The Census Bureau released its annual report this week on “ Income and Poverty in the United States ” with lots of newly updated data on household income and household demographics. Based on those new data, I present my annual post titled “ Explaining Income Inequality by Household Demographics ” (see my previous versions of this analysis for years 2009, 2010 , 2011 , 2012, 2013 , 2014 and 2015 ).
Most of the discussion on income inequality focuses on the relative differences over time between low-income and high-income American households. But it’s also informative to analyze the demographic differences […]
In 1965, the average salary for a CEO of a major informative essay mla format U."No person, I think, ever saw a herd of buffalo, of which a few were fat and the great majority lean … "Why the "Rich" Can Get Richer Faster than the "Poor"" National Center for Policy Analysis. Of the Ten Principles of Economics, two of them come into play here.There exist many factors which are assumed to drive income inequality: discrimination, social differentiation, the impact of geographic location and neighborhood, etc.- Does social mobility in our contemporary American society really exist.Through the availability of […]
A review of Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It , by Richard V. Reeves. Brookings Institution Press (June 13, 2017) 240 pages.
In an era increasingly defined by arguments about income inequality, any discussion of improving economic mobility is a welcome one. In his recently released book, Dream Hoarders , Brookings Institution Scholar Richard V. Reeves tackles the subject head-on and finds an unlikely culprit for America’s lackluster economic mobility: the upper middle class.
The book is well researched and […]
STATE OF THE UNION
PATHWAYS â€¢ The Poverty and Inequality Report 2016
economic mobilityKEY FINDINGSâ€¢ When compared to 24 middle-income and high- income countries, the U.S. ranks 16th in the amount of intergenerational earnings mobility.â€¢ The relatively low level of mobility in the U.S. may arise in part because low-income children in the U.S. tend to have less stable and lower- income families, less secure families, and parents who have less time to devote to their children.It is often claimed that there is much tolerance in the U.S. for high levels of inequality, as long as that inequal- ity arises from […]
Home sale. (photo: AP)
No savings, investments or home equity. This economic dystopia looms for minority families, and so does a choice: Do we want America to be more like Brazil or Canada? hat would U.S. society be like if a majority of families had no wealth – no savings, no home equity, no investments of any kind?
That is exactly where the country is headed if we continue on our current path toward economic dystopia for black and Latino families.
While we celebrate a modest reduction in poverty rates and an encouraging uptick in median income , as disclosed […]
In the National Review, Darren Beattie wrote a strong, concise defense of economic nationalism . Economic nationalism is the loose definition for proposals that direct the federal government to set trade policies that support American industries and America’s industrial base. These days in the public consciousness, it is closely identified with President Donald Trump & Steve Bannon’s populist rhetoric and supporters, as well as the supporters of Bernie Sanders and other progressive Democrats. This is in stark contrast to the status quo, that’s in favor of “free markets”: slashed or eliminated regulations on multinational corporations and international trade.
The whole […]
The Earned Income Tax Credit, or EITC, is one of the nation’s largest and most effective anti-poverty tools. It is a federal tax credit for low- and moderate-income workers that encourages work, boosts family income, and offsets federal payroll and income taxes. In 2012, it helped more than 6.5 million Americans—including 3.3 million children—avoid poverty. The Child Tax Credit, or CTC, protected about 3 million people—1.6 million of them children—from poverty in the same year. A growing body of research finds that these credits are effective tools for boosting economic mobility: Children whose families receive the EITC and other […]
By LLAW Executive Director Melissa Landry, originally posted on The Hayride
How would you like a $700 million payday for five years of work? That’s a long way from the minimum wage. But that’s about what trial lawyers would have made off the BP settlement if some lawmakers and the Attorney General had been allowed to use contingency fee contracts to hire outside attorneys in the aftermath of the 2010 Gulf oil spill.
Fortunately, business and legal reform advocates didn’t let that happen. But this story serves as a cautionary tale of what could happen if lawyers and lawmakers are […]
The sharp growth in economic inequality — and its visibility as an issue in both the 2012 and 2016 American political campaigns — has led to an important debate about how to respond.
Some in this debate suggest that economic inequality isn’t that important after all. Instead, they argue, it’s economic opportunity that Americans really care about. Americans just want good jobs and the prospect of upward mobility. It’s not so important to them that the gap between the wealthy and everyone else continues to grow. Indeed, some Democratic strategists believe that focusing on inequality could backfire. Our […]
In recent years, researchers have become more interested in the ways that an individual’s environment shapes their ability to climb the socioeconomic ladder. In a famous recent study , Stanford economist Raj Chetty and his coauthors looked at upward mobility, as measured by the proportion of children who went on to make more money than their parents later in life. He found that the overall D.C. commuting zone  had high rates of upward mobility, ranking 13 th in the 50 largest U.S. metro areas in upward mobility—and third in the probability that a child born in the poorest […]