NewGroup Newsletter 14.3.2014

New Economy News: IPS Newsletter
March 14, 2014

What Would You Do with $26.7 Billion?

Dear ,

As many Americans are still struggling to recover from the financial crisis, cash bonuses paid to Wall Street financiers in New York City rose by 15 percent last year to $26.7 billion – exceeding the annual earnings of more than 1 million full-time minimum wage earners, according to a new study by the Institute for Policy Studies. That’s the largest bonus payout since the 2008 financial debacle.

The study also points out that if the $26.7 billion had gone into the pockets of minimum wage workers, the U.S. GDP would be expected to grow by about $32.3 billion, more than triple the $10.4 billion boost expected from the Wall Street bonuses.

That’s because low-wage workers tend to spend nearly every dollar they earn to meet basic needs, while the wealthy can afford to squirrel away a greater share of their pay.

What would be even better, of course, is if that kind of money were being invested in jobs that are part of the transition to a New Economy. For a visual mapping of some of these types of jobs, check out the Freelancers Union’s new interactive map ‘How to be a Quiet Revolutionary.’ 

See below for more on this as well as an exciting new initiative by our friends at the Democracy Collaborative to help us clarify the nature of an alternative system anchored in the reconstruction of communities and the democratization of wealth: The Pluralist Commonwealth model. A must read!


Noel Ortega
New Economy Coordinator
New Economy Working Group, IPS

The Pluralist Commonwealth Model

The Pluralist Commonwealth logo

The site begins with an overview of a few key texts drawn from some four decades of work, which present the underlying principles of the model and explain its evolution. Outlining the major elements of the model alongside relevant texts and excerpts, the site then explains how the Pluralist Commonwealth addresses various systemic issues.

– The Democracy Collaborative

read more

How to be a Quiet Revolutionary

Help Map the Movement

Now we can put the money we earn toward institutions that are sustainable, have a social-purpose and are connected to their communities. Our new interactive map is your guide to living a life that matches your values.

Hungry? Search for a great local food co-op. Itching for a concert? Find a cooperative music venue. Stressed out by a tough client? Breathe deep at a yoga collective.

We need your help to map the Quiet Revolutionaries in your community.
Help us map the movement.

– Freelancers Union

Wall Street Bonuses vs. the Minimum Wage

Wall Street Bonuses Political CartoonRaising the minimum wage would give our economy much more bang for the buck than we get from the financial industry’s yearly windfalls.

By Sarah Anderson

read more

My Life as a Retail Worker: Nasty, Brutish, and Poor

Retail WorkerAfter veteran reporter Joseph Williams lost his job, he found employment in a sporting-goods store. In a personal essay, he recalls his struggles with challenges millions of Americans return to day after day.

By Joseph Williams, The Atlantic

read more

Co-Ops to Combat Poverty

GRITtv with Maria del Carmen ArroyoCan worker-owned co-ops lift families out of poverty? That’s the question the Community Development Committee of the New York City Council took on in a first-of-its kind hearing convened by Committee Chair, Maria del Carmen Arroyo.

By Laura Flanders, GRITtv

read more

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