The 2007-08 financial crisis is years in the past, but in many ways it is still with us: While some countries have returned to modest levels of economic growth, many households, companies and governments still face high levels of debt.
Corporations often claim to be meritocracies where advancement is based strictly on performance. However, subtle barriers can block advancement for minorities in some settings. One framework of understanding proposed by academics is the “minority vulnerability thesis,” which suggests that meritocratic “ideologies” can mask workplace decisions that — intentionally or not — reinforce historical patterns of discrimination.
The housing and investment crisis beginning in 2008 revealed some of the financial dysfunction in American households. Research has shown that those with lower financial literacy are less likely to have a checking account, emergency fund or retirement plan, and are more likely to take pay-day loans, pay only minimum credit card balances, take on unaffordable mortgages and carry debt.
Firms such as check-cashing companies and payday lenders allow customers who don’t have bank accounts to cash checks, wire money or pay utility bills. While convenient, such services come at a cost. Payday loans typically cost 18% for a two-week term, the equivalent of 468% annually.
The Foreign Relations Appropriations Act requires that the President submit an annual report identifying countries that produce or serve as transit points for illicit drugs. Based on the report, formal U.S. assistance under the Foreign Operations Appropriations Act may be withheld from countries designated to have “failed demonstrably” to meet their obligations to curb the drug trade.
