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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
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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 […]

source [ht: sm] One of the consequences of the unhealthy healthcare system in the United States (not to mention the obscene level of inequality) is a very high maternal mortality rate—higher than in all other OECD countries except Mexico. According to the authors of a new study published in Obstetrics & Gynecology (pdf), Despite the United […]

Jason Furman (pdf), Chairman of the U.S. Council of Economic Advisors, gave a speech a couple of weeks highlighting the potential for automation to displace many of today’s workers, even as he insists we need more investment in artificial intelligence. What they did on the Council is take the numbers produced by Carl Benedikt Frey and […]

This is my own chart—showing the dramatic changes in the average incomes (excluding capital gains) of the top 1 percent compared to those of the bottom 90 percent, expressed as a ratio, from 1920 to 2015—from the World Wealth and Income Database. Thus, for example, the ratio first peaked in 1928 (when, on average, top 1-percent incomes were 32.7 times those […]

Here’s another of my charts—this one for the composition of income of the top 1 percent—from the latest data on inequality in the United States created and disseminated by Emmanuel Saez and Thomas Piketty. This chart shows the sources of the income going to the top 1 percent—basically, the various ways the members of the top 1 […]