechange  collapse  collegecounseling  colleges  colonialism  complexity  computation  computationalthinking  computing  conference  confusion  conspiracytheories  consumerism  control  cooperation  cooperatives  corporate  corruption  countries  crisis  cuba  darkage  data  datavisualisation  dataviz  dc:creator=chakraborttyaditya  dc:creator=hanleylynsey  dc:creator=masonpaul  dc:creator=rushkoffdouglas  dctagged  ddj  debt  decolonization  decoupling  degrowth  democracy  democratic  demographics  deportation  deschooling  detroit  development  die  discrimination  division  donald  donald_trump  donaldtrump  downward  dsa  economics  economy  education  elites  elitism  email  employment  energy  enlightenment  environment  equality  ericakohl-arenas  estate_tax  estatetax  ethics  eu  eviction  example  examplesites  exclusion  experience  experientiallearning  explain  exploitation  facts  fail  fairness  family  fascism  feminism  fiction  finance  financialcrisisof2008  financialisation  fishing  flags  folkliterature  food  france  fredhampton  freetradeagreement  futurism  gender  generational.equity  genetics  geo211  geoengineering  geography  gifted  giridharadas  gis  global  global_inequality  globalism  globalization  governance  government  gradeinflation  grades  grading  graphical_models  grassroots  green.growth  growth  havana  health  healthcare  heterogeneity  highered  highereducation  hilarious  history  homeless  hopenothate  hostility  houseprices  housing  how  howwethink  howwewrite  images  immigration  imperialism  income  incomeinequality  india  indigeneity  individualism  inequity  influence  information  infrastructure  inheritance  inheritance_taxes  inherited.wealth  intelligence  interdisciplinary  intergenerational  internationalism  internet  interview  interviews  is  islam  islamophobia  jamesbridle  jason.hickel  jobs  juliemargettamorgan  justice  kingsolverbarbara  kokums  kropotkin  labor  labourparty  land  landrightsnow  landscape  language  languages  lanierjaron  larc2330  law  law_enforcement  leave  left  leftists  liberalism  literature  live  longterm  machinelearning  manipulation  map  mapping  markets  marshallsteinbaum  marxism  math  matthewdesmond  maytheresa  media  mental.health  mentalhealth  metrics  michigan  migration  mikedavis  milanovic  mobility  modeling  monopolies  morethanhuman  moshoms  multispecies  narrative  nationalism  nature  neoliberalism  newdarkage  newport  news  nicktabor  no.fucking.shit  nodeal  nonprofit  nonprofits  norway  nytimes  objectivity  oceans  oligarchy  olivrmorton  online  org  organizing  ownership  oxfam  parenting  pegida  peoplesvote  personalresponsibility  pessimism  philanthropicindustrialcomplex  philanthropy  phoebemaltzbovy  photography  pirates  planning  polarisation  policy  political  politicalsystem  politics  poo-pourri  poop  poor  populism  post-industrialism  poverty  power  power_in_america  problemsolving  process  prometheus  propaganda  psychology  publicgood  publicservices  punishment  purity  quantification  race  racism  radicalism  rainbowcoalition  realestate  rebecca.solnit  redistribution  remain  resentment  restorative_justice  rhetoric  richardwolff  risk  robinsontommy  rustbelt  sanctions  schooling  schools  science  segregation  services  sethgershenson  sexism  sexual_harassment  shipping  silicon-valley  siliconvalley  simplification  singlemarket  slate  slavery  social  socialism  socialmedia  socialsafetynet  society  sociology  software  solidarity  somali  state  statistics  stinks  stories  storytelling  studentloans  study  systems  systemsthinking  tax_evasion  taxation  taxes  tech  technology  thatcherism  think  thinking  time  to  to:nb  toryparty  transformative_justice  transmission_of_inequality  troyvettese  trump  trumpdonald  trust  twitter  uber  uk  ukip  understanding  uni  unions  united_states  unity  universalbasicincome  universities  unschooling  us  usa  usage  veil  violence  volcano  voxeu  wage-growth  warren  we  wealth  web  weber  welfare  white_supremacy  why  wilfredpeltier  women  women’s  work  working.time  working  workingclass  writing  xenophobia  youth  zoning 

Copy this bookmark:



description:


tags: