December 10, 2015
Mohenjo
Breaking News
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There are now more low-income and high-income Americans combined than there are people in the middle class, a study released Wednesday found.
According to a Pew Research Center report, there were 120.8 million adults living in middle-income households and 121.3 million in lower- and upper-income households combined in early 2015, marking the first time in the center’s four decades of tracking this data that the size of the latter groups has transcended that of the first.
The study defines middle income as adults earning two-thirds to double the national median, which translates today to somewhere between $42,000 and $126,000 a year for a three-person household.
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January 19, 2015
Mohenjo
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The rich keep getting richer, and by next year, just a handful of the upper-class will have accumulated more than half of the world’s wealth.
A new report released on Monday by Oxfam warns that this deepening global inequality is unlike anything seen in recent years.
Using research from Credit Suisse and Forbes’ annual billionaires list, the anti-poverty charity was able to determine that the richest 1 percent of the world’s population currently controls 48 percent of the world’s total wealth.
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January 17, 2015
Mohenjo
Breaking News
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With the shake of an Etch-A-Sketch, Mitt Romney reintroduced himself to the Republican Party on Friday as a man interested in running for president because of his desire to address poverty and income inequality. One only wonders why the former governor of Massachusetts neglected to focus on the growing problems the last time he held the title of GOP standard bearer.
Addressing a gathering of Republican National Committee officials below deck of the decommissioned U.S.S. Midway aircraft carrier in San Diego, California, Romney ticked off three priorities crucial to what he called the “post-Obama era”: making the world safer with a more muscular foreign policy, providing opportunity to all Americans, and lifting people out of poverty.
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Mitt Romney speaks to fellow Republicans at a dinner during the Republican National Committee’s Annual Winter Meeting aboard the USS Midway on January 16, 2015 in San Diego, California. Romney is contemplating a possible 2016 presidential run. (Photo by Sandy Huffaker/Getty Images) | Sandy Huffaker via Getty Images
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September 12, 2014
Mohenjo
Business
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The widening gap between America’s wealthiest and its middle and lower classes is “unsustainable”, but is unlikely to improve any time soon, according to a Harvard Business School study released on Monday.
The study, titled “An Economy Doing Half its Job”, said American companies – particularly big ones – were showing some signs of recovering their competitive edge on the world stage since the financial crisis, but that workers would likely keep struggling to demand better pay and benefits.
“We argue that such a divergence is unsustainable,” according to the report, which was based on a survey of 1,947 of Harvard Business School alumni around the globe, and which highlighted problems with the U.S. education system, transport infrastructure, and the effectiveness of the political system.
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January 26, 2014
Mohenjo
Political
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The numbers are shocking — assuming that we still have the capacity for shock — and they will form the backdrop for President Barack Obama’s State of the Union speech on Tuesday.
The president will declare himself a foe of “income inequality,” with good reason: As a nation, we have climbed out of the deep hole of the Great Recession, but we have not done so as a whole people.
For the first time since precise recordkeeping began a century ago, 10 percent of Americans take in more than half the country’s income.
In the last 40 years, the income of the top 1 percent of Americans has quadrupled, while incomes for everyone else have stagnated.
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