In November 2013, the labor market had 1.3 million fewer jobs than when the recession began in December 2007. Tax. After shrinking during the recession, the gap between CEO pay and typical worker wages is growing rapidly. Revisions are common, and Thursday's report marks the second of three estimates on GDP. (Click on image) Seven specific reasons why economic recovery under Obama since 2009 has failed for all but the wealthiest few and largest corporations. To put this number into perspective, if the share of corporate-sector income accruing to capital owners in the third quarter of 2013 were 20.4 percent (the 1969–2007 average), every worker in the U.S. economy would have earned $3,200 more in wages. Jobs at EPI [21], On September 25, Treasury announced that extraordinary measures would be exhausted no later than October 17, leaving Treasury with about $30 billion in cash, plus incoming revenue, but no ability to borrow money. Lastly, technological contributions such as cloud computing and mobile broadband and mobile devices continue to help the economy. Evidence why Neoliberalism is destroying US Democracy concludes the book's analysis. [16] Under the law, the debt ceiling would be set on May 19, 2013 to a level "necessary to fund commitment incurred by the Federal Government that required payment."[15].

Includes a detailed 'alternative program' in the final chapter. Besides indicating that American wage problems are not due to workers’ lack of technical skills, wage trends in high-tech occupations also belie claims that the United States needs to give more visas to foreign tech workers because there aren’t enough here. Change ), You are commenting using your Twitter account. Includes predictions in 2009 of the inevitable failure of Obama policies and more serious crisis to come, 2013-15. EPI is an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States. Clearly the move away from a retirement system based on pensions to one dependent on 401(k)s has hurt minority households. In September 2013[24] the House of Representatives drafted a bill that would postpone default for approximately twelve months from its passage. GDP by County, Metro, and Other Areas with Industry Detail The US third quarter GDP was upwardly revised to 4.1% versus 3.6% previously estimated, the Commerce Department said Friday. 1225 Eye St. NW, Suite 600 In today’s labor market, the headline unemployment rate drastically understates the weakness of job opportunities because it does not count the large pool of “missing workers”—potential workers who, due to weak job opportunities, are neither employed nor actively seeking a job. This inaction has eroded living standards for low-wage workers. Members of the Republican Party in Congress opposed raising the debt ceiling, which had been routinely raised previously on a bipartisan basis without conditions, without additional spending cuts. The deficit has fallen by 5.7 percentage points of GDP over the last four years, with nearly half of that—2.7 percentage points—taking place in FY2013 alone – highlighting that the strengthening growth over the course of 2013 was driven by the private sector. The bill was passed in the Senate one week previously by a vote of 64–34, with all "no" votes from Republican senators,[13] who were critical of the lack of spending cuts that accompanied an increase in the limit. [31], In the immediate aftermath of the crisis opinion polls showed approval to drop for the Republican Party. As a result, an enormous share of economic output is going to profits and earnings of CEOs and other workers much higher up the wage scale—which is why American inequality has skyrocketed over the past generation. By the third quarter of 2013, the share of corporate-sector income accruing to profits and other forms of capital income had reached 25.8 percent, the highest share ever recorded. To compare previous GDP numbers take what is announced (from Q3 2013 on wards) and subtract 3%, that will tell you where the US economy really stands. The Senate vote was 81–18 in favor, with 1 member absent due to illness. Events Interactive tools and videos bringing clarity to the national dialogue on economic inequality.

This advantage would be due to the fact that postponing default until mid-March would allow for a triple deadline to be in March: the sequester on March 1, the default in the middle of the month, and the expiration of the current continuing resolution and the resulting federal government shutdown on March 27. Forbes  headline (link) “US GDP Growth Estimated Reduced to 2.4% for the Fourth Quarter 2013. The current restructuring, operative since 1978, is called Neoliberalism. The 2013 United States debt-ceiling crisis centered on the raising of the federal government debt ceiling, and is part of an ongoing political debate in the United States Congress about federal government spending and the national debt. The decades-long trend of rising earnings inequality also appears to be largely continuing, according to the latest data. Program on Race, Ethnicity, and the Economy, Economic Analysis and Research Network (EARN), Recession Has Left in Its Wake a Jobs Shortfall of Nearly 8 Million, Drop in Employment for ‘Prime-age’ Workers during 2007 Recession Truly Stunning, Cumulative Change in Total Economy Productivity and Real Hourly Compensation of Production/Nonsupervisory Workers, 1948–2012, Federal Minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost, Program on Race, Ethnicity, and the Economy • PREE, Economic Analysis and Research Network • EARN.
US GDP–2012 and 2013 February 6, 2013 by jackrasmus Tune in to my weekly radio show, Alternative Visions, today (wed. 2pm est and archived) for my discussion of US GDP numbers for 4th quarter 2012 showing a negative -0.1% drop, and my analysis of prospects for GDP in the 1st and 2nd Quarter 2013 in the US. They refused to raise the debt ceiling unless President Obama would have defunded the Affordable Care Act (Obamacare), his signature legislative achievement. House Republicans quickly came up with an idea that would suspend the debt ceiling enough to allow time for both chambers of Congress to pass a budget. Change ), Biztelligence: Job Creation Magic Number | biztelligence, Missing the mark Astralcom’s 9900% ROMI LinkedIn Ad. Change ). This was a shorter period than envisaged in their 2013 budget, which balanced in 2035, and the 2012 budget, which balanced in 2063. The bill also included a one-year delay in implementation of the Patient Protection and Affordable Care Act, a requirement for both houses of Congress to vote on tax reform plans by the end of 2013, and a fast-track process to begin construction of the Keystone XL Pipeline.
Board of Directors The book further explains the deeper material forces giving rise to - as well as now undermining - the Neoliberal policy regime, with special focus given to the crisis of Neoliberalism in the wake of the 2008-09 global crash, Obama's failure to resurrect it, and Trump's current doomed effort to restore it in a new, more aggressive form.

[citation needed], On February 4, 2013, President Obama signed into law the "No Budget, No Pay Act of 2013", which suspended the U.S. debt ceiling through May 18, 2013. Eurozone Industrial Production JUL 12-9-2013, France Industrial and Manufacturing Prod 10-9-2013, Finland Retail Sales y/y JUL final 12-9-2013, Germany gfk Consumer Confidence 28-08-2013, German Wholesale Price Index AUG 12-9-2013, Netherlands Industrial Prod/Sales 9-9-2013, Norway PPI Including Oil y/y AUG 10-9-2013, FOMC Rate Decision / Tapering DEC 18-12-2013, FOMC Rate decision and Comments 31-07-2013, NFIB Small business optimism AUG 10-9-2013, BOE Jobless Claims (AUG) and ILO Unemployment Rate AUG) 11-09-2013, BOE Jobless Claims and Unemployment Rate 14-08-2013, BOE Industrial and Manufacturing Production, UK Indust/Construction output NOV 10-1-14, QIR Report & Carney Conference 07-08-2013, Core Personal Consumption Expenditures (QoQ). In 2012, it was 273-to-1. Exploring how race, ethnicity, and class intersect to affect economic outcomes in the United States. Pay would be reinstated once a budget was passed or on January 2, 2015 (the last day of the 113th Congress), whichever came first.

It explains why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed the trend, and why the next crisis may therefore prove even worse than that of 2008-09. It’s not just workers with less education who are failing to get their fair share of overall wage growth. But the 75.9 percent share of 25- to 54-year-olds with a job in November 2013 is identical to the share at the official end of the Great Recession in June 2009. The book spells out eight specific areas as an Alternative Economic Recovery Program.

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