What We’re Reading, 4/24/12
Every morning, we poll the staff and round up their favorite economic, financial and political reads of the day. Making the round this morning: Social Security, youth unemployment, and health insurance “hustlin’.”
"Social Security Heading for Insolvency Even Faster," by Ricardo Alonso-Zaldivar (Associated Press). We, like most of the Internet, are still reeling from the new government forecast that predicts the Social Security Trust Fund will run dry in 2033, three years earlier than previously predicted. The Medicare prediction stayed steady at 2024. (Politics editor David Morris emailed with this comforting note: “The payroll tax from employers and employees would still bring enough to pay 75 percent of the full benefit at that point, even if no changes are made between then and now. So a benefit cut, yes, but not a benefit elimination. The problem will be fixed, at some point. It always is. Too risky politically to let the reduction come about, and still plenty of time to fix it.”)
"Report Finds Wave of Mexican Immigration to U.S. Has Ended," by Paloma Esquivel and Hector Becerra (LA Times). America’s sluggish economy hasn’t just impacted its homegrown workforce. A new report from the Pew Hispanic Center finds that Mexican immigration has slowed to a “standstill,” largely because of the economic downturn.
"53% of Recent College Grads Are Jobless or Underemployed — How?" By Jordan Weissman (The Atlantic). A recent AP analysis found that one in two young college graduates are out of work or underemployed. Mitt Romney seized on the report as evidence of Obama’s failure on economic policy. But Weissman has another take: He argues that, economically speaking, college just isn’t for everyone.
"Of the 1%, By the 1%, For the 1%," by Joseph Stiglitz (Vanity Fair). An unusually lyrical look at what income inequality means now — and how it could topple the economy in the future. Regarding the Middle East protests, Stiglitz writes: “As we gaze out at the popular fervor in the streets, one question to ask ourselves is this: When will it come to America? In important ways, our own country has become like one of these distant, troubled places.”
"No Sympathy for the Creative Class," by Scott Timberg (Salon). On the economics of making it as an artist. (They’re not great.) And on that note…
"Out of Work, Out to California," by Rachael Maddux (The Billfold). A music critic reflects on the time she spent unemployed after her magazine folded.
In other news: Some state governments save money by legalizing fireworks, one Good writer goes to extraordinary lengths to make it without health insurance, and Forbes has some interesting advice for job-seeking young men. (Your friendly curator likes number two: “Don’t be a bro.”)
What are you reading?