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Stanford panel: economy, not war on poverty, failed

Original post made on Jan 15, 2014

The U.S. economy's failure to deliver jobs has left the country with persistently high rates of poverty and income and wealth inequality, a panel of experts convened at Stanford University said Monday.

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Comments (5)

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Posted by Amelia
a resident of Old Mountain View
on Jan 15, 2014 at 8:16 am

It doesn't help that outsourcing is so easy and that so few Americans are getting education in computer science.

Like this comment
Posted by Political Insider
a resident of Old Mountain View
on Jan 15, 2014 at 9:46 am

What do sociologists and epidemiologists know about the economy? Very little in terms of understanding how an economy works

Like this comment
Posted by James Lundblad
a resident of Whisman Station
on Jan 15, 2014 at 2:39 pm

Job Guarantee, an old idea that has gained interest recently and deserves serious consideration.

Web Link

Like this comment
Posted by Martin Omander
a resident of Rex Manor
on Jan 15, 2014 at 3:58 pm

From the research I have read, the trouble is the "rock star effect". That is, the top achievers in any field can serve many more people than before. For example, top sports and music talent can serve people all over the globe. The same goes for computer programmers, manufacturers, journalists, bankers, etc. The result is that the best performers get paid much more, and everyone else slightly less. This has been going on for decades.

Reversing this trend is tricky, as it would mean uninventing the shipping container, television and the Internet.

Like this comment
Posted by Hmm
a resident of Monta Loma
on Jan 15, 2014 at 4:25 pm

" "rock star effect". That is, the top achievers in any field can serve many more people than before"

That's the problem today, if you are not a rock star then your job has a high chance of being offshored to countries like India and China, and other places where labor is way cheaper. A lot of people were laid off because of this, I saw it first hand at the company I work for.

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