Meet the Middle Precariat | naked capitalism

The word Precariat was popularized five or so years ago to describe a rapidly expanding working class with unstable, low-paid jobs. What I call the Middle Precariat, in contrast, are supposed to be properly, comfortably middle class, but it’s not quite working out this way.

There are people like the Floridian couple who both have law degrees—and should be in the prime of their working lives—but can’t afford a car or an apartment and have moved back in with the woman’s elderly mother. There are schoolteachers around the country that work second jobs after their teaching duties are done: one woman in North Dakota I spoke to was heading off to clean houses after the final bell in order to pay her rent.

Many of the Middle Precariat work jobs that used to be solidly middle class. Yet some earn roughly what they did a decade ago. At the same time, middle-class life is now 30 percent more expensive than it was 20 years ago. The Middle Precariat’s jobs are also increasingly contingent—meaning they are composed of short-term contract or shift work, as well as unpaid overtime. Buffeted by Silicon Valley-like calls to maximize disruption, the Middle Precariat may have positions “reimagined.” That cruel euphemism means they are to be replaced by younger, cheaper workers, or even machines.

Source: Meet the Middle Precariat | naked capitalism

Is Universal Basic Income a Powerful Strategy Against Job-Killing Automation? Andy Stern Thinks So | Alternet

The former head of SEIU says it’s time to rethink many of the basics about unions and the workplace.

Source: Is Universal Basic Income a Powerful Strategy Against Job-Killing Automation? Andy Stern Thinks So | Alternet

Bernie v. the Macro-Economists’ Hubris

The next time you read about macro-economists’ authoritative statements on forecasting the economy under Bernie’s programs, remember the following two charts and how well the macro-economists at the IMF did on projecting World Growth and China’s Growth. Doesn’t make him right, makes you think.

Source: When The Hockeystick Breaks: The IMF Gives Up On China Growth | Zero Hedge

The Pragmatic Case for Bernie Sanders – The Atlantic

Political and social change emanate from persistent pressure for a just world, not settling for what is “realistic” before even getting to the negotiating table.

Source: The Pragmatic Case for Bernie Sanders – The Atlantic

This chart shows how federal housing policy benefits the rich more than the poor – Vox

Housing tax breaks for the rich are worth more than housing subsidies for the poor.

Source: This chart shows how federal housing policy benefits the rich more than the poor – Vox

NYC: Real Estate Tax Breaks for Oligarchs

How nauseating: NYC provides tax support to billionaires:

New York City’s method of assessing property values is so out of whack that the buyer of the most expensive apartment ever sold — a $100 million duplex overlooking Central Park — pays taxes as if the place were worth just $6.5 million.

With controversial tax breaks granted to the One57 condo tower, the total property tax bill for the spectacular penthouse is just $17,268, an effective rate of 0.017 percent of its sale price.

By contrast, the owner of a nearby condo at 224 E. 52nd St. that recently sold for $1.02 million is paying an effective rate of 2.38 percent, or $24,279, according to data compiled for The Post by the Revaluate.com real-estate information website.

(via ZeroHedge)         

 Tax Breaks for Oligarchs: The $100 Million NY Apartment With A Property Tax Rate of o.017%

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