Narendra Modi’s policy of “demonetisation”, which banned 86 per cent of all currency in circulation, only compounded the misery of India’s poorest. Bikas Das / AP Asked last year to comment on the state of India’s inequality, the celebrated French economist Thomas Piketty replied: “We don’t really know”. But now we do. According to a paper published last week by Mr Piketty and his colleague, Lucas Chancel, income inequality in India is at its most extreme since 1922, when India was a British colony. The liberalisation of India’s economy , which began in the 1980s and intensified in the […]
View Original: Is Modi’s ‘shining’ India merely a mirage?
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 […]
View Original: Explaining US income inequality by household demographics, 2016 edition
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 […]
View Original: Essays on income inequality poverty and mobility
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 […]
View Original: Dodging the Hard Question on Economic Mobility
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 […]
View Original: The Stanford Center on Poverty and Inequality
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 […]
View Original: Inequality Crisis: Blacks and Latinos on the Road to Zero Wealth
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 […]
View Original: Harnessing the EITC and Other Tax Credits to Promote Financial Stability and Economic Mobility
Income mobility in the United States has stagnated, a fact that hurts the poor most of all. If President Trump wishes to keep his promises to help low-income Americans escape poverty, he should instruct his administration to jettison, rather than expand, non-criminal asset forfeiture.
Non-criminal asset forfeiture lets government agents seize Americans’ assets (cash, but also cars and even houses) on the mere suspicion that they were involved in a crime. Asset forfeiture is intended to deprive criminals of their ill-gotten gains, but frequently enables police to take the property of Americans who remain innocent in the eyes of the […]
View Original: Time to scrap the cruel injustice that is civil asset forfeiture
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?
What 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 this week’s Census report, […]
View Original: Inequality crisis: Blacks and Latinos on the road to zero wealth
Since the Great Recession, the ongoing concern has been that the recovery has not been evenly distributed in the aftermath as wages have not kept up with the post-Recession economic growth.
New data out of the Census Bureau may go some distance to quiet those fears, as it seems the wages of workers are catching up with the growth trend.
The recovery, according to the census, may have shifted some in the last 18-24 months — and that shift may be putting more money in the average American working family’s coffers.According to the Census Bureau, median household income jumped for the […]
View Original: Good News, Wages Are Up For The Second Consecutive Year