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Drugbo Becomes Irrelevant

Once the biggest name in conservative Talk, Rush Limbaugh, and the Radio Network which spawned and distributed him to all major markets are on the way out.  The former “Clear Channel”, which gobbled up stations across the country to promote and foster conservative talk radio principally on AM Stations is near Bankruptcy.

Going to have to pawn the Gold Mike…And get a plastic one!

Rush Limbaugh hit where it hurts: World’s greatest troll faces steep pay cut

The shock jock inked a whopping $400-million deal in 2008. It will go down as one of the worst contracts in history

One of the favorite pastimes for sports fans is commiserating over the worst contract their home team ever made; guffawing over management’s decision to waste tens of millions of dollars for a player who never justified the huge payday. (See: Gilbert Arenas.)

For talk radio, there’s probably only one contract that enters that realm of notoriety: Rush Limbaugh’s eight-year, $400-million deal, signed in the summer of 2008 with his longtime radio employer Premiere Radio Networks.

Owned by Clear Channel Communications, which has since changed its name to iHeartRadio, Premiere’s Limbaugh deal instantly dwarfed any payout in AM/FM history. (Only Howard Stern’s contract with Sirius was larger.) The contract, which included a staggering $100 million signing bonus, never panned out as the wheels began to come off Limbaugh’s radio empire.

This year, his contract is up and the timing couldn’t be worse. The talker is facing ratings hurdles, aging demographics, and an advertising community that increasingly views him as toxic, thanks in part to his days-long sexist meltdown over Sandra Fluke in 2012. (He’s also stumbling through the GOP primary season.)

Concurrently, iHeartRadio’s parent company, iHeartMedia, is heading to court, teetering on bankruptcy. The once-dominant radio behemoth is saddled with $20 billion in debt, thanks to a misguided leveraged takeover engineered by Bain Capital in 2008, the same year the radio giant inked its disastrous Limbaugh deal.

Today those two defining missteps from the past are crossing paths, which means Limbaugh’s radio future has never looked less bright. This, as Limbaugh passes his 65th birthday, which seems to mirror his audience’s age.

“Who would even want someone whose audience is aging and is considered toxic to many advertisers,” asked RadioInsight last year.

Some industry insiders are wondering if his AM days are over and if Limbaugh’s futures rest with satellite radio, where advertiser indifference wouldn’t penalize him. The problem? His audience is so old. “With the aging and decline of Limbaugh’s audience, Sirius may not be as viable an option as it once was,” Darryl Parks tells Media Matters. A former talk radio host, programmer, and self-identified Republican, Parks writes about the industry at DarrylParksBlog.

Indeed, the conservative talk radio format has morphed into the Classic Rock of talk; super-serving the same aging demo for the last twenty-plus years.

“Everything needs to evolve, but stations, conservative talk hosts and programmers have decided to double down and focus on the aging Baby Boomers,” says Parks. “When a group is no longer appealing to advertisers, that spells the end of any radio format.”

The former Clear Channel network owns 850 radio stations across the country and the syndication rights to right-wing stars such as Limbaugh, Glenn Beck and Sean Hannity.

During the late 1990s and early 2000s the company, feasting on the fruits of media deregulation, gorged itself with profits. (It also bullied the music business for years.)

Since then, not so much. And what a brutal ride it’s been for investors:

Clear Channel stock price, January 2000: $90.

Clear Channel stock value, April 2007: $39.

iHeartMedia stock price, July 2011: $8.30.

iHeartMedia stock price at close of yesterday: $1.15.

The company hasn’t reported a profit since 2007. Today, iHeartMedia is busy selling off assets in an effort to shore up its bottom line. “It’s a case of burning your sofa to heat up the house,” Philip Brendel, a credit analyst recently told Bloomberg. “It’s not necessarily a good idea but you’re running out of options.”…More Good News Here

 
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Posted by on April 14, 2016 in Faux News

 

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Why the Poor Stay Poor in America

In summary – America is Failing

At least five large studies in recent years have found the United States to be less mobile than comparable nations. A project led by Markus Jantti, an economist at a Swedish university, found that 42 percent of American men raised in the bottom fifth of incomes stay there as adults. That shows a level of persistent disadvantage much higher than in Denmark (25 percent) and Britain (30 percent) — a country famous for its class constraints.

Meanwhile, just 8 percent of American men at the bottom rose to the top fifth. That compares with 12 percent of the British and 14 percent of the Danes.

Despite frequent references to the United States as a classless society, about 62 percent of Americans (male and female) raised in the top fifth of incomes stay in the top two-fifths, according to research by the Economic Mobility Project of the Pew Charitable Trusts. Similarly, 65 percent born in the bottom fifth stay in the bottom two-fifths.

Where you are born counts… What you should notice is that the Red State South still serves as the boat anchor holding the rest of the country back. That is in huge reason today due to failed Republican Tax CUt policies necessitating a reduction in every service from social services to education. You get what you pay for, and in the case of conservative tax cut and slash policy – what you get is stagnant economic mobility. Ergo the poor stay poor.

In America, the Poorer You Are, the Poorer Your Children Will Be

This country’s terrible social safety net is making it impossible for working-class parents to keep up with their wealthier peers.

When people talk about “balancing work and family,” they’re usually talking more about the workplace than what’s going on at home. Now we’re starting to get data on what the workaday life looks like from a kid’s eye view, and it doesn’t look good.

When debating the issue of work-life balance, arguments over unlimited vacation and employment discrimination center around women’s barriers to opportunity—the perennial glass ceiling that Anne Marie Slaughter and Sheryl Sandberg rage at when lamenting not “having it all.” For working-class folks crushed by on-call schedules or poverty wages, it’s often hard to find any life outside work, let alone to balance work and family lives. But centering the conversation not on career ambition but the life course of a family helps put the false dichotomy of work vs. life in perspective.

In their new book “Too Many Children Left Behind,”Bruce Bradbury, Miles Corak, Jane Waldfogel, and Elizabeth Washbrook help illuminate these gaps by comparing the impacts of inequality across four wealthy countries—the United States, Australia, Canada, and the United Kingdom. They found that poor children in the US are “doubly disadvantaged relative to their peers in the other three countries” because the government’s “social safety net and supports for working families do the least among the four countries to combat inequality”—particularly our national lack of guaranteed paid time off and vacation.

That’s old news, but the center of the researchers’ narrative is not necessarily workers’ lives but their children’s. Poverty limits access to basic resources like nutrition and decent childcare. But a geometrically expanding class divide looms over all income brackets, as wealthier parents zealously splurge on “enrichment expenditures”:

spending on books, computers, high-quality child care, summer camps, private schooling, and other resources that offer a motivating and nurturing environment for children. A generation or more ago, during the early 1970s, a typical family in the top fifth of the income distribution spent about $3,850 per year on resources like these, four times as much as the typical family at the bottom of the income distribution, which spent about $925…. by 2005 it had grown tremendously, to $9,800 versus $1,400.

So poor parents struggling just to cover basic food and shelter face both massive income inequality in their day-to-day lives, plus a seven-fold gap in the amount they can “invest” to help their children thrive in the future. Given that social mobility is already suppressed at all income levels—with children’s future earnings highly correlated with the earnings of their parents—the Herculean amount of “catch up” poor parents must undertake just to get on the same footing as their higher-earning peers makes the great American wealth gap seem even more devastating, for both today’s working households and generations to come.

Moreover, the gender gap straddles the class divide: the “earnings advantage” provided by parents’ wealth, or lack thereof, is skewed against women. A child is likely to inherit a greater share of his dad’s wealth than mom’s. Beyond the perennial “equal pay” debate and the simplistic notion of “78 cents on the dollar,” how does that reality of gender inequality play out in family dynamics, in those difficult late-night conversations on who should stay home with a newborn, or stay late at the office?

But the most enduring impact of these deficits may be impossible to quantify. Economic disadvantage intertwined with structural inequality has a savage effect on a child’s long-term educational prospects—including basic preschool-level skills, like language aptitude and sociability, and failing primary-school grades. And the “achievement gap” (which is itself a notion often politicized with complex racial biases) has folded into a deepening black-white education divide over the last three decades.

Other research has revealed that economic status is a growing factor in academic outcomes, as “the relationship between income and achievement has grown sharply” over the last 50 years. So wealth trumps intellect on many levels.

Closing the gap takes more systemic solutions than just “leaning in.” Class lines reflect a deficit of democracy, created by neglect of government institutions. Research suggests much of the education gap is perpetuated or aggravated while children are wending through the highly segregated school system.

Co-author Jane Waldfogel says via e-mail that in addition to better workplace benefits, policy solutions might come through richer, more accessible early education and childcare: “Universal preschool for 3- and 4-year-olds would help level the playing field by ensuring that all preschoolers receive educationally oriented early education (rather than the case now, where more affluent families can buy preschool, while lower income families have to make do with lower quality care).”

Federal programs like Head Start and childcare subsidies have for years suffered massive funding gaps, leaving tens of thousands of kids underserved. But some states are directing resources into expanding preschool—with pioneering programs in New York City—though it remains to be seen whether lawmakers who have failed to adequately fund K-12 are really willing to invest enough public dollars in the long-term to create a sustainable universal pre-K system.

Waldfogel’s research reveals a need for not just income supports but simply less need to work all the time. For young children of parents who are either out working around the clock, or constantly stressed at home, overwork translates into a materially and emotionally impoverished home environment. During the developmental years, research shows “inequalities in income and family resources are in turn linked with disparities in more proximal factors such as books in the home, lessons and activities outside the home, and parents’ spanking.”

Although many factors shape a household’s social climate, the connection between a parents’ economic frustrations and a pattern of a lack of nurture, even cruelty at home, suggests a troubling through-line in this inheritance of inequity: Wealth doesn’t trickle down, yet economic violence does.…More…

 

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