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  • Current Event
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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
    2 years 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.

  • Analysis
    2 years 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 years 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.

  • Current Event
    2 years 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...

  • Current Event
    2 years ago
    by drunkenninja
    +14 +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
    2 years ago
    by roxxy
    +32 +1

    Nearly half the world lives on less than $5.50 a day: World Bank

    Despite progress in reducing extreme poverty, nearly half the world's population lives on less than $5.50 a day, with a rising share of the poor in wealthier economies, the World Bank said Wednesday. In a twice-yearly report, the bank took a broader look at poverty to see where countries were lagging, even though the share of those living in extreme poverty—defined as earning less than $1.90 a day—has continued to come down in recent years.

  • Analysis
    2 years ago
    by lostwonder
    +10 +1

    Consumer Companies Try Price Hikes As US Wages Climb

    Consumer goods companies, emboldened by a strong U.S. economy, are rolling out price increases on everyday products and groceries after several years of haggling with big retailers that needed cheaper products to attract customers.

  • Current Event
    1 year ago
    by ubthejudge
    +14 +1

    Relationship Between Low Income and Obesity is Relatively New

    It’s a fact: poverty and obesity are intimately connected. But this relationship is only about 30 years old, according to a new study coauthored by UT researchers and published in Palgrave Communications, an open-access, online journal. “We found that the relationship between low income and high rates of adult obesity in the U.S. is not observable until the early 1990s,” said Alex Bentley, head of UT Department of Anthropology and coauthor of the study. “As recently as 1990, this was not a detectable problem,”

  • Current Event
    1 year ago
    by zritic
    +26 +1

    U.S. consumer confidence posted its sharpest decline in more than three years in December

    A measure of U.S. consumer confidence posted its sharpest decline in more than three years in December, rattling investors already nervous about the prospect that a global economic slowdown was spilling over into the United States. In a sign households were growing more worried about the economy, the Conference Board on Thursday said its consumer confidence index fell this month by 8.3 points to a reading of 136.4, the largest one-month drop since July 2015.

  • Current Event
    1 year ago
    by geoleo
    +27 +1

    Americans Have Lost Faith In Their Ability To Move From Poverty To Riches

    People in the United States and other developed countries are losing faith in the capitalist system to improve their lives, according to a new global poll commissioned by the World Economic Forum, published on the eve of its annual meeting in Davos, Switzerland.

  • Current Event
    1 year ago
    by funhonestdude
    +12 +1

    Alexandria Ocasio-Cortez said billionaires shouldn't exist as long as Americans live in abject poverty

    Rep. Alexandria Ocasio-Cortez said a society that "allows billionaires to exist" while some Americans live in abject poverty is "immoral." "I'm not saying that Bill Gates or Warren Buffett are immoral, but a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don't have access to public health is wrong," Ocasio-Cortez said during an event honoring the legacy of Martin Luther King Jr. on Monday.