Job Market Monitor
Inequality
Wealth in US – Gains occurred only among households wealthier than the most wealthy 5%
Earlier this month the Federal Reserve reported that the minimum wealth needed to qualify for the wealthiest 5% of American households fell from 2010 to 2013. The decline in the cutoff indicates that wealth gains occurred only among households wealthier than the most wealthy 5%. The growth in the nation’s wealth from $55 trillion in … Continue reading
US – Growth since the Great Recession has improved the fortunes of the most affluent Fed says
Economic growth since the Great Recession has improved the fortunes of the most affluent Americans even as the incomes and wealth of most American families continue to decline, the Federal Reserve said Thursday. For the most affluent 10 percent of American families, average incomes rose by 10 percent from 2010 to 2013. For the rest … Continue reading
US – The education gap is a main reason for the growing income divide says Standard & Poor
Technological achievement has saved us time and reconfigured our daily routines, allowing us to focus on our own skills and boosting productivity and growth. These advances are naturally disruptive in the beginning as workers adjust; that disruption becomes alarming when people don’t have the means to adapt, making a lasting impact on career development. Although … Continue reading
Inequality in US – Why voters don’t demand income redistribution
John Steinbeck explained that the reason so many of this country’s working- and middle-class vote against their own economic interests is that “Americans are temporarily embarrassed millionaires in waiting.” Researchers at the University of Hannover in Germany have now released data that somewhat supports Steinbeck’s quip. The study measured actual income inequality and upward mobility … Continue reading
The US Middle Class – 20 percent poorer than it was in 1984
As the Russell Sage Foundation points out, the slow housing recovery means that, in 2013, median households were still 36 percent poorer than they were a decade earlier. In fact, the housing bust was big enough to erase all the gains the middle class had made the past 30 years—and then some. As you can see below, … Continue reading
Education in US – No more the great equalizer
Education was historically considered a great equalizer in American society, capable of lifting less advantaged children and improving their chances for success as adults. But a body of recently published scholarship suggests that the achievement gap between rich and poor children is widening, a development that threatens to dilute education’s leveling effects… One reason for … Continue reading
US – How organized workers fueled america’s broadly shared prosperity
The middle class is the great engine of the American economy. Organized workers built a powerful middle class by taking direct action and advocating for government policies to give workers a fair share of economic wealth. But over the past 40 years, this pattern has been reversed as corporate owners and managers have taken an … Continue reading
Asia – The evolution of income distributions, inequality, and poverty between 1992 and 2010
The incidence of poverty in the Asian region is quite high despite the spectacular growth performance of the PRC, India and other economies in the region. According to the 2013 World Development Indicators, 12.5% of the population in East Asia and 31% of the population in South Asia are below the $1.25/day poverty line used … Continue reading
US – The entrenched class system
Class haunts people from womb to grave, limiting their ability to flourish and pursue the good life as they define it. Confronted with the reality of our society’s entrenched class system, our national politics in its present state offers three responses. The first response is to deny reality altogether, usually in favor of an anecdote … Continue reading
Growth in inequality for decades is likely
What if inequality were to continue growing years or decades into the future? Say the richest 1 percent of the population amassed a quarter of the nation’s income, up from about a fifth today. What about half? To believe Thomas Piketty of the Paris School of Economics, this future is not just possible. It is … Continue reading
US – The 10 states where income inequality has soared
These are the 10 states where income inequality has soared. 10. New York > Share of growth captured by the 1%: 67.6% > Real income growth 1979-2007: 60.5% (4th highest) > Income growth, bottom 99%: 22.2% (22nd highest) > Income growth, top 1%: 355.1% (3rd highest) 9. Florida > Share of growth captured by the … Continue reading
US / Income inequality is now near a record high reports a Senate Joint Economic Committee
Recent economic news has been encouraging. Gross domestic product (GDP) has grown for 10 straight quarters (growing by 4.1 percent at an annual rate in the third quarter of 2013), the economy has added private-sector jobs for 46 consecutive months and the housing market continues to strengthen. Despite the current economic recovery, the income inequality … Continue reading
Inequality in US / 10 annual bonuses (Infographic)
Despite Occupy Wall Street protestations, the income inequality between top earners and bottom employees continues to rise, with JC Penney’s CEO making about 1,800 times more than the stock room boy. Here are 10 annual bonuses that will make you think twice about keeping your job. Chosen excerpts by Job Market Monitor. Read the whole story … Continue reading
Inequalities / The 85 richest people as wealthy as poorest half of the world
The wealth of the 1% richest people in the world amounts to $110tn (£60.88tn), or 65 times as much as the poorest half of the world Continue reading
Robert Shiller, Nobel prize for economics / Income Inequality Is ‘Most Important Problem’
Shiller, an economist famous for having warned about bubbles in technology stocks and housing, said inequality has been worsening for decades Continue reading
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