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  • Current Event
    13 hours ago
    by drunkenninja
    +10 +1

    Next crash will be ‘worse than the Great Depression’: experts

    Ten years ago, it was too-easy credit that brought financial markets to their knees. Today, it could be a global debt of $247 trillion that causes the next crash. After a decade of escalating US household debt brought on by low wages and the national debt more than doubling over the same time frame, to $21 trillion, debt could soon put the brakes on this economic recovery, analysts warn.

  • Current Event
    3 weeks ago
    by aj0690
    +16 +1

    Higher minimum wage will boost economy of cities

    A small rise in the minimum wage in Britain’s main city regions would encourage employers to deploy workers more productively and help boost local economies by more than £1bn, says a thinktank. According to the study, by the Smith Institute, employers need the spur of a higher minimum wage to shake them out of a spiral of low productivity and low growth that depresses company revenues and has trapped about 2 million workers on the current minimum wage of £7.38 an hour...

  • Analysis
    2 months ago
    by jedlicka
    +8 +1

    Pay rises faster for top 1% of earners in developed world – report

    Pay is rising much faster for the top 1% of earners compared with those on average salaries in the richest countries, according to a report calling on governments to do more to tackle “wageless growth” since the financial crisis. Despite more people being in work than at any time since the onset of the banking crisis a decade ago, the Organisation for Economic Co-operation and Development said wage growth was still “missing in action” across the 35 countries represented by the Paris-based group of wealthy nations.

  • Current Event
    2 months ago
    by socialiguana
    +10 +1

    Iceland has made it illegal to pay women less than men

    Iceland has made it illegal to pay men more than women. A new law enforcing equal pay between genders came into effect on January 1, 2018, according to Al Jazeera. Under the legislation, firms that employ more than 25 people are obliged to obtain a government certificate demonstrating pay equality, or they will face fines. The law was announced on March 8 on International Women's Day 2017 as part of a drive by the nation to eradicate the gender pay gap by 2022.

  • Analysis
    3 years ago
    by ressmox
    +21 +1

    The workers catering to the Hamptons' super-rich: 'This is not paradise for me'

    Among the women paying $1,000 for a massage and the men lounging in $100m homes in the billionaires’ playground of the Hamptons is a largely unseen, mostly Latino, workforce toiling all summer in order to survive the winter

  • Expression
    3 years ago
    by belangermira
    +22 +1

    Rich Democrats Don’t Care About Income Inequality Any More Than Rich Republicans Do

    F. Scott Fitzgerald and Ernest Hemingway famously disagreed about the American elite. “The very rich are different from you and me,” Fitzgerald wrote. “Yes,” Hemingway shot back, “they have more money.” With inequality in America continuing to rise, we revisited Fitzgerald and Hemingway’s (perhaps apocryphal) dispute, conducting a series of experiments designed to pinpoint the differences between the rich and those of more modest means.

  • Analysis
    3 years ago
    by spaceghoti
    +34 +1

    A Growing Gap in Life Expectancy by Income

    Rising inequality of incomes in the US is being accompanied by a rising gap in life expectancy by income category. Ronald Lee and Peter R. Orzag chaired a recent committee on behalf of the National Academies of Sciences, Engineering, and Medicine that explains these patterns in "The Growing Gap in Life Expectancy by Income: Implications for Federal Programs and Policy Responses."

  • Current Event
    2 years ago
    by geoleo
    +16 +1

    Just 62 people now own the same wealth as half the world's population

    Wealth inequality has grown to the stage where 62 of the world’s richest people own as much as the poorest half of humanity combined, according to a new report. The research, conducted by the charity Oxfam, found that the wealth of the poorest half of the world’s population – 3.6 billion people – has fallen by 41 per cent, or a trillion US dollars, since 2010. While this group has become poorer, the wealth of the richest 62 people on the planet has increased...

  • Current Event
    2 years ago
    by junglman
    +32 +1

    Rent affordability: 11 million Americans spend half their income on rent

    More Americans are struggling to make rent. The number of renters dedicating at least half of their income toward housing hit a record high of 11 million people in 2014, according to the annual State of the Nation's Housing Report from the Joint Center for Housing Studies of Harvard University. A total of 21.3 million are spending 30% or more of their paycheck to cover the rent -- also a record high. Personal finance experts generally suggest budgeting around 30% of monthly income to cover housing costs.

  • Analysis
    1 year ago
    by geoleo
    +22 +1

    In 1990, over 60% of people in East Asia were in extreme poverty. Now only 3.5% are.

    Here's an amazing fact: The number of people in extreme poverty fell by 114 million from 2012 to 2013. That is a simply massive one-year decline, and it's not even the biggest drop in recent years. From 2010 to 2011, global poverty fell by 132 million people. From 2008 to 2013, the number fell by an average of 88 million people per year. If that rate of progress keeps up, global poverty will be eliminated in less than a decade.

  • Current Event
    1 year ago
    by socialiguana
    +24 +1

    Any way you calculate it, income inequality is getting worse

    A flurry of new reports have provided yet more data demonstrating that inequality is getting worse. All right, this does not qualify as a shock. But it really isn’t your imagination. The economic crisis, nearly a decade on now, has been global in scope — working people most everywhere continue to suffer while the one percent are doing just fine. One measure of this is wages.

  • Analysis
    1 year ago
    by takai
    +22 +1

    A $100,000 salary doesn't put you in the top 1% of income at any age

    A lot of people are overjoyed to cross the $100,000 threshold in annual income. And they should be — a six-figure salary is nothing to sneeze at. But as income inequality in the US continues to worsen, a $100,000 salary creeps ever-closer to being an upper-middle-class income, not a sure sign of wealth. In fact, according to a Business Insider analysis of US Census data, the $100,000 distinction isn't enough to put anyone, at any age for which there is reliable data, in the top 1% of personal incomes.

  • Current Event
    1 year ago
    by spacepopper
    +28 +1

    The wealth gap in the US is worse than in Kenya

    Kenya has been called an unsafe place for tourists because of frequent violent crimes. Former president Barack Obama said in a speech that it's time for the country to "change habits" because "too often here in Kenya … corruption is tolerated." But there is at least one thing the country gets better than the United States: Income equality.

  • Current Event
    11 months ago
    by tukka
    +19 +1

    Number of billionaires worldwide jumps 10%: study

    The number of billionaires worldwide rose above 1,500 last year, a 10 percent jump from 2015, due largely to a surge in Asia, Swiss banking giant UBS and auditors PwC said Thursday. In an annual report, UBS and PwC said that last year marked the first time it recorded more billionaires in Asia (637) than in the United States (563), crediting the rise of China's entrepreneurs. Europe took third spot in the report's billionaire database with 342.

  • Analysis
    10 months ago
    by sauce
    +16 +1

    Richest 1% own half the world's wealth, study finds

    The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else. The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday.

  • Current Event
    10 months ago
    by hxxp
    +30 +1

    Millennials Fall Far Behind as World's Richest 1% Hoard Half of Global Wealth

    Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world's richest one percent own just over half of the global wealth. "This report highlights the huge gulf between the haves and the have nots—the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every...

  • Current Event
    9 months ago
    by grandtheftsoul
    +15 +1

    S Korea to pay off debts for 1.6m people

    South Korea is to write-off the debts of as many as 1.6 million people in a move designed to ease the financial burden on low-income individuals. The scheme is open to certain Koreans who have struggled to repay debts of less than 10m won ($9,128; £6,826). Eligible people can apply to the government for debt relief from next February.

  • Expression
    9 months ago
    by drunkenninja
    +31 +1

    Generation Screwed

    Why millennials are facing the scariest financial future of any generation since the Great Depression. I am 35 years old—the oldest millennial, the first millennial—and for a decade now, I’ve been waiting for adulthood to kick in. My rent consumes nearly half my income, I haven’t had a steady job since Pluto was a planet and my savings are dwindling faster than the ice caps the baby boomers melted.

  • Current Event
    9 months ago
    by junglman
    +22 +1

    World's richest 0.1% have boosted their wealth by as much as poorest half

    The richest 0.1% of the world’s population have increased their combined wealth by as much as the poorest 50% – or 3.8 billion people – since 1980, according to a report detailing the widening gap between the very rich and poor. The World Inequality Report, published on Thursday by French economist Thomas Piketty, warned that inequality had ballooned to “extreme levels” in some countries and said the problem would only get worse unless governments took coordinated action to increase taxes and prevent tax avoidance.

  • Current Event
    8 months ago
    by baron778
    +16 +1

    Minimum wage rising in more than 3 dozen states and cities in 2018

    The new year will bring somewhat fatter paychecks to many Americans, with more than three dozen states and cities counties raising their minimum wage. The federal minimum wage remains unchanged at $7.25 per hour, where it has stayed since 2009.

  • Current Event
    8 months ago
    by TNY
    +17 +1

    Americans Haven’t Been This Poor and Indebted in Decades

    One of the lesser oddities of the Trump era is that the president and his party have managed to achieve historic levels of unpopularity — even as the unemployment rate has fallen to a decade low, and the stock market has soared to all-time highs. Few presidents have enjoyed such favorable, first-year macroeconomic numbers — and none have suffered such unfavorable political ones.

  • Current Event
    8 months ago
    by spacepopper
    +18 +1

    Women would lose $4.6 billion in earned tips if the administration’s ‘tip stealing’ rule is finalized: Overall, workers would lose $5.8 billion

    The Department of Labor has proposed a rule that would make it legal for employers to pocket their workers’ tips, as long as they pay those workers the minimum wage. We estimate that if the rule is finalized, every year workers will lose $5.8 billion in tips, as tips are shifted from workers to employers. Of the $5.8 billion, nearly 80 percent—$4.6 billion—would be taken from female tipped workers.

  • Current Event
    8 months ago
    by grandsalami
    +25 +1

    82% of the World's Wealth Went to the Richest 1% in 2017

    Four out of every five dollars of wealth generated in 2017 ended up in the pockets of the richest one percent, while the poorest half of humanity got nothing, a report published by Oxfam found on Monday. As global political and business leaders gather for this week’s World Economic Forum annual meeting in Davos, Switzerland, the charity’s report highlights a global system that rewards the super-rich and neglects the poor. It found that 3.7 billion people who make up the poorest half of the world saw no increase in their wealth in 2017, while 82 percent of the wealth generated last year went to the richest one percent of the global population.

  • Current Event
    8 months ago
    by darvinhg
    +26 +1

    "Billionaire bonanza" driving huge global inequality

    Four out of every five dollars of wealth generated in 2017 ended up in the pockets of the richest one percent, while the poorest half of humanity got nothing, a report published by Oxfam found on Monday. As global political and business leaders gather for this week's World Economic Forum annual meeting in Davos, Switzerland, the charity's report highlights a global system that rewards the super-rich and neglects the poor. It found that 3.7 billion people who make up the poorest half of the world saw no increase in their wealth in 2017...

  • Current Event
    8 months ago
    by zyery
    +12 +1

    Inequality gap widens as 42 people hold same wealth as 3.7bn poorest

    The development charity Oxfam has called for action to tackle the growing gap between rich and poor as it launched a new report showing that 42 people hold as much wealth as the 3.7 billion who make up the poorest half of the world’s population.

  • Current Event
    7 months ago
    by messi
    +2 +1

    A surge in economic growth? Sure, but the top 1 percent are getting it all

    Did Trump cause an "instantaneous surge" in the stock market and "amazing" growth? Sure, for the already wealthy. “The World Economic Forum is lucky to have [Donald Trump] addressing them,” said CNBC host Becky Quick. Quick told industry journal TVNewser that Trump’s recent appearance in Davos, Switzerland, would make it “the perfect venue for us to get to the heart of what is powering the engine behind this amazing surge in global and domestic growth.”

  • Current Event
    7 months ago
    by doodlegirl
    +20 +1

    Why Facebook's co-founder wants the wealthy to fund a guaranteed paycheck for the working poor

    Would a $500 monthly check, no strings attached, help more working families succeed? It's a bold idea that's gaining proponents in Silicon Valley — and one that the co-founder of Facebook is pushing hard. "If you're working hard trying to make ends meet, you shouldn't live in poverty in America," Chris Hughes told CNBC in an interview. "It sounds so simple but unfortunately it's not true."

  • Analysis
    4 months ago
    by spacepopper
    +6 +1

    This Facebook Co-Founder Wants to Tax the Rich

    In his 20s, Chris Hughes co-founded Facebook Inc., helped elect a U.S. president, and made almost half-a-billion dollars. Then he turned 30 and, as he freely admits, his lucky streak came to an abrupt, high-profile end after a disastrous attempt to turn around the New Republic magazine. Hughes, 34, now devotes his time to evangelizing for higher taxes on the rich, such as himself. He's proposing that the government give a guaranteed income of $500 a month to every working American earning less than $50,000 a year...

  • Analysis
    4 months ago
    by socialiguana
    +3 +1

    Driving for Uber is basically the same as working any other low-paying job

    Uber has shared some numbers about driver earnings in economic papers, usually through collaborations with respected academics. But the figures it’s given out are hard to compare with one another. A January 2018 paper that Uber collaborated on used “gross earnings” ($21.07 an hour), or what the driver makes before costs such as gas and vehicle depreciation, as well as Uber’s service fee, are deducted. Earlier research from Uber’s team and Princeton economist Alan Krueger examined earnings “net of Uber’s fees,” but before driver expenses ($20.19 an hour).

  • Current Event
    4 months ago
    by dianep
    +9 +1

    Study finds Uber drivers make less than minimum wage

    A new analysis about Uber drivers’ wages finds that they take home about $9.21 an hour, or less than minimum wage in many of the biggest markets where the ride-hailing service operates. The analysis, by the pro-labor think tank Economic Policy Institute, builds on a recent MIT study that at first said that Uber drivers made an average of $3.37 an hour, then revised that figure to a median $8.55 an hour.