Rise of the Machines: The Robot Economy of the Future

My attention has been drawn to a rather interesting phenomenon by Paul Krugman–that of a gradual shift in the distribution of wealth from labour to capital. As a percentage of the economic total, workers are earning less and less over time, and more and more of our output is landing in the hands of people who own capital–the land, the buildings, the tools, the machines that make things tick. This has interesting implications, and, if I might be permitted to speculate today, those implications may demand changes in how we view what we produce.

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The Decision: Obama’s Difficult Position

Rumour has it the republicans have given Obama an offer to avert the fiscal cliff, the combination of deep, immediate spending cuts and tax increases that the CBO predicts would send the country into a new recession. The offer gives Obama something he cannot get without a deal–most notably, an extension of emergency unemployment benefits. The offer comes at a cost, however. In exchange, the republicans demand a small but painful cut in social security benefits.

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If You Believe in the Fiscal Cliff…

Lest we forget, the fiscal cliff is still coming–the dismal set of negative economic consequences that come from cutting government spending and raising taxes too fast in the face of a weak economic recovery. While 87% of the general public do not realise that the fiscal cliff is about preventing spending cuts rather than making them, regular readers (and those of you who read the linked pieces) know better. That’s all ground we have covered. However, that there is a particularly interesting implication of belief in the danger of the fiscal cliff that I have yet to discuss, and this I seek to remedy.

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Occupy Wall Street and the Rolling Jubilee

I have been a long-time sceptic of the Occupy Wall Street movement–its reluctance to coalesce around any specific issues or solutions to said issues, its lack of structure, hierarchy, and organisation, and its fondness for Rousseauian direct democracy all have been and remain major turn-offs for me. There’s reason we remember Gandhi, Martin Luther King Jr., and Mandela; good protest movements require good leadership, specific goals, and specific means. However, I have discovered one strand of OWS that is not completely useless. In fact, it may provide an answer to one of the most serious problems afflicting our economy–high levels of household debt and governments unwilling to do anything about it.

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Fiscal Cliff Insanity

Back in August, I wrote a piece called “Fiscal Cliff Madness” about the set of consequences produced by the law enacted by the government that will severely reduce spending and raise taxes. Today, new research has surfaced from the non-partisan Congressional Budget Office (CBO) that gives us a clearer idea of just what exactly the fiscal cliff might do to the United States’ economy if it comes to pass. The new information is even more dire than the information we had in August, and so the “madness” has now been upgraded to “insanity”.

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