Money

Rose Madeline Mula writes: The mimeograph machine was another diabolic duplicating device. If we didn't want to get purple ink all over ourselves, instead of using a ditto master, we typed a mimeograph stencil. This was a blue sheet over a stiff backing on which we typed without a typewriter ribbon so that the keys cut through the stencil. If we made a mistake, we coated it with a special white glop, waited for it to dry, and then tried to cut the correct symbols through the glop. Good luck. When the typing and glopping were finished, we wrapped the stencil around the black-ink coated drum of the mimeograph machine and cranked out the required copies. The big advantage of this method was no purple-stained clothes and body parts. We did, however, wind up with black-stained clothes and body parts. more »

Few American homeowners were spared from the broad housing collapse a decade ago, but Generation Xers were hit particularly hard. Newer to the housing market, more likely to be buying at peak prices and taking on more mortgage debt to buy their homes, they lost more wealth than other generations. But a new Pew Research Center analysis of Federal Reserve data finds that Gen Xers are the only generation of households to recover the wealth they lost during the Great Recession. more »

When wives earn more than their husbands do, a puzzling thing can happen: Husbands say they earn more than they are and wives underreport their income. New Census Bureau research shows that the incomes couples report on Census Bureau surveys do not always match their IRS filings. The Census Bureau is working to improve the quality of reported earnings by comparing an individual’s survey response with their reported response from another source.     more »

"The Trump administration has enacted tariffs on imported solar panels, washing machines, steel, and aluminum, plans to impose tariffs on Chinese imports, and is investigating further tariffs on Chinese imports and automobile imports. • The effects of each tariff will be lower GDP, wages, and employment in the long run. The tariffs will also make the US tax code less progressive because the increased tax burden would fall hardest on lower- and middle-income households. • Rather than erect barriers to trade that will have negative economic consequences, policymakers should promote free trade and the economic benefits it brings." more »