How to make poor areas richer
ฝัง
- เผยแพร่เมื่อ 10 พ.ค. 2024
- Many people in the rich world are feeling the pinch, particularly in its poorest regions. As the cost of living rises, how can such “left behind” areas be made richer?
Film supported by @mishcondereya
00:00 - How can rich countries address regional inequality?
01:10 - How did regional inequality emerge?
04:45 - How local politicians can help close economic gaps
06:20 - Why making poorer areas better off is a priority
07:30 - How this German city has changed its fortunes
09:15 - How Germany has championed regional development
11:18 - How Pittsburgh is using education to redefine its economy
15:13 - How Tulsa is becoming a haven for remote-workers
18:00 - Why regional inequality is a concern for all
Sign up to The Economist’s daily newsletter: econ.st/3v8z1HK
Why Britain is more geographically unequal than any other rich country:
econ.st/3j941V1
How to invigorate Britain’s second-tier cities: econ.st/3FOfHUK
What is levelling up, Boris Johnson’s big idea?: econ.st/3G5jaPh
The British government’s “levelling up” plans are oddly old-fashioned:
econ.st/3jiE7yf
Joe Biden attempts the biggest overhaul of America’s economy in decades:
econ.st/3Wl17LF
The right way to help declining places: econ.st/3jlHxjS
Do the poor face higher inflation?: econ.st/3WEd3YR
Britain’s economy is taking a drubbing: econ.st/3YEyYAQ
The strange case of Britain’s demise: econ.st/3WskUbW
Inequality in Latin America is fuelling a new wave of populism: econ.st/3PIPCLs
India’s regional inequality could be politically explosive: econ.st/3PJ7DcA
Parts of Germany are desperate for more people: econ.st/3PG7jvn
Britain’s inequalities are spelt out in its surnames: econ.st/3jn5oQg
![[TH]FFWS SEA Spring 2024 Knockout Stage - Day 16](http://i.ytimg.com/vi/jpvPyp7LESA/mqdefault.jpg)
The real thing that I don't see anyone talking about is that not every place can become a tech hub or a tourism stop. It's quite difficult to envision any of these approaches realistically working out on a consistent basis without providing fundamental overhauls to systems on the national level. I also think this video makes a poor job of drawing the line between poor-rich divides that occur because of general shifts in society and technology like the American Rust Belt/England's Industrial Belt and areas that were just historically left behind and underinvested in (eg the American South, England's broader North). Though there is often overlap between these regions and problems, I think the lesson we should learn from mainland Europe (a la the example of Leipzig) isn't just that it's important to invest regionally, but what specifically to invest in (eg infrastructure, health, urban planning, education, sustainability) in cohesive, well-planned breaths that simultaneously address local issues. As others have stated, betting on tech and other boom-industries is just setup for another inevitable Rust Belt made of silicone.
Well said!
@@JayForsure Thank you kindly :)
Definitely one of the biggest problems is industry packing up and moving to cheaper countries, we need to become more self sufficient again. Open textile and other sorts of factories at home, even if the wages are higher. Not everyone is cut out for big marketing, tech or finance jobs. A lot of people are very happy to just work blue collar jobs and make an earnest living. The more people working jobs, the less that will run into crime, anti-social behaviour and or simply homelessness.
@@howtoduit Exactly, it's practically blind with regards to demographics to expect literally everyone to work these hyper-specific, long-training time jobs.
Do check out some of Raj Chettys research work. Very interesting...especially the opportunity atlas project
Making every city into a tourist trap, shopping mall or the center of the next boom industry won't fix anything. What needs to happen is regional self a sustainability and breaking up the massive corporate monopolies that drain the blood out of local economies
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Or we can bend over and accept our Orwellian future
The people are the problem! Poor people arent educated!
a bit too naive, i may say, but fair.
Yes. Once they have drained all the government and local money, they move on to the next city .
Eduarte hit it spot on. naive but fair take.
I would also add that what is important to prioritize is -
1. a sustainable and multi-faceted regional transport network
2. The embracing of city-centres / downtowns
3. Regionalization of culture/architecture to make sure places stay unique
4. Emphasis on public places where people of all backgrounds can gather
My parents moved to St. Catharines, Ontario and the Niagara Region is a place that needs more of these elements!
Unique housing isn't NASA Innovative.
The public doesn't value your 4 points
@James, most people don’t want those things.
@@ChiSpire and why not?
It's the political system itself that causes this. First past the post voting (which the US and UK both have), leads to governments who don't truly represent the population, and therefore don't really care about all sections of the population.
Reported for antisemitism
Democracy is dumb, because people are dumb.
@@coolguysupercool4292 what did he say? I noticed a concerning increase of the far-right on youtube
Germany doesn’t have first past the post yet regional inequality there is rising at the same rate…
Actually having lived in many countries in the west, the system in the US is the most democratic . Look at Canada, government can do stuff which 90% of the population doesn’t want.
A lot of folks have been going on about a January rally and said stocks that would be experiencing significant growth these new year season, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound
Yes, transportation, e-commerce among other sectors are expected to experience growth, but who knows, the market has been a basket of surprises.
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Having grown up in PA as all the factories shut down, I believe that 21st Century Pittsburgh is a perfect example of how a formerly Industrial Giant can transform itself into a Tech Hub. For anyone talented who lives in the region, it can offer them opportunities to build a great career and comfortable life.
I definitely agree but there’s also the factor of those “less talented” due to lack of access to resources (i.e. affordable education/vocational training programs).
Then there are the coal miners hating government for trying to implement better environmental energies. They are not interested in changing careers/get additional training just to keep up with the changing world.
Į thought IT was all healthcare
@@danrook5757 microtransactions
I wrote a paper about this in college around 2009 using US Census date from 2000. By comparing Pittsburgh and Cleveland, two towns that were huge steel hubs in the industrial age, I found that Cleveland at the time in 2000 had about 18 percent of its residents as college educated adults, while Pittsburgh was around 33 percent. Also, I wrote this after PNC bought National City Bank and Giant Eagle bought Stop-N -Shop. Cleveland hasn't been business-friendly in decades while The Steel City was okay not having to rely just on steel.
Got an A on the paper btw.
Love how they use the Philly skyline in a slide about Pittsburgh ...
I grew up in rural Ohio, and I've lived in places that were more vibrant and wealthy. What's missing in a lot of the poor areas, are ways to engage people to work their way up. Education is a key, but that alone won't fix what's broken. Instead of expecting poor areas to become tech centers, they should look at becoming prosperous blue collar. Trade schools need to come alongside colleges, and offer programs for skills--like carpentry, plumbing, electrician, welding, mechanics, etc. Where infrastructure is failing, a fresh wave of tradesmen could save roads, bridges, and historic architecture.
Our crumbling infrastructure has been allowed to fail for too long. Small towns and failing cities can't keep up with this, so it needs to be a priority of our federal government--and not just one bill every other decade. No one wants to live in a place with a bad water, or abandoned buildings, or struggling schools.
Municipalities have backed themselves into expensive inefficient car infrastructure like single family housing
It's hard to afford stuff when all your money is being spent on pipes, roads, and power for the richest neighborhoods
@@lomiification It's not enough just to build something, it's also got to be regularly repaired and maintained. Those costs need to be baked into the project as part of the real cost. When developers make big profits building a neighborhood subdivision, they should be required to build support for that community--like schools, roads, fire/police, retail, etc. That would limit the sprawl, and limit some of the necessity for driving. Zoning restrictions need to be lifted, so land use can be denser, with businesses intermixed with residential.
@@cariwaldick4898 I don't know about where you live but in many states the developer is required to build roads and depending on the number of houses, green spaces(parks).
@@RuneValken The things necessary for a community don't just stop at roads and parks. Build a few hundred houses, and that's potentially going to dump a bunch of kids into the school system, and create a demand for more goods and services.
It's hard to find a perfect solution, since it's a problem with a lot of angles. Fact is, the population of the world has about doubled in 50 years. That's too fast for communities to react. Add in automation, computerization, technology, globalization, wealth inequality, mass migration, climate change, longer life expectancy, dual income households, corporate industrial agriculture, water shortages, and changes in the traditional family, and it's clear we're going to be playing catch up for some time.
Those are the same places that frequently scream about taxes and ‘big government’. The in your face reality is a huge portion of rural/poverty stricken areas are inconceivably under educated in millions of ways as to how society runs and therefore vote against their own self interests and nod along and even cheer for policies that directly and indirectly decrease their quality of life.
0:02: 🌍 Regional inequality is a pressing issue in many rich countries, including Britain and America, with rising prices exacerbating the problem.
4:20: 🏛 Addressing regional divides in countries with unhealthy centralization by empowering local mayors and providing more resources.
9:20: 📈 Investment in infrastructure and education is revitalizing declining regions in Germany and Pittsburgh.
13:16: 🏢 Innovative companies and large tech firms can help struggling areas by creating jobs and training local people.
17:02: 💼 Offering cash incentives to attract new inhabitants to cities is a promising but not widely effective solution for revitalizing neglected regions.
Recap by Tammy AI
Hi! How did you get the AI to do this?
Sadly, this seems like the worst period. Started investing recently when the market prices were a bit high, today I am more than 60% down! Hopefully, the markets will go back up.
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It's the market, if you can't be on it on the bad days, you shouldn't be in it at all.
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Ur doing it wrong.....then....
I bought oil stocks when the market crashed as no one wanted the oil during covid....
paid a buck 50 for the stock...., it's now NOT a buck 50.....
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time.
Yeah! I agree with you sir.If you want to be successful have the mindset of the rich, spend less and invest More. Don't give up your dreams.
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@@michealdouglas8206 That's true...some wants to do what the 99% does but wants to get results that are fit for the 1%, but it doesn't work that way
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Really great video and I like how it highlights regional cities in the US and UK and Germany.
I lived in South London for some time, an area that was devastated by poverty and crime. As the inevitable gentrification was underway it had attracted many young professional from other areas and wealthy investors to embrace the boom, many of the already despaired locals enjoyed little to no incentive from this area growth. Many were under-qualified for the decent new jobs on offer there, rent almost doubled and others had to vacate their property as their council estate was due for demolition to make space for new developments, so ironically this economic shift forced locals from their homes to go out and seek other poor, suffering but affordable areas, and the cycle continues. Considering that most social issues derive from economic downturn and deprivation and essentially these gentrification reforms are essential, however it also seems counterintuitive to attract the competent and privileged from outside the area and dismiss the inept citizens who are crippled by the same place they call home.
same over here
YES!! That's what's infuriating about this documentary. Absolutely NO mention of the inevitably horrible effects of gentrification. This is exactly what has been happening here in New Orleans for some time, especially since 2005 when Hurricane Katrina hit. Now, the locals who have been forced out of their homes in one way or another can no longer afford to move back home even if they wanted to.
If you are renting, the neighbourhood does not matter to you, you are just a tourist. If it mattered to you, you would get a 25-year loan and nobody would be able to make you move out. If enough people are just tourists, don't complain about "gentrification", because you made it possible.
@@anonymoususer3561 that's not fair. Many people would like to set roots in the area they grew up in, but it might just be too expensive to get a deposit together for a mortgage, so they have rent in a houseshare
Tulsa Oklahoma was settled by black americans that were genocided governments neglect human atrocities morally wrong is to not affirm reparations.
"Gave up the bright lights of Houston" has to be the funniest sentence ever uttered. The entire city is a giant parking lot.
Relocating wealthy people is a way to make a region rich. Ming emperor relocated wealthy families by force from all China to capital city Beijing in order to make it rich. Indeed, it became rich city since.
Professor Greg Clark discovered that both English and Chinese elite families status remained unchanged for over 800 years from feudal time to modern days.
@@alexoolau very interesting insight, do you have a paper i could reference about the legacies of families through generations
That and the thing about never hearing of Tulsa, Ok. As an American, that’s shameful. I hope they were joking.
@@chanellbruton9862 thats on you bruh, im a european and know tulsa
@@duck8624 In the video he said that he had never heard of Tulsa. I’m saying that’s absurd. Thanks for making my point though.
Great video - Thanks!
As a german living in the old „coal and steel“ Ruhr area it is exciting to watch how cities like Middlesbrough or Pittsburgh face similar issues and how they deal with it.
I did not expect a part of the video showing Leipzig and the history of the last 30 years here.
Interesting quotations here:
„not even Germany‘s economy could sustain the level of investment needed to revive every poor area of the country.“ … „Germany has decided that only large cities can be made economically dynamic.“
I absolutely agree with those views, only one thing to add: Germany has decided not only to focus on large cities , but also on the fact that those cities have to be in the east of Germany… which is a pure political decision to overcome the differences after reunification.
So Leipzig is for sure a success story , but we also have our „Middlesbroughs“ and still not a plan or investment to overcome the problems here… just come to the Ruhr area in the west (Duisburg, Gelsenkirchen, Dortmund) where I am afraid of the future and hope that German politics will start to look at the whole country again without dividing between east and west …
I agree with you on everything but one point: Duisburg, Gelsenkirchen and Dortmund all have their problems, but those problems are a lot smaller than the ones of Middlesbrough. It is true, though, that the problems of those cities were "forgotten" by federal politics for many years, while they concentrated on getting the economy of eastern Germany into shape.
@@karlvoigt5194 you might be right , I can’t disagree as I haven’t been to Middlesbrough area, I only have the experience of living in „lost areas“ like Wanne-Eickel.
The bitter truth might be that it is a very long run and that you need an awful lot of money to help every poor region and their biggest cities there. I just hope economy will be strong enough the coming years that Germany can create more Leipzig stories all over the country.
@@lb3764 If you compare, for example, GDP in PPS, you will see that fifteen years ago, the
Ruhr area was slightly above EU-standard (en par with most French regions), while the Cleveland area (to which Middlesbrough belongs) and the eastern German states were slightly below (en par with southern Spain). Nowadays, the Cleveland area would be significantly below EU-standard (en par with Bulgaria, Romania), whereas the Ruhr area is significantly above EU-standard (I know, it feels different, but the region as a whole didn't decline, but improve) and the eastern German states are slightly above EU-standard (en par with most French regions).
@L B That’s not the full story: While there still is an income tax component used to subsidize the eastern part of Germany (which I think is still necessary unfortunately), there are other mechanisms that are not bound to east/west. The biggest one being a mechanism of exchange between the federal states and the central government, the „Länderfinanzausgleich“. But there are also important EU programs for which the regions and cities apply independently. Germany being the biggest EU budget contributer, this can also be seen as assistance of the federal government to individual regions
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I live in Sunderland, a city in Northern England very close to Middlesbrough. After decades of neglect some effort is now being made to rejuvenate the city. Lots of money is being put into modernised transport links, new sustainable housing and new offices in the city centre. It's very interesting comparing this to Tulsa and Pittsburgh, as it is apparent that we are adopting the same playbook. Hopefully it is successful!
Why care about the “town”? It’s just buildings. 10:15 Germany is making the sensible choice. Focus on the people. Help the people move to where the jobs are.
@@TheBooban we don’t want the whole of the U.K. to centralise entirely on London.
Really great reporting on this issue that we all see but nobody is reporting on.
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1. Work
2. Save
3. Pass your gains onto your kids
4. Kids work
5. Kids save
6. Kids pass on the combined gains to grandkids
7. Repeat
Simple fact is wealth comes from time that most people don’t have. You work so your kids can have it better than you and they will work for the same reason. If you’re not producing anything and/or your kids aren’t inheriting it then they’re starting the loop over at zero each generation.
Thank you The Economist for this top tier documentary. Speaking about fair payment and employment. We often forget these free videos nowadays this documentaries need human ressources and hard work. I hope they are paid fairely.
Brilliant! I’m working on rejuvenating blighted regions in Southern Africa and income inequality is way worse here so I can relate to everything in this video. Will definitely be looking up the initiatives featured here.
@@JDVRadio this is a scam probably a bot
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🇿🇦we need to become a trillion dollar economy
Your work sounds very important!
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Awesome video, Pittsburgh is such an underrated city! One comment, at 13:00 the image shown is actually Philadelphia.
LOL
britbonger moment
No it’s not. And I’ve lived in both lol
@Jazmin Jackson, it definitely is Philadelphia. You can see City Hall off the the right. The Comcast buildings are right in the center.
@@jazmeenkiddo Uh, yeah it is. I can see that skyline right now ... and I'm in Philly. The Pittsburgh skyline is at 13:30 - not the same at all.
I really enjoyed Tulsa when I visited. Always been in a city but I’d contemplate living there. Only thing is it doesn’t have a major airport which makes visiting/traveling a hassle
my experience was that, when i was visiting a couple of friends i met thru DIFM forums back in the 2000s, some of their neighbors made fun of me for voting for John Kerry back in 2005. like, they were taken aback that i would vote democrat (i live in California) when it's better to vote in a chimp you would rather have a beer with rather than an environmentalist trying to save us from extinction. i hope they suffered greatly during the 2008 crash for that arrogance.
so i'm utterly gobsmacked that Tulsa, a town that reads backwards a slur for promiscuous women (according to Larry the Cable Guy), has somehow made itself into a hub for remote working. yeah, sure, let me know when they have a universal ban on assault rifles and there aren't any mass shootings happening at pride bars and festivals; i like being able to breath and not bleed to death, tyvm.
I’m from Tulsa. It’s a fantastic city and the Tulsa International Airport is growing. It wouldn’t hurt to write to the Tulsa Airport Authority and express your concerns. It couldn’t hurt.
As a former Pittsburgh resident now in DC I can say that whatever is coming to Pittsburgh is too little and too late. The big tech offices are very small and employ limited number of people compared to the big hubs. The Era of big steel was the golden Era of Pittsburgh.
As a former DC resident who moved to another northern rust belt city, this rings true in a much bitter way. There are parts of America that are just 20-30 years behind when it comes to industry and tech literacy, it’s truly sobering.
Could always ship out government jobs to Pittsburgh. I lived in DC and it’s very telling how our capital and it’s metro is the wealthiest in the country. Federal employees could have a better cost of living in Pittsburgh and wouldn’t have to rush to booz allen to find a way to live in the beltway
@@MuadDib27 If only more areas were ONLY 20-30 years behind. A lot are 100 years behind. Without wealth and entrepreneurship there is no growth and self-sustenance.
@@TopeRopeTom the capital of the wealthiest and most powerful country in the history of the world is extremely wealthy? Who woulda thought.
@@Tounguepunchfartbox that’s abnormal in American history buddy… perhaps you never knew the US is a federal system and rather than all wealth being centered in one area in had multiple poles such as Chicago and NYC… DC was a dump until the structure of the county started to become more centralized. There’s no reason for wealth to be there it’s anti democratic and prone to corruption hence why all defense companies now have headquarters there which again us not normal and started with Lockheed
"How to make poor areas unaffordable" - more accurate title.
"We produce more students than we have jobs for" it's like he's talking about widgets not people.
Decentralization isn't great either, I mean look at the US, there are states which can't afford to do anything for it's people like Mississippi or they choose to discriminate against certain races, if all power is decentralized then nothing can be done to help these people.
great video! only problem is the a picture of Philadelphia was taken instead of pittsburgh
Just because a neighborhood is poor, doesn't mean the people who live there can't keep it nice. It's a mindset, and garbage people tend to end up in areas that have cheap rent.
Thank you 🙏 it’s a great thought beginning with very simple yet important question. Agree with many comments.
What I am not certain I understand from this video is discussion about making job market more diverse; we talk about tech, AI, robotics a lot and it seems to me we are just trying to replace one big thing “Steel” with another one big thing “tech”
There are many areas that can not only help create more jobs but help with critical issues like climate change, healthcare, education etc
Lot of indians in IT jobs on fake resume fake degree
Elon has fired many and many companies are firing
Trust me in few months this will be flash news indians in IT in us large chunk on fake resume fakecdegree fake experience
As there is a saying goes like this education is the bed rock of a nation. Investment is a key factor to eradicate poverty by doing so we need to engage the people from different backgrounds to give their intake, as a saying goes like this two head together make make something positive rather than one head. And unity in a country can develop the economy of the country.
I come from a rural area and Rural Broadband initiatives are essential to reviving rural areas.
I have friends who are a married couple. He is part owner of a specialized IT company who works remote 90% of the time and spends the other 10% of the time flying around the country to do on-site troubleshooting. Her parents owned a house in a region that does not have broadband, but in which broadband companies claim they don't have to install broadband as they are legally required to by their license to operate in the state, because you could get a mobile hotspot if you wanted to pay thousands of dollars a month.
Her parents moved to take care of her grandparents and wanted to sign the mortgage over to their daughter, but my friends could not take the house because he wouldn't be able to work his remote job anymore.
In other words, gentrification. Which causes local housing and cost of living to skyrocket, pushing local residents into even worse poverty, and forcing them into homelessness.
Indeed.
What a tedious crutch to use.
Uh ... no? The point was that the local residents would be getting better jobs, so just the opposite in fact.
Too many career, politicians, not enough people in politics who have had proper jobs
We could also, you know, tax the wealthiest in society, pay fairer wages, and invest that into social schemes that benefit the wider community so that even people on minimum wage can afford a comfortable life instead of expecting everyone to become a software developer.
‘Leave’ it to the Economist to propose a small government solution to any and every problem. Government can never be too small if you ask them. Of course, it can be, and in certain aspects, already is.
The real purpose of this dogmatic refrain is to enable big business to more easily shape the decisions of small government to suit their own aims.
Education in virtues, values and morality along with education in the trades, crafts and economics can uplift any region or population. People must endeavour to produce services and things useful to their society.
Seeing the wage disparity in the UK made me feel a little better. We are not completely alone in our self destruction.
It's everywhere. Everywhere. You just have fewer ways out of it because Brexit....🫣
Some fundamental things about a capitalist society haven't changed since feudalism. Those who have wealth can build things and employ people and then take it all away. The working class and poor have little with which to invest and build their own wealth.
The dangerous thing is rather that the poorest fifth in UK are 20 % poorer than in France or Germany, so they have less buffer for harder times. I hope more will be done now and I'm glad that the media are reporting more about these issues.
I knew at 14 the area I grew up in wasn’t going to be for me, heavily hospitality focused and expensive. The young people need to plan to leave get better opportunities elsewhere.
If the industry that brought people a generation ago to a area then fails then people need to move for new work opportunities. Languishing in a area 50-60 years post it’s hay day asking the government to bring industry back takes way to long.
Perhaps taking a look at the price per M2 in England's hosing over the last 30 years will give you an idea of how the wealth is being spread from London and now covers the SE, SW, and is spreading as far as Norfolk. Look at the wealth per captia
The underlying mistake in this video is the tendency to think that giving out money is the key to solving this issue. It isn't. The issue is that some people do more to help others than other people. In other words, some are more productive than others. The solution is, therefore, to find ways to help more people be more productive (i.e. help others more). If this is done then the initial results will probably be perplexing - little or no improvement in blighted areas. This will be because people who have become more productive will often have moved elsewhere. They may want a home in better condition, with more attractive retail, and less crime.
You forgot the other half of the equation was to give the leftist/ socialist mayors who oversee these modern day wastelands hellscapes more power.
@@RM-jb2bv I don't think that having more powerful mayors will help if they have the same money-focused ideas for trying to solve the problem. It does not matter if they are leftist or not.
While some of the sentiments may be correct, *your mindset is what led to these in the first place.* The pretends of 'conservative' thinking is that if there are poverty, it's just people not being "productive" enough or people need to "budget" better, etc etc. Excuses after excuses. *Money does need to be given out to key areas,* because national economic health is about money circulating across all parts, but the system are design to funnel it upwards instead of spreading it around. You can find as many people to be helpful but without the money to implement. It's pointless. Conservatives tend to talk about any kind of magical thinking that never involve money, because their priority is always making sure the money going to the top. They almost always think in terms of growing personal wealth, but national finance don't work that way. There is only ever a set amount of capital a nation can have at any given time, if that capital isn't circulating in an equitable manner to all parts, then the economy is effectively dead. It's like blood not reaching your entire body. The system we currently have is one that deliberately cuts off blood flow in favor of a section hoarding it all. Money always matter because it's our only way of measuring logistics, nothing to do with ideology or being "money-focused", only math.
Blighted area is itself a very different issue altogether. Less to do with financing and more to do with developmental viability. Consider a mining town, whose entire existence was founded for a specific purpose, and when the mine runs dry. The developmental prospects disappears.
@@biocapsule7311 you’re so clueless it’s frightening. It’s even more frightening that other people think like you and will also remain clueless.
Wealth inequality, poverty etc is the predictable outcome of government taking over the money supply and implementing failed Kenysian economics which states that aggregate spending is the prime driving force for economic prosperity. THAT is the real “magical thinking.” Look where it’s gotten us!
The government doesn’t have money to give to people. It doesn’t have any money except from what it confiscates from productive citizens and reallocatws it at minimum efficiency.
If doling out money worked, the government should just give everyone a million dollars and we’d all be rich. We basically did a micro version of that during COVID and now eggs are $9 a dozen. Predictabley.
@@biocapsule7311 i think part of the issue is how the money is being spent. For example, one of the biggest flaws with no child left behind is that schools who struggle are punished with less funding and schools who did well get more funding. The failure of this system doesn't mean we shouldn't fund education, it just means that more ideas need to be given WITH the funding
Through equipping the poverty victims with necessary skills and knowledge /education is the only way to permanently eradicate poverty
What's crazy is that so many Western countries are all having a houses crisis at the same time
It’s not an accident. It’s the predictable outcome of government’s and central banks around the world (led by the USA / Federal reserve) creating asset bubbles with the same reckless policies that have been the demise of dozens of civilizations bf
Mass immigration doesn't help at all.
This is a masterpiece
@least it gave me inspirations, new questions and perspective
Thank you
To much focus on unemployment rate. Focus on employed PAY! Millions of working poor is costing us too.
PLEASE, don't see Pittsburgh as an example. Pittsburgh has inequality issues JUST like you were describing in Germany. The poor neighborhoods in Pittsburgh are not being healed. Pittsburgh is NOT prioritizing the issues with its public schools. It is NOT prioritizing housing equality. It's ignoring cleaning up its streets. Inequality is clear in the city. The working class are not seeing benefit in this current Burgh strategy.
The region economic discrepancy's mammoth in the undeveloped world. It's astonishing to see it also happening in developed countries
I grew up in Tulsa. Tulsa is a great city and it really always has been. It's even better now, however. It hasn't turned from a poor to a rich region. The oil money brought immense wealth to Tulsa 80 years ago. Lately, Tulsa has had to reinvent itself, but this remote work incentive is only a minor issue in the city. We have much more going on besides that. At the same time, the poor in Tulsa realistically aren't getting wealthier and neither are the poor parts of the city. All that's really happening is the rejuvenation of certain areas that were nice 50-80 years ago and have gone into some decline. The educated outsiders who come to the city to work are not truly changing the plight of the poor and uneducated in the city. I am grateful that I was fortunate to be educated at an excellent school and come from a successful and hard-working family. The reality is that there are many opportunities in Britain and Germany (both countries I've lived in), but that in England I noticed that many of the young people had a very pessimistic outlook on their chances of escaping poverty (in Crewe, where I lived, at least), whereas in Germany I didn't get that sense. People generally had a positive outlook and were exploring avenues to further educate themselves to be productive. There is a cultural issue in the US and especially Britain which keeps many down with generational poverty. I couldn't believe the difference between the wealthy and poor in Britain. It wasn't just their finances. It was the way they spoke, their outlook on life, and even their morals. It was truly shocking. You don't get that sense very much in Germany. The poor and uneducated in the US sometimes don't fall into this trap, but frequently they do, as well.
It is amazing how this country always looks up to the US and Germany but never learned anything from neither.
On the contrary. The UK has been working very hard since the 1980's to imitate Reaganite trickle down policies and a for-profit private insurance based healthcare system. The Tories and their foreign investor friends are quite excited now they've nearly stripped the NHS so it can be sold for parts.
Soon, the UK will feel like they never should've done Brexit.
@@ChadSimplicio Yeah. We already feel like we never should've done Brexit. It's just a question of how long the UK media can keep misleading the majority of voters on the causes of their sudden drop in living standards, and how many years before they can do anything about it at the ballot box.
I live in Pittsburgh. Robotics is not alleviating our homelessness problem. Things are deteriorating faster than they are improving
You mean the average yinzer didn’t take out a 400K loan to get a masters in robotics from CMU? Or that the upshot of all these “robotics” is a sweeping wave of automation and AI, that coupled with horrendous monetary policy will plunge these cities into abysses
@@RM-jb2bv When thinking about the automation dream, people often believe it’s going to create a net positive impact. And that may be so. But if history has shown us anything, it’s that history is filled with mass famine, death and forced relocation without so much as a whimper for millions of lives lost over the course of a generation. And that’s my fear. That it’s starting already and in 50 years we’re gonna have someone do the math who’s just discovered the population has been mostly slipping off the radar and passing away in poverty, than being uplifted by the promise of automation.
The North-East of the UK is sitting on a renewable energy gold mine, which only needs to be opened up. All this talk about the esoterica of "levelling up" is so much hot air. Develop wind farms, generate not only enough energy for the entire UK, but 2 or 3x that much, and export the excess to Germany. All it needs is leadership!
The precision here is incredible! True craftsmanship.
Me a middle to low income west german guy with no house of my own wonder still why we have this special tax *Solidaritätszuschlag which goes directly to these east german cities while my rural town still has lacking infrastructure.
Edit: Each monetary incentive has to be paid for. there is nothing for free from state or country. they will take this from others or from your children in the future.
Didn't the tax end last year
why are you paying taxes even when you're poor ?
@@pepelepew1227 Cause as mid to low income you are not poor enough :-P
@@piotrekp5471 On financial assets like stocks ..even if you have very few it is still applied. it is in our highest court right now.
Wow you mean you have to help out fellow citizens boy oh boy why not move over there then? If they’re making out so well
While eds and meds is largely credited for Pittsburgh's resurgence; I would argue that civic pride and the political climate were larger contributors. I have traveled extensively and realized that my hometown has a civic pride that is largely unmatched. Additionally, the city itself is very very small and while it's extremely left leaning the suburbs that surround the city are largely more purple, and the exurbs are extremely red. This more balanced political environment creates a need to compromise that helps balance the needs of the haves and the have-nots.
Problem is even if you open business in poorer areas, it is also difficult to find talented people . Because most talented people in these areas are just waiting to finish education and leave!!.
Does it really make sense to talk about helping a geographical region, rather than helping types of people: the poor, the under-educated, etc. People with job skills will move to where the jobs are. It's those that are left behind that make a region poor, not the other way around. The solution is to create jobs for the unskilled/ low skilled, not to move high-skilled jobs to an area where high-skilled workers have already fled. The real question is "What do we do with low-skill, low-competence people?" not "What do we do with this or that region?"
Give Free Education so that people dont have to worry for their childern's future i.e. no incentive for corruption. An efficient 24/7 running public transport to cut car usage and you just saved big fuel consumption. Build more houses so that houses are not profit making machines but places to live. Get these things done and you have got a stable economy, corruption free nation, beautiful and noise free cities. Nation and community development. Free Health if the nation has enough to afford. Gdp, gdp capita economic indicators are just noise but ofcourse when everything is for profit then its not a Country its a Company.
Where's the money for all these things gonna come from?
I liked that. Big money is the answer whether it comes from the public or private sector. It is hard to get big, sustained federal money, and for big businesses to go to undesirable places, they need to be given enormous incentivizes that blind us from and put at risk the long-term benefits.
To attract a large business or businesses, the political set-up must rid the area of gangs and other criminals. I'm not going to go shop at a store where I have to carry a gun so that I might make it out alive with what I bought.
@@michaelmullin7941 Agreed a community's culture comes first. If it isn't positive and productive, you are throwing money in the trash.
that's why Warren's billionaire tax would help. under the current hypercapitalistic system, private sectors only focus on profits over people once their contribution to innovation has met with the shareholder's glut for more money.
Great video but if you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life, Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life too 🙏🙏🙏
I think this video very difficult but its has a lot of information or news👍👍👍👍👍👍👍👍👍👍
Here's an idea, close tax loopholes to prevent the financial city hedge fund managers and massive corporations that avoid paying taxes. Generates billions for the treasury. This can be used for infrastructure, healthcare, education and the welfare state.
So are we making the people that already live in poor areas richer or are we making these places more amenable for the rich to come and steal the original inhabitants’ last potential opportunity for future prosperity?
Well, if the place is a hole then people like teachers and doctors wouldn't want to work there, and if by some miracle any local kids taught by the local shaman become half "successful" they'd all leave. So at least some amenities are needed.....
That last sentence though. "If the gap between rich and poor gets worse, everybody pays" you say? Are you sure?
I think it's much more likely that the poor will pay, while the rich somehow gets even more wealthy. That's what always happens, when things get worse.
Whats wrong with uneducated and lazy people getting poore? They should!
That's also true, but then you're a rich person in an apocalypse - your money can't buy labour that doesn't exist.
@@shapshooter7769 Let failed people fail! Its too expensive to rescue the idiots! Let failed people fall!
Reviving of abandoned cities and buildings can solve the problems of homeless families and economic stagnation.
Kicking the can down the road. Escaping high taxes and crime, only to reinvent it in another city or state.
The answer is NOT to bombard it with other people's money
We could raise wages and eliminate tax havens...
Tax large corporations
Or you could read some marx. Start with critique of the gotha.
How?
You can't eliminate tax havens, both of your suggestions are ignorant and only create more poverty with fewer opportunities. Learn some economics.
There are no quick fixes for any large scale socio-economic problems. Anyone trying to sell you on one either has no idea what they're talking about or is purposefully lying to you.
@@tjmarx why you can't eliminate tax heavens?
how do these cities balance growth from new residents vs. increases costs (**i.e. housing/rent) for lower-to-middle-income locals
First, start with safety. If a place is dangerous, property values fall. Because no ones wants to live in dangerous neighborhoods.
4:00 Growing wealth gap
7:20 German reunification and wage gap 26% - large cities rejuvenated only
This is why we need younger people in politics cause they know what industries are working and can use remote working and what areas need fixing. It also depends on what type of poor people are living in those areas either with drugs, spending problems, or not able to adjust to the new work environments. Another way is to find places that have a lot of junk lying around and try to get trash companies to recycle them such as old cars and trucks just left to rot we could refurbish them and with the new EV kits coming out soon make them drivable again, or let shop classes buy them cheap and when they are done make sure they can be recycled if clean up those parts of the city more new bussniess might come in and help the local economy.
We do not necessarily need "younger people in politics cause they know what industries are working". Those who have their nose at the grindstone do not necessarily discern trends beyond the immediate goals they seek to accomplish. Some level of experience and maturity capable of evaluating dispassionately the info flow can maybe favour those who are not quarrying at the rock face.
Poor people are failures because theyre ignorant and uneducated! Its got nothing to do with picking up garbage!
In economies where global markets determine the prices of goods, small communities simply cannot become economically viable for anything except maybe agriculture. These small communities that do exist, there's not much that can realistically be done for them, it's just throwing money into a fire. We can offer them support to move to more prosperous areas, but beyond that, we should be lifting whatever restrictions have been placed on their land-use and transportation policies so that they can figure out what will actually work for them.
Regional inequality is normal. It is very efficient to have a central hub for finance and start ups. It doesn't split families and it's easier for companies to find talent.
"Invest into things that bridge the gap between the rich and poor"... and what returns do you expect on your investment? If you want to bridge the gap between rich and poor, simply tax the rich till they are poor and redistribute wealth among the poor till they're a bit closer to middle class.
I never said "everyone will be rich at the same time" ;)
Britain is turning into CATASTROPHE for its own citizens, Imigration is high , but it hides a RECORD emigration of NATIVES as far away from UK as they can get to Australia and Canada, people are tired of excuses why things are imploding. Britain is experiencing ECONOMIC MELTDOWN as we speak, by the end of decade it will leave place of 6th largest economy and end somewhere in 14th place. UK right now is making look Argentina like fantastic place to live and UK like best place TO LEAVE.
I live in a small market town in Norfolk, UK where the market and town (shops) have virtually disappeared. Our industry was based on agriculture and fishing. Campbell’s Soup, who chose the town to place their European base in have long gone. We had a large input of Eastern European workers who mostly returned home after one of the largest Brexit votes in the country and Covid . Now we are left as a carbuncle on the edge of a very affluent North Norfolk, made up of a London elite. I can’t see where a town like ours would get economic growth from. I suspect they think the wealth will seep west rather than trickle down. The future is bleak. Even our hospital is falling down around the patients and staff’s feet. … and yes, crime is rising!
Then your town wont make it! Simple!
What! That is mind blowing how it went from the biggest & richest empire in human history to this *"half the country today in the UK is poorer than the poorest U.S states"*
The problem isn't poor people. The problem is rich people.
The problem is poor people not interested in taking responsibility for their actions. In America, the blacks dont value education or family!
How so?
@@jdur7987 Black fathers not in the home! Blacks dont even bother graduating from high school! How can you respect people whao are ok being ignorant? Poor people are idiots!
@@jdur7987 Because they create a world in which someone has to ask a question like the one you did.
@@phaedrussmith1949 so you don't have an actual answer. Okay then
This is coincidental, I was just looking up on wealth inequality.
Pittsburgh is such a green, beautiful city today
London has become rich from exploiting the resources of oil in Scotland and coal in Wales (both nations still resource rich - now extended to renewables and water). The end result has been London being too expensive to live in - and people have nowhere else to go.
Surprise you did this piece. Do more like this.
Personally, I've been interested in two grassroots groups called the Next System Project and the Democracy Collaborative. They have devised a way to keep production local for key anchor institutions and contract service to cooperatives. They have helped multiple cities struggling with job loss due to factory closures build back their communities, in the US and UK. In addition, trade unions, collectives, public banks, credit unions, community land trusts, CSA's, and many other democratically controlled institutions can work together to create democratic networks outside the market to create an economy that doesn't reduce people, their governments, and the environment to a monetary value. I think this can be a viable strategy to give people the autonomy over their work. I believe economic democracy is the only way people who work for the economy will have the economy work for them, their families, and the planet too.
This way of revitalizing communities by building community wealth has helped many communities all over the globe, and it is utilized by the UK labor party and touted by Jeremy Corbyn. Preston, Lancashire became the most improved city in the UK because of community wealth building. Not to mention, much of the progress in labor rights has been due to union's collective power. The thing that draws my conviction to the movement is that I can see it now, helping empower people to live happier, healthier, and wealthier lives.
😧 What you describe is the essence of democratic socialism. Bottom up and local based enterprises are the humane way of organising communities. Surplus funds are used as dividends for the workers and / or reinvested in the enterprise as a cooperative. No theft by another name of resources belonging to the people.
Representative Democracy hasn't worked in over 50 years because politicians will always come from the monied classes and be beholden to their Corporate Donors, only way we avoid this apocalypse is to stage a Velvet Revolution to install a Scaled Direct Democracy. Citizen Initiated Referendums with thresholds and a Social Contract using Blockchain technology means communities can vote their own policies without parties or politicians. Banning Beef, Oil, and Fishing Subsidies would stall climate change and habitat degradation overnight. Thorium Energy renders their global oil monopoly obsolete. Police can be actively policed by an independent public authority with the power to prosecute bad actors in our own courts.
Or we can bend over and accept our Orwellian future
making poor areas rich is easy. doing it in such a way that the poor people benefit from it and aren't forced to leave... thats the hard part
Gov should get big companies to open businesses in these poor areas. Jobs with living wages reduce poverty. Chip making company, car company,meat factory, plane making factory, big shopping mall with many different businesses selling cell phones,clothing,food etc.
the more i watch this, the more i was reminded of MARIO PARTY where the last place gets an extra star/item in the middle of the game. This may give some hope if the gap is big. But when the gap is small, everyone tries to be last place near 10th round.
I think there should be a shift not on investing on an area as in land but in people. In places they have gentrified, the area becomes richer and more expensive for poor people who must then move to a more affordable area.
I'm going to assume by land you mean infrastructure, not the actual land. I see what you're trying to get at but if you want to invest in people, at the minimum you'll need professionals like doctors and teachers, and how are they going to be attracted to an area if it's just a boring dump. The "land" and the "people" are linked.
@@lzl4226 That's the service sector - you still need some manufacturing and construction workers there too.
@@shapshooter7769 There's of cause a long list of people that you'll need, but my example of teachers and doctors is because they're usually associated with well-paid jobs.
@@lzl4226 Agreed - but most public school teachers are low-income jobs. I think trades and college profs are the high-paying ones.
@@shapshooter7769 okay well.... maybe medium-income jobs..... depending on which country we're talking about. But if they're low-income jobs then they shouldn't be, and in exchange, people shouldn't settle for low-standard teachers either.
I suppose maybe manufacturing can be done elsewhere, but to invest in people, especially kids, you'll need some high-quality services. And if you'll need to improve infrastructure and boost local business to attract those service people, then it should be done.
Great documentary. However, it is much easier to point the figure. For instance, you could plough $1B USD into Detroit and it won't do anything. In comparison you could plough £1B GBP into Salford and it would still be a dump. Fact is you need industrialization and not be a service economy.
Invest smart, not hard!
Agree. I don't think the governments can really do anything about it. Economic development is an organic process and typically happens in places with more productive populations, more resources or whatever else the reason might be. That attracts more people to move in like a virtuous circle.
13:06 this image shown is of Philadelphia while talking about Pittsburgh...
Analyst: "We need to bridge that gap between rich & poor, right now! Or things will get much worse!"
Elite class member: "I have a better idea. Turn able-bodied poor folks into 'indentured servants,' discard the rest of them!"
The issue is Capitalism and governance being mixed. Deal with the two separately.
The issue is laziness, and the tendency to blame hardworking people.
@@XOPOIIIO LOL yes the entire part of tyhe country mentioned in the video went from being hard working to not hardest working in 2 to 3. years.
@@Thebreakdownshow1 You should hard work to learn how to save money.
What does it mean to "deal with" capitalism?
Best part of the video is at 13:05 when a shot of Philadelphia's skyline is used when talking about Pittsburgh's unemployment rate
I really don't think the solution is hoping for major corporations to create jobs to combat brain drain. You need to build a regional hub where locals can start their own businesses and build them into regional powerhouses.
Yes, the poor are waiting to be rescued! Thats unabecoming of an American!
A positive message in these trying times is very welcome. Thank you.
gentrification 101..
What a video, great learning and helped gain insight on the way to make poor richer. 😍😍😍
It's maybe a bit of oversimplification but development always goes where the production is. Small towns exist largely to support whatever agriculture exists around them, and employ only enough non-agricultural workers to provide the services required by the production near them. If they develop non-agricultural industry, it is usually not very large because the labor supply isn't there, nor the infrastructure to support the import of a large labor force.
Large cities usually exist where large manufacturing, commerce centers, government and distribution are handled, and they attract more labor and investment capital as it is needed. And while crowded living may be more stressful, it also uses resources more efficiently, so the cost savings add to the wealth of the citizens.
The only way to sustainably increase wealth in small communities is to add long-term earnings opportunities, which requires long-term investment, which is unlikely to come from large investors. If it is made by the government, they will need to accept that it won't work if the program is cancelled too soon, and it may not work anyway. A lot depends on the willingness of the citizens to adapt.
Overall I think it makes more sense to help young people in fading small towns which have lost their agricultural or industrial base to move to where employment already exists, and they can help support their families back home, help them move too, or perhaps even return with enough investment money and motivation to rebuild the economic bases of their towns. The direct government investment approach is just not efficient. Small towns are quaint and peaceful, but if their purpose has passed, in some cases they should be allowed to pass too.
The Standard & Poor's broad-based index of U.S. consumer confidence has reached historic lows, primarily due to inflation and recession. The decrease in retail spending, home-building, and manufacturing output has led consumers, who play a crucial role in the U.S. economy, to reduce their spending on non-essential items like appliances and services. Despite the current market conditions, it is essential to encourage saving and wise investment decisions. As for profiting from the present market turbulence, I am contemplating whether to sell my high six figure ETF/Growth Stock portfolio.
@@Brilliantrans That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
@@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This correlates with gentrification. Too many are opposed to it, but it is necessary to make areas richer as well.
Except the poor people just move away to other places they can afford. Nothing is changing for them. The only people seeing a difference is rich people moving in.
@@dusk1234567890 I have seen gentrification in Britain (London) &America (NYC), having lived in both cites. Many poor working class people that lived in east London made money from gentification & rising real estate price becuase it was the norm for working class people to own thier houses&apartments. East London used to be dangerous place, but as it became safer and trendy, thier property price rose and they were able to make money from selling thier property.
In NYC on the otherhand, poor people suffer from gentrification and raising real estate price, because many of them don't own thier homes but rent instead. So once thier neighbourhood became safer& tredy, they ended up having to move out, because they could not afford to live there anymore. They experienced no benefit. So gentrification can work to benefit poor people, in neighborhoods where they own thier own homes. I dont know why in NYC so many people didnt buy thier own homes while it was cheap, prior to the neighborhoods becoming gentrified, forexample during the 1980s.
But only if the door are paid more.
If not, I’m the short term the middle class and wealthy love live. But when the poor move away, they are less likely take employment in these areas due to high travel times. This means many services that depend on cheap labour won’t find staff (eg restaurants etc… ).
This will push prices up further and the lower middle classes will move away. And their kids will no longer be working in part time hospitality and retail jobs in the area. This will push prices up further still.
For efficiency, society actually needs a mix of people to live in the same area.
"I want my city to offer higher living standards, but I don't want it to become more desirable." - Pretty much everybody.
@@spacetoast7783 desirability is relative.
If my city was to improve living standards by 20% and everywhere else on earth also improved living standards by 20% then my city wouldn’t have an increase in desirability.
There was A LOT of fluff in this reporting. It pointed out case studies without digging deeper. For example, Carnegie Mellon is a prestigous, expensive, and highly competive school that is not available to the maority of high school graduates. Access to higher education is decreasing in the States which will continue to drive income inequality. Instead, Robotics research is being touted as the savior for Pittsburgh, without mentioning who has access to those opportunities.
This is wonderful video and I enjoyed every part of it.