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Labor surplus vs. efficiency wages in th United States

January 8, 2014 6 comments

from David Ruccio

profits-wages

source

The current situation—what I continue to refer to as the Second Great Depression—presents a real problem for mainstream economists.  Read more…

Greece’s unemployment rate by month (graphics)

from David Ruccio

Greece-unemployment

The unemployment rate in Greece [pdf] climbed to a new record high of 26.9 percent in April (significantly higher than the 23.1 percent registered in April 2012), while the youth jobless rate is now a truly dire 57.5 percent (up from 51.5 percent a year ago)! Read more…

The USA is 27th (chart)

from David Ruccio

The usual excuse, from mainstream economists and politicians, that the U.S. healthcare system should remain mostly in for-profit, private hands is because the outcomes of that system make it the best in the world.

But a new study (published in the Journal of the American Medical Association) of the burden of diseases, injuries, and leading risk factors in the United States from 1990 to 2010 in comparison to the other countries in the Organisation for Economic Co-operation and Development (OECD) countries reveals a quite different story.

So how did we do compare to other countries? Read more…

“The United States is the only advanced economy in the world that . . .”

from David Ruccio

vacations

According to the Center for Economic and Policy ResearchRead more…

Average Rankings for the 8 Income and Leisure Indicators

September 11, 2012 Leave a comment

For days of holiday and vacation taken per year the USA ranks 23rd out of 23

September 10, 2012 Leave a comment

For average hours worked per person annually in employment the USA ranks 22nd out of 30

September 5, 2012 1 comment

For current account balance as a percentage of GDP the USA ranks 25th out of 30

September 4, 2012 2 comments

Still getting the housing bubble wrong (2 graphs)

September 3, 2012 5 comments

from Dean Baker

The collapse of the housing bubble led to the downturn. However that does not mean that housing is the road out, or at least not unless we expect to see another bubble. Ezra Klein presents this mistaken view in his column.

The basic story is very simple. (Remember, the purpose of economics is to make simple things complicated so as to exclude most of the public from debates on the most important policy issues that affect their lives.) The economy in the bubble years was driven by the bubble. The huge run-up in house prices led to an extraordinary building boom. Residential construction, which is ordinarily 3-4 percent of GDP rose to more than 6 percent of GDP at the peak of the boom in 2005. Read more…

Wall Street performance since 1900 by US president

September 2, 2012 1 comment

from David Ruccio

Read more…

Categories: Graphics and Tables

For income equality the USA ranks 28th out of 29

For share of income received by richest 10% the USA ranks 26th out of 28

For share of income received by poorest 20% the USA ranks 27th out of 28

For GDP per hour worked the USA ranks 7th out of 30

August 27, 2012 1 comment

Who are the 1 percent in the USA and how much do they make? (2 charts)

August 25, 2012 17 comments

Percentage distribution of U.S. aggregate household income, by income tier, 1970-2010 (Graph)

August 24, 2012 3 comments

from David Ruccio

In the below chart, the middle tier is defined as those living in households with an annual income that is 67 percent to 200 percent of the national median; the upper tier is made up of those in households above the 200 percent threshold, and the lower tier is made up of those below the 67 percent threshold.

What the Pew Research Center analysis finds is that upper-income households accounted for 46 percent of U.S. aggregate household income in 2010, compared with 29 percent in 1970. Middle-income households claimed 45 percent of aggregate income in 2010, compared with 62 percent in 1970. Lower-income households had 9 percent of aggregate income in 2010 and 10 percent in 1970.  Read more…

World map comparing income inequality in the USA to other countries

August 21, 2012 2 comments

Violent trade (mapping tool)

from David Ruccio

You’ll never find it in mainstream textbooks but the history of international trade has long been based on violence.

The role of violence in international trade is clear, especially when they were in the same hands—either public (in Portugal and Spain) or private (in the Netherlands and England)—and particularly when we consider the various aspects of the so-called primary accumulation, based on slavery and plunder. As Kenneth Pomeranz and Steven Topik explain in The World That Trade Created, “violence has been one of the main levers of accumulating wealth in the global economy. . .bloody hands and the invisible hand often worked in concert: in fact, they were often attached to the same body.” Read more…

Average Rankings for the 8 Education Indicators (USA ranks 18 out of 30.)

Global map of income inequality

August 20, 2012 6 comments
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