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By Rachel Goldfarb, originally published on Next New Deal

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The Devastating, Lifelong Consequences of Student Debt (TNR)

Roosevelt Institute Fellow Mike Konczal points out that the student debt crisis isn't about monthly payments, as the Brookings Institution suggests, but the life choices necessitated by debt.

What if We Treated Labor Like a Startup? (The Nation)

David Rolf, president of SEIU 775NW, suggests that organizing labor movements like startup incubators would help to develop new projects to improve working conditions.

Why Government Pension Funds Became Addicted to Risk (NYT)

Higher-risk investments have become necessary if pension funds are to hit return targets, writes Josh Barro, but come at a price in management fees and hide the real cost of the pensions.

  • Roosevelt Take: Roosevelt Institute Senior Fellow Rob Johnson considers how big money in politics affects pension investment choices.

Why the Gap Thinks a Higher Minimum Wage is Good for Business (Vox)

Danielle Kurtzleben speaks to a vice president at Gap about the company's attempt to retain skilled and educated staff by setting a higher minimum wage company-wide.

Making a Withdrawal: Banks Shut Branches in Poorer Communities (AJAM)

Ranjani Chakraborty and Sarah Hoye examine what happens to communities where banks have eliminated branches. Fees from payday lenders for cashing checks and other services add up fast.

Mortgage-Investor Group Asks DOJ to Leave It Out of Bank Settlements (WSJ)

When banks get credit in their settlements with the Justice Department for modifying loans, mortgage investors want the loans they own excluded, writes Christina Rexrode.

Congrats, America. You Have Less Economic Opportunity Than You Did in 1970 (WaPo)

A new study quantifies varies kinds of opportunity over 40 years and finds that decreasing opportunity overall in the past decade is mostly due to the economy. Jim Tankersley and Jeff Guo report.

Originally posted to Daily Kos Economics on Wed Jun 25, 2014 at 05:05 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  There is so much invested in the myth that (1+ / 0-)
    Recommended by:

    dollars DO NOT COME FROM THE FEDERAL GOVERNMENT that it is going to be very difficult to defeat. Because there is a deeper myth and that is that currency has some intrinsic value that increases when there is less and decreases when there is more. That currency is just a visible symbol of something that is otherwise impossible to perceive and is, in that sense, much like the script we use to render the spoken word (sound) visible, essentially worthless, threatens to destroy the financial industry and so they resist the truth.
    Who can blame them? Hoarding the currency and depriving people of its use makes it possible for the financial class to be sustained without doing any work.

    by hannah on Wed Jun 25, 2014 at 06:06:09 AM PDT

  •  So it's that easy? (0+ / 0-)

    So the next time the big players in the industry that my  dollars were invested in, and used to perpetrate fraud on those players' customers to the extent that the DOJ gets involved and levies fines and penalties against the industry, I can just (politely) ask the DOJ to leave me out of the proceedings because I might also be subject to investigation and any of those fines and penalties?  If the investors in the banking industry get away with being excluded from the penalties for the banks' bad acts, what is to encourage heightened due diligence before investing their money next time?  Is moral hazard now a problem with only the "little people"?

    "All that is necessary for evil to triumph is for good men to do nothing" - Edmund Burke

    by SueDe on Wed Jun 25, 2014 at 08:30:47 PM PDT

  •  Here's the thing: parents who grew up in (0+ / 0-)

    different economic conditions don't believe this economy will last.  They believe it's an aberration and they're advising their children based on those beliefs.  So high schoolers are going off to college with the idea that whatever debt they incur will be quickly paid off bc, of course, they'll get good paying jobs with those college degrees.  Maybe they'll have to stay home for a few yrs to facilitate those debt payments, but in no time, life will be good.  There's no sense that this economy is it:  what you see is what you'll live with.  No sense that serious adjustments are desperately in order.

    Listen, my parents paid for my college.  Back in my day, a prudent middle class family could write checks for college.  (My family wasn't prudent, to say the least, but they wrote checks to the banks they borrowed from and it didn't kill their lifestyle--which is how they weren't prudent in the first place.)  Those days, college tuition and middle class income, are decades gone.

    People need to get a grip on today's realities.  And parents today should consider that "helping" their kids with those debts could make the parents old age poor.  Another exigent problem to look forward to.

    If you don't have a seat at the table, you're probably on the menu.

    by CarolinNJ on Thu Jun 26, 2014 at 01:37:31 AM PDT

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