The strain of worrying constantly about making ends meet depletes poor people’s brainpower, making them more likely to make bad decisions that can perpetuate the cycle of poverty. In fact, Princeton University researchers conclude in a new study, just feeling poor can quickly knock 13 points off a person’s IQ.To determine how financial worries affect thinking, the researchers posed various […]
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A Bit of News Not Fake An article in the paper reports something one doesn’t see happen in America very often. Eighty billionaires, millionaires and others close to that level in New York have written to their lawmakers and governor asking to have their taxes raised. They want to support schools, build roads and bridges, and help the poor […]
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China’s wealth gap has widened so much that the country now one of the most unequal outside of sub-Saharan Africa. A respected Chinese institute found this week that China’s Gini coefficient, a number that represents income inequality, has soared from 0.41 a decade ago to 0.61 today. Anything over 0.5 is considered to be destabilizing, and South Africa, where opulent […]
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■ Michael Drysch last week had the kind of night basketball fans can only dream of. The 50-year-old computer technician had been selected to attempt a half-court shot during the Miami Heat-Detroit Pistons game. When Drysch threw his long hook shot high into the air, the crowd groaned, then screamed in delight as the ball went in. Superstar LeBron James […]
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SINCE 2006 THE INCOME GAP BETWEEN RICH AND POOR HAS GROWN \H THE 15 LARGEST U.S. CITIES
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“Some people think they are worth a lot of money just because they have it.” – Fannie Hurst
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■ Brazilian taxi driver Adilson Luiz da Cruz often finds lost phones and forgotten umbrellas in his cab, but last week he hit the jackpot: 40 tickets to the World Cup. Despite his lifelong dream of going to the tournament, plus the thousands of dollars he could have earned by scalping the tickets, the cabbie didn’t hesitate to do the […]
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“Economic growth may one day turn out to be a curse rather than a good, and under no conditions can it either lead into freedom or constitute a proof for its existence.” – Hannah Arendt
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Minimum amount that Chinese citizens have moved into offshore bank accounts since 2002: $1,000,000,000,000
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