Treasury Secretary Steven Mnuchin and his wife, Louise Linton, were widely ridiculed last month for posing with a sheet of dollar bills at the US Mint The wealthiest one percent of American households own 40 percent of the country’s wealth , according to a new paper by economist Edward N. Woolf. That share is higher than it has been at any point since at least 1962, according to Woolf’s data, which comes from the federal Survey of Consumer Finances.
From 2013, the share of wealth owned by the one percent shot up by nearly three percentage points. Wealth owned by […]
View Original: Richest one percent now owns two-fifths of America’s wealth, new study claims
An American homestead in 1910. The best revolutions end in topplings—of statues, regimes, and Weinsteins. Others prove to be more smoke than flame. While heady days of Occupy Wall Street are long over, the national conversation they ignited about economic inequality still smolders. Since protesters decamped from Zuccotti Park, Thomas Piketty has become a household name, a populist has claimed the presidency, and universal basic income has gone from fantastical subreddit to serious policy proposal.
Among developed countries, the United States has the most dramatic —which is to say, the worst—income inequality of any democracy in the world. Today, the […]
View Original: Across the Great Divide
Economy Photo by Shelby Knowles
The American Dream isn’t dead, but in Texas, it needs a dose of medicine. That’s not a political statement, just an objective reading of the data. The data tell us we have work to do if we hope to meet the goals set to help the state continue to thrive economically.
Sure, many parts of the state — mainly the metropolitan areas and, especially, some of the suburbs — continue to thrive. Even Houston is doing fine, despite a prolonged slump in oil prices that dramatically slashed energy payrolls. The Federal Reserve Bank of Dallas recently […]
View Original: To save the American dream in Texas, focus on providing opportunity
HOUSTON — BP has agreed to pay a record $18.7 billion to settle federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
The pact, subject to court approval, would require the London oil major to pay the sum over the next 18 years in installments of $1.1 billion a year for most of the payment period. Weeks of negotiations between BP and the Justice Department ended in a […]
View Original: BP to settle Deepwater Horizon claims for $18.7 billion
Bruce Bennett/Getty Images
Finland’s repeated success in national education rankings suggests there are at least a few lessons the US can learn.
For one, the tiny Nordic country places considerable weight on early education. Before Finnish kids learn their times tables, they learn simply how to be kids — how to play with one another, how to mend emotional wounds.But even as kids grow up, the country makes a concerted effort to put them on a track for success.Here are some of the biggest ways Finland is winning in global education. 1. Competition isn’t as important as cooperation. Flickr / David […]
View Original: 8 reasons Finland’s education system puts the US model to shame
Treasury Secretary Steven Mnuchin, right, and his wife, Louise Linton, hold up a sheet of new $1 bills on Nov. 15 at the Bureau of Engraving and Printing in Washington. (Jacquelyn Martin/AP) The wealthiest 1 percent of American households own 40 percent of the country’s wealth, according to a new paper by economist Edward N. Woolf . That share is higher than it has been at any point since at least 1962, according to Woolf’s data, which comes from the federal Survey of Consumer Finances .
From 2013, the share of wealth owned by the 1 percent shot up by […]
View Original: The richest 1 percent now owns more of the country’s wealth than at any time in the past 50 years
State Street, Chicago, 1900. CreditLibrary of Congress Chicago in 1850 was a muddy frontier town of barely 30,000 people. Within two decades, it was 10 times that size. Within another two decades, that number had tripled. By 1910, Chicago — hog butcher for the world , headquarters of Montgomery Ward, the nerve center of the nation’s rail network — had more than two million residents.
“You see these numbers, and they just look fake,” said David Schleicher, a law professor at Yale who writes on urban development and land use. Chicago heading into the 20th century was the fastest-growing city […]
View Original: What Happened to the American Boomtown?
Chuck Collins, a senior scholar at the Institute for Policy Studies, tells students and faculty at Penn State Wilkes-Barre in Lehman Township that America needs to implement a shared economic plan to solve the existing and growing wage gap. LEHMAN TWP. — America’s wage gap continues to widen, making it harder for families to obtain the American Dream, according to Chuck Collins, an economic inequality expert with the Institute for Policy Studies.
Collins provided insight to economic inequalities that exist in the U.S. economy and what could happen if the current financial trends do not change, as well as advice […]
View Original: America’s growing wage gap analyzed at Penn State Wilkes-Barre
Economic Inequality And Health Inequality Are Inextricably Linked The devastation to struggling small towns and cities of Appalachia and the Northeast unleashed by the opioid epidemic has brought renewed attention to the connection between the physical health of individuals and the economic health of their communities. Indeed, the opioid crisis is an especially pernicious example of the many national-scale public health challenges that disproportionately affect economically distressed places throughout the country.
Our organization, the Economic Innovation Group (EIG), works to shed light on the socioeconomic fault lines dividing American communities. We recently cross-walked county-level measures of economic well-being from EIG’s […]
View Original: Economic Inequality and Health Inequality are Inextricably Linked