Posts Tagged ‘chart’

Chart of the day

Posted: 27 August 2015 in Uncategorized
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Chicago

According to the Economic Policy Institute, a household in the Chicago area (2 adults and 2 children) needs $71,995 a year in order to attain “a secure yet modest standard of living.”

chicago-median

Most households in Chicago clearly don’t achieve that level of income. Median household income in 2013 (the 2014 figures aren’t due out until September) was only $60,564. That’s just about the same as the amount of income a family consisting of 2 adults and 1 child would need ($60,674) to sustain a secure but modest standard of living.

To be clear: that’s in terms of the median. So, fifty percent of Chicago-area households bring in less income than that.

fig10-job loss

We all know (or should know) that, even though the official unemployment in the United States has dropped significantly in recent years, the effects of the combination of high rates of unemployment and of the long duration of being unemployed are still being felt by American workers.

And that’s exactly what Henry S. Farber found. Using data from the Displaced Workers Survey, he found that only 50 percent of job losers in the 2007-09 period where employed in January 2010, while about 56 percent of job losers 2007-2009 had held at least one subsequent job. Moreover, the probability of having held a job increased with the time since job loss. For example, 69 percent of workers who lost jobs in 2007 or 2008 had held at least one job by January 2010. In contrast, only 44 percent of workers who lost jobs in 2009 had held at least one job by January 2010. Finally, the fraction of workers who lost jobs in the 2011-13 period who subsequently found another job remains lower (at 68 percent) than in any period prior to the Great Recession.

Farber’s conclusion?

while job loss is a fact of life in the U.S., the employment consequences of job loss in the Great Recession have been unusually severe and remain substantial years later. Most importantly, job losers in the Great Recession and its aftermath have been much less successful at finding new jobs (particularly full-time jobs) than in earlier periods.

Many American workers found it difficult, if not impossible, to sell their ability to labor during and after the Great Recession. And today, years after the so-called recovery began, workers continue to suffer—both unemployed workers who have found it very difficult to find a new job and employed workers who have been “disciplined” by being forced to have the freedom to compete with unemployed and newly hired workers.

Chart of the day

Posted: 20 August 2015 in Uncategorized
Tags: , , ,

P1-BU641_GRADDE_16U_20150818180610

According to the Wall Street Journal, graduate students in the United States now account for roughly 40 percent of all student debt but represent just 14 percent of students in higher education.

The typical college student who borrowed owed about $27,000 upon graduation in 2012, according to an analysis of federal data from the New America Foundation, a centrist think tank. Those earning a master’s typically owed between $50,000 and $60,000; law degrees, $141,000; and medical degrees, $162,000.

race-wealth-income

According to a new study by the St. Louis Federal Reserve Bank (pdf), higher education does not protect the wealth of all racial and ethnic groups equally.

Compared to their less-educated counterparts, typical white and Asian families with four-year college degrees withstood the recent recession much better and have accumulated much more wealth over the longer term. Hispanic and black families headed by someone with a four-year college degree, on the other hand, typically fared significantly worse than Hispanic and black families without college degrees.

In other words, while higher education leads to higher income and wealth compared to non-college graduates for all ethnic and racial groups, changes in wealth and income during the Second Great Depression are much more uneven.

Thus, in terms of wealth, white and Asian college-headed families generally fared much better than their less-educated counterparts, while the typical Hispanic and black college-headed family lost much more wealth than its less-educated counterpart. When it comes to changes in real income, the experience of whites and Hispanics runs counter to their respective wealth changes; for blacks, however, the results are similar: black college-headed families lost much more wealth and income than non-college families.

The authors of the study thus conclude,

Higher education alone cannot level the playing field. Evidence presented here suggests that college degrees alone do not provide short-term wealth protection, nor do they guarantee long-term wealth accumulation.

black-poverty-concentrationareas-big

[ht: ja]

Cities are back on the nation’s radar—as the dynamic location of the “knowledge economy” and the “creative class.”

What, then, about the other cities, the spaces of concentrated poverty, structural racism, and police violence? Well, for the past year, we’ve been learning about some of them: Detroit, Ferguson, and Baltimore.

Still, how are all these other cities—three of which are in New York (Syracuse, Rochester, and Buffalo), according to a new report from the Century Foundation—not on the nation’s radar?

Addendum

Architecture_Table3

As it turns out, the list of ten metropolitan areas with the highest concentration of Hispanic poverty includes seven of the same areas in the previous list: Syracuse, Detroit, Rochester, Milwaukee, Fresno, Buffalo, and Cleveland.

Architecture_Table4

The concentration of non-Hispanic white poverty, in contrast, is highest in a somewhat different list of metropolitan areas. Detroit, again, and McAllen stand out with more than one-third of their white poor living in high-poverty areas. Detroit, Fresno, and Syracuse are the only metropolitan areas on all three lists, but the concentration of white poverty is much lower in Fresno than in Detroit or Syracuse. Smaller metropolitan areas with fewer than 1 million persons dominate all three lists, but New York, the largest, is included in the list of cities with the highest concentration of white poverty.

8668

As the Economic Policy Institute explains,

U.S. CEOs of major companies earned 20 times more than a typical worker in 1965; this ratio grew to 29.9-to-1 in 1978 and 58.7-to-1 by 1989, and then it surged in the 1990s to hit 376.1-to-1 by the end of the 1990s recovery in 2000. The fall in the stock market after 2000 reduced CEO stock-related pay (e.g., options) and caused CEO compensation to tumble until 2002 and 2003. CEO compensation recovered to a level of 345.3 times worker pay by 2007, almost back to its 2000 level. The financial crisis in 2008 and accompanying stock market decline reduced CEO compensation after 2007–2008, as discussed above, and the CEO-to-worker compensation ratio fell in tandem. By 2014, the stock market had recouped all of the value it lost following the financial crisis. Similarly, CEO compensation had grown from its 2009 low, and the CEO-to-worker compensation ratio in 2014 had recovered to 303.4-to-1, a rise of 107.6 since 2009. Though the CEO-to-worker compensation ratio remains below the peak values achieved earlier in the 2000s, it is far higher than what prevailed through the 1960s, 1970s, 1980s, and 1990s.

poll

For the first time, a poll has Vermont independent senator and socialist Bernie Sanders ahead in the crucial early primary state of New Hampshire.

The poll, released by Franklin Pierce University and the Boston Herald, shows Sanders leading former Secretary of State Hillary Clinton by 44 percent to 37 percent in New Hampshire among Democratic primary voters. (The live interview phone poll was conducted 7-10 August and has a margin of error of plus or minus 4.7 percentage points.)