New Republic editor Timothy Noah discusses the origin of the term “American Dream” and how inequality is frustrating social mobility in America. This brief (2:15) video was part of the weekly commentary segment on CBS Sunday Morning.
Finance
What About The Poor?
If one were to believe American political rhetoric, it would seem that there are no poor people in the United States. Neither Republicans nor Democrats discuss poverty, or “the little guy.” Instead, both political parties talk of the plight of the mythic “middle class.” Of course, the middle class is not as large as our politics would suggest. Especially in the wake of the Great Recession, there is staggering (and disturbing) number of Americans living in poverty–nearly 50 million people, or 1 in 5 children in the US. This episode of the Moral Maze radio programme (yes, it is British) debates the ethics of poverty, entitlements (“benefits” in the British lexicon), and the social safety net.
The show is a bit on the dry side and runs approximately 43 minutes. It is, however, relevant to potential SLACE members as this is the format that will be utilized by the SLACE debate podcast.
Flawed Dow
This is Planet Money episode (29:02 min) discusses Dow Jones industrial index, its history, and why it is an over-hyped economic indicator. After explaining how the Dow Jones industrial average is calculated, Jacob Goldstein, NPR’s economics correspondent, argues against using the Dow as any sort of serious measure of the health of the economy. Part of the reason that I post this story is because it explains what stock prices represent, a topic recently discussed in Professor Germain’s Business Associations class.