The mainstream left should know that rising inequality can swamp the gains that broadening opportunity is supposed to deliver.
Three types of visualizations show the stark economic disparities in U.S. cities.
For displaced workers in Washington state during the Great Recession, earnings dropped suddenly and had still not fully recovered five years later, according to a new article.
When labor markets tighten, wages are expected to rise. But in recent years, as unemployment has fallen below 5 percent in the United States, wages have not been increasing as fast as in the past. Economists debate the reasons; workers grapple with the consequences.
NPR’s Audie Cornish talks to Peter Coy, economics editor for Bloomberg, about why pay isn’t rising in the U.S., despite a falling unemployment rate.
For Japan’s mission to revitalize its once roaring economy, getting wages to rise is crucial. Conditions appear ripe for fatter paychecks: the tightest labor market since the 1970s, eight straight quarters of economic growth and record profits for Japan Inc. Yet economists expect only a 1 percent pay rise this year. This would be the biggest since 1997, but hardly enough to power a consumption boost to sustain stronger economic expansion.
Remember the spike in wages in January that sparked a selloff in stock markets and sent U.S. interest rates surging? Well, “the great inflation scare of 2018” apparently didn’t happen after all.
Business-as-usual but “better” isn’t enough to fix what’s broken here.