What Inequality Looks Like in San Diego

What Inequality Looks Like in San Diego

Photo by Sam Hodgson

Homeless San Diegans pick out shoes and clothes at a Project Homeless Connect event in January.

Some important people are starting to pay more attention to the gulf between those with means, and those without.

President Obama sounded an alarm over “increased inequality and decreasing mobility” in a landmark speech last week. Pope Francis made headlines for condemning policies he said handicap the poor. Here in San Diego, UC Chancellor Pradeep Khosla has been outspoken about income inequality, and how it might eventually shut more and more people out of a solid education.

He told us last month:

“Right now I’m concerned that we’re at a point right now where your income is deciding more than it should: whether you can go to school or not. And if we keep on going down that path, I think we’ll become a country where only the rich get educated and the poor don’t, and it won’t be the great democracy that it is, and will become in my mind, a Third World country.”

There are lots of ways income inequality plays out in San Diego. Here are a few:

Education

Khosla’s warnings over income inequality all hinge on access to education.  He said UC San Diego is committed to bolstering access, with programs like the Chancellor’s Associates Scholarship program, “where we pick high schools and, students from these high schools that are committed to UC San Diego go there for free.”

But disparities within San Diego Unified mean only certain students can take advantage of offers like those.

Not all students who graduate from high school are prepared to enter a school like UC San Diego – and the breakdown of those who are is troubling.

Here’s what Mario Koran reported about the so-called achievement gap:

But if we take a closer look, and consider the number of students who graduate prepared to enter the University of California system, we start to see some separation.

While students across the county and state scored poorly on this measure, only 1 in 5 Latino and American Indian males, respectively, met University of California admission standards when they graduated from San Diego Unified in 2011. The district average was about twice as good.

San Diego Unified Superintendent Cindy Marten plans to examine disparities like this one beginning this month. She said in her big State of the School District address in October that she’ll hold “‘data dialogues’ … for top administrators to discuss attendance rates, suspension rates and the academic performance of student ‘subgroups’ that are lagging behind.”

Housing

A recent study found that far more San Diego County families are functionally poor than the official numbers suggest. Part of that comes from the fact that it costs much more to live here than it does in other parts of the country. One of the biggest culprits is housing.

With housing prices so high, it makes sense, then, that rental rates are surging – San Diego now ranks third in rentership rates among major U.S. cities.

But as rentership booms, so do rental prices. The New York Times reported on the growing crisis:

The collapse of the housing boom helping stoke a severe shortage of affordable rental apartments. Demand for rental units has surged, with credit standards tight and many families unable to scrape together enough for a down payment for buying a home. At the same time, supply has declined, with homebuilders and landlords often targeting the upper end of the market.

All those factors have contributed to an increasingly loud debate over how best to boost the availability of affordable housing in San Diego.

At the center of that storm has been the affordable housing fee, a charge on new commercial buildings that the city uses to help pay for subsidized housing units. The City Council voted last month to substantially raise the fee.

After crunching the numbers, though, we’ve learned that the increase still represents a drop in the bucket:

Now, with the fee increase, the Housing Commission will be able to build 80-100 more units every year.

It’s not making much of a dent, or a dimple even, but it certainly will affect payers. …

The Housing Commission has effectively admitted that even a five-fold increase of a controversial fee on development won’t have even marginal impacts on the housing crisis.

It’s an admission that the market will have to build the tens of thousands of homes the Housing Commission staff said we need.

Food

One of the starkest examples of income disparities is the fact that some San Diegans don’t have enough to eat, especially when it comes to nutritious food.

Bianca Bruno reported:

In San Diego, a quarter of City Heights residents are affected by food insecurity, and countywide close to 160,000 children are lacking regular access to nutritious food. City Heights’ rates are similar to those in Santa Ana, an Orange County community that is also largely low-income and Latino.

Certain government programs that help needy residents purchase healthy food have been successful – but money for some of those programs is running out:

A new study says San Diego-area low-income residents got a big boost from a government program designed to encourage healthy eating and support farmers markets in poor neighborhoods like City Heights.

Thousands of local residents who get government assistance enrolled in the program and received vouchers to buy nutritious foods like produce, meat, bread and eggs at farmers markets. The participants spent about $330,000 from 2010-2011, or about $93 per person. …

For now, however, the federal grants for the program have run out.

More and more, these programs are on the chopping block. SNAP benefits, for example, have become a political target in the battle over the farm bill. Clare Leschin-Hoar shone a spotlight earlier this year on four San Diego recipients of SNAP benefits, also known as food stamps, and their struggles to put together a meal with healthy produce and protein:

Jessica takes in $230 a month in food stamps. She spends the money on items like eggs, cheese, milk and pasta. She shops the discount bins at local markets and stores, and carefully watches for sales. There are times where she’s had to choose between food for her family and gas to get to her job. When the food sometimes runs out, she seeks out churches and food pantries to make it through the month.

We plan to cover the various factors that contribute to what it costs to live in San Diego more in 2014. Got ideas about other ways to measure inequality here? Send them our way.

Voice of San Diego is a nonprofit that depends on you, our readers. Please donate to keep the service strong. Click here to find out more about our supporters and how we operate independently.


Sara Libby

Sara Libby

Sara Libby is VOSD’s managing editor. She oversees VOSD’s newsroom and its content. You can reach her at sara.libby@voiceofsandiego.org or 619.325.0526.

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54 comments
john stump
john stump

It has been a long time since our leaders were representing the best in human nature versus pandering to organizations, contractors, developers and the voters. Your article highlights what Everybody Knows http://youtu.be/Lin-a2lTelg Santa is not coming to bring us a magic solution for Christmas.

john stump
john stump subscriber

It has been a long time since our leaders were representing the best in human nature versus pandering to organizations, contractors, developers and the voters. Your article highlights what Everybody Knows http://youtu.be/Lin-a2lTelg Santa is not coming to bring us a magic solution for Christmas.

Omar Passons
Omar Passons

It's interesting to read the comments on this piece. Some are very insightful (I find Derek Hoffman, even when I don't agree, to be one of the more thoughtful regulars to examine Voice articles). Some are just sad attempts to make everything a political football. It isn't clear what conclusions to draw from this pretty comprehensive picture but it does seem to make undeniable the important point that many San Diegans aren't doing so well. This is a huge problem for a variety of reasons, not the least of which is that it is almost impossible to succeed without a decent education and very hard to get a decent education if your family is poor. Not impossible, obviously, as many, many people find a way to do so. But if we set aside the blame game for a moment, the bigger issue is that people not succeeding is bad for everyone. Bad for the people who are poor. Bad for their children. Bad for the region. The importance of this piece, in my view, is that there are still a decent number of people who think that the problem is a relatively small one. Perhaps if more people realize the magnitude of our issues and the negative implications of doing nothing, we'll decide to act. And whether that action is giving educational administrators more authority over their staff, raising money to have more employees to bridge the gap between home and the classroom, relieving outdated and cumbersome regulations that have a massive impact on housing affordability or some combination of these or other options, I hope Sara succeeds in getting people to at least agree that a problem needs to be addressed. Then we can spend our time working on how to address that problem rather than living in ignorant bliss about its scope or existence.

Omar Passons
Omar Passons subscribermember

It's interesting to read the comments on this piece. Some are very insightful (I find Derek Hoffman, even when I don't agree, to be one of the more thoughtful regulars to examine Voice articles). Some are just sad attempts to make everything a political football. It isn't clear what conclusions to draw from this pretty comprehensive picture but it does seem to make undeniable the important point that many San Diegans aren't doing so well. This is a huge problem for a variety of reasons, not the least of which is that it is almost impossible to succeed without a decent education and very hard to get a decent education if your family is poor. Not impossible, obviously, as many, many people find a way to do so. But if we set aside the blame game for a moment, the bigger issue is that people not succeeding is bad for everyone. Bad for the people who are poor. Bad for their children. Bad for the region. The importance of this piece, in my view, is that there are still a decent number of people who think that the problem is a relatively small one. Perhaps if more people realize the magnitude of our issues and the negative implications of doing nothing, we'll decide to act. And whether that action is giving educational administrators more authority over their staff, raising money to have more employees to bridge the gap between home and the classroom, relieving outdated and cumbersome regulations that have a massive impact on housing affordability or some combination of these or other options, I hope Sara succeeds in getting people to at least agree that a problem needs to be addressed. Then we can spend our time working on how to address that problem rather than living in ignorant bliss about its scope or existence.

shawn fox
shawn fox

The title and nature of this article is very deceiving. There is nothing inherently wrong with inequality. The difference between the richest and the poorest is certainly eye opening. There are many degrees of inequality. Anyone who wants an education can get it. Up to high school it is essentially free for the poor who pay virtually nothing in income taxes. College can easily be paid for within loans. I financed nearly my entire education with loans so I know this for a fact. My SAT scores were mediocre. Yet I still graduated from an engineering school, and did well. So tell me about something else that the poor supposedly can't get.

shawn fox
shawn fox subscriber

The title and nature of this article is very deceiving. There is nothing inherently wrong with inequality. The difference between the richest and the poorest is certainly eye opening. There are many degrees of inequality. Anyone who wants an education can get it. Up to high school it is essentially free for the poor who pay virtually nothing in income taxes. College can easily be paid for within loans. I financed nearly my entire education with loans so I know this for a fact. My SAT scores were mediocre. Yet I still graduated from an engineering school, and did well. So tell me about something else that the poor supposedly can't get.

Jamie Edmonds
Jamie Edmonds subscriber

Welcome to the "Cancer Stage of Capitalism" while we continue to eat our host (see John McMurtry's book of the same title for more info). Market capitalism is empirically socially destabilizing, it creates unnecessary and inhumane inequality along with resulting unnecessary humane conflict. Capitalism’s most natural state is conflict and imbalance (both national and class). Sovereign nations which are in part protectionist institutions for the most powerful forces of business have often engaged in the most primal act of competition, systematic mass murder, in order to preserve the economic integrity of their national economies and select business interests which invariably comprise the political constituency of any given country.
All wars in history, while often conveniently masked by various excuses, have predominately been about land, natural resources, or geo-economic strategy on one level or another. The state institution has always been driven by commercial and property interests, existing as both a regulator of the basic day to day internal economic operations in the form of legislation and as a tool for power consolidation, and competitive advantage by the most dominant industries of the national or even, in fact more importantly, global economy.
And of course there are many people in the world that still look at this causality in reverse, in some economic views, state government is deemed the central problem, as opposed to the self interest and competitive advantage seeking ethos inherent to market capitalism. As the argument goes, "If state power was removed or reduced dramatically, the market in society would be free of most of it’s negative effects." The problem with this argument is that it forgets that capitalism is just a variation of a scarcity driven specialization and property based exchange system.
No use wringing our hands about inequality, it is an inherent part of our system. Market Capitalism will always create inequality--you can't "fix" it as it is not broken--it is designed that way.

Bill Bradshaw
Bill Bradshaw subscribermember

This flap about income inequality was started by President Obama in an attempt to change the subject from his health care fiasco. It’s easy to solve income inequality; simply hire Fidel Castro or Robert Mugabe. They’ll make everyone instantly poor. Problem solved.

Ed Martin
Ed Martin subscribermember

If obtaining more affordable housing is a goal, then the way to achieve that is to buy existing properties rather than to build new ones. It's quicker, and it's much cheaper, In the past we've frittered away, time, money, and energy finding building sites, paying for the design of the structures, working through the maze of the permit process, and then waiting out the time taken for construction. All that time and money need not be spent on the 'process'; it could instead go to quickly obtain additional living units. FYI, I'm not a real estate agent or landlord, just a taxpayer.

JLDodd
JLDodd

Quoting Jerry Pournelle (after all he weekends in San Diego):

"Freedom is not free. Free men are not equal. Equal men are not free."

What then is your concern with inequality?

JIm Dodd

Glenn Younger
Glenn Younger subscribermember

Land use zoning in San Diego works against good paying jobs. The kinds of companies with jobs that pay $40K+ are discouraged and often "zoned out" of major areas of the city. That makes for longer drives, more traffic and more expence for these companies and workers.

Retail, offices and residential do not a city make. Light manufacturing, distribution, trade services all need a place in a well planned community. Planning and zoning that allows and encourages TRUE mixed use will have a positive effect on middle class jobs and help solve the inequality in opportunities for low wage workers.

Joe Jones
Joe Jones subscriber

More Pulitzer Prize-worthy material from Comrade Sara. "Inequality" in San Diego looks pretty much like "inequality" in any major city, doesn't it? She could have generated the identical comments by simply writing "Inequality is bad!" and then calling it a day. She'd also be providing essentially the same level of insight. The best part--VOSD's managing editor cites a VOSD article to support her analysis. Really? A paper quoting itself? Apparently, it's tough to find a qualified managing editor these days.

La Playa Heritage
La Playa Heritage subscribermember

The lack of justice is sad. Just yesterday, the City Council ignored the IBA report that stated the City Comptroller has already written off $232.1 Million in former Redevelopment Agency (RDA) debt from their books without permission. The write off happened just before the Department of Finance issued their Notice of Completion (NOC) on December 2, 2013. The NOC allows the City to put the $232.1 Million in Federal HUD and CDBG RDA Agency/City loans on future ROPS spreadsheets for repayment. Civic San Diego just sabotaged the poor, and the City Council went along.

http://www.tinyurl.com/20131209

http://www.tinyurl.com/20131121c

http://www.sandiegooversightboard.com/department_of_finance_communications/docs/12_02_13___San_Diego_FOC.pdf

As the December 2, 2013 DOF Notice of Completion states:

“This letter serves as notification that a Finding of Completion has been granted. The Agency may now do the following: Place loan agreement between the former redevelopment agency and sponsoring entity on the ROPS, as an enforceable obligation.”

Fotis Tsimboukakis
Fotis Tsimboukakis subscribermember

As Robert Reich put it. The Republicans believe that cutting money from needy/poor people will motivate them to do better, while the Rich need an increase in money(tax cuts) to be motivated to do better". Draw a line,where I 8 is and examine schools,incomes and wealth on the two sides(take Coronado out),North-South. A look at the SNAP program distribution will also show you that while 36.6% of benefits go to Whites,only 9.6% go to Hispanics. 16.3% go to seniors, and over 92% to US Natural Born citizens. A look at the rising costs of Community College training/education, and 20% decline in enrollment, will also indicate future prospects. Otherwise,as my GOP friends seem to think, the playing field of opportunity is level. Somewhere, BUT NOT here. In the LAND OF OPPORTUNITY.

Mark Giffin
Mark Giffin subscribermember

And in a related story
Google bus blocked in protest of income inequality

Read more: http://www.upi.com/blog/2013/12/10/Google-bus-blocked-in-protest-of-income-inequality/7491386715034/#ixzz2n7N8siR2
Google protests ensue for income inequalityhttp://www.upi.com/blog/2013/12/10/Google-bus-blocked-in-protest-of-income-inequality/7491386715034/#ixzz2n7N8siR2Dec. 10 (UPI) -- A Google bus for employees to commute from San Francisco to Google headquarters in Mountain View, Calif. was stopped by a group of protesters concerned about gentrification in the area.

wheresyourcape
wheresyourcape

Until these folks begin addressing the one and only real issue here caused by nearly infinite emission of unbacked credit by our Gov't and the effect it has on cost of ALL OF THE ABOVE they need to stop pontificating and go back to school themselves for some basic arithmetic. The UC Chancellor is the most clueless here where he claims that only the rich will be able to go to college while being complicit in the saddling of students with non-dischargable student loan debt for degrees that can't support the students after they graduate.

Bit-watcher
Bit-watcher subscriber

What should society do about lifestyle choices that doom one and one's posterity to poverty? Single parenthood, drug use, elective HS drop-outs? Coddle them, or ask them to change? Coddling them (with taxpayer dollars) just drains the pool of available resources, at the same time keeps them from being a contributing member of the tax base.

When tax rates and business regulations drive businesses out of state, reducing the tax base of the state, what should society do?

wheresyourcape
wheresyourcape

Wrong Derek, the mortgage interest deduction is only the tip of the iceberg. You want prices to come down you get rid of the leverage in the system. 30 year mortgages gone and affordability goes up quite a bit. 15 years gone and you get much closer. Gov't subsidies in tax deductions are dwarfed by low interest long term loan affects on pricing. Again the goverment prints money and the affordability of everything goes into the toilet including houses.

Derek Hofmann
Derek Hofmann

Tax deductions. Thanks to the mortgage interest deduction, poor people are more likely to rent than wealthy people.

Derek Hofmann
Derek Hofmann subscribermember

Tax deductions. Thanks to the mortgage interest deduction, poor people are more likely to rent than wealthy people.

shawn fox
shawn fox subscriber

Well of course war is typically about scarcity of resources. There has been no mask or excuse for that. As you say, there is no corporate conspiracy going on. Land and resources are critical to survival which is why nations often fight over those things! Capitalism feeds far more people then communism ever did. Just ask the North and South Koreans.

shawn fox
shawn fox subscriber

We never had true capitalism. In the beginning there was slavery where many people were not allowed to compete in the market place. My opinion is nearly the opposite. Imagine how this country could have evolved without slavery, high taxes, and other crippling laws and regulations that prevent open and free competition.

Mark Giffin
Mark Giffin subscribermember

And as the saying goes
Don't fight the tape.

wheresyourcape
wheresyourcape

If Governments actually enforce the laws that are in place to prevent fraud, corruption and racketeering then capitalism actually works. Capitalism has been the driver that built this country but unfortunately we have not had true capitalism in the country in decades. We've had a system that has allowed corporations and corruption to drive selective or total lack of enforcement of the laws against monopolies and fraud and now we have the system we voted for. Both parties are to blame as are the people who put up with the rampant lawbreaking. To say capitalism in it's pure form and a true constitutional republic that we have not had for nearly a century are to blame is a cop out.

Derek Hofmann
Derek Hofmann subscribermember

That's no excuse for governments to prevent social mobility through regressive taxes and zoning regulations that keep the poor out of wealthy neighborhoods.

Bill Bradshaw
Bill Bradshaw subscribermember

Derek, I was sort of with your comments until I read "So the Affordable Care Act is regressive, just as Republicans like." Huh? Where were you when it was being put together and passed? The Republicans made several significant proposals, such as buying insurance across state lines, allowing for a wider variety of options such as minimal policies with catastrophic-only coverage and doing something to reduce the impact of malpractice suits. They were stonewalled and the act is a pure Obama-liberal Democrat straightjacket that didn't garner a single Republican vote in either house, an unprecedented event in major social legislation. As it starts to implode, you are apparently following Obama in his misdirection campaign to blame everyone else. It won't wash; Democrats own it, with both it's successes and it's failures. Good luck.

Randy Dotinga
Randy Dotinga memberauthor

Health care reform is hardly a fiasco for me, a small business owner.

http://www.kaiserhealthnews.org/Stories/2013/October/28/individual-market-insurance-first-person.aspxMy Other Pre-Existing Condition: Unstable Insurancehttp://www.kaiserhealthnews.org/Stories/2013/October/28/individual-market-insurance-first-person.aspxOct 28, 2013 I'd like to start a long-term relationship with a health plan, but all I've had are flings -- seven insurers in the last 13 years. Is it something I said? Nope, it's something I am: a self-employed, 45-year-old single guy with a heart th...

Glenn Younger
Glenn Younger subscribermember

Agreed. When the city supports and promotes industries that mainly offer low wage paying jobs they hurt the overall economy.





Bit-watcher
Bit-watcher subscriber

When the city council wedges out living-wage providing businesses so service-sector employment can replace them (think hotels and their precious TOT), they're doing a disservice to San Diego and San Diegans.

Randy Dotinga
Randy Dotinga memberauthor

Are we assigning titles to everybody who contributes to VOSD? Fun! I have some suggestions for "Senior Executive Vice President for Excessive Trolling and Hair Design."

Bit-watcher
Bit-watcher subscriber

"We know the reporting is solid"? Regurgitating pap is not a solid story. Glad to know about the new titles at the VOSD.

Catherine Green
Catherine Green

Hi Joe, news outlets will sometimes aggregate past stories from their own archives because 1) we know the reporting is solid, and 2) we're not so arrogant to think every story lives on, permanently etched into the minds of our readership and beyond. It's a good way to remind folks of the stats that still stand, and highlight them for people who might've missed the story on the first go 'round. The "in San Diego" distinction localizes a worldwide crisis, which Sara addresses in the opening lines. Ooh, but thank you for "Comrade" - we've been struggling to come up with a good newsroom nickname for our capitán.

shawn fox
shawn fox subscriber

Give me a break. Community college is nearly free for CA residents.

Matt Finish
Matt Finish subscriber

Did the GOP invent poverty?

Bit-watcher
Bit-watcher subscriber

Depends on the segment of the population you ask. Those that contribute to the tax base have one view.

Randy Dotinga
Randy Dotinga memberauthor

Wait, SF isn't successful and prosperous?

Bit-watcher
Bit-watcher subscriber

"generally being lame" -- that's digging at the bottom of the barrel for criticism, but then again, it is SF, and those that want to keep the city mired in hopeless efforts to wish itself into success and prosperity, all the while actively working against those who actually work for a living or hope to do so.

Matt Finish
Matt Finish subscriber

Thanks Mark, the economic ignorance on display in that article is stunning. But then again, it is SF.

Randy Dotinga
Randy Dotinga memberauthor

Helpful background: "The protest was part of a large and growing backlash against the city's "techies," who are accused by various parties of ruining the city's freewheeling culture, driving up local rents, gentrifying diverse neighborhoods, undermining public infrastructure, and generally being lame." http://www.slate.com/blogs/future_tense/2013/12/09/eviction_protesters_block_google_bus_in_san_francisco_fake_video_of_google.htmlThis Anti-Google Protest Didn't Go Quite as Plannedhttp://www.slate.com/blogs/future_tense/2013/12/09/eviction_protesters_block_google_bus_in_san_francisco_fake_video_of_google.htmlThis morning in San Francisco, anti-eviction protesters surrounded one of the private buses that Google uses to shuttle its San Francisco-based employees to the company's headquarters in Mountain View every day. The protest was part of a large and gr...

James Weber
James Weber subscriber

The Republicans invented single parenthood, drug use, and elective HS drop-outs.

Matt Finish
Matt Finish subscriber

Wheresyourcape got it right:

"nearly infinite emission of unbacked credit by our Gov't"

It's funny how the cause of this is right in front of our faces, but due to general ignorance about monetary policy, the average person will never know who is screwing them. I avoid bringing it up on here because I know that the bulk of the people, both authors and commenters, will be unable to grasp it.

It's also disingenuous for Obama to pretend he cares. He re-nominated Ben Bernanke as fed chair, and has also nominated Janet Yellen to be the next chair. Both of these people believe in "loose" monetary policy. That is, print money, and see what happens. If you look at any chart, the amount of jobs created and economic growth has zero correlation to their QE efforts. Instead, all it does is concentrate wealth at the top.

So ask yourselves this: When we print $85B a month for years on end, and hand it to the richest of the rich, is it any wonder folks are getting poorer?

Please educate yourselves on how fiat currency, fractional reserve banking, and a debt-based money system work. There are many documentaries online, and they are made in an easily consumable format that anyone can understand.

Derek Hofmann
Derek Hofmann subscribermember

Make personal finance classes mandatory for anyone on food stamps or subsidized school lunches.

Derek Hofmann
Derek Hofmann subscribermember

The winners of the Affordable Health Care Act (older people) are wealthier[1] than the losers (young people), thanks to the age rating bands with a maximum ratio of 3:1.

So the Affordable Care Act is regressive, just as Republicans like.[2]

[1] The link below shows that households headed by adults ages 65 and older had 47 times as much net wealth as the typical household headed by adults younger than 35.

[2] Another example of something regressive that Republicans like is the TransNet sales tax, because the alternative is gas taxes or tolls.The Rising Age Gap in Economic Well-Beinghttp://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/The Old Prosper Relative to the Young Overview Households headed by older adults have made dramatic gains relative to those headed by younger adults in their economic well-being over the past quarter of a century, according to a new Pew Research Cent...

Bill Bradshaw
Bill Bradshaw subscribermember

Randy, the Affordable Care Act, like virtually every piece of social legislation, creates winners and losers. Glad to hear you're one of the lucky ones.

Bit-watcher
Bit-watcher subscriber

No, the Dems are perfecting it.

Weembles
Weembles

No, but they are perfecting it.

Mark Giffin
Mark Giffin subscribermember

Great post Matt. Andrew Huszar commentary is telling.
And the irony..........
The income gap growth and the progressive economists cheer leading it.
Don Bauder had a good piece on it last week also.http://nypost.com/2013/11/16/ex-fed-insider-confessed-hatred-of-qe/Ex-Fed insider confessed hatred of QEhttp://nypost.com/2013/11/16/ex-fed-insider-confessed-hatred-of-qe/He's the man from the Federal Reserve whose essay in the Wall Street Journal apologized for Fed Chairman Ben Bernanke's hoax on the American public- quantitative easing - in order...

James Weber
James Weber subscriber

Please educate yourselves on how fiat currency, fractional reserve banking, and a debt-based money system work.

What? It is easier to let Obama take care of me.

James Weber
James Weber subscriber

Punish the successful and reward failure. Brilliant!

Mark Giffin
Mark Giffin subscribermember

As far as the CEOs are concerned they are compensated too much IMHO but the only way that will, and should, change is if the Stockholders and the Board of directors vote to change it.
They own it. Its their call

Derek Hofmann
Derek Hofmann subscribermember

@Lucas, can a person not lift him or herself out of poverty by managing money more wisely?

Lucas OConnor
Lucas OConnor subscriber

This doesn't seem to line up with the day-to-day realities of working people living in poverty. But basic life skills should certainly be a bigger part of what we consider a successful education.

Mark Giffin
Mark Giffin subscribermember

And part of High school graduation requirements.