Cover image of Wealth & Poverty from Marketplace APM
(27)
Society & Culture
News

Wealth & Poverty from Marketplace APM

Updated about 14 hours ago

Society & Culture
News
Read more

The Marketplace Wealth and Poverty Desk explores money and class, where we came from and where our country is going economically, thanks to funding from the Ford Foundation. We want to hear your stories, ideas, and questions to help us create great journalism about the growing concentration of wealth in the United States. We’ll report on the forces and policies that led to the wealth gap. We’ll look at what the consequences are, good or bad, for our families and communities. We’ll be asking you what economic choices our country should make.

Read more

The Marketplace Wealth and Poverty Desk explores money and class, where we came from and where our country is going economically, thanks to funding from the Ford Foundation. We want to hear your stories, ideas, and questions to help us create great journalism about the growing concentration of wealth in the United States. We’ll report on the forces and policies that led to the wealth gap. We’ll look at what the consequences are, good or bad, for our families and communities. We’ll be asking you what economic choices our country should make.

iTunes Ratings

27 Ratings
Average Ratings
26
0
0
0
1

Thought provoking

By Viewer in Michigan - Jun 25 2016
Read more
"The Uncertain Hour" is a great podcast that focuses at a very personal level on how macro economics affects real people. I subscribed after one episode. The podcast focuses on a simple observation, that "sometimes the things that what we fight the most about are the things we know the least about." This reminds me of the quote attributed to Mark Twain: "It ain't what you know that gets you into trouble. It's what you know for sure that just ain't so." I believe Twain's wise words may have also been quoted in the movie "The Big Short."

Want to understand? Listen here.

By just my self - May 03 2016
Read more
Facts, context and clear thinking make this podcast worth your time every time a new one is released.

iTunes Ratings

27 Ratings
Average Ratings
26
0
0
0
1

Thought provoking

By Viewer in Michigan - Jun 25 2016
Read more
"The Uncertain Hour" is a great podcast that focuses at a very personal level on how macro economics affects real people. I subscribed after one episode. The podcast focuses on a simple observation, that "sometimes the things that what we fight the most about are the things we know the least about." This reminds me of the quote attributed to Mark Twain: "It ain't what you know that gets you into trouble. It's what you know for sure that just ain't so." I believe Twain's wise words may have also been quoted in the movie "The Big Short."

Want to understand? Listen here.

By just my self - May 03 2016
Read more
Facts, context and clear thinking make this podcast worth your time every time a new one is released.
Cover image of Wealth & Poverty from Marketplace APM

Wealth & Poverty from Marketplace APM

Updated about 14 hours ago

Read more

The Marketplace Wealth and Poverty Desk explores money and class, where we came from and where our country is going economically, thanks to funding from the Ford Foundation. We want to hear your stories, ideas, and questions to help us create great journalism about the growing concentration of wealth in the United States. We’ll report on the forces and policies that led to the wealth gap. We’ll look at what the consequences are, good or bad, for our families and communities. We’ll be asking you what economic choices our country should make.

Rank #1: Welfare's role in alternative to abortion programs.

Podcast cover
Read more
This August will present a milestone: 20 years since welfare reform. The federal government overhauled the cash assistance program for poor families, replacing it with a new system called Temporary Assistance for Needy Families, or TANF.Among the biggest changes, states now control their welfare spending out of a set amount received from the federal government each year. Krissy Clark from our Wealth and Poverty Desk has been on a road trip of sorts for our new podcast, the Uncertain Hour, to see just how states across the country use their welfare block grants.Today's stop is Indiana. In 2015, Governor Mike Pence authorized $3.5 million in federal TANF funds for the support of crisis pregnancy centers. These organizations provide information and services like free ultrasounds and counseling to pregnant women. Brandi David, 26, had seen a billboard hundreds of times in her life, a picture of a concerned-looking woman over a bright pink background that read, "Pregnant? We Can Help." One day about two years ago, she found herself pregnant and looking for help, and called the number listed. Brandi was seeking an abortion, but did not know until she was inside the organization that advertised by the highway — Women's Care Center — that she would neither get much information or a referral there. To hear the full story, including a tour of Women's Care Center and the story of a woman seeking help who decided to keep her child, listen to The Uncertain Hour.
Jun 23 2016
10 mins
Play

Rank #2: Welcome to Wise County

Podcast cover
Read more
It’s the deadliest drug epidemic our country has ever faced. We go to ground zero, where “nothing changes except for the drug.”
Apr 04 2019
35 mins
Play

Rank #3: Supply

Podcast cover
Read more
It’s not easy being an undercover cop in a county of just 40,000 people. But drugs were making it hard for Bucky Culbertson to run his business, so he made it his business to get rid of drugs.
Apr 11 2019
40 mins
Play

Rank #4: George H.W. Bush and his baggie of crack

Podcast cover
Read more
It was the perfect political prop: drugs seized by government agents right across the street from the White House, just in time for a big presidential address. The reality was more complicated.
Mar 21 2019
45 mins
Play

Rank #5: What happened to Keith?

Podcast cover
Read more
One day, early in the semester, Keith Jackson didn’t show up to class. He’d been arrested for selling crack, but for his classmates, that wasn’t the surprising part.
Mar 22 2019
32 mins
Play

Rank #6: Sentencing

Podcast cover
Read more
The drug bust and the trial were a “farce,” but the full force of the law still came down on Keith Jackson — and thousands of people like him. That didn’t end the crack epidemic, so what did?
Mar 28 2019
48 mins
Play

Rank #7: Confronting a crisis: The hard truths about American retirement

Podcast cover
Read more
With a resume that includes a Harvard MBA, a position at the World Bank and a stint as an entrepreneur, Elizabeth White didn't expect to be unprepared for retirement. She also didn't expect to find so many people in her same position: broke, underemployed and part of America's retirement crisis. Her new book is called "55, Underemployed, and Faking Normal: Your Guide to a Better Life." The following is an edited transcript of her conversation with Marketplace's Amy Scott. Amy Scott: "Faking Normal" comes from your own experience with underemployment. What made you decide to write this book?Elizabeth White: I had a really cool career. Worked at the World Bank, was an entrepreneur. And then the 2008-2009 Great Recession hit. I went from a very good income to zero. At a point of just despair, I wrote an essay, and that essay described what it's like to land here. Since it's not yet really a national conversation, and all the stories we have on retirement are the beaming boomers clinking champagne glasses on a cruise, or they're eating cat food under a bridge. There's sort of no middle.Scott: But the middle you found was a lot of people like you who had been very successful and suddenly found that the job market wasn't working for them and they didn't have enough retirement savings. What did you find has led to this phenomenon? Was it a matter of individual failure to plan and to save or something systemic?White: We all could have saved more. And I always say that. So there's absolutely an individual aspect. But when there are tens of millions of people who have landed here, and you look at things like disappearing pensions, escalating cost of housing and health care. And I tell people if you rifle through my life, you'll see all kinds of dumb things I did, but we are not primarily here because of too many trips to Starbucks.Scott: And you mention in the book that it's much worse for women. We're expected to live longer and on less money. Even Social Security benefits are smaller for women, and especially for women of color. Why is that?White: We are often in and out of the workforce, taking care of children and taking care of parents, not getting the same kinds of advancement opportunities. This sort of inequality accumulates over a lifetime. So you have higher numbers of women, 65 and over, living in poverty or are destitute.Scott: You offer a lot of solutions in the book, but some of them might be a little bit hard to swallow for people who have had successful careers and may not want to apply for food stamps. But you write that only a third of seniors who qualify for food stamps actually apply. What are some of the surprising fixes that you found?White: I had to learn to get off my throne. And this is not easy when you've just been comfortable most of your adult life. So I tried to look around at opportunities that are out there, both in housing and income, and when it gets very dire, like food stamps. Because many of us are going to have to really take a hard look at how we live, and do we need a roommate? And altogether in the book I think I counted 125 online resources that I've identified.Scott: You wrote this viral essay, you had a really successful TED talk and now this book. How are you doing now?White: You know, it's still a bit feast or famine. But the light that I see at the end of the tunnel, I now don't think it's a train barreling down on me. It's not a path I would have chosen. But I feel like I'm on the path I'm supposed to be on.
Dec 31 2018
4 mins
Play

Rank #8: California’s devastating wildfires have made it harder for some day workers to find employment

Podcast cover
Read more
Recent devastating wildfires burned down more than 300 homes in Malibu, California — one of the wealthiest cities in California. Many homeowners there employed gardeners and housekeepers who lost their jobs.Oscar Mondragόn, the director of the Malibu Community Labor Exchange, where day workers find work, says it’s too early to tell how many workers were affected by the recent fires. But he's been inundated with calls from workers who lost their jobs, asking for help.A model for how to help could be 30 miles away in Oxnard, California. Genevieve Flores-Haro is the director of the Mixteco/Indigena Community Organizing Project. After a huge fire last year, she raised over $2 million from private donors and foundations to start a fund that gives small grants to workers affected by the fires.The program helped about 900 workers. The average check was about $1,600. Flores-Haro said the program is critical because many workers are undocumented and can't access federal disaster programs like FEMA or open a bank account — which makes getting quick cash a problem.Click the audio player above to hear the full story.
Jan 01 2019
2 mins
Play

Rank #9: Seniors are still struggling to recover after the financial crisis

Podcast cover
Read more
A high-rise for seniors isn't where Kathy Stevens, 67, expected to live at this point in her life. Her place has a small kitchen and living area and an accordion door she can pull to close off the space where her bed stands. She pays $840 a month in rent, which includes utilities and a daily dinner.  She says the apartment is fine. But after getting an MBA from Harvard University, a long career in financial services and saving about a million dollars in a retirement account, she expected to have a more comfortable retirement. “I did all the right things. I saved my money. I didn't waste it on you know a big big house or big car or whatever,” she said.Along the way she raised two foster sons and supported them into adulthood, using some of her retirement savings to help them go into business. She was also planning to send her grandchildren to college. Then, in 2008, the financial crisis hit.“And now all of a sudden you know like 35 percent of my money is just gone — like vanished. It was really bad. It was shock. There’s no other word for it. It was a shock," she said. After 10 years of scaling back, she now lives on about $2,500 a month. The economic collapse was a shock to nearly everyone. Millions of people lost their jobs and their homes. It would take years for many of them to recover, if they recovered at all. But for those closest to retirement, or who were pushed out of the workforce early, “It meant that you never had the time to make that up,” said Teresa Ghilarducci, an economist at the New School for Social Research. She said the reality for nearly half a generation of newly minted seniors — and those on their way, “is that you are downwardly mobile.”Or worse. The number of seniors filing for bankruptcy has nearly doubled since 2007 to a record high of 12 percent, part of it driven by the financial crisis; another part by mounting debt for things like medical care, mortgage loans and credit card bills.While bankruptcy can be a fresh debt-free start, “the pickle is for older people that's highly unlikely,” said Deborah Thorne with the Consumer Bankruptcy Project. She said that on top of the financial crisis, seniors were also confronting another fundamental shift in the economy as managed pensions gave way to 401(k)s, where individuals manage their own retirement savings.“This is the generation where we're really seeing the fallout from the transition to individuals being responsible for that,” she said, because it’s a skill to know how much to save and “when they're supposed to withdraw and what amount. And I think that most people don't know how to go about that.”  Take Larry Testerman, a 73-year-old air force vet. He had a successful career in marketing and put two sons through college. But in the early 2000s, he was laid off from an $85,000 a year job and got divorced. He was also caring for his ailing mother.“I probably was not able to look after my investments in my retirement accounts as I should have should have been and perhaps should have just sold them all out promptly when things started declining,” he said.He lost half his retirement savings and went back to work, stocking shelves at grocery stores. But he still couldn’t make his mortgage payments. His Arizona condo wasn’t worth its pre-crisis price and it went into foreclosure. Now, he drives a shuttle bus at a ski resort in Utah for $10.60 an hour and spends part of the year in employee housing.“The space that I'm living in is a room that has a bathroom and a set of bunk beds in it with me sleeping on the bottom and other person sleeping on top,” he said.Lots of Testerman’s co-workers are around his age. These days nearly 20 percent of seniors work part-time, low wage jobs — a number expected to rise.“In 10 years I'm going to be 83 years old and I don’t know if I’m going to be able to be able to be hired by a ski resort to come up here even if I’m able,” he said. “I don't kno...
Dec 19 2018
4 mins
Play

Rank #10: Congress closes in on a final farm bill

Podcast cover
Read more
Lawmakers in the House and Senate have reached a bipartisan agreement on a nearly $900 billion bill. To get there, House Republicans backed off demands to increase work requirements for people receiving food assistance through the Supplemental Nutrition Assistance Program. The bill could come up for a vote this week.
Dec 12 2018
1 min
Play

Similar Podcasts