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+2 +1
Study: Inequality Robs $2.5 Trillion From U.S. Workers Each Year
Every few months, some group of socially conscious number crunchers will remind Americans that a tiny elite is binge-eating the nation’s economic pie while the rest of us plebeians fight over table scraps. Journalists will then aggregate eye-popping statistics and edifying charts, progressives will share these over social media, adorned with red-faced (and/or guillotine) emoji — and the moral arc of history will carry on bending toward neofeudalism.
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+6 +1
Census: Median income hit record high in 2019 before the pandemic
Median US household income was $68,700 in 2019, the highest since 1967, the first year records were kept, according to inflation-adjusted data released by the Census Bureau on Tuesday.
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+27 +1
Millions of Unemployed Americans Face Loss of Benefits at Year’s End
Two key programs Congress passed this year to expand and enhance unemployment insurance expire on Jan. 1, leaving millions of people without benefits unless lawmakers can break a monthslong deadlock over a fresh round of pandemic relief.
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+13 +1
42% of people falling behind as Covid-19 widens the wealth gap, report finds
A report on financial security shows a widening divide between the haves and have-nots amid the coronavirus outbreak and economic crisis.
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+23 +1
Eye-popping wage report charts 40 years of worsening income inequality as the top 1% thrive
Wage inequality is getting worse, according to new data from the Social Security Administration, which shows a steady trickle-up effect in worker income during every period for the last four decades. That’s happening as wages for the bottom 90% of earners are being “continuously redistributed upward” to the top 10% and often even further to the top 1% and 0.1%, reports the Economic Policy Institute, which analyzed the data. Since the year 1979, while wages for the bottom 90% saw a modest growth of 26%, wages for the top 10% grew between 51.8% to 75.1%.
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+10 +1
The Conservative Case Against the Boomers
Everyone’s fed up with the baby boomers. Younger progressives charge them with a form of generational hoarding—of titles and power but mostly of money. The richest generation in the history of the world, the story goes, has squandered its wealth on vanity purchases and projects while leaving younger Americans with a debased environment and crazy levels of debt.
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+12 +1
Biden’s claim that with a $15 minimum wage, ‘the whole economy rises’
Biden is bullish on a big increase in the minimum wage, but economists are sharply divided on the impact on jobs.
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+22 +1
Forget $15 an Hour — the Minimum Wage Should Be $24
The Coronavirus pandemic relief bill passed by the House of Representatives this week would raise the federal minimum wage in steps until it reached $15 an hour in 2025. But an increase in the minimum wage has been removed from the Senate’s legislation. At least for now, it is stuck at $7.25.
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+14 +1
Raising the minimum wage to $15 an hour won't hurt businesses. My company is proof.
We can afford to raise the minimum wage. As part of his administration's bold COVID-19 relief package, President Joe Biden has promised to raise the federal minimum wage to $15 an hour. The trickle-down approach to recovery championed by the previous administration failed our country and only led to further economic hardships for hard working Americans.
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+3 +1
How Lower-Income Americans Get Cheated on Property Taxes
Many homeowners are paying a total of billions of dollars extra because of inequities in assessing property values.
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+23 +1
Biden: Trickle-down economics "has never worked"
During his joint address to Congress on Wednesday, President Biden spoke of the need to tax the ultra-wealthy to fix economic inequality in the U.S.
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+16 +1
How the Federal Reserve Is Increasing Wealth Inequality
The Fed’s low-interest-rate policies have stabilized the economy and turbocharged the stock market. But those who don’t own lots of stocks haven’t benefited anywhere near as much as those who do.
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+13 +1
Everything Screams Inflation
We could be at a generational turning point for finance. Politics, economics, international relations, demography and labor are all shifting to supporting inflation. After more than 40 years of policies that gave priority to the fight against rising prices, investor- and consumer-friendly solutions are becoming less fashionable, not only in the U.S. but in much of the world.
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+4 +1
Decision fatigue: loan applications processed around midday more likely to be rejected
A new study from Cambridge University shows that bank credit officers are more likely to approve loan applications earlier and later in the day, while ‘”decision fatigue” around midday is associated with defaulting to the safer option of saying no.
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+11 +1
US unemployment claims drop to a pandemic low of 498,000
The number of Americans seeking unemployment benefits fell to 498,000 last week, the lowest level since the viral pandemic struck 14 months ago and a sign of the job market’s growing strength as businesses reopen and consumers increase spending.
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+16 +1
The Making of the Mother of All Economic Booms
Lael Brainard is the hero of the hour
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+22 +1
Why Millennials Can’t Grow Up
A few weeks ago, I met my first Millennial grandparent. I was interviewing a woman in her late 30s about President Joe Biden’s new child-tax-credit proposal, and she mentioned that it would benefit not just her two young kids but her older son’s kid too.
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+16 +1
This is What Minimum Wage Would Be If It Kept Pace with Productivity
Until 1968, the minimum wage not only kept pace with inflation, it rose in step with productivity growth. The logic is straightforward; we expect that wages in general will rise in step with productivity growth. For workers at the bottom to share in the overall improvement in society’s living standards, the minimum wage should also rise with productivity.
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+20 +1
Inequality Would Widen if U.S. Policies Spur Sustained Inflation
Federal Reserve and Biden administration officials say economic inequality is bad and they aim their policies in part at helping to reduce it. In the short run, at least, those policies might be widening inequality, not shrinking it.
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+16 +1
Tax codes that reward traditional families might increase income inequality
Tax codes that offer extra benefits to breadwinners with dependents negatively affect countries ability to reduce income inequality across family types and could exacerbate existing gender inequality by discouraging secondary earners from labor-market participation, according to new research.
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