A new study by the Boston Fed reports on the impact of credit card interchange fees on the prices we pay to merchants. Credit card interchange fees are the 1%-2% charges paid by merchants on credit card transactions. Because almost all merchants charge the same price for cash and credit card purchases, people paying cash end up paying a little bit more, while people paying with credit cards end up paying a little bit less.
On average, each cash-using household pays $151 to card-using households and each card-using household receives $1,482 from cash users every year. Because credit card spending and rewards are positively correlated with household income, the payment instrument transfer also induces a regressive transfer from low-income to high-income households in general. On average, and after accounting for rewards paid to households by banks, the lowest-income household ($20,000 or less annually) pays $23 and the highest-income household ($150,000 or more annually) receives $756 every year.
Livermush is a combination of pig scraps and cornmeal, and inhabits some culinary purgatory between meatloaf and corndog. Brought to the South in the 1700s by resourceful German immigrants who migrated from the Northern colonies, true livermush contains at least 30% pig parts and uses cornmeal as the binding ingredient. It is often fried like a patty and served in sandwich form, with mayo, lettuce, and tomato. Many people confuse livermush with liver pudding, and although the distinction between the two is somewhat vague, it's generally accepted that liver mush is the meal to the west of the Yadkin River, while liver pudding is the staple snack of the east.
Once a cornerstone of North Carolinian cuisine, there are signs that this "working man's staple" is dropping off menus. It appears that only five commercial producers are still churning out the meat mixture all of them family-owned and operated, all of them in North Carolina. Jerry Hunter, a livermush manufacturer in the town of Marion, laments the recent downturn.
"We're still running a fairly good volume, but a whole lot of us wish we could see better times. It's not just livermush. All of us is struggling to stay in existence."
Not everyone is forgetting about livermush. Areas like Marion have begun hosting livermush festivals, hoping to create a resurgence. Perhaps it just needs a few high-profile sponsors to bolster its gustatory delights. To start, the wife of former Cleveland Indians first baseman Jim Thome was asked what he was going to miss most after being acquired by Philadelphia, and she answered, "Livermush."
Update: Liver lovers rejoice, various forms similar to the 'mush are alive and well. Goetta is a German ground meat and oat loaf that is also referred to as "Cincinnati caviar," due to its popularity in the area.
Update: And Mr. Thorme hopefully discovered the Philadelphia equivalent of livermush, known as scrapple. A mixture of pork bits and cornmeal, this combination is enhanced with flour, buckwheat, and spices.
Update: In Northwest Ohio they have a livermush-like mixture that's sold in brick form. It's called grits, though it's different from the corn-based breakfast porridge that's also known as southern, or hominy, grits.