The U.S. economy earlier this year recovered all the jobs lost during the recession, but those new jobs pay an average of 23% less than the ones lost in the downturn, according to an analysis released Monday by the U.S. Conference of Mayors.
The topic of income inequality and its effects has been the subject of countless analysis stretching back generations and crossing geopolitical boundaries. Despite the tendency to speak about this issue in moral terms, the central questions are economic ones: Would the U.S. economy be better off with a narrower income gap? And, if an unequal distribution of income hinders growth, which solutions could do more harm than good, and which could make the economic pie bigger for all?
In its new Report on the Economic Well-Being of U.S. Households, the Federal Reserve Board provides a snapshot of the self-perceived financial and economic well-being of U.S. households and the issues they face, based on responses to the Board’s 2013 Survey of Household Economics and Decisionmaking. The report provides insight into numerous topics of current relevance to household finances, including: housing and living arrangements; credit access and behavior; education and student loan debt; savings; retirement; and health expenses.
The Golden State sets the gold standard for innovation and access to capital, and its economy is turning around. But “golden” could also describe the state’s costs of living and doing business.
The Thumbtack.com Small Business Friendliness Survey is an annual, nationwide survey that asks ownerCoperators of small businesses about what it’s like to do business where they live. The survey aims to learn what creates a healthy, vibrant local business environment by asking the ownerCoperators of small businesses themselves about these issues. This year we use the survey data to grade 38 states and 82 metropolitan regions according to their performance along various metrics.
But today, after decades of expanding property ownership, the middle orders—what might be seen as the inheritors of Jefferson’s yeoman class—now appear in a secular retreat. Homeownership, which peaked in 2002 at nearly 70 percent, has dropped, according to the U.S. Census, to 65 percent in 2013, the lowest in almost two decade. Although some of this may be seen as a correction for the abuses of the housing bubble, rising costs, stagnant incomes and a drop off of younger first time buyers suggest that ownership may continue to fall in years ahead.
In a stunning development just 48 hours after Breitbart California published “262,” employees at Space Exploration Technologies Corporation (SpaceX) headquarters in Hawthorne, California filed a lawsuit claiming the rocket builder on or about July 21st violated California Labor Law by laying off up to 400 factory workers, or about 11% of the entire company workforce.
Middle-wage stagnation can damage consumer spending, dent career mobility, stall home buying and exacerbate a poverty rate that’s already the highest in the country, economists warn. Those concerns are amplified in a state notorious for a high cost of living. As more mid-tier jobs disappear, economists fear middle-class workers will be increasingly sucked into the ranks of the working poor. And they could crowd out those already working low-wage jobs, or drive their salaries down further.
Local business owners and statewide business organizations are stepping up opposition to a state bill that would allow workers to file liens against their employers over claims of unpaid wages.
As I travel throughout California, I’ve been surprised by just how many heads begin to nod when I mention to crowds the damage being done by a legal system that is truly out of control. Abusive lawsuits exploiting legal loopholes have impacted far more people than I expected to meet around the state. – See more at: http://www.flashreport.org/blog/2014/08/07/new-reformers-needed-to-curb-the-lawsuit-abuse-killing-jobs-in-california/#sthash.7uuL2k7s.dpuf
States with high and low homeless rates are all over the country. The highest rates of homelessness among states are in Hawaii (465 per 100,000), followed by New York (399) and California (367).
California’s highways are in dreadful shape and need hundreds of billions of dollars in maintenance and reconstruction. Boosting motorists’ costs by more than $2 billion a year without the money being used for highway work would make financing vital repairs even less likely.
Given the heavy financial impact of placing fuel under the cap-and-trade program, it should face legislative scrutiny and direct up-or-down votes, rather than being imposed by an unelected board.
Four in 10 U.S. households are straining financially five years after the Great Recession — many struggling with tight credit, soaring education debt and profound issues related to savings and retirement, according to a new Federal Reserve survey.
Today, the U.S. Bureau of Economic Analysis released prototype estimates of personal consumption expenditures (PCE) for states for 1997-2012. These new estimates provide insight into household spending patterns across states that can be used together with other regional data to gain a better understanding of regional economies.
Nearly four-fifths of the state rebates went to households earning $100,000 or more, according to a state survey of buyers. Nearly half of those getting rebates for Tesla’s premium electric sedan earned at least $300,000.