Tag: money

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Art, money, and labor

There are few modern relationships as fraught as the one between art and money. Are they mortal enemies, secret lovers or perfect soul mates? Is the bond between them a source of pride or shame, a marriage of convenience or something tawdrier?

As the New York Times reports, “The way we habitually think and talk about these matters betrays a deep and venerable ambivalence. On one hand, art is imagined to exist in a realm of value that lies beyond and beneath mere economic considerations. The old phrase “starving artist” gesturesimgres toward an image that is both romantic and pathetic, of a person too pure, and also just too impractical, to make it in the world. When that person ceases to starve, he or she can always be labeled a sellout. You’re not supposed to be in it for the money.

“On the other hand, money is now an important measure — maybe the supreme measure — of artistic accomplishment. Box office grosses have long since become part of the everyday language of cinephilia, as moviegoers absorb the conventional wisdom, once confined mainly to accountants and trade papers, about which movies are breaking out, breaking even or falling short. Multimillion-dollar sales of paintings by hot new or revered old artists are front-page news. To be a mainstream rapper is to have sold a lot of recordings on which you boast about how much money you have made selling your recordings.

“In the popular imagination, artists tend to exist either at the pinnacle of fame and luxury or in the depths of penury and obscurity — rarely in the middle, where most of the rest of us toil and dream. They are subject to admiration, envy, resentment and contempt, but it is odd how seldom their efforts are understood as work. Yes, it’s taken for granted that creating is hard, but also that it’s somehow fundamentally unserious. Schoolchildren may be encouraged (at least rhetorically) to pursue their passions and cultivate their talents, but as they grow up, they are warned away from artistic careers. This attitude, always an annoyance, is becoming a danger to the health of creativity itself. It may seem strange to say so, since we live at a time of cultural abundance and flowering amateurism, when the tools of creativity seem to be available to anyone with a laptop. But the elevation of the amateur over the professional trivializes artistic accomplishment and helps to undermine the already precarious living standards that artists have been able to enjoy. Continue reading “Art, money, and labor”

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The allowance gap

Nearly 70 percent of boys say they get an allowance, compared to just under 60 percent of girls, according to a new survey from Junior Achievement.images-1

But unfortunately, it’s not likely because boys do more chores. One study found that girls dotwo more hours of housework a week than boys, while boys spend twice as much time playing. The same study confirmed that boys are still more likely to get paid for what they do: they are 15 percent more likely to get an allowance for doing chores than girls. A 2009 survey of children ages 5 to 12 found that far more girls are assigned chores than boys. A study in Europe also found fewer boys contribute to work around the house.

And it’s not just that boys are more likely to be paid by their parents, but they also get more money. One study found that boys spent just 2.1 hours a week on chores and made $48 on average, while girls put in 2.7 hours to make $45. A British study found that boys get paid 15 percent more than girls for the same chores.

Young girls suffer a wage gap even when they leave their home in search of wages. Despite the fact that the vast majority of babysitters are girls, the few boys who take on those jobshave higher hourly rates.

A chore and wage gap for young girls may seem trivial, but they are both problems that only grow as they age and the socializing children experience at home may contribute. Asking girls to do more chores without paying them teaches both genders that women are meant to do unpaid work. And when they’re older, far more women will end up doing housework than men. Mothers spend nearly double the time on unpaid work in the home that fathers do each week. On an average day, nearly half of women do housework compared to 20 percent of men, and on the days when they do those activities, women spend more time on them, on average. Meanwhile, fathers manage to find three more hours of leisure time.

At the same time, a record number of families is relying on women’s wages as the main source of income. Yet women are paid less than men in nearly job and at every educational level.

More at: http://thinkprogress.org/economy/2014/04/23/3430025/gender-gap-allowance/

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Those starting college worry about money

The 2013-14 academic year marks a half-decade since the economic recession hit, but concerns about the costs of attending college are influencing incoming freshmen more than ever, a new survey shows as reported by InsideHigherEd.

“While more than three-quarters of this year’s freshmen were admitted to their first-choice institution, an all-time low of 56.9 percent chose to attend it. Nearly 46 and 48 percent — both all-time highs — said price and financial aid, respectively, were “very

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important” in their decision about which institution to attend. Among students who were accepted but did not enroll at their first-choice institution, about a quarter said lack of financial aid from that college was a very

important factor in their decision, and 60 percent said the same of being offered financial aid from the institution they chose to attend.

“The record-setting numbers are not an anomaly. Last year’s survey found that financial concerns increasingly affected students’ decision-making in ways both educational (where to attend college and what to study) and personal (why to attend and whether to live on campus). So it appears the impact of the 2008 economic recession has only gotten stronger from year to yea

“As state economies have recovered, we haven’t really seen all of those dollars come back into higher education, and it’s concerning that they may be gone for good,” said Kevin Eagan, interim director of the Cooperative Institutional Research Program at the University of California at Los Angeles, which publishes the report annually. “Institutions cannot be too comfortable resting on their laurels and expecting that academic reputation will carry as much weight, or more weight, than any other factor in whether admitted students choose to enroll.”

“The annual survey is The American Freshman: National Norms. The report is usually released in January, but last fall’s federal government shutdown delayed the results because the U.S. Education Department’s Integrated Postsecondary Education Data System, on which CIRP relies for the report, was blocked for a time. The survey includes 165,743 first-time, full-time students entering 234 four-year American colleges and universities of varying selectivity and type. Continue reading “Those starting college worry about money”

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Those with less more prone to save

Americans’ desire to save money rather than spend it may help those vowing to show more financial restraint in the new year, as reported by Gallup.images-1

“Still, this desire may not translate into more savings in 2014, as those with the least resources in terms of disposable income are actually the most likely to prefer saving money to spending it. This may mean that even as much as the country professes to enjoy saving money, not all are able to do so for financial reasons.

“In fact, Americans with the absolute lowest annual household incomes, $20,000 or less, are the most likely to say they enjoy saving money (66%) rather than spending it (30%), compared with Americans at other income levels. The propensity to save drops off notably among those bringing in $50,000 or more, though the majority still lean that way, including 56% of those with household incomes between $50,000 and $74,999 and 55% of those earning $75,000 or more.

“These results come from aggregated Gallup data spanning 2009 to 2013, including interviews with 6,127 U.S. adults. Particularly since the 2008 financial crisis, the majority of Americans have said they prefer saving money to spending it. This stands in contrast to their preferences between 2001 and 2008, when they were more evenly divided between saving and spending money. Even as the economic recovery nears its fifth year, the preference to spend rather than save has not recovered to pre-crisis norms. Continue reading “Those with less more prone to save”

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The New San Francisco

It’s not just the 22 construction cranes dotting the San Francisco skyline and 5,000 pricey condos and apartments under construction, AlterNet reports.

“Nor is it the fleet of private buses ferrying 14,000 tech workers to Silicon Valley, or the explosion of restaurants and boutiques, or rents doubling, or the spike in evictions, or home sales now averaging $1 million. imgres

What’s happening to San Francisco goes beyond the accelerating gentrification in multicultural districts like the Mission or Mayor Ed Lee minimizing affordable housing woes. The city that’s been a magnet for free spirits and immigrants and working-class people for decades seems to be losing its famous heart. Or perhaps it’s more accurate to say that its heart is being replaced by a software update.

The best encapsulation of this sea change, which is driven by a booming tech sector that’s generated 13,000 jobs since early 2012, might be this blog from former San Francisco Bay Guardian editor Tim Redmond, who begged the techie beneficiaries to stop treating the city he loves like a “rich kid’s playground.”

“When a 1990s tech-startup guy who admits he was part of the last generation of gentrification is now so fed up with the new arrival of high-paid techies that he’s ready to leave, it’s pretty serious,” he wrote in a piece titled, “The Mission ‘douchebags.’” He ended, “I know, I’m an old fart who is not rich and never will be… But if you’re lucky enough to be rich in your 20s, show some respect.”

“All economic booms bring dislocations, but what San Francisco is undergoing seems deeper because unlike past decades, when hippies arrived in the 1960s and gays came a decade later, locals were not displaced. That distinction has also been noted by longtime San Francisco Chronicle columnist Carl Nolte and by author Rebecca Solnit, another longtime resident, who recently wrote, “The problem is that we understand Silicon Valley’s values all too well, and a lot of us don’t like them.” Continue reading “The New San Francisco”

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Gender inequality in movie acting

While it’s not surprising that women in the entertainment industry earn less than their male counterparts, the extent of that gender pay gap is extraordinary given that the combined earnings of this year’s top actors is up more than 15% since 2009, and at its highest level in five years.imgres

This year’s Forbes’ list of Hollywood’s Highest-Paid Actors banked a collective $465 million, almost two and a half times more than what the top-paid actresses brought in. As Forbes reports: “With an estimated $75 million in earnings, Robert Downey, Jr. landed the #1 spot with a paycheck $10 million larger than the combined earnings of the five women who rounded out the top Actress’ list. By comparison, the two actors who rounded out the Actors list, Denzel Washington and Liam Neeson, each collected $33 million – the same figure that propelled Angelina Jolie to the top spot for actresses.

“Forbes’ list of Hollywood’s Highest-Paid Actresses is led by Angelina Jolie earning an astounding $33 million — and the #1 spot — thanks in large part to her upcoming role in Disney’s“Maleficent,” set to be released next summer. Big-budget films also helped to land starlets Jennifer Lawrence ($24 million) and Kristen Stewart ($22 million) into the top three, with Hollywood royalty such as Jennifer Aniston ($20 million), Sandra Bullock ($14 million), Charlize Theron ($15 million), and Julia Roberts ($11 million) all making the top 10.

“This type of earnings difference may not be unique to Hollywood, but comparing Tinseltown’s top-paid talent underscores just how acute and pervasive gender inequities are in show business. What are the driving forces behind this pay gap? First and foremost, roles for women continue to remain scare, particularly in an industry where far too often talent remains defined by youthful good looks rather than acting ability. The majority of gigs are limited to secondary parts or indie films versus the big blockbusters or franchises that generate the kinds of exorbitant paychecks that landed many of this year’s leading men into the top 10. Continue reading “Gender inequality in movie acting”

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Young and downwardly mobile

Young working-class men and women are trying to figure out what it means to be an adult in a world of disappearing jobs, soaring education costs and shrinking social support networks. Today, only 20 percent of men and women between 18 and 29 are married. They live at home longer, spend more years in college, change jobs more frequently and start families later.

Before reading any further, a spoiler alert: today’s New York Times carries no few than four articles about the poor prospects for young people, the skyrocketing costs of education, the uselessness of a college degree. That said:

“For more affluent young adults, this may look a lot like freedom. But for the hundred-some working-class 20- and 30-somethings I interviewed between 2008 and 2010 in Lowell and Richmond, Va., at gas stations, fast-food chains, community colleges and temp agencies, the view is very different.

“Lowell and Richmond embody many of the structural forces, like deindustrialization and declining blue-collar jobs, that frame working-class young people’s attempts to come of age in America today. The economic hardships of these men and women, both white and black, have been well documented. But often overlooked are what the sociologists Richard Sennett and Jonathan Cobb in 1972 called their “hidden injuries” — the difficult-to-measure social costs borne by working-class youths as they struggle to forge stable and meaningful adult lives. Continue reading “Young and downwardly mobile”

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Wealthy humanities & arts students

Ok, so the humanities and art draw from wealthier student cohorts. How will this shape what knowledge matters in the future?imgres

Money has always given people better options, but for humanities and arts graduate students, money’s now necessary just to get acceptable ones, reports Inside Higher Ed. “Just now becoming noticeable, this “re-gilded ivory tower” looms over a landscape that everyone should consider.

“As one fellow graduate student recently observed, “You have to have a spouse nowadays; that’s how more and more people seem to be doing it.” As is well-known, the economic crash hastened the decline of tenure-track jobs and increased competition for them. Once standard, these stable jobs with adequate salary and benefits have become rarer, displaced by short-term, one- to two-year positions at best, and by piecemeal adjuncting at worst. In turn, entry-level qualifications also rose at some institutions to include a secondary research specialization, at least one article, and attention to pedagogy resulting in the creation of one or more substantive classes, ideally taught at outside institutions. Continue reading “Wealthy humanities & arts students”

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Redefining success

EVERY day, news releases and books cross my desk that promise success in all sorts of areas — getting a job, getting a better job, managing your employees, managing your boss, managing your relationships. Today’s New York Times ran a piece on a recent event aimed at redefining what REALLY matters:

“Some are interesting, some are ridiculous and many are repetitive takes on the same theme. But recently, I came across two items that, separately, talked about an issue I’ve tackled before in one of my columns — questioning what we actually mean by success. That column, which appeared almost a year ago to the day, discussed how we shouldn’t always aim for the extraordinary, but celebrate the ordinary. It was one of my most popular articles ever.So I was intrigued when I was told that a conference was being held on the very issue of redefining success. And, separately, that American Express had recently released a study showing that Americans were thinking of success in different ways than in the past.

“The Third Metric: Redefining Success Beyond Money & Power” was the conference presented last week by Mika Brzezinski, host of MSNBC’s “Morning Joe,” and Arianna Huffington, editor in chief of the Huffington Post, at Ms. Huffington’s new apartment in TriBeCa (some 200 people squeezed into her living room).Panels, covering topics ranging from “Managing a Frenetic Life” to “Wellness and the Bottom Line,” featured a number of prominent people, among them the actress Candice Bergen and Valerie Jarrett, a senior adviser to President Obama.  Continue reading “Redefining success”

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Where your charitable gift really goes

If you’re thinking of giving to charity this holiday season, you might want to take a second to find out where your money is going.

“A report released today by New York Attorney General Eric Schneiderman found that a staggering amount of the money raised by charitable telemarketing winds up going to pay the telemarketing companies, and all too often, little if any money actually makes it to the cause in question,” states today’s Village Voice.

“How bad is it? Schneiderman investigated 602 charitable telemarketing campaigns from 2011, which together raised more than $240 million. In 78 percent of the campaigns, less than half of the money raised actually went to the charity. In 76 of the campaigns, the charity actually lost money on the deal — zero money went to the cause, and the charity paid the telemarketers out of pocket.telemarketer-pic-dec-2008

“New York City organizations fared slightly better than average, with about 46 percent of money raised going to charity. Long Island charities were the worst in the state, keeping a scant 27 percent.

There’s a pattern here — the percentage of gross receipts from New York charitable telemarketing campaigns has hovered between 30 and 40 percent for the past decade.That’s not to say that different charities and telemarketing companies aren’t better than others. Oxfam America, USAFA Endowment, and Child Fund International pass along more than 90 percent of their telemarketing revenues. They were the only ones.

“But according to the Attorney General’s report, if you donated to Beth Israel Deaconess Medical Center through a telemarketer last year, exactly none of your money found its way to its intended target. Same for the Brooklyn Botanic Gardens, the Christopher Reeve Foundation, Ducks Unlimited, Feed the Children, the Food Bank for New York City, and the International Rescue Committee, to name a few. Why big-name charities accept such a miserable return on investment isn’t clear.”

For complete story, see:  http://blogs.villagevoice.com/runninscared/2012/12/the_charitable.php

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Private colleges offer deep discounts

“In recent years, tuition has significantly increased at public universities, driven by state budget cuts and prompting student protests around the country,” reports Huffington Post: “ Yet almost the opposite has happened at private colleges.”

Private college tuition grew at its lowest rate in decades this year and at a slower pace than public university tuition.“Tony Pals, director of communications at the National Association of Independent Colleges and Universities, said he can’t remember another time in which so many private schools have held down tuition as he’s seen in the past two years. By the association’s Continue reading “Private colleges offer deep discounts”

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Why you don’t feel happy

“Few aspirations are seen as more worthwhile and self-evidently desirable than the pursuit of happiness. These days, no one is against it. All of us can become happy, whether poor or rich, Christian or Muslim, conservative or libertarian.” So writes Carl Cederstrom in today’s Al Jazeera

“It is no wonder then that Freud – the father of psychoanalysis – is often regarded with suspicion. Categorically, he claimed that man is not designed for happiness. If happiness would fully come out and realise itself, he claimed, we would not be prepared for it. We simply wouldn’t know what to do with it. Admittedly, this sounds rather disconcerting. Yet, there’s a profound and important point here, one that is worth considering at a time when we are told, again and again, that happiness is the one true way to a meaningful life. Continue reading “Why you don’t feel happy”

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More reasons to hate bankers

“In the 2012 edition of Occupy Money released this month, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our gross domestic product.” So says an article in today’s Asia Times by Ellen Brown, entitled  “Why Bankers Rule the World.”

As Brown continues, “That helps explain how wealth is systematically transferred from Main Street to Wall Street. The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system.

“This hidden tribute to the banks will come as a surprise to most people, who think that if they pay their credit card bills on time and don’t take out loans, they aren’t paying interest. This, says Kennedy, is not true. Tradesmen, suppliers, wholesalers and retailers all along the chain of production rely on credit to pay their bills. They must pay for labor and materials before they have a product to sell and before the end buyer pays for the product 90 days later. Each supplier in the chain adds interest to its production costs, which are passed on to the ultimate consumer.

“By 2010, 1% of the population owned 42% of financial wealth, while 80% of the population owned only 5% of financial wealth. Dr Kennedy observes that the bottom 80% pay the hidden interest charges that the top 10% collect, making interest a strongly regressive tax that the poor pay to the rich.

“People generally assume that if they pay their bills on time, they aren’t paying compound interest; but again, this isn’t true. Compound interest is baked into the formula for most mortgages, which compose 80% of US loans. And if credit cards aren’t paid within the one-month grace period, interest charges are compounded daily.

For more, see “Why Bankers Rule the World.”

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Giving time, not money

“Writing a check is simply a matter of figuring out an amount you can afford and sending it off. But actually donating your time, which was not counted by the survey toward the dollars people gave, seemed a far greater level of commitment.” This from an insightful story in todays’s New York Times by Paul Sullivan entitled A portion of the text appears below. For the complete story, see “Some Prefer Giving Time, Not Money, to Schools” in the New York Times.

A couple of weeks ago, I wrote about a group that rated charities for their effectiveness but was surprised when one of the group’s young founders said he had stopped supporting groups focused on education. He had a perfectly rational-sounding reason: the problems were daunting and he didn’t feel his donations would have an impact.

Then, I heard about a recent study of high-net-worth households that found that education was the leading concern among affluent donors, ahead of health care, the economy, poverty and the federal budget deficit. Continue reading “Giving time, not money”