Poverty and Prosperity

//Poverty and Prosperity

US government failing millions by paying below $15 an hour, study finds

The federal government employs more workers making less than $15 an hour than any other employer in the US, a new report has revealed. The study, compiled by pro-union group Good Jobs Nation, analyzed federal data and showed that the government spends more than $1.6tn on federal contractors employing more than 12.5 million people with

Retirement incomes will become more unequal, study finds

If income inequality continues to grow, so too will the gap between wealthy and struggling retirees. That's the takeaway from a new report by the Urban Institute, a progressive think tank in Washington, D.C., and funded by the Department of Labor, which analyzed how rising inequality will shape the landscape of American retirement. "People have this perception

How Apple And Beyoncé Show That Extreme Inequality Is Everywhere

We got a reminder this week of how unequal the business world is: Apple became the first company to reach $1 trillion in market value. Four more tech companies are right behind it – the MAGAs. At the reverse side of this coin, many small, non-tech companies are going bust, and people working for them lose their

We Wanted Safer Banks. We Got More Inequality.

A few years ago, one of Karen Petrou’s banking clients gave her an unusual assignment: It wanted her to write a paper laying out “the unintended consequences of the post-financial-crisis capital framework.” Petrou is the co-founder of Federal Financial Analytics Inc., a financial services consulting firm in Washington that focuses on public policy and regulatory

Where Financial Inequality Is Rampant (Infographic)

A recent OECD paper made the point that there is now widespread recognition that GDP measures or GDP per capita are insufficient when it comes to understanding households economic well-being. As a result, the research focused more on household income with a particular emphasis on income inequality. It analyzed the distribution of household wealth across 28 countries, finding

How Giving People Free WiFi Actually Can Help End Extreme Poverty

Google recently announced plans to bring free high speed Wi-Fi to 200 public spaces in Nigeria through its Google station initiative. The most populous nation in Africa, Nigeria will be the fifth country to launch Google station and the first on the continent. Increased online users equates to more people using various Google products and increased advertising

Chart that shows how much worse income inequality is in U.S.

Income inequality is a growing problem in the United States. The richest Americans have reaped a disproportional amount of economic growth while worker wages have failed to keep pace. And the $1.5-trillion Republican-passed tax cuts from December stand to make the situation worse. One chart from the 2018 World Inequality Report highlights the unique nature of income inequality in the US compared to other

The Creative Fuel Of A Living Wage

A book published in April, The War On Normal People, by Andrew Yang, hits the bull's-eye about the economic struggle most Americans face right now. It’s ominous. Most Americans, he says, (and as I’ve pointed out many times in the past), are working as hard as they can just to pay the monthly bills. They aren’t

Why shareholder value drives income inequality

The CEO of Domino’s Pizza takes home roughly 435 times the average full-time wage. Jeff Bezos has become the world’s richest person with a A$200 billion fortune off the backs of low-paid Amazon warehouse workers. Rampant inflation in CEO realised pay has continued unabated while wages for Australian working people have been stagnant for years. As Reserve Bank Governor Philip Lowe has

We can feed the world if we change our ways

Current crop yields could provide nutritious food for the projected 2050 global population, but only if we make radical changes to our dietary choices, a new study shows. Researchers from Lancaster University have analysed global and regional food supplies to reveal the flows of calories, protein and vital micro-nutrients from production through to human consumption,

2018-07-24T02:34:21+00:00 Tags: |

Why the war on poverty in the US isn’t over, in 4 charts

On July 12, President Trump’s Council of Economic Advisers concluded that America’s long-running war on poverty “is largely over and a success.” I am a researcher who has studied poverty for nearly 20 years in Cleveland, a city with one of the country’s highest rates of poverty. While the council’s conclusion makes for a dramatic headline, it simply does not align

Women Are More Likely To Live In Poverty Than Men – It Doesn’t Have to Be Like This

Poverty has a female face. Women earn less than men, have lower incomes over a lifetime and are more likely to be poor in old age. 47% of single parents are living in poverty – the vast majority of them women. And poverty levels are rising – the number of children living in poverty has

Obama on wealth inequality: “There’s only so big a house you can have.’”

Former United States President Barack Obama believes that ballooning wealth inequality is a threat to society, and that those who have the means should help those who are less fortunate. “Right now I’m actually surprised by how much money I got,” the 44th President said in his address to more than 10,000 people gathered in Johannesburg, South Africa,

Buzzwords and tortuous impact studies won’t fix a broken aid system

Development efforts over the past few decades have not been as effective as promised. Global poverty remains intractable: more than 4 billion people live on less than the equivalent of $5 (£3.80) a day, and the number of people going hungry has been rising. Important gains have been made in some areas, but many of

Pairing access to finance and energy to solve global poverty

Beginning in the 1980s, microfinance emerged as a way to tackle the myriad challenges of poverty by focusing on financial inclusion. It was recognized that lack of access to basic financial services, such as a small loan, was preventing billions of people from raising their standard of living. As of 2017, 1.7 billion adults globally remain

7 More Ways The Right And Left Enable Continued Income Inequality

In my last post, I mentioned seven ways people on the right and left hinder progress on income inequality. Here are the seven more ways that I mentioned would follow in another post. 1. We can keep growing out of our problems Expectations of constant growth are the usual solution you hear from the right and

7 Myths About Income Inequality And How We Think About It

We're a country of absolutes in attitudes. Maybe it’s a craving for simplicity and certainty, but we frequently frame problems and their potential solutions starkly. That's true for income inequality, social mobility, economic fairness, opportunity, and many related issues — innovation, education, jobs, crime, poverty, budget deficits and more. Our absolutist views become manufactured truisms.

Gender Pay Gap Starts While Kids Are Still on the Playground in America

The roots of this problem go even deeper than most first thought. The gender pay gap in America takes hold while earners are still children, according to a new study from BusyKid, a mobile app and web platform that allows children ages five through 17 to earn allowance to save, spend, share and invest. Boys

Why Building a More Democratic Economy Matters for Nonprofits

“We are suffering not from the rheumatics of old age, but…from the painfulness of readjustment between one economic period and another.”  John Maynard Keynes, Economic Possibilities for Our Grandchildren, 1930 As the quote from John Maynard Keynes reminds us, this is not the first time the economy has faced upheaval. Keynes wrote at the beginning of the

Video: What’s driving income inequality?

Income inequality is on the rise in many countries, but is it due to earned wealth, or inherited wealth—and should policy makers be trying to stop it? Chicago Booth's Eric Zwick and Luigi Zingales, along with Gabriel Zucman of the University of California, Berkeley, join Hal Weitzman to discuss the forces driving the phenomenon, as