2 years ago 2 years ago
GOOD: We stuff our credit card bills deeper into the drawer. We lose our jobs and call it “going freelance.” We lie to our parents and tell them we still have health insurance. We see protesters mingle with people who have been without a home or a job for a long time—a really long time—and we wonder if they’re on the same spectrum. We don’t ask that question out loud.
We respect that everyone has a side hustle. A side hustle to the side hustle. Survival, we come to realize, is its own form of activism. We buy less crap. We make dinner at home. We hold out hope that our projects will become paychecks. We share.
We rely on each other. We get through it together. 

GOOD: We stuff our credit card bills deeper into the drawer. We lose our jobs and call it “going freelance.” We lie to our parents and tell them we still have health insurance. We see protesters mingle with people who have been without a home or a job for a long time—a really long time—and we wonder if they’re on the same spectrum. We don’t ask that question out loud.

We respect that everyone has a side hustle. A side hustle to the side hustle. Survival, we come to realize, is its own form of activism. We buy less crap. We make dinner at home. We hold out hope that our projects will become paychecks. We share.

We rely on each other. We get through it together. 

2 years ago 2 years ago 2 years ago
By the time I feed my family, I have maybe $400,000 left over. Cite Arrow Rep. John Fleming (R-LA), in an interview on MSNBC, on why as a small business owner he can’t afford a tax increase. (via)
2 years ago 2 years ago
Bought some US stocks

robdelaney: I just bought some shares in an index fund that tracks the Wilshire 5000, which means I just bought shares in the 5000 largest American companies. I did this because I wished to take substantive action immediately upon learning of Standard & Poor’s downgrade of US credit. Standard & Poor’s, and to a lesser degree, Fitch and Moody’s bear much responsibility for the global recession from which we are trying to extricate ourselves. They maintained AAA ratings for companies run by abject criminals who knowingly, consciously, and systematically lied to US citizens and citizens of the world at large. Thus, they are culpable in the collapse of many banks (my own included) and their actions, among other things, drove thousands of families from their homes. As such, their opinion is worthless to me and it should be worthless to you.

I am not rich. I don’t make enough through SAG or the WGA to qualify for health insurance. I currently make my living writing for magazines and performing live comedy, though I have worked in factories, publicly traded corporations, schools and newspapers at other times in my life.

But based on reports from S&P in 2008, their forecasts and analysis, and the human beings who write and disseminate them have been so disastrously incorrect, not to mention nefarious and motivated by political and financial gain, that I thought it was time to buy some stock in the U.S. of A.

I am NOT saying that our Congress isn’t a GLOW IN THE DARK EMBARRASSING DISASTER. They are. How could they not expect negative consequences from their shameful, childish performance over the past months?

It is worth noting that I am NOT buying U.S. Treasuries at the moment. I’m buying stocks. Right now, if the government wants my money, they’ll need to tax the companies I just gave it to or wait until they hire someone and tax their earnings. S&P’s assessment of U.S. credit is not wrong, but they have forfeited their right to have their opinion valued and embraced.

What I am saying is that I believe in me, and I believe in you and I believe in elbow grease, objectivity and history. Did you see the recession coming? Did it announce itself and tell you the date it would arrive? No, it did not. Nor will recovery. So quit whining. Pessimism is for losers.

So to paraphrase Warren Buffet, whose sterling, brick and mortar, brilliantly run, cash-rich company Berkshire Hathaway was ALSO downgraded by S&P in the past, “American stocks are on sale.” Why not pick some up? I did. And I’m a 34 year old, hard working husband and father who gives a shit about the country he lives in and doesn’t take orders from S&P, CNN, or Congress. I give them. And so do you. 

2 years ago

Debt is cold and unflinching, inked in red.

It is pieces of mail that you’d rather not open, balances you don’t calculate. But its underbelly is soft and warm. To owe money is dehumanizing, but to owe is just human.

Cite Arrow Longshot Magazine on Debt
2 years ago
 
 Wealth gap widens between whites, minorities 
The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
The analysis shows the racial and ethnic impact of the economic meltdown, which ravaged housing values and sent unemployment soaring. It offers the most direct government evidence yet of the disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.
"What’s pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade — because that was the American dream — are seeing big declines," said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in income inequality.
The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation’s economic expansion lifted many low-income groups to the middle class.
The white-black wealth gap is also the widest since the census began tracking such data in 1984, when the ratio was roughly 12 to 1.
"I am afraid that this pushes us back to what the Kerner Commission characterized as ‘two societies, separate and unequal,’" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic."
Stock holdings play an important role in the economic well-being of white households. Stock funds, IRA and Keogh accounts as well as 401(k) and savings accounts were responsible for 28 percent of whites’ net worth, compared with 19 percent for blacks and 15 percent for Hispanics.
According to the Pew study, the housing boom of the early to mid-2000s boosted the wealth of Hispanics in particular, who were disproportionately employed in the thriving construction industry. Hispanics also were more likely to live and buy homes in states such as California, Florida, Nevada and Arizona, which were in the forefront of the real estate bubble, enjoying early gains in home values.
But those gains quickly shriveled in the housing bust. After reaching a median wealth of $18,359 in 2005, the wealth of Hispanics — who derived nearly two-thirds of their net worth from home equity — declined by 66 percent by 2009. Among blacks, who now have the highest unemployment rate at 16.2 percent, their household wealth fell 53 percent from $12,124 to $5,677.
In contrast, the median household wealth of whites dipped a modest 16 percent from $134,992 to $113,149, cushioned in part by a stock market recovery that began in mid-2009.
"The findings are a reminder — if one was needed — of what a large share of blacks and Hispanics live on the economic margins," said Paul Taylor, director of Pew Social & Demographic Trends. "When the economy tanked, they’re the groups that took the heaviest blows."
The latest data come as President Barack Obama and congressional leaders try to reach a deal to avoid a U.S. default on its financial obligations after Aug. 2. Democrats and Republicans have been wrangling over proposals that could cut trillions of dollars from programs such as Medicare and Social Security; they are divided over whether to bring in new tax revenue, such as by closing corporate tax loopholes or increasing taxes for the wealthy.
The NAACP and other black groups urged Obama to resist deep cuts to housing assistance or safety net programs, saying it would disproportionately hurt urban areas with high poverty and unemployment. The U.S. poverty rate currently stands at 14.3 percent, with the ranks of the working-age poor at the highest level since the 1960s. Some analysts believe the poverty rate will climb higher when new figures are released in September.
"Typically in recessions, minorities suffer from being last hired and first fired. They are likely to lose jobs more rapidly at the beginning of the recession, and are far slower to gain jobs as the economy recovers," said Harrison, who is now a sociologist at Howard University. "One suspects that blacks who lost jobs in the recession, or who have tried to help family members or relatives who did, have now spent whatever savings or other cashable assets they had."
Other findings:
—About 35 percent of black households and 31 percent of Hispanic households had zero or negative net worth in 2009, compared with 15 percent of white households. In 2005, the comparable shares were 29 percent for blacks, 23 percent for Hispanics and 11 percent for whites.
—Asians lost their top ranking to whites in median household wealth, dropping from $168,103 in 2005 to $78,066 in 2009. Like Hispanics, many Asians were concentrated in states like California hit hard by the housing downturn. More recent arrivals of new Asian immigrants, who tend to be poor, also pushed down their median wealth.
—Across all race and ethnic groups, the wealth gap between rich and poor widened. The share of wealth held by the top 10 percent of U.S. households increased from 49 percent in 2005 to 56 percent in 2009. The threshold for entry into the wealthiest top 10 percent, however, dipped lower: from $646,327 in 2005 to $598,435.
The numbers are based on the Census Bureau’s Survey of Income and Program Participation, which sampled more than 36,000 households on wealth from September-December 2009. Census first began publishing wealth data from this survey, broken down by race and ethnicity, in 1984.

Wealth gap widens between whites, minorities

The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.

The analysis shows the racial and ethnic impact of the economic meltdown, which ravaged housing values and sent unemployment soaring. It offers the most direct government evidence yet of the disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.

"What’s pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade — because that was the American dream — are seeing big declines," said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in income inequality.

The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation’s economic expansion lifted many low-income groups to the middle class.

The white-black wealth gap is also the widest since the census began tracking such data in 1984, when the ratio was roughly 12 to 1.

"I am afraid that this pushes us back to what the Kerner Commission characterized as ‘two societies, separate and unequal,’" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic."

Stock holdings play an important role in the economic well-being of white households. Stock funds, IRA and Keogh accounts as well as 401(k) and savings accounts were responsible for 28 percent of whites’ net worth, compared with 19 percent for blacks and 15 percent for Hispanics.

According to the Pew study, the housing boom of the early to mid-2000s boosted the wealth of Hispanics in particular, who were disproportionately employed in the thriving construction industry. Hispanics also were more likely to live and buy homes in states such as California, Florida, Nevada and Arizona, which were in the forefront of the real estate bubble, enjoying early gains in home values.

But those gains quickly shriveled in the housing bust. After reaching a median wealth of $18,359 in 2005, the wealth of Hispanics — who derived nearly two-thirds of their net worth from home equity — declined by 66 percent by 2009. Among blacks, who now have the highest unemployment rate at 16.2 percent, their household wealth fell 53 percent from $12,124 to $5,677.

In contrast, the median household wealth of whites dipped a modest 16 percent from $134,992 to $113,149, cushioned in part by a stock market recovery that began in mid-2009.

"The findings are a reminder — if one was needed — of what a large share of blacks and Hispanics live on the economic margins," said Paul Taylor, director of Pew Social & Demographic Trends. "When the economy tanked, they’re the groups that took the heaviest blows."

The latest data come as President Barack Obama and congressional leaders try to reach a deal to avoid a U.S. default on its financial obligations after Aug. 2. Democrats and Republicans have been wrangling over proposals that could cut trillions of dollars from programs such as Medicare and Social Security; they are divided over whether to bring in new tax revenue, such as by closing corporate tax loopholes or increasing taxes for the wealthy.

The NAACP and other black groups urged Obama to resist deep cuts to housing assistance or safety net programs, saying it would disproportionately hurt urban areas with high poverty and unemployment. The U.S. poverty rate currently stands at 14.3 percent, with the ranks of the working-age poor at the highest level since the 1960s. Some analysts believe the poverty rate will climb higher when new figures are released in September.

"Typically in recessions, minorities suffer from being last hired and first fired. They are likely to lose jobs more rapidly at the beginning of the recession, and are far slower to gain jobs as the economy recovers," said Harrison, who is now a sociologist at Howard University. "One suspects that blacks who lost jobs in the recession, or who have tried to help family members or relatives who did, have now spent whatever savings or other cashable assets they had."

Other findings:

—About 35 percent of black households and 31 percent of Hispanic households had zero or negative net worth in 2009, compared with 15 percent of white households. In 2005, the comparable shares were 29 percent for blacks, 23 percent for Hispanics and 11 percent for whites.

—Asians lost their top ranking to whites in median household wealth, dropping from $168,103 in 2005 to $78,066 in 2009. Like Hispanics, many Asians were concentrated in states like California hit hard by the housing downturn. More recent arrivals of new Asian immigrants, who tend to be poor, also pushed down their median wealth.

—Across all race and ethnic groups, the wealth gap between rich and poor widened. The share of wealth held by the top 10 percent of U.S. households increased from 49 percent in 2005 to 56 percent in 2009. The threshold for entry into the wealthiest top 10 percent, however, dipped lower: from $646,327 in 2005 to $598,435.

The numbers are based on the Census Bureau’s Survey of Income and Program Participation, which sampled more than 36,000 households on wealth from September-December 2009. Census first began publishing wealth data from this survey, broken down by race and ethnicity, in 1984.

3 years ago
ilovecharts: In Defense of My Generation
Linked is an Op-Ed I wrote for Forbes about us poor Millennials/The Lost Generation. I spent a good deal of time on it, so I would appreciate it if you all would click through, give it a read, and leave some feedback.
xoxo-Jason

ilovechartsIn Defense of My Generation

Linked is an Op-Ed I wrote for Forbes about us poor Millennials/The Lost Generation. I spent a good deal of time on it, so I would appreciate it if you all would click through, give it a read, and leave some feedback.

xoxo
-Jason