If you thought the economic news was crazy during the first half of 2022, just wait until we get to the second half! So many of the problems we are experiencing now are going to continue to intensify as Americans become more pessimistic about economic conditions with each passing day … by Michael Snyder on […]
Welcome To The Third World, Part 32: A Trillion Dollars Of Drug Overdoses
Excerpted from CNBC: Drug overdoses are costing the U.S. economy $1 trillion a year, government report estimates Fatal opioid overdoses are thought to be costing the U.S. economy $1 trillion each year, government officials have said. In a report published Tuesday by the bipartisan U.S. Commission on Combating Synthetic Opioid Trafficking, it was revealed that […]
Welcome To The Third World, Part 31: Cities And States Are Bankrupt Without A Bailout
Lacking monetary printing presses, US cities and states tend to behave more like normal economic entities than do most nations. That is, they’re always balanced on the knife-edge of insolvency as taxes fail to cover the promises, legitimate and otherwise, that mayors and governors have made to voters. Toss in the covid-19 lockdowns and – […]
Welcome To The Third World, Part 30: California Burning In The Dark
Venezuela has suffered through recurring power outages this year, as money for routine maintenance dries up and power plant employees flee the country (and, okay, as the US practices its cyberwar skills on a vulnerable target). Some of the blackouts have lasted as long as a week. Here’s an aerial photo comparing Caracas on a […]
Welcome To The Third World, Part 29: Medieval Diseases “Flare”
A driving trip down the Pacific Coast normally involves prioritizing a long list of great views and spectacular hiking/biking trails to fit the allotted (never sufficient) time. But now there’s a new element to consider: Homelessness. Go to, say, Trip Advisor, and read the reviews of California attractions and you’ll find a disturbing number along […]
Welcome To The Third World, Part 28: The “Bottom Half” “Bolsters” The Economy By Going Into Debt
For maybe the best example of how financial trends are diverging at the opposite ends of the wealth spectrum, contrast the cash flowing into the accounts of the already-rich with the debt accumulating in the accounts of the “bottom half”: Mortgage, Groupon and card debt: how the bottom half bolsters U.S. economy (Reuters) – By […]
Welcome To The Third World, Part 27: Losing Faith In College
One of the hallmarks of a successful society is the widespread belief that education is a key to success. For that to be true there have to be 1) enough jobs farther up the food chain to make four more years of studying worthwhile, and 2) schools that are good and cheap enough to make […]
Welcome To The Third World, Part 26: Illinois About To Default?
The train wreck that is the state of Illinois has generated a lot of questions lately, including “Will its government ever pass a budget?”, “Will it ever pay its overdue bills?”, and “Is it possible for a state to go bankrupt?” Looks like we’re about to get some answers to these questions, along with one […]
Welcome To The Third World, Part 23: Whites Are Dying “Deaths Of Despair”
“White privilege” is such a commonly accepted pillar of American society that it’s become material for comics. As Chris Rock tells his audience in the following clip, “There ain’t a white man in this room who would change places with me. And I’m rich!”
Welcome to the Third World, Part 22: State Schools Scale Waaayyy Back
Readers of a certain age will remember when state universities were a bit spartan but extremely cheap. Middle class families could send their kids to Ohio State or UCLA without taking out a second mortgage, and the kids could focus on classes and fun instead of juggling multiple part-time jobs to cover room and board. […]
Welcome To The Third World, Part 20: Poor Kids Become Prostitutes To Buy Food
One of the jarring things about visiting less-well-off countries is the seemingly inexhaustible supply of girls and boys available for anyone with hard currency. These are someone’s kids. But apparently there’s not enough food in the rural village or urban slum to sustain them, so they end up living lives that are absolutely inconceivable for […]
Welcome To The Third World, Part 19: Health Care Systems Break Down
The most obvious difference between “rich” and “poor” countries is that the former provide health care for most or all of their lucky citizens. At least they used to: Obese patients and smokers banned from routine surgery in ‘most severe ever’ rationing in the UK (Telegraph) – Obese people will be routinely refused operations across […]
Welcome To The Third World, Part 18: Pensions Overwhelm Public Services
Citizens of the developed world are watching Venezuela’s descent into financial and political chaos mostly, it seems, with amused detachment, safe in the assumption that we’ll never end up hunting our cats and dogs for food. But – since Europe, Japan and the US are making essentially the same mistakes as Venezuela’s past and present […]
Welcome To The Third World, Part 17: Was Middle-Class Retirement Just A Credit Bubble Fantasy?
One of the jarring — and until recently underreported — aspects of those seemingly-positive recent US jobs reports is the increasing skew towards older workers. Most new jobs have gone to people who in better times would be leaving to live off their savings. Now they’re coming back, frequently taking jobs they wouldn’t consider if […]
Welcome To The Third World, Part 16: The Best Jobs Are Now In Government
Years (actually decades) ago I lived in a New York University grad student dorm that housed mostly elite kids from other countries. Sons of African finance ministers, daughters of European bankers, that kind of thing. And the developing-world students all told the same story: Back home, people who wanted to get rich went into government […]
