Andy Burnham's plan to devolve power by allowing England's regional mayors a share of income tax aims to address regional inequalities. While economists support the principle, challenges include avoiding weaker economies falling behind, repairing damage from austerity, and a lack of local government expertise and resources.
A report by the Institute for Fiscal Studies reveals 42% of 25-year-olds in Britain live with parents, up from 25% in the 1990s. Declining real earnings and housing affordability force young adults into 'kidulthood,' impacting independence and exacerbating inequality. The article calls for policy changes like social housing and stronger wages.
Anthropic's report and experts like Sam Altman and David Autor suggest AI's job-killing potential and economic transformation may be overstated, with modest employment effects and lagging productivity gains since 2022
The global landscape of passport strength is evolving, reflecting geopolitical shifts and inequalities. While overall mobility has increased due to more visa-free agreements, significant disparities persist, with some passports offering extensive access and others severely limiting travel, impacting individuals' lives and global interactions.
Centenarian performance artist Ken Turner, ahead of a new exhibition in Penzance, reflects on his rebellious life and career. He discusses his journey from creating immersive inflatable sculptures in the 1960s to driving a tank over a Tesla last year, consistently challenging art conventions and the establishment with socially conscious work.
Historian Kim Phillips-Fein's new book, "Country of Lords," examines the historical struggle against equality in America, linking figures like John Adams, Andrew Carnegie, and modern tech titans such as Elon Musk and Peter Thiel, amidst growing concerns about economic hierarchy and democracy.
Academics Gabriel Zucman and Ben Tippet propose a 2% minimum wealth tax on UK households with over £100m, potentially raising £10bn annually from fewer than 1,000 super-rich families. The proposal aims to fund public services and reduce inequality, aligning with Andy Burnham's calls for fairer taxation, though the new prime minister's specific plans are awaited.
A new report by the Economic Policy Institute suggests tripling US union membership to 30% could boost the median worker's pay by 14.5% ($7,700 annually), shifting $1.2tn to workers, narrowing racial wage gaps, and reversing one-third of inequality since 1979.
Senator Ed Markey is pushing for federal regulation of AI, introducing an "AI accountability agenda" with bills addressing datacenter environmental impact, workplace surveillance, algorithmic bias, and economic inequality. He aims for national safeguards beyond state-level action.
The High Pay Centre (HPC), known for its analysis of executive pay and the pay gap, is set to close due to the termination of its funding by the Financial Fairness Trust, now renamed Aberdeen Group Charitable Trust. This closure highlights a broader trend of reduced funding for social justice research, influenced by a shift away from DEI/ESG initiatives.
California's proposed 5% wealth tax on assets over $1 billion faces fierce opposition from tech billionaires. Over $120 million has been raised against the measure, with Google co-founder Sergey Brin donating $82 million. Supporters argue it will fund public services and reduce inequality.
France's recent heatwaves, with temperatures nearing 30C, have exposed and exacerbated social inequalities, particularly in deprived areas like Saint-Denis. Residents struggle to cool off due to inadequate infrastructure and housing, leading to increased deaths and criticism of government response.
A UBS global wealth report indicates that while average wealth increased, median wealth declined in Australia and many other nations, highlighting a growing divide. Over 25,000 Australians became millionaires last year, yet middle Australia's wealth is going backwards, largely driven by housing.
A UN report highlights AI's potential to widen global inequality, urging a shared framework for responsible development. It notes uneven adoption, with the global South lagging behind the North, and warns of "authoritarian capture" due to AI concentration in a few firms and countries.
Reddit's r/almosthomeless subreddit has grown to 85,000 subscribers as people share struggles with impending homelessness, seeking support and resources amidst soaring US economic inequality.
The UK's record-breaking heatwave is causing significant economic disruption, with economists warning of productivity losses and damaged growth. The situation highlights inequalities in flexible working and the absence of maximum temperature regulations in many workplaces.
A study by the World Inequality Lab reveals Hong Kong is now the world's most unequal society, with wealth disparities driven by capital concentration and investment returns favoring a small segment, rather than wage differences, significantly reducing social mobility.
South Korea's nominal GDP growth is projected to exceed 10% due to tech giants like Samsung and SK Hynix. However, a senior economic policymaker expressed concern that the boom's benefits are not reaching small businesses and retail sectors, leading to store closures and failures.
New York's primaries on Tuesday will decide Democratic nominees for November's midterm elections, influencing control of Congress. Key races feature progressive vs. moderate Democrats, debates on Israel policy, and tests of the Democratic Socialists of America's influence.
The Comrades Marathon, the world's oldest and largest ultramarathon, took place on June 14th with over 20,000 participants. The race, which began in 1921 as an all-white, all-male event, has evolved into a significant part of South African life, symbolizing unity and overcoming adversity.
Despite historical efforts, including Obama's administration, to curb income inequality, the US shows a persistent disinterest in redistribution. Factors like public aversion to taxes and wealth accumulation strategies by the ultra-rich contribute to widening disparities, potentially exacerbated by AI.
Economists warn Pauline Hanson's One Nation proposals on parental leave and childcare could damage productivity and worsen gender inequality. Suggestions include employers not paying women on maternity leave and shifting childcare funding directly to parents, potentially impacting women's financial independence and the economy.
Activists protested the SuperReturn private equity conference in Berlin, criticizing the industry's practices of wealth extraction and high debt financing. They argue that private equity firms prioritize profit over company growth and worker welfare, often leading to detrimental effects on businesses and the economy.
Activists protested the SuperReturn private equity conference in Berlin, highlighting wealth inequality and the controversial practices of private equity firms. They argue that much of the superrich's wealth is inherited and advocate for higher inheritance taxes.
