Job Market Monitor
income
Asia / Gap between rich and poor widening finds the Asian Development Bank (ADB)
The Asian Development Bank is urging the Philippines and other countries in Asia to address the widening inequality between rich and poor, in terms of income and access to education, health and other services. The ADB noted that despite the rapid growth in the economies of some of these Asian countries, the gap between rich … Continue reading
US / Corporate Profits Doing Gooog, Not Workers
With the Dow Jones industrial average flirting with a record high, the split between American workers and the companies that employ them is widening and could worsen in the next few months as federal budget cuts take hold. That gulf helps explain why stock markets are thriving even as the economy is barely growing and … Continue reading
US / The Real Median Household Income Free Fall
Courtesy of Doug Short, we see from the above that the past decade has seen no gains in real median household incomes. Indeed, the free fall began in earnest in 2008, and now reflects an 8.1% decrease in real buying power. This is for the median household — we know from Fed and IRS data … Continue reading
China / Gender gap widening
The income gap between men and women in China is growing partly because of gender inequality, particularly in the job market, according to a survey. In 2010, urban women’s income was 67.3 percent that of men’s and rural women’s income was 56 percent that of their male counterparts, the survey found. The ratios were 77.5 … Continue reading
US / In 2011, the top 5% households accounted for 22.3% of total income, and the top 20% had 51.5%
“Although not itself a subject of legislation, the shape of the income distribution enters Congress’s decision-making process concerning such policy issues as taxes, means-tested benefits, and social insurance programs. Congress also considers legislation specifically in the name of those in the middle class, which is variously defined as some income level or income range within … Continue reading
US – Breaking out of a decade of income stagnation
The nation’s biggest challenge is in shadow: breaking out of a decade of income stagnation that has afflicted the middle class and the poor and exacerbated inequality. Many of the bedrock assumptions of American culture — about work, progress, fairness and optimism — are being shaken as successive generations worry about the prospect of declining … Continue reading
Immigrant workers | Boosting The Incomes Of Less-Educated Native Workers
. The Economic Impact of Immigrant-Related Local Ordinances “… provides the first comparative look at the average economic effects of how restrictive versus non-restrictive immigration-related city ordinances affect a city’s business environment” writes the Americas Society. “Since 2005, in a climate of increasing concern and urgency about the nation’s current and future migratory flows, cities and … Continue reading
China – The Growing Inequalities
“The China’s income gap becomes an increasingly serious problem at the present stage” write Lei SUN and Ying-jun SUN in Analysis on China’s Income Distribution at the Present Stage. (Chosen excepts by JMM to follow) It appears not only between the urban and rural residents, but also among different fields, different areas and so on. The … Continue reading
But between 1971 and 2008, all the income growth went to the top 10%,
Between 1921 and 2008, the top 10% and the bottom 90% shared income gains equally. The split was 50-50 exactly, according to a new fun interactive graphic built by the Economic Policy Institute with data from economist Emmanuel Saez. But between 1971 and 2008, real income declined for the bottom 90%. All the growth went … Continue reading
UK – Disposable income at nine-year low
Individuals had less disposable income to spend on average in the first three months of the year than during any quarter since 2003. Disposable income per head, taking inflation into account, fell by 1% on the previous quarter, the Office for National Statistics (ONS) said. This measure of income is the amount of cash individuals … Continue reading
The American Dream – Economic Mobility Across Generations – There is stickiness at the ends of the wealth ladder
Pursuing the American Dream uses the most current available data to measure mobility by family income and wealth, and personal earnings to reveal how closely tied a person’s place on the economic ladder is to that of his or her parents’. Some of the highlights of the research include: Eighty-four percent of Americans have higher … Continue reading
Inequality in America and the Incomes of the Super Rich – Brookings Institution
Question: where would the richest household in the bottom 98 percent-the one at the “98th percentile”-end up? With $350,000, it only would be on the 93rd floor-three-fifths of the way up the building, and 67 floors below the household at the 99th percentile. The household at the 90th percentile would only be on the 35th … Continue reading
U.S. Taxes Rates | Wealthiest pay 40% less than 50 years ago while middle class pay roughly the same
Michael Greenstone and Adam Looney of The Hamilton Project – Brookings Institute examine the progressivity of the U.S. tax code and highlight two facts: the current U.S. tax system is less progressive than the tax systems of other industrialized countries, and considerably less progressive today than it was just a few decades ago. The figure below shows how much … Continue reading
Raising the Normal Retirement Age for Social Security Would Lead to Increase in Inequality
Social Security remains the most important source of income for most Americans in their retirement. Nonetheless, there are many proposals for cutting benefits that get serious consideration, including increasing the normal retirement age. A new report from the Center for Economic and Policy Research examines the impact of raising the Social Security retirement age and … Continue reading
Low wage and income workers are both less likely to receive employer benefits and less likely to receive public benefits
“Three decades of stagnating earnings for bottom deciles of male wage earners and 1990s anti-poverty policies promoting employment among poor single mothers suggest increases in the ranks of low-wage breadwinners living in low-income households. Low-wage workers often get few employer sponsored benefits, while antipoverty programs target poor non-earners; these factors suggest low-wage and lowincome workers … Continue reading
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