In a new study that is optimistic about automation yet stark in its appraisal of the challenge ahead, McKinsey says massive government intervention will be required to hold societies together against the ravages of labor disruption over the next 13 years. Up to 800 million people -- including a third of the work force in the U.S. and Germany -- will be made jobless by 2030, the study says.
The changes are the result of a combination of forces: business-friendly appointments by the president, a lack of financial and personnel resources at many federal agencies, minute changes in rules imposed by regulators and a relaxation in how bank examiners supervise large institutions. Most noticeably, there's been a dramatic change in tone from the White House. This weekend, [Donald] Trump wrote in a Twitter post that regulators, in particular the consumer bureau, have left the financial industry "devastated and unable to properly serve the public." It was a rare instance of a politician casting Wall Street as a victim -- especially since the banking industry is on a roll. read more
Every Kansan knows what happened after Gov. Sam Brownback's 2012 cuts did away with the state income tax for some 330,000 business owners. The governor kept insisting -- and in fact, still does -- that robust growth and woohoo, jobs galore would result. When that didn't happen, elected officials kept having to dip into funds set aside for highways and schools just to balance the budget. Finally, this year, lawmakers overrode a Brownback veto and at last repealed the LLC tax break and raised income tax rates. read more
Marc Lacey, New York Times: A profile in The Times of Tony Hovater, a white nationalist and Nazi sympathizer in Ohio, elicited a huge amount of feedback this weekend, most of it sharply critical. Here's how the piece came about, why we wrote it and why we think it was important to do so. Whatever our goal, a lot of readers found the story offensive, with many seizing on the idea we were normalizing neo-Nazi views and behavior. "How to normalize Nazis 101!" one reader wrote on Twitter. "I'm both shocked and disgusted by this article," wrote another. "Attempting to 'normalize' white supremacist groups -- should Never have been printed!" read more
The Republican tax bill hurtling through Congress is increasingly tilting the United States tax code to benefit wealthy Americans, as party leaders race to shore up wavering lawmakers who are requesting more help for high-earning business owners.
On Monday, as Republican lawmakers returned to Washington determined to quickly pass their tax overhaul, senators were in feverish talks to resolve concerns that could bedevil the bill's passage. With pressure increasing on Republicans to produce a legislative victory, lawmakers are contemplating changes that would exacerbate the tax bill's divide between the rich and the middle class. read more