After years of watching our country claw its way back from the Great Recession, these debt ceiling and government shutdown are foreign to me. Why would we ever want to put our country in the position to default on our loans? Why is this even an argument?
What does a theologian have to say about the current impasse in Washington D.C.? Maybe I would say, "There's a kingdom that breaks bread and there's a kingdom that withholds bread -- our government seems to be the latter."
The labor market and employment situation that we face today has many facets: in addition to recovering from a global financial crisis, the economy is facing a slow recovery, resulting from a long recession.
Last year while visiting Le Havre, I talked with a young waiter working two jobs to save enough money to go to school to specialize in international law. I asked him how much money he needed, and when he told me 4,000 euros, I almost laughed.
Wall Street is now reflecting upon the fifth anniversary of the Lehman Brothers bankruptcy. In fact, most are celebrating the belief that the complete collapse of the American economy was avoided. However, it is much more accurate that the Great Recession was only temporarily mollified.
Much of the racial wealth gap is a result of deliberate policy choices, both by government and the private sector. And because wealth can be handed down from generation to generation, the effects linger long after discriminatory policies change.
All knowledgeable D.C. types know that the TARP and Fed bailout of Wall Street banks five years ago saved us from a second Great Depression. Like most things known by knowledgeable Washington types, this is not true.
A great number of Americans are redefining the American Dream. That was the takeaway from a recent Credit.com poll, which showed that nearly one in four people between the ages of 18 and 24 defined the American Dream as being debt-free. Shockingly, that's more than those who dream of owning a home.
This historical amnesia is a dangerous mistake. It poisons our hearts with pessimism. It blinds us to the lessons and solutions we need. Most New Yorkers have no idea how prevalent poverty used to be -- or how their predecessors made it go away.