The greatest trick the devil ever pulled was convincing Italy to join the euro. It hasn’t grown since.
After its GDP fell 0.2 percent, Italy is stuck in a triple-dip recession. Yes, triple: its economy started shrinking in 2008, relapsed in 2011, and now again in 2014. Although, at this point, it’s probably more accurate to just call this a depression. After all, Italy’s economy has contracted 11 of the previous 12 quarters. It’s been enough to wipe out almost all its growth the past 14 years.
Think about that: Italy’s GDP, as you can see above, is the same now as it was in 2000. That’s actually worse than Japan, which has been the sick man of the global economy the past 25 years. It, at least, managed to grow 13 percent over this period. So what the heck has happened to Italy? Well, everything.
A guaranteed income for every American would eliminate poverty — and it wouldn't destroy the economy →
So here’s my takeaway: a negative income tax or basic income of sufficient size would, by definition, eliminate poverty. We still don’t know if there’d be much of a cost in terms of people working and earning less. If there is, the effect is almost certainly small enough that a negative income tax can offset the lost earnings and remain affordable. The worst case scenario is that we eliminate poverty but see a modest decline in employment. The best case scenario is we eliminate poverty at even lower cost and don’t see much of an effect on employment. That’s a gamble I’m willing to take.
The story is a convergence of helicopter parenting with America’s primitive family policy. Our welfare policy is designed to make everybody, even single mothers, work full-time jobs. The social safety net makes it difficult for low-wage single mothers to obtain adequate child care. And society is seized by bizarre fears that children are routinely snatched up by strangers in public places. The phenomenon is, in fact, nearly as rare as in-person voting fraud. But when you watch the report above, you can see everybody involved believes such a thing plainly happens all the time.
"Are you lonely?"
"It’s been a lifetime of loneliness. I decided early on that I better get used to it. I go to movies by myself. If the movie theater is completely empty, I’m even happier. I learned early on that if I wanted to go to restaurants, I better learn to go by myself. One benefit to being big is that people don’t bother you. I’m shocked that you came up to me. Nobody’s ever done that. When I started to go to therapy, it took me several sessions before I even spoke a word. I’d just sit there and cry. And honestly, you caught me on a tough day. I was sitting here feeling really bad about myself. Because I went to the doctor today, and I was sure that I’d lost weight. But I’d gained some."
On July 2, 1964, the Civil Rights Act was signed into law, officially banning discrimination based on race, color, religion, sex, or national origin. It also ended racial segregation in schools, at the workplace and in general public facilities.
Fifty years removed from that milestone, it’s apparently easy to think that we’re over racism.
Here are 15 facts that prove that’s not the case.