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Economic inequality is arguably the crucial issue facing contemporary capitalism—especially in the United States but also across the entire world economy. Over the course of the last four decades, income inequality has soared in the United States, as the share of pre-tax national income captured by the top 1 percent (the red line in the […]

According to Oxfam’s analysis of data produced by Credit Suisse (which I analyzed in a different manner late last year), 42 billionaires now own the same wealth as the bottom half—3.7 billion people—of the world’s population. Together, those 3.7 billion people own only one half of one percent (0.53 percent) of the world’s wealth, a […]

Charts of the year

Posted: 2 January 2018 in Uncategorized
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As regular readers of this blog know, I try to make available and critically interpret descriptive statistics, mostly charts of data—to provide a foundation for a contemporary critique of political economy. Last year, I spent a good bit of time using publicly available data to make my own graphs and charts, which readers are free to use […]

The United States, as I have shown over the past week (e.g., here, here, and here), has an obscenely unequal distribution of wealth. As illustrated in the chart above, the members of the bottom 90 percent own only 27.8 percent of total household wealth, while the bulk of the wealth is held by the top […]

It’s clear that, for decades now, American workers have been falling further and further behind. And there’s simply no justification for this sorry state of affairs—nothing that can rationalize or excuse the growing gap between the majority of people who work for a living and the tiny group at the top. But that doesn’t stop […]

The latest Federal Reserve Board’s triennial Survey of Consumer Finances (pdf) is out and the news is not good—at least for the majority of Americans. They’re falling further and further behind those at the top. Sure, on the surface, the results for the latest period of recovery from the Second Great Depression appear to be […]

It’s true (as I have argued many times on this blog), the number of U.S. manufacturing jobs has been declining for decades now—and they’re not coming back. Instead, they’ve been replaced (as is clear in the chart above) by service-sector jobs. source And, not surprisingly, most new jobs (during the past year, as in recent decades) have […]

Charts of the year

Posted: 4 January 2017 in Uncategorized
Tags: , ,

As regular readers of this blog know, I try to make available and critically interpret charts of data—both to challenge others’ arguments and to provide a foundation for my own. Last year, I spent much more time using publicly available data to make my own charts, which readers are free to use for their own purposes. Here are […]

I understand readers’ attention is mostly focused on today’s election. However, it is not too soon to look beyond the results themselves, to consider the economic policies of the new administration. If Hillary Clinton is elected (as seems likely), reducing “labor market monopsony” appears to be one of the directions economic policy will be going.   For decades […]

Yesterday, I questioned the case—presented by Jason Furman and the White House Council of Economic Advisers—that the Obama administration had made a “historic achievement in reducing inequality.” James Kwak, as it turns out, had much the same reaction: inequality is every bit the problem we’ve always thought it was. It’s not as bad today as […]