Best Of The Web
“Much has been made lately of the hot economy, a narrative driven largely by a long run of strong jobs numbers. But this enthusiastic story line is ignoring a few disturbing structural problems that suggest that the economy is not as strong as those numbers suggest. Underneath the hood, problems persist, including earnings below what families need to get by, stark inequalities in wealth and income, an increasingly jittery stock market, an affordable housing shortage, damaged fiscal accounts and slower growth on the horizon.
Wages trend up but still too low: The tight labor market is no doubt lifting workers’ wages, particularly at the bottom of the wage scale as less-advantaged workers see their bargaining position improved. However, a few good years of rising wages doesn’t make up for the decades of real wage stagnation faced by many middle- and low-wage workers. The result is that for many working families, their paychecks fail to meet their basic needs.
Consider a single parent with a couple of kids who is earning the 20th-percentile wage (20 percent earn less; 80 percent earn more) and whose pay could rise to $13 per hour by the end of this year, or about $26,000 per year, pretax. Subtracting payroll taxes and adding tax credits for working parents could get her up to about $30,000. That clears the poverty line, but it doesn’t pay for decent housing, child care, health care and transportation, at least not in most cities. Family budget calculators show that child care for two kids costs about $11,000 per year in Ohio, and more than twice that in New York. Add housing and health-care costs, and even middle-wage earners with children have trouble squaring their budgets with their salaries.”
JJ Editor's Picks
"When Mark Twain observed that rumors of his death had been “greatly exaggerated,” he left out the fact that those words would become true eventually, as they did in 1910 when the great American author died. Similarly, given the huge resources..."
"No one is going to confuse President Trump’s remarks Tuesday at the Economic Club of New York with anything approaching eloquence. He is at his worst when he stiffly reads the teleprompter or flies widely off script with gratuitous remarks about..."
"Everything we think we know about the shape of the universe could be wrong. Instead of being flat like a bedsheet, our universe may be curved, like a massive, inflated balloon, according to a new study. That’s the upshot of a new paper published..."
"Being lonely hurts — it can even negatively impact your health. But the mere act of being alone with oneself doesn’t have to be bad, and experts say it can even benefit your social relationships, improve your creativity and confidence, and help..."
"Sen. Elizabeth Warren is campaigning for a 2% surtax on anyone’s net worth over $50 million and 6% on more than $1 billion. Most discussion of the wealth tax has focused on whether it could generate sufficient revenue to fund Ms. Warren’s..."
"TV depression looks fabulous. I’d love to have that kind of depression. And it’s not just TV depression; any mental illness on-screen looks rather thrilling. Either it’s dark and dramatic — unlike day-to-day depression, which is at best super..."
"Hebrew remained, to Oz, Zionism’s greatest achievement. Certainly, it was the one he was least ambivalent about. “I have said many times that I’m a chauvinist only in respect of the language,” he told the Paris Review. “I feel for the language..."
"Talk about missed connections. Earlier this week, hundreds of people received seemingly random text messages, out of context and out of the blue, addressed from friends, family, and loved ones. The first part of the mystery was solved pretty..."