Sunday Reads

Senator Elizabeth Warren introduces bill to stop credit checks in job application process
A bad credit rating is far more often the result of unexpected medical costs, unemployment, economic downturns, or other bad breaks than it is a reflection on an individual’s character or abilities,Senator Warren said. “Families have not fully recovered from the 2008 financial crisis, and too many Americans are still searching for jobs. This is about basic fairness — let people compete on the merits, not on whether they already have enough money to pay all their bills.” Hat Tip Crooks and Liars

The Bureau of Labor Statistics shows us the frugal reality of life on the social safety net.
“This month, the Bureau of Labor Statistics compared yearly spending between families that use public assistance programs, such as food stamps and Medicaid, and families that don’t. Surprise, surprise, households that rely on the safety net lead some pretty frugal lifestyles. On average, they spend $30,582 in a year, compared to $66,525 for families not on public assistance. Meanwhile, they spend a third less on food, half as much on housing, and 60 percent less on entertainment.” Hat Tip Atlantic Magazine

Annual Spending

You Don’t Have the Right to Remain Silent
“On Monday, in a case called Salinas v. Texas that hasn’t gotten the attention it deserves, the Supreme Court held that you remain silent at your peril. The court said that this is true even before you’re arrested, when the police are just informally asking questions. The court’s move to cut off the right to remain silent is wrong and also dangerous—because it encourages the kind of high-pressure questioning that can elicit false confessions. Hat Tip Slate Magazine”

Who said the appointment of Federal Judges do not have much importance? A judge’s life time appointment sways the legal course of the nation for decades to come until SCOTUS again finds time enough to rule on cases impacting people and not big business.

Land of The Free?
25% of the world prison population resides in US prisons and jails at an ~ cost exceeding $22,000 annually. As I had written in “One In 31 Adults”, ~50% of those incarcerated have been convicted of nonviolent crimes. Maybe it is time to review sentencing guidelines. Hat Tip Crooks and Liars

The Death of The American Dream in a Single Chart
Upward Mobility in America has become increasingly difficult. Whether black or white, “Children from low-income families have only a 1 percent chance of reaching the top 5 percent of the income distribution.” The odds of advancing up a rung increase when racial background is included. Understanding Mobility in America Hat Tip David Atkins At Hullabaloo

Gatsby Curve

Wealth inequality is even more disturbing than income inequality

Distribution of Income by Source

“Democrats are often afraid to talk in these terms because it sounds positively Marxist to do so. But while I don’t consider myself a Marxist, I’ve been writing for a long time now that it’s important to recognize that we have an asset class and a wage-earner class–and their interests don’t align at all.” Hat Tip David Atkins Hullabaloo

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