economics

College grads struggle to launch careers in a pandemic economy. 'I chose the worst year to get my life together'

CHICAGO — Kevin Zheng had big plans lined up as he prepared to graduate in the spring with a degree in criminal justice from the University of Illinois at Chicago.The 23-year-old thought he’d enter the job market well-prepared, with an internship at the Chicago Police Department on his resume.But the COVID-19 health crisis upended that plan. His internship was canceled, his graduation was delayed until August, and he sat in his bedroom for the virtual commencement ceremony. Now he’s looking for a job in a pandemic-induced recession.“I chose the worst year to get my life together,” said Zheng, ...

Don't be tricked by free market theology — 'small business' and 'competition' can be as dangerous as big corporations

When it comes to businesses in need of reform, the saying “size isn’t everything” should apply. Unfortunately, this isn’t the thinking in the realm of antitrust, where size is seen as inextricably linked to questions of competitiveness, political corruption, the stifling of innovation and distortions of economic power. At least that’s the case made by Professor Tim Wu, in his new work, The Curse of Bigness: Antitrust in the New Gilded Age. Reviewing the book, New York Times correspondent David Leonhardt accepts Wu’s central premise:

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How industry devoured American agriculture - and corrupted our food system from the inside

Thanksgiving -- let's eat! America's most food-focused holiday traces its roots back to the abundant feast that Pilgrims and Native Americans enjoyed together in the fall of 1621. 

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'A big giveaway to stockholders': Paul Krugman argues the GOP's tax scam is making 'America as a whole poorer'

Republicans already know that their sole major legislative achievement thus far in President Donald Trump's administration is not popular with the American people, which is why none of them campaigned by touting the GOP tax cuts. But as Paul Krugman argued in the New York Times this week, the evidence shows that the tax legislation isn't bringing its promised benefits to the country and is actually making the country poorer.

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Trump's Chief Economic Adviser Actually Just Said He Thinks Having a National Minimum Wage Is a 'Terrible Idea'

Despite mounting evidence to the contrary, White House economic adviser Larry Kudlow said Thursday that corporate tax cuts are the best way to lift low-income Americans out of poverty—not a federal minimum wage hike, which he denounced as "silly."

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How the Numbers Can Lie: Paul Krugman Explains Why European Social Democracies Are So Much Better Off than the United States

Apropos of absolutely nothing, the White House released a new report this week decrying the dangers of "socialism" — and was roundly mocked for wasting government time on producing such a patently unnecessary and brazenly partisan document.

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If the Euro Cracks - Blame Germany, Not the Italians

The European Union today is experiencing a revival of the very political conditions that its formation was ostensibly designed to eliminate. Although the creation of the euro in particular was deemed to be a key component helping to move the EU to an “ever closer union,” ridding the continent of centuries of historic enmities, in reality, it has done the opposite: The monetary union, and the austerity-linked conditions governing membership in the eurozone (EZ), continue to create conditions ripe for extreme nationalist movements in Italy, France, Hungary, Poland and elsewhere.

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'Republicans Are Lying Nonstop': Paul Krugman Slams the GOP for Abandoning All Restraint and Adopting Trump's Approach to the Truth

In a new New York Times op-ed, economist Paul Krugman pointed out that the Republican Party's apparent strategy for winning over voters in the 2018 election is taken right from President Donald Trump's playbook: Lie, lie, lie.

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Here's Who Wins and Who Loses from Changes to NAFTA

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NAFTA is out but the United States-Mexico-Canada-Agreement (USMCA) is in.

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Trump Thinks He Has the Advantage in His Trade War with China - But It Could Backfire in a Big Way

Contrary to what President Trump thinks, trade wars are neither good, nor easy to win. But ultimately, as in any war, there are winners and losers. In that respect, the U.S. president is probably right in his implicit assumption that the U.S., not China, is likely to come out ahead in its steadily intensifying trade conflict with Beijing—at least in the short term, until China can wean itself off its export-led mercantilist growth model. This is not to say that there will not be collateral damage in the U.S., although it is interesting to note that even as the conflict has intensified, the Dow Jones index has continued to hit new historic highs, while China’s Shanghai SE Composite Index is down more than 17 percent year to date. So clearly there are some implicit bets being placed on the outcome of this particular conflict in favor of the U.S. Are these bets rational?

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Libertarian Pundit John Stossel Defends Price Gouging Victims of Hurricane Florence Tragedy - Here's Why He's Wrong

Libertarians can be great at calling out overreach from Republicans and the Christian Right, often stressing that they consider themselves to be “social liberals” who are “fiscal conservatives.” The late Arizona Sen. Barry Goldwater, who had nothing good to say about the Christian Right and was a blistering critic of the late Rev. Jerry Falwell, Sr., has often been quoted by members of the Libertarian Party. But libertarians can also be apologists for the worst aspects of predatory “free enterprise,” and a perfect example is John Stossel’s recent defense of price gouging during Hurricane Florence.

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