A series of economic data released today has pretty bad news for those hoping for a sustained recovery that will increase job and GDP growth.
|By: David Dayen Thursday September 27, 2012 2:08 pm|
|By: David Dayen Wednesday September 12, 2012 9:25 am|
The US Census Bureau released median income, poverty and insurance stats today, all of which have a 90% confidence interval, meaning that there’s a fairly high margin for error. Still, the trends in median income are not encouraging, although the insurance stats bucked that trend.
|By: David Dayen Tuesday September 11, 2012 7:00 pm|
The Economic Policy Institute delivers an annual analysis of the “State of Working America,” and this year’s version was released today. In their key findings, they lament the rise of “policy-driven inequality,” a condition that, even when the job market improves, leads to the bulk of our economic growth funneling up to the 1%, while those who can find work cannot get a decent wage.
|By: David Dayen Friday August 31, 2012 12:41 pm|
It’s not like there aren’t possibilities for skilled labor to proliferate in America. I hear we have trillions of dollars in infrastructure needs over the next several years. Most of the associated jobs in that space pay decent wages. The public sector has been cut to the bone. Lots of mid-range jobs there. We need hundreds of thousands of new teachers. They need to be paid more money, as a teacher on stage at the Republican convention said (!) last night. We have an entirely new energy sector to stand up. Just boosting demand at all will bring back jobs like truck drivers and construction workers and real estate agents, all of which pay fairly well.
|By: David Dayen Tuesday July 24, 2012 9:05 am|
July 24, 2009, marks the last time the minimum wage was increased in America, to its current dollar amount of $7.25 an hour. At various times in their recent political lives, both candidates for President have called that figure too low. Now a group of activists have begun a quixotic quest to get the minimum wage increased, which would have a definitive economic impact on millions of Americans.
|By: SouthernDragon Sunday July 22, 2012 1:59 pm|
One of the long standing taboos in the US is an open discussion of our capitalist economic system. Mainstream economists talk of business cycles, recessions, depressions, upturns, downturns, etc, in an effort to avoid discussing just how unstable capitalism is. In 2009 that changed. Professor Richard D Wolff, a PhD who taught economics at UMass for many years, published a book entitled Capitalism Hits The Fan, a compilation of articles and essays written between 2005 and 2008. Since that time he has been on a whirlwind of personal appearances and radio/TV talk shows discussing just how capitalism has worked, or not worked, for people over the last 50 years.
|By: David Dayen Wednesday July 11, 2012 11:50 am|
It’s clear that something happened in corporate boardrooms around the 1970s and through to today, where they decided to give their CEOs massive amounts of money through salary and stock options. And why is that? Well, the fact that the top marginal tax rate had been cut in half, so more of that compensation would actually go to the individual, has to have something to do with that.
|By: David Dayen Tuesday May 29, 2012 9:15 am|
The last four years have seen a comeback in manufacturing. As that relates to the auto rescue, the Obama Administration never tires of telling the story. But one part of that story is often left out of the telling. Because it turns out that the expansion in manufacturing has accompanied flat wages (WSJ subscription required) for the sector, as worker salaries haven’t kept up with the rate of inflation.
|By: Knut Saturday May 19, 2012 1:59 pm|
It is an honor and a pleasure to have Paul Krugman at the Lake this afternoon for a conversation on End This Depression Now! Dedicated “To the unemployed, who deserve better,” the book is a condemnation of the policies and mind-set that have produced the worst economic depression since the 1930s. And unlike the Great Depression, which contemporaries did not understand, we know what to do; the current depression is entirely self-inflicted. The broken homes and ruined lives are not attributable to acts of God or the inscrutable logic of the market, but are the direct consequence of public decisions that have amplified the inherent risk of private credit by deregulating financial operations and the attempt to balance the budget when aggregate private demand is collapsing. The central message is that none of this suffering is necessary, and none of it is justified.