California Governor Jerry Brown, who decries a widening gulf between rich and poor, is campaigning for a fourth and final term presiding over a state that's outpacing the U.S. in producing both millionaires and food-stamp recipients.
Bloomberg News: Jeanina Jenkins, a 20-year-old high school graduate from St. Louis, is stuck in a $7.82-an-hour part-time job at McDonald's that she calls a "last resort" because nobody would offer her anything better. Stephen O'Malley, 26, a West Virginia University graduate, wants to put his history degree to use teaching high school. What he's found instead is a bartender's job in his home town of Manasquan, New Jersey. Jenkins and O'Malley are at opposite ends of a dynamic that is pushing those with college degrees down into competition with high-school graduates for low-wage jobs that don't require college. As this competition has intensified during and after the recession, it's meant relatively higher unemployment, declining labor market participation and lower wages for those with less education. read more
A California state senator was charged Friday with accepting $100,000 in bribes, lavish trips and no-show jobs for his children in exchange for pushing legislation to benefit a hospital engaged in billing fraud and participating in a film industry tax scheme that actually was an FBI sting. If convicted on all counts, state Sen. Ron Calderon (D) could face nearly 400 years in federal prison. Charges also were filed against his brother Tom, a former state lawmaker-turned-lobbyist. Ron Calderon has denied wrongdoing.
But so far New York laws have blocked some of the most popular services from the very people who would benefit most. The median rent for a two-bedroom apartment in Manhattan is $4,800, and the city's car owners pay some of the highest rates in the country for insurance and parking. Yet in 2013 New York laws made it one of the toughest places to share those costs.
Emerging online services are connecting consumers such as Gray to a previously untapped universe of idle assets, enabling them to squeeze more value out of cars, designer dresses, baby toys and bedrooms that belong to other people or businesses. In this leaner, more efficient kind of consumption, just taking hold in major cities, New York University Professor Arun Sundararajan sees the makings of a new wave of productivity gains. read more