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“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 Daily Picks
"President Trump’s Iran policy over the weekend was both erratic and masterful. Doves and isolationists, panicked by what they see as the administration’s inexorable drift toward war, rejoiced when Mr. Trump announced that a military strike had..."
"This is the photo that encapsulates the cruelty of the Trump era: a father and daughter lying dead on the banks of the Rio Grande river, her tiny arm draped around his neck, drowned after an attempt to cross onto American soil and seek asylum..."
"Several months ago, a Palestine Liberation Organization body published an official document on the conflict. In its 37 pages, the organization put forth its views, with some readers seeing this as a clear endorsement of the two-state solution..."
"The first season of Big Little Lies was a clever trap. The show took what would have otherwise been an easily satirized narrative about affluent women and complicated it with their trauma; The Week's Lili Loofbourow succinctly called it "a kind..."
"There’s a story we like to tell about American capitalism. Ours is a country that prizes merit, rewards risk and stands apart in its commitment to the collective success of open markets and the free flow of capital. We are a nation of strivers..."
""IN THESE DAYS of anti-tech ire, it’s a popular cocktail hour topic: How much is Facebook making off my data? Last year, I spent a month trying to find out, hawking my personal data on blockchain-based marketplaces. I came away with $0.003. On..."
""At the end of May, TIAA, the financial services and investing giant, rolled out new gender-identity awareness guidelines for its client-facing consultants. The guidance included: “Never assume someone’s gender identity” and “Be aware that a..."
"An old saying goes that people become more conservative as they age. George Will’s new book, “The Conservative Sensibility,” shows that the opposite can be true. This book is not so much a brief for conservatism as it is a learned and lengthy..."
"Imagine if the dishes stopped getting done. Imagine if no one did the laundry, and it piled up, stained and mildewing in hampers and in piles on the floor. Imagine if no one fed the baby, or changed her, and imagine if no one made dinner..."
"In Japanese culture, kintsugi is the labor-intensive method of repairing broken pottery by reattaching pieces using a lacquer mixed with gold. The reconstructed item, glistening with golden “seams,” is in many ways more beautiful than it was..."
"The U.S. is currently experiencing the largest outbreak of measles since 1992. According to the Centers for Disease Control and Prevention, there have been more than 1,000 confirmed cases since January. Scientific research overwhelmingly support..."
"Among those participating was Jason Greenblatt, Washington’s Mideast mediator and one of the architects of the “Peace to Prosperity” workshop taking place here. Aryeh Lightsone, a top aid to US Ambassador to Israel David Friedman, gave a brief..."