Wednesday, June 27, 2012

OECD Report: US Inequality Will Stymie Growth


Chrittenden, Michael R. and Eric Morath. Study Cites Limits on US Growth. Wall Street Journal, June 27, 2012, p. A2.

"The US economy is likely to grow moderately this year, but is limited by stagnant wages, relatively high income inequality and an education system that provides few resources to those likely to need them, the Organization for Economic Cooperation and Development said...

Of the 34 OECD countries, only three -- Turkey, Mexico and Chile -- had higher income inequality that the U.S. at the end of the last decade. The U.S. also had the fourth-highest relative poverty rate..."

Majia here: And inequality has grown rapidly over the last 12 years, particularly during the recession.

Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says. By Ylan Q. Mui, Published: June 11The Washington Post http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html?wpisrc=nl_headlines_Tue







1% Controls 43% of Financial Wealth
http://www.mybudget360.com/financial-elite-dismantled-american-middle-class-average-banking-bonus-goldman-sachs-record-homeless/?source=patrick.net#content

 BACKGROUND READING

http://majiasblog.blogspot.com/2012/03/income-inequality-growing.html

http://majiasblog.blogspot.com/2011/12/neoliberla-government-and-origins-of.html

http://majiasblog.blogspot.com/2012/04/despotism.html

http://majiasblog.blogspot.com/2012/01/downward-mobility-for-americans-and.html

http://majiasblog.blogspot.com/2012/05/on-why-conard-is-wrong-and-gross.html

http://majiasblog.blogspot.com/2012/01/neofeudalism-book-prospectus.html

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