Economic Club of Phoenix The Economic Minute March 19, 2013.

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Presentation transcript:

Economic Club of Phoenix The Economic Minute March 19, 2013

Economic Club of Phoenix Observations on Wage and Income Inequality

Inequality is Holding Back the Recovery Consumers spend less Can’t afford education Pay less in taxes Cycles become worse Says Joseph Stiglitz Nobel Laureate January 20, 2013

How is Income Determined in a Market Economy? “From each according to his ability, to each according to his needs?” “From each according to his ability, to each according to his work?” “From each according to his ability, to each according to the value of his marginal Product?”

Low ProductivityLow Wages High Productivity High Wages It’s Simple Economics! So…wages will always increase as productivity rises…that’s it?

Productivity is up But Real Hourly Worker Pay Little Changed Since 1978 Most Americans Are Not Benefitting From Greater Productivity Source: Economic Policy Institute,

Greatest Income Gains to Top 1% Top 1% Family Income Growth

Who Are the Top One Percent of Earners? (Household Income > $500,000 yr.) Occupation Percent Executives/Managers 31.0 Medical 15.7 Financial 13.9 Lawyers 8.4 Technical/Engineering 4.6 Skilled Sales 4.3 Real estate 3.2 Own Business 3.0 Professors/Scientists 1.8 Arts/Media/Sports 1.6 Top 5 Occupations Account for 74% Of Top One Percent Source: Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data

What Has Caused Income Inequality to Increase? Technology? Globalization?

Share of Income Going to the Middle Class Has Declined Since Late 1970s – WHY? Middle Income Households Have not Benefitted From Technology & Globalization Technology Enhances Knowledge Jobs - Replaces Routine Middle Income Jobs

Education Level Top 1%Bottom 99% College Degree 72%31% Graduate Degree 49%16% Some College 19%32% High School (or <) 8%37% Educational attainment “is the greatest difference between the wealthiest 1 percent of Americans and everyone else” Gallup Poll analysis (61 surveys)

Education Pays – Wages Higher and Unemployment Lower For Grads Lower Rates of Unemployment Higher Wages Source: U.S. Bureau of Labor Statistics, Current Population Survey

Source: The Falling Time Cost of College: Evidence from Half a Century of Time Use Data Philip S. Babcock, Mindy Marks National Bureau of Economic Research Working Paper No Issued April 2010

Economic Club of Phoenix The Economic Minute Moral “If you want to be paid more you must make yourself worth more.”

In 1930, how did Babe Ruth explain why his salary of $80,000 was higher than that of U.S. President Herbert Hoover…? “The Babe” said… That’s because I had a better year than Hoover!

Economic Club of Phoenix The Economic Minute March 19, 2013