Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
As part of the ongoing Mashable Awards, we’re taking a closer look at each of the nomination categories. This is “Must-Follow Non-Profit.” Be sure to nominate your favorites and join us for the Gala in Las Vegas! Sponsorships are available. Please contact sponsorships@mashable.com for more information.
When it comes to social good, the name of the game is creating or inspiring change, and often with limited resources. That’s why social media is so important for non-profit organizations. By allowing organizations to reach more people with less money, social media has become an integral part of the non-profit toolbox.
Groups are using social media a variety of ways, from raising money to engaging with constituents on personal and meaningful levels. The most important thing social media offers for non-profits, though, is a highly effective channel to spread awareness about their cause. “Having 10 million people is more important than $10 million,” Change.org founder and CEO Ben Rattray told Mashable recently. “For advocacy you need to mobilize people, and the web helps you mobilize people like never before.”
There are any number of worthy non-profit organizations utilizing social media in new and interesting ways; below are five that caught our eye this year as must-follow groups. Please share in the comments any other non-profits you think deserve a follow and nominate them for a Mashable Award.
1. Brooklyn Museum
More than just a great art museum, the Brooklyn Museum is one of the most social media-savvy organizations on the planet. From a mobile website that lets visitors tag items in the gallery (which, in turn, helps to organize the museum’s vast, 94,000-record online collection) to a Foursquare
What’s really great about the museum, which can also be found on Tumblr
2. Sesame Street Workshop
Sesame Street Workshop is the non-profit organization behind the beloved children’s classic television series Sesame Street, among others. And despite being 41 years old, these cats — er, Muppets — really know social media.
You can find your favorite Sesame Street residents on Twitter and Facebook (characters like Elmo, Big Bird and Oscar have their own
3. WildlifeDirect
Founded in 2006 by noted African conservationist Dr. Richard Leakey, WildlifeDirect aims to save endangered animals in Africa. The organization helps local conservation groups around Africa raise funds, awareness and support for their conservation projects.
WildlifeDirect can be found on many of the usual social media networks, such as Twitter and Facebook, but where it really shines is blogging. The organization has set up an active blog network of more than 100 field blogs penned by conservation groups across Africa. The blogs are one of the main drivers of donations to the conservation work that the organization supports, but they also offer a fascinating look into the struggle to save endangered species in some of the most diverse and threatened areas on Earth.
4. Kids Are Heroes
Founded in 2008 by Gabe O’Neill and his then 9-year-old daughter, MaryMargaret, Kids Are Heroes is a non-profit group that has the admirable goal of inspiring children to get involved in the act of giving back. The website offers profiles of more than 100 kids who have at a young age (some as young as 5-years-old!) had a meaningful impact on their communities and the world — whether by training diabetic service dogs, donating books to low-income families, or raising millions of dollars for out-of-work war veterans. The organization’s message is loud and clear: Kids can make a difference.
Along with the inspiring stories, the Kids Are Heroes website allows children to send “shout outs” to one another, and the group maintains active and engaging Twitter and Facebook accounts.
5. Darius Goes West
Darius Weems and the Darius Goes West project is a force to be reckoned with. Afflicted with Duchenne Muscular Dystrophy (DMD) — a genetic degenerative muscular disease that killed his older brother — Darius and 11 of his friends set out six years ago to travel across America with the ultimate goal of getting Darius’ wheelchair customized on MTV’s Pimp My Ride. The group filmed that trip and turned it into the much-celebrated documentary film, Darius Goes West.
Six years later, Darius Goes West has become a movement — non-profit vehicle to raise money and awareness for the search for a DMD cure that now seems so tantalizingly close. Darius, who continues to defy the odds, recently turned 21 years old and the Darius Goes West crew continue to come up with innovative ways to spread their message and raise money using social media. From raising money through Facebook widgets to inspiring people to do crazy things in the name of charity, Darius Goes West is a must-follow cause for their innovation and unflappable humor.
What’s Your Take?
Which non-profits should we absolutely follow? Let us know your picks and recommendations in the comments below or nominate them for the Mashable Awards.
The Mashable Awards Gala at Cirque du Soleil Zumanity (Vegas)
In partnership with Cirque du Soleil, The Mashable Awards Gala event will bring together the winners and nominees, the
Date: Thursday, January 6th, 2011 (during International CES Convention week)
Sponsorships are available. Please contact sponsorships@mashable.com for more information.
Thanks to our sponsors:
Mashable Awards Gala Partner:
From a group of 20 street performers at its beginnings in 1984, Cirque du Soleil is now a global entertainment organization providing high-quality artistic entertainment. The company has over 5,000 employees, including more than 1,200 artists from close to 50 different countries.
Cirque du Soleil has brought wonder and delight to nearly 100 million spectators in 300 cities on five continents. In 2010 Cirque du Soleil, will present 21 shows simultaneously throughout the world, including seven in Las Vegas.
For more information about Cirque du Soleil, visit www.cirquedusoleil.com
Mashable Awards Online Partner:
Have you ever wished for your own personal gourmet Chef?
The Fresh Diet is like having a Cordon Bleu chef prepare your meals in your own kitchen. There’s no cooking, cleaning, shopping – just fresh prepared delicious meals, hand delivered to your door daily! Whether you want to lose weight or just want to eat healthy, The Fresh Diet can help you meet your goals. The best news, we’re giving away a FREE week of The Fresh Diet every day on our Facebook page. Just click here to become a fan and you could be the next winner. Join now!
Mashable Awards Partner:
Join us at the 2011 International CES®, the global platform for inspired ideas and innovation. With 2,500 exhibitors, CES continues to be the world’s largest consumer technology tradeshow and always reflects the dynamic consumer electronics industry. The International CES is not open to the general public and all attendees must be in the CE industry to be eligible to attend the show. Register FREE for the 2011 CES with priority code MSHB, an exclusive promotion for Mashable Readers.
Mashable Awards Category Sponsor:
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging,
Mashable Awards Gala Silver Sponsor:
Aro Mobile is an intelligent mobile experience that includes better email, connected contacts, smarter calendar and improved browsing.
The Aro system automatically learns what’s important in your life—the people, places, dates and organizations you care about most. In your communications, Aro automatically identifies people, places, events, dates,organizations and locations. From any recognized term, Aro offers quick action menus to speed up your day.
The unique Aro experience is powered by advanced web services: next generation natural language processing and semantic data analytics services. Aro gives you the power to see through the clutter and focus your mobile life.
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
Mashable Awards Gala VIP Lounge sponsor:
Influxis specializes in the deployment of creative streaming solutions. Services include large scale deployment, mobile streaming, turn-key applications, and enterprise support with custom network options. With the unique combination of a worldwide network, knowledgeable developer support and nearly a decade of streaming media experience, Influxis is an essential partner to businesses, advertisers, developers, educators, and others who seek expertise in innovative streaming.
Mashable Awards After Party Sponsor:
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
Image courtesy of iStockphoto
For more Social Good coverage:
benchcraft company scam
Great Dolly <b>News</b>! | PerezHilton.com
Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...
Under The Weather
Hey, Kotaku. You want to engage in a little off-topic conversation to close out the night? Sadly, I won't be joining you. I'm calling in sick.
Google <b>News</b> experiments with metatags for publishers to give <b>...</b>
One of the biggest challenges Google News faces is one that seems navel-gazingly philosophical, but is in fact completely practical: how to determine authorship. In the glut of information on the web, much of it is, if not completely ...
benchcraft company scam
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
As part of the ongoing Mashable Awards, we’re taking a closer look at each of the nomination categories. This is “Must-Follow Non-Profit.” Be sure to nominate your favorites and join us for the Gala in Las Vegas! Sponsorships are available. Please contact sponsorships@mashable.com for more information.
When it comes to social good, the name of the game is creating or inspiring change, and often with limited resources. That’s why social media is so important for non-profit organizations. By allowing organizations to reach more people with less money, social media has become an integral part of the non-profit toolbox.
Groups are using social media a variety of ways, from raising money to engaging with constituents on personal and meaningful levels. The most important thing social media offers for non-profits, though, is a highly effective channel to spread awareness about their cause. “Having 10 million people is more important than $10 million,” Change.org founder and CEO Ben Rattray told Mashable recently. “For advocacy you need to mobilize people, and the web helps you mobilize people like never before.”
There are any number of worthy non-profit organizations utilizing social media in new and interesting ways; below are five that caught our eye this year as must-follow groups. Please share in the comments any other non-profits you think deserve a follow and nominate them for a Mashable Award.
1. Brooklyn Museum
More than just a great art museum, the Brooklyn Museum is one of the most social media-savvy organizations on the planet. From a mobile website that lets visitors tag items in the gallery (which, in turn, helps to organize the museum’s vast, 94,000-record online collection) to a Foursquare
What’s really great about the museum, which can also be found on Tumblr
2. Sesame Street Workshop
Sesame Street Workshop is the non-profit organization behind the beloved children’s classic television series Sesame Street, among others. And despite being 41 years old, these cats — er, Muppets — really know social media.
You can find your favorite Sesame Street residents on Twitter and Facebook (characters like Elmo, Big Bird and Oscar have their own
3. WildlifeDirect
Founded in 2006 by noted African conservationist Dr. Richard Leakey, WildlifeDirect aims to save endangered animals in Africa. The organization helps local conservation groups around Africa raise funds, awareness and support for their conservation projects.
WildlifeDirect can be found on many of the usual social media networks, such as Twitter and Facebook, but where it really shines is blogging. The organization has set up an active blog network of more than 100 field blogs penned by conservation groups across Africa. The blogs are one of the main drivers of donations to the conservation work that the organization supports, but they also offer a fascinating look into the struggle to save endangered species in some of the most diverse and threatened areas on Earth.
4. Kids Are Heroes
Founded in 2008 by Gabe O’Neill and his then 9-year-old daughter, MaryMargaret, Kids Are Heroes is a non-profit group that has the admirable goal of inspiring children to get involved in the act of giving back. The website offers profiles of more than 100 kids who have at a young age (some as young as 5-years-old!) had a meaningful impact on their communities and the world — whether by training diabetic service dogs, donating books to low-income families, or raising millions of dollars for out-of-work war veterans. The organization’s message is loud and clear: Kids can make a difference.
Along with the inspiring stories, the Kids Are Heroes website allows children to send “shout outs” to one another, and the group maintains active and engaging Twitter and Facebook accounts.
5. Darius Goes West
Darius Weems and the Darius Goes West project is a force to be reckoned with. Afflicted with Duchenne Muscular Dystrophy (DMD) — a genetic degenerative muscular disease that killed his older brother — Darius and 11 of his friends set out six years ago to travel across America with the ultimate goal of getting Darius’ wheelchair customized on MTV’s Pimp My Ride. The group filmed that trip and turned it into the much-celebrated documentary film, Darius Goes West.
Six years later, Darius Goes West has become a movement — non-profit vehicle to raise money and awareness for the search for a DMD cure that now seems so tantalizingly close. Darius, who continues to defy the odds, recently turned 21 years old and the Darius Goes West crew continue to come up with innovative ways to spread their message and raise money using social media. From raising money through Facebook widgets to inspiring people to do crazy things in the name of charity, Darius Goes West is a must-follow cause for their innovation and unflappable humor.
What’s Your Take?
Which non-profits should we absolutely follow? Let us know your picks and recommendations in the comments below or nominate them for the Mashable Awards.
The Mashable Awards Gala at Cirque du Soleil Zumanity (Vegas)
In partnership with Cirque du Soleil, The Mashable Awards Gala event will bring together the winners and nominees, the
Date: Thursday, January 6th, 2011 (during International CES Convention week)
Sponsorships are available. Please contact sponsorships@mashable.com for more information.
Thanks to our sponsors:
Mashable Awards Gala Partner:
From a group of 20 street performers at its beginnings in 1984, Cirque du Soleil is now a global entertainment organization providing high-quality artistic entertainment. The company has over 5,000 employees, including more than 1,200 artists from close to 50 different countries.
Cirque du Soleil has brought wonder and delight to nearly 100 million spectators in 300 cities on five continents. In 2010 Cirque du Soleil, will present 21 shows simultaneously throughout the world, including seven in Las Vegas.
For more information about Cirque du Soleil, visit www.cirquedusoleil.com
Mashable Awards Online Partner:
Have you ever wished for your own personal gourmet Chef?
The Fresh Diet is like having a Cordon Bleu chef prepare your meals in your own kitchen. There’s no cooking, cleaning, shopping – just fresh prepared delicious meals, hand delivered to your door daily! Whether you want to lose weight or just want to eat healthy, The Fresh Diet can help you meet your goals. The best news, we’re giving away a FREE week of The Fresh Diet every day on our Facebook page. Just click here to become a fan and you could be the next winner. Join now!
Mashable Awards Partner:
Join us at the 2011 International CES®, the global platform for inspired ideas and innovation. With 2,500 exhibitors, CES continues to be the world’s largest consumer technology tradeshow and always reflects the dynamic consumer electronics industry. The International CES is not open to the general public and all attendees must be in the CE industry to be eligible to attend the show. Register FREE for the 2011 CES with priority code MSHB, an exclusive promotion for Mashable Readers.
Mashable Awards Category Sponsor:
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging,
Mashable Awards Gala Silver Sponsor:
Aro Mobile is an intelligent mobile experience that includes better email, connected contacts, smarter calendar and improved browsing.
The Aro system automatically learns what’s important in your life—the people, places, dates and organizations you care about most. In your communications, Aro automatically identifies people, places, events, dates,organizations and locations. From any recognized term, Aro offers quick action menus to speed up your day.
The unique Aro experience is powered by advanced web services: next generation natural language processing and semantic data analytics services. Aro gives you the power to see through the clutter and focus your mobile life.
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
Mashable Awards Gala VIP Lounge sponsor:
Influxis specializes in the deployment of creative streaming solutions. Services include large scale deployment, mobile streaming, turn-key applications, and enterprise support with custom network options. With the unique combination of a worldwide network, knowledgeable developer support and nearly a decade of streaming media experience, Influxis is an essential partner to businesses, advertisers, developers, educators, and others who seek expertise in innovative streaming.
Mashable Awards After Party Sponsor:
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
Image courtesy of iStockphoto
For more Social Good coverage:
benchcraft company scam
Great Dolly <b>News</b>! | PerezHilton.com
Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...
Under The Weather
Hey, Kotaku. You want to engage in a little off-topic conversation to close out the night? Sadly, I won't be joining you. I'm calling in sick.
Google <b>News</b> experiments with metatags for publishers to give <b>...</b>
One of the biggest challenges Google News faces is one that seems navel-gazingly philosophical, but is in fact completely practical: how to determine authorship. In the glut of information on the web, much of it is, if not completely ...
bench craft company scam
bench craft company scam
bench craft company scam
Great Dolly <b>News</b>! | PerezHilton.com
Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...
Under The Weather
Hey, Kotaku. You want to engage in a little off-topic conversation to close out the night? Sadly, I won't be joining you. I'm calling in sick.
Google <b>News</b> experiments with metatags for publishers to give <b>...</b>
One of the biggest challenges Google News faces is one that seems navel-gazingly philosophical, but is in fact completely practical: how to determine authorship. In the glut of information on the web, much of it is, if not completely ...
bench craft company scam
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
As part of the ongoing Mashable Awards, we’re taking a closer look at each of the nomination categories. This is “Must-Follow Non-Profit.” Be sure to nominate your favorites and join us for the Gala in Las Vegas! Sponsorships are available. Please contact sponsorships@mashable.com for more information.
When it comes to social good, the name of the game is creating or inspiring change, and often with limited resources. That’s why social media is so important for non-profit organizations. By allowing organizations to reach more people with less money, social media has become an integral part of the non-profit toolbox.
Groups are using social media a variety of ways, from raising money to engaging with constituents on personal and meaningful levels. The most important thing social media offers for non-profits, though, is a highly effective channel to spread awareness about their cause. “Having 10 million people is more important than $10 million,” Change.org founder and CEO Ben Rattray told Mashable recently. “For advocacy you need to mobilize people, and the web helps you mobilize people like never before.”
There are any number of worthy non-profit organizations utilizing social media in new and interesting ways; below are five that caught our eye this year as must-follow groups. Please share in the comments any other non-profits you think deserve a follow and nominate them for a Mashable Award.
1. Brooklyn Museum
More than just a great art museum, the Brooklyn Museum is one of the most social media-savvy organizations on the planet. From a mobile website that lets visitors tag items in the gallery (which, in turn, helps to organize the museum’s vast, 94,000-record online collection) to a Foursquare
What’s really great about the museum, which can also be found on Tumblr
2. Sesame Street Workshop
Sesame Street Workshop is the non-profit organization behind the beloved children’s classic television series Sesame Street, among others. And despite being 41 years old, these cats — er, Muppets — really know social media.
You can find your favorite Sesame Street residents on Twitter and Facebook (characters like Elmo, Big Bird and Oscar have their own
3. WildlifeDirect
Founded in 2006 by noted African conservationist Dr. Richard Leakey, WildlifeDirect aims to save endangered animals in Africa. The organization helps local conservation groups around Africa raise funds, awareness and support for their conservation projects.
WildlifeDirect can be found on many of the usual social media networks, such as Twitter and Facebook, but where it really shines is blogging. The organization has set up an active blog network of more than 100 field blogs penned by conservation groups across Africa. The blogs are one of the main drivers of donations to the conservation work that the organization supports, but they also offer a fascinating look into the struggle to save endangered species in some of the most diverse and threatened areas on Earth.
4. Kids Are Heroes
Founded in 2008 by Gabe O’Neill and his then 9-year-old daughter, MaryMargaret, Kids Are Heroes is a non-profit group that has the admirable goal of inspiring children to get involved in the act of giving back. The website offers profiles of more than 100 kids who have at a young age (some as young as 5-years-old!) had a meaningful impact on their communities and the world — whether by training diabetic service dogs, donating books to low-income families, or raising millions of dollars for out-of-work war veterans. The organization’s message is loud and clear: Kids can make a difference.
Along with the inspiring stories, the Kids Are Heroes website allows children to send “shout outs” to one another, and the group maintains active and engaging Twitter and Facebook accounts.
5. Darius Goes West
Darius Weems and the Darius Goes West project is a force to be reckoned with. Afflicted with Duchenne Muscular Dystrophy (DMD) — a genetic degenerative muscular disease that killed his older brother — Darius and 11 of his friends set out six years ago to travel across America with the ultimate goal of getting Darius’ wheelchair customized on MTV’s Pimp My Ride. The group filmed that trip and turned it into the much-celebrated documentary film, Darius Goes West.
Six years later, Darius Goes West has become a movement — non-profit vehicle to raise money and awareness for the search for a DMD cure that now seems so tantalizingly close. Darius, who continues to defy the odds, recently turned 21 years old and the Darius Goes West crew continue to come up with innovative ways to spread their message and raise money using social media. From raising money through Facebook widgets to inspiring people to do crazy things in the name of charity, Darius Goes West is a must-follow cause for their innovation and unflappable humor.
What’s Your Take?
Which non-profits should we absolutely follow? Let us know your picks and recommendations in the comments below or nominate them for the Mashable Awards.
The Mashable Awards Gala at Cirque du Soleil Zumanity (Vegas)
In partnership with Cirque du Soleil, The Mashable Awards Gala event will bring together the winners and nominees, the
Date: Thursday, January 6th, 2011 (during International CES Convention week)
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From a group of 20 street performers at its beginnings in 1984, Cirque du Soleil is now a global entertainment organization providing high-quality artistic entertainment. The company has over 5,000 employees, including more than 1,200 artists from close to 50 different countries.
Cirque du Soleil has brought wonder and delight to nearly 100 million spectators in 300 cities on five continents. In 2010 Cirque du Soleil, will present 21 shows simultaneously throughout the world, including seven in Las Vegas.
For more information about Cirque du Soleil, visit www.cirquedusoleil.com
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The Aro system automatically learns what’s important in your life—the people, places, dates and organizations you care about most. In your communications, Aro automatically identifies people, places, events, dates,organizations and locations. From any recognized term, Aro offers quick action menus to speed up your day.
The unique Aro experience is powered by advanced web services: next generation natural language processing and semantic data analytics services. Aro gives you the power to see through the clutter and focus your mobile life.
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
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About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications including the BlackBerry® wireless platform. For the latest on BlackBerry products join us at www.facebook.com/BlackBerry.
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