(Bloomberg) — By many measures, the city of Chicago, the third most populous in the U.S., is doing well. The city’s well-diversified economy has bounced back from the lost decade of the Great Recession, in terms of both output and employment levels. Meanwhile, the city hasn’t seen the kind of dramatic rise in housing costs suffered in many other cities: average rent is lower even than in sprawling Los Angeles, and housing is still a buyer’s market.
Perhaps partly for that reason, companies are moving to Chicago: Caterpillar Inc., for example, is shifting its headquarters from Peoria in central Illinois, […]
View Original: Opinion Chicago’s rebound is in deep trouble. Here’s why.
Jody Agius Vallejo, University of Southern California – Dornsife College of Letters, Arts and Sciences
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)
Jody Agius Vallejo, University of Southern California – Dornsife College of Letters, Arts and Sciences(THE CONVERSATION) American Latino economic elites have incomes and wealth in the top 5 percent of earners. Some own multi-million-dollar companies or work as corporate executives. Latino politicians – like Kevin De León, who is serving as California Senate president while running for U.S. Senate, and California’s Attorney General Xavier Becerra – are especially visible in […]
View Original: Latino elites are paying the California dream forward
© Getty Images The American workforce is expected to face multiple headwinds over the next decade, including an aging population, greater automation and continued stratification by skill levels and educational attainment. These challenges — made clear in the Bureau of Labor Statistics recently issued employment projections for America in 2026 — highlight the need to promote greater economic mobility through policies that range from labor law to land-use regulations.
There long have been warnings about American workers’ diverging economic prospects, with middle-skill occupations hollowed-out from the twin disruptions of technological innovation and globalized markets. The BLS report reminds us […]
View Original: Without reforms, America’s employment prospects are bleak
A lot of factors have contributed to American inequality: slavery, economic policy, technological change, the power of lobbying, globalization, and so on. In their wake, what’s left?
That’s the question at the heart of a new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy , by Peter Temin, an economist from MIT. Temin argues that, following decades of growing inequality, America is now left with what is more or less a two-class system: One small, predominantly white upper class that wields a disproportionate share of money, power, and political influence and a much larger, minority-heavy (but […]
View Original: Escaping Poverty Requires Almost 20 Years With Nearly Nothing Going Wrong
Rising inequality in America over the past four decades has undermined living standards and social mobility, dampened economic growth, and corrupted U.S. politics.
But what about the effects of inequality on civil society and the nonprofit sector? That question has gotten much less attention. Yet there are growing signs that the vast chasm between the super wealthy and everyone else is also having negative effects in these realms, too.
The problem, in a nutshell, is that the rich have become an ever more dominant force in philanthropic giving and, as a result, increasingly shape the priorities of civil society. While many […]
View Original: Tilting Upward: Skewed Giving Trends and Inequality in the Nonprofit Sector
How should we measure Americansâ€™ perceptions of socio-economic mobility?
Lawton K. Swanâˆ— John R. Chambersâ€ Martin Heesackerâˆ— Sondre S. Neroâ€¡
AbstractSeveral scholars have suggested that Americansâ€™ (distorted) beliefs about the rate of upward social mobility in the United States may affect political judgment and decision-making outcomes. In this article, we consider the psychometric properties of two different questionnaire items that researchers have used to measure these subjective perceptions. Namely, we report the results of a new set of experiments (N = 2,167 U.S. MTurkers) in which we compared the question wording employed by Chambers, Swan and Heesacker (2015) with the question […]
View Original: Judgment and Decision Making, Vol. 12, No. 5, September 2017, pp. 507â€“515
Author, The Way Back: Restoring the Promise of America Frank Buckley is a Foundation Professor at Scalia Law School at George Mason University, where he has taught since 1989. Previously he was a visiting Olin Fellow at the University of Chicago Law School, and he has also taught at McGill Law School, the Sorbonne, and Sciences Po in Paris. He received his B.A. from McGill University and his LL.M. from Harvard University. He is a senior editor of The American Spectator and the author of several books, including The Once and Future King: The Rise of […]
View Original: Restoring America’s Economic Mobility
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
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
Although Yale’s campus now is familiar to me, moving in still is disorienting. Surrounded by well-kept lawns and high-ceilinged dining halls, Longchamp bags and Apple laptops, I’m constantly reminded of the separation between this economic privilege and the home I’ve left behind. For many low-income students like me, returning to Yale presents the difficult navigation of class cues and wealth barriers.
Part of this is the institution. Yale professors often assume that students can afford expensive materials or small extras — it’s almost a cliché at this point, but $10 for you is not the same for me. The student […]
View Original: WANG: What we can’t afford