By Servaas Storm, The Great Financial Crisis of 2008 deeply scarred the U.S. economy, bringing nine dire years of economic stagnation, high and rising inequalities in income and wealth, steep levels of indebtedness, and mounting uncertainty about jobs and incomes. Big parts of the U.S. were hit by elevated rates of depression, drug addiction and ‘deaths … More The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class
William Lazonick, professor at University of Massachusetts Lowell, explains how rationalization, marketization, and globalization characterize the U.S. economy during the past 50 years, and how the behavior of companies and fate of American workers have changed during this process.
Originally posted on Systemic Disorder:
No, you can’t really make this stuff up: Orthodox economists continue to tell us that the reason for ongoing economic stagnation is that wages and unemployment benefits are too high. Yes, that’s right. You haven’t suffered enough. Given that orthodox economics (or “neoclassical” or Chicago School, if you prefer alternate…
How can unions help create a social movement to take on Wall Street’s economic and political dominance? That’s the question that the Communications Workers (CWA) are tackling with labor educator Les Leopold. The training program they’ve put together, based on his book Runaway Inequality: An Activist’s Guide to Economic Justice, has already reached hundreds … More LaborNotes: Building an Army to Fight Runaway Inequality
By Pavlina R. Tcherneva Since the 1980s, economic recoveries in the United States have been delivering the vast majority of income growth to the wealthiest households. Little has changed when considering the distribution of average income growth in the current recovery (up to 2015) between the bottom 90 percent and top 10 percent of families, … More Inequality Update: Who Gains When Income Grows?
Tuesday, April 4th is Equal Pay Day— the day that marks when a typical woman’s earnings catch up to what a man earned in the previous year. The gender wage gap is a measure of pay disparity between men and women. The research is conclusive: gender wage gaps exist across the wage distribution and among … More EPI: Unions help narrow the gender wage gap
by Valerie Wilson & Janelle Jones Over the last several decades, black workers have been offering more to the economy and the labor market to incredibly disappointing results in pay and unemployment. Some have argued that the disparity in wages between blacks and white is the result of white workers working longer and harder than … More EPI: Low-wage African American workers have increased annual work hours most since 1979