Posts Tagged ‘income’

via This Map Reveals Just How Unequal The So-Called Recovery Is.

http://www.huffingtonpost.com/2014/10/20/middle-class-wealth-shrinks-1940s_n_6014874.html

Here’s more proof the middle class is dying.

The middle-class share of American wealth has been shrinking for the better part of three decades and recently fell to its lowest level since 1940, according to a new studyby economists Emmanuel Saez of the University of California, Berkeley, and Gabriel Zucman of the London School of Economics.

In other words, remember the surge of the great American middle class after World War II? That’s all gone, at least by one measure.

http://www.cbpp.org/cms/?fa=view&id=3629

Hear Darrick Hamilton, Associate Professor of Economics and Urban Policy at The New School (http://www.newschool.edu/) for Public Engagement (http://www.newschool.edu/nspe), speaking at the New School Minute, where faculty from every school present their timely and celebrated research in a series of rapid-fire 60-second lectures.

I went to grad-school at the University of North carolina at Chapel hill with Darrick!! :D

Yes it’s true that America’s income gap is widest since the Great Depression (NPR), but It’s even worse that that:

  1. This is just income and doesn’t include the wealth already amassed by the wealthy so the real difference in economic well-being is much larger.
  2. Back in the 30s Americans had effective labor unions and most were aware of the situation they were facing. Today, this is no longer the case so the efforts to correct this imbalance are very weak.
  3. The political parties in the 30s had some accountability to the majority and not only to their wealthy corporate owners. Hence FDR was willing and able to represent “main-street” and not only “Wall-street” despite strong pressure, and even an attempted coup, by the “banksters.”
  4. While it was certainly a painful collapse of the economy, the Great Depression was in the middle of a very long period of growth in wages and standards of living for the majority of Americans. This period ended in the mid 70s and for the vast majority of Americans, things have been getting worse for 3 decades and getting catastrophic in the last few years. In this context, the long term, irreversible, damage is much worse today than in the 30s.
Consider a bad flu hitting a strong young person as opposed to a chronically ill old person: same disease but worse effects and dismal prognosis :'(

Report: Wealthy Thrive and Poorest Dive as Surge in US Inequality Continues

 Lauren McCauley, staff writer at Common dreams.org

good graphs

Posted: 2013/04/16 by Punkonomics (@dearbalak) in Uncategorized
Tags: ,

good graphs

the main chart comes from the outstanding http://visualizingeconomics.com/