Economic Inequality

After The Fall: Income Inequality and the Great Recession

If there’s any point of agreement amongst the many ten-year anniversary eulogies of the 2008 recession, it is that at some point the crisis ended. The nearly nine million jobs that were lost in the crisis are just as cemented in the history as the most popular phone at the time — the Motorola RAZR. Disagreements remain on the

Some People Hate Income Inequality So Much They Pretend It Doesn’t Exist

Twitter can highlight some interesting intellectual chiaroscuro. Left-leaning think-tank Center for Economic and Policy Research posted this today: Robert Samuelson Is Denying Inequality, Againhttp://dlvr.it/Qrc1MW  Samuelson was dancing around whether incomes had actually risen or not. CEPR made some good points, but I think missed the most fundamental ones. First, to Samuelson, who wrote about the

This is what poverty looks like in the US right now

Though poverty has slightly declined in recent years, the US Census Bureau found last year that nearly 40 million people are living in poverty in America. Poverty affects almost every area of life for Americans in every state and city across genders, ages, employment, and education. See the different ways poverty affects Americans across the nation. Click

Bernie Sanders And Tucker Carlson Agree On Income Inequality. Why Can’t Democrats And Republicans?

I've never watched Tucker Carlson's program on Fox but am aware of his reputation. Profiles of him in major media have tended to have one slant. Coming across a one in the American Conservative by Alan Pell Crawford, I gave a read and found a surprising passage: This raises a question: Can you be a conservative if

More than money: Counting poverty in multiple forms

Consider two households that have the same level of consumption (or income) per person but they differ in the following ways. All the children in the first household go to school, while the children in the second household work to support the family. The first household obtains drinking water from a tap connected to the

Business And The Mission To Really Make Poverty History

There are still around 783 million people around the world living in extreme poverty. That's the level of poverty where families have to survive on less than $2 per day, where healthcare is an unaffordable luxury, and simply scratching together enough food to survive is a daily challenge. It's the level of poverty where, should

The world’s paying too high a price for inequality …

Joseph Stiglitz at Columbia University reminded us in the Scientific American this month that just three Americans – Jeff Bezos, Bill Gates and Warren Buffett – account for more wealth than the entire poor half of the US population. As I watched the six pallbearers bringing Walter Kwok Ping-sheung’s coffin out of St John’s Cathedral last Thursday,

The Richest 10% of Americans Now Own 84% of All Stocks

The stock market continues to be one of President Donald Trump’s favorite indicators of the country’s health as stocks continue to hit all-time highs. But a shrinking share of Americans are getting rich off the market’s dizzying rise, according to a new analysis. The top 10% of American households, as defined by total wealth, now

Racial and economic disparities intertwined, study finds

By many measures, the U.S. has made important strides when it comes to civil rights: The racial gaps in educational achievement, life expectancy, and wages, though still considerable, have all narrowed measurably in the past 50 years. Yet in one marker of fundamental importance—family income—disparities between black and white have remained virtually unchanged since 1968.

The simple way that men can help close the wealth gap

The US is on a cusp of a major demographic shift. By 2060, there will be 13.9 million people over the age of 60 living in the country; the most dramatic increase in elderly adults will occur in people of color. And as of today, we don’t have enough people to care for them. “Care needs

Why Silicon Valley Income Inequality Is Just a Preview of What’s to Come for the Rest of the U.S.

Silicon Valley companies continue to pump out disruptive technology that's fueling regional and national economic growth. But according to a new report, they're also producing income inequality. A team of researchers at the Everett Program at UC Santa Cruz studied federal and regional income statistics and found that in Silicon Valley, wages are sliding backwards rather than following the rise

Income Inequality’s Most Disturbing Side Effect: Homicide

Income inequality can cause all kinds of problems across the economic spectrum—but perhaps the most frightening is homicide. Inequality—the gap between a society's richest and poorest—predicts murder rates better than any other variable, according to Martin Daly, a professor emeritus of psychology at McMaster University in Ontario, who has studied this connection for decades. It

Economic inequality could cause U.S. debt downgrade, Moody’s says

Economic inequality isn’t just an academic idea, as the recent wave of populist voting has made clear. But a new report suggests that worsening inequality in the U.S. could have financial repercussions for the country. That report, out in early October from the credit-ratings agency Moody’s Investors Service, is called “Government of the United States:

How Rising Inequality Has Widened the Justice Gap

Rising inequality has harmed low-income families not only by depriving them of a fair share of society’s income growth, but also in a more specific way: It has stacked the legal system even more heavily against them. According to a recent survey, more than 70 percent of low-income American households had been involved in eviction cases, labor

China’s Racing to the Top in Income Inequality

During China’s greatest period of economic growth, fed by widespread industrialization that lifted millions out of poverty, inequality has also increased — at the fastest pace and to the highest level in the world. It may get worse. China’s Gini coefficient, 1 a widely used measure of income dispersion across a population, has risen more steeply over the last decade than

Drone photos capture the staggering inequality in Mumbai

Mumbai’s startling inequality presents itself in a variety of ways. It is visible when driving down the busy roads and from the windows of its suburban trains—swanky high-rises often stand in proximity to a sprawling network of shanties. But the clearest view of the disparity comes from up in the sky. It was from this

How the Financial Crisis Drastically Increased Wealth Inequality in the U.S.

We live in unequal times. The causes and consequences of widening disparities in income and wealth have become a defining debate of our age. Researchers have made major inroads into documenting trends in either income or wealth inequality in the United States, but we still know little about how the two evolve together — an important question to

This Chart Shows Social Security’s Growing Inequality Problem

For millions of Americans Social Security represents an economic safety net. Yet recent research shows its benefits are tilting more and more in favor of the wealthiest retirees. And it’s due to how long we live. According to new analysis from the Center for Retirement Research at Boston College, big gains in life expectancy among the

Explaining US income inequality by household demographics, 2017 update

The Census Bureau released its annual report yesterday 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 2013, 2014, 2015 and 2016). Most

50 years of rising income inequality has created a ‘new gilded age’ in the US

Reactions to the Great Recession like the Occupy Wall Street movement brought to national attention just how massive the wealth gap in the United States had become. Even as the economy recovered, the gap between the top 1% of earners and the rest of the population has continued to increase. This is according to an extensive