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Oil and Energy Crisis Concept on chart over a world map

Oil and Energy Crisis Concept on chart over a world map , Stock price fell, Stock Market Volatility

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The Oil Crisis Is an Opportunity to Develop a Different Kind of Politics

On September 14, American oil executives delivered some alarming news. “The great oil crisis is here.”

As the Wall Street Journal explained, “Commercial fuel stocks around the world have been depleting for more than six months, and strategic crude reserves can’t be tapped much further. Attacks last week shut down a crucial crude pipeline in Saudi Arabia that bypassed the Strait, stranding at least 2.5 million barrels a day from an already tight global oil market….”

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A montage of dollars and yuans
assorted banknotes
Photo by Eric Prouzet on Unsplash

America’s Political Whiplash Is the World’s Problem

The rest of the world is beginning to hedge against the United States.

The New York Times recently reported that global investors are balking at U.S. bonds and that foreign governments are pulling their gold out of American vaults. This month the Dutch central bank moved much of its North American gold out of the United States. In March the Bank of France took 129 tons out of the Federal Reserve Bank of New York. Norway’s sovereign wealth fund, the largest in the world, plans to cut its holdings of Treasuries. Last year Christine Lagarde, president of the European Central Bank, said erratic policymaking in the United States was setting the stage for a “global euro moment.”

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Social Security card, treasury check and $100 bills

A Social Security inspector general found $1 billion in improper SSI payments tied to earnings alerts left unresolved for two years. Here’s what went wrong.

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$1 Billion, 733 Days: Inside Social Security’s Improper-Payment Backlog

Social Security's inspector general opened its books this week and found a number that should stop any controller cold: roughly $1 billion in improper Supplemental Security Income payments, made to 333,800 recipients, sitting on top of a backlog the agency has known about for years. The cause was not a hacker, not a sophisticated fraud ring, and not a policy loophole. It was an earnings alert nobody closed out.

Here is how the mechanism actually works, and why it matters more than the headline figure. When a recipient's reported earnings change, the Social Security Administration's system generates an alert flagging that the payment amount may need adjustment. An employee is supposed to resolve that alert, verify the wage documentation, and correct the payment before the gap compounds. The inspector general's office pulled a sample of 100 such cases. Only 20 had been resolved. Sixty-three had gone untouched entirely, left pending for an average of 733 days, just over two years. Seventeen more were marked "cleared" without the wage documentation ever being fully verified, meaning the case was closed on paper while the underlying question remained open.

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Land of the Free, Home of the Capitalism Didn’t Fail America. America Failed to Moderate Capitalism
Monopoly's mr. monopoly in a graffiti collage
Photo by Artur Ament on Unsplash

Land of the Free, Home of the Capitalism Didn’t Fail America. America Failed to Moderate Capitalism

The signs are everywhere. For many Americans, buying power has improved only modestly despite decades of economic growth. Corporate profits are at an all-time high. We have reached a level of wealth inequality last seen almost a hundred years ago. By many measures, our capitalist economy seems to have failed to deliver broadly shared prosperity.

However, the failure isn’t with the free market as an economic approach. Instead, it’s our failure to regulate and moderate the free market, or more accurately, that we have spent 40 years undermining or removing the regulations of the New Deal that made our economy work for more Americans.

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