black holes and gray matter. in one thousand tangos.

             

Hi Mom, I’m Home!

One in five people in their 20s and early 30s is currently living with his or her parents. And 60 percent of all young adults receive financial support from them. … The common explanation for the shift is that people born in the late 1980s and early 1990s came of age amid several unfortunate and overlapping economic trends. Those who graduated college as the housing market and financial system were imploding faced the highest debt burden of any graduating class in history. Nearly 45 percent of 25-year-olds, for instance, have outstanding loans, with an average debt above $20,000… And more than half of recent college graduates are unemployed or underemployed, meaning they make substandard wages in jobs that don’t require a college degree.”

Read on: It’s Official: The Boomerang Kids Won’t Leave

"While 66 New Yorkers are billionaires and more than 389,000 are millionaires, one-fifth of the city’s population lives below the poverty line. This contrast would be remarkable in any setting, but given the close confines of the city — 27,000 people packing each of its 305 square miles — it’s particularly glaring. The city’s 8.4 million residents exist shoulder to shoulder (sometimes literally, as in rush hour). Housing projects sit just blocks away from luxury real estate developments; bodegas and gourmet markets share the same block; upscale restaurants border schools at which most of the students receive subsidized lunches; and that great equalizer, the subway, spiders through the city servicing workers from every neighborhood, whose average commute is 40 minutes. Here’s a look at the economic disparity at the retail level."

One $10,000 Martini, Please

The Stunning Truth About Inequality In America

Read on.

“You want lessons? Don’t sprawl. That Ponzi scheme will catch up with you. Nurture real universities, constant reinvention and civic decency and opportunity that includes all citizens. Don’t assume the “creative destruction” of the supposedly unfettered free market won’t destroy your community, too. Or end up at the gates of your gated property (not for nothing do we have a zombie craze). Invest in your city. Beware of scare tactics by the right and some quarters of the media about the gazillions facing us in “unfunded liabilities.” There is a gap between public pension promises and assets, but who the hell’s fault is that? We’re the richest country in the world. Wall Street is gambling with $600 trillion in nominal derivatives. And the retired garbageman is to blame?”
©2011 Kateoplis