Daily Digest: February 23, 2015
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Today’s Featured Story…
The Minimum-Wage Stealth Tax on the Poor
From the Wall Street Journal: Imagine an antipoverty program with the following elements: a value-added tax in which the effective rate increases as family income declines. The tax revenue is distributed to families regardless of their income. Families below twice the poverty level get only one-third of the revenue, with only half of this amount going to families with children. Most Americans wouldn’t cheer this program, nor would most political leaders champion it. Yet that is what happens when Congress raises the minimum wage.
U.S. economy's growth not touching all the bases
From Market Watch: A rising tide is supposed to lift all boats, but some are still lagging behind even as the U.S. economy makes rapid advances.
Global stocks and euro start cautiously after Greece deal
From Reuters: Stock markets and the euro started the week on a cautious note on Monday as a Greek debt deal struck last week remained in the balance until Athens drew up a list of reforms to satisfy its creditors.
The worst paying jobs for women
From USA Today: A full-time female employee earned 82.5% of what a man earned in 2014, up considerably from 1979, when women made an estimated 62% of what men did. While this is certainly an improvement, progress has slowed between 2000 and 2014.
The Untapped $140 Trillion Innovation For Jobs Market
From TechCrunch: In the people-centered economy, before quitting, we look at each other and ask “How much value is there in our relation?” and “What is the best value we can create together in this company with this relation?” While in the task-centered economy, dishwashing machines pass the Turing test. You, as a businessman, see no difference between me and the dishwashing machine. The value is only in the tasks I perform. Thus, my race against the machine.
How Democrats lost white voters
The Chicago Tribune says: While talking to black and white Republicans recently about the Grand Old Party's outreach efforts to voters of color, I wondered: What are Democrats doing to reach working-class whites?
Obama tweaks governors about presidential ambitions
From USA Today: The National Governors Association can be described as the National Association of Aspiring Presidents — and the current president couldn't help citing some of his guests' ambitions during an NGA dinner Sunday. "Harry Truman once called the presidency an 'enlarged governorship,'" President Obama said to chuckles. "Of course, a few of you are hoping that he was right." Governors regarded as White House hopefuls range from Republicans Scott Walker of Wisconsin and Chris Christie of New Jersey, to Democrat Andrew Cuomo of New York.
Outside the Box…
Why this tech party isn't like 1999
From CNN Money: Cue Ricky Martin's "Livin' La Vida Loca." Tech investors are partying like it's 1999. The Nasdaq is rapidly approaching the 5,000 level and is less than 4% away from all-time highs that were set 15 years ago. These landmark levels are bringing back bad memories of the late 1990s, when people went crazy over money-losing tech stocks (and bad pop songs). The good times ended when the bubble popped in March 2000, causing huge losses for investors and making many tech companies to disappear.