Wage & Wealth Inequality

Wage & Wealth Inequality WAGE INEQUALITY Over the last 30 yams, wage inequality in the United Slates has increased substantially. with overall levels of inequality closing in on unprecedented levels. Lower-tad Inequality ts measured hen by taking the ratio of wages at the middle of the income Matilbution to those near the bottom. and upper-tall inequality is measured by taking the ratio al wages near the top of the distribution to the middle. 2.4 I 1913 2005 11. ns CD lanai nuaw WEALTH INEQUALITY Cenconirarion of wealth in the LIS between 1883 aad Wee ■ Top LO% X Bottom 60% SHARE OF TOTAL WEALTH 00.2% 6.1% 71.5% 4.24, 1083 2001 Page I 1 of 8 EFTA01124053 Wage & Wealth Inequality CHILD POVERTY in the United States, 21A percent of an children are in prvery, a poverty rate second only to that of Menage (among rich• nations). MEXICO UNITED STATES IRELAND 24.8 21.0 17.2 CEO PAY U.S. CEO pay in relation to the average worker's wage. Put more colloquially, top CEDe in 1970 made 39 times more than the average worker, whereas nrw they make 1.039 times more than the average worker. 39 191 1039 1910 1988 2000 Page 12 of 8 EFTA01124054 Wage & Wealth Inequality DEREGULATION OF LABOR MARKET Declined of pnvate-sector union men:Menthe and seal minimum wage, 1973-2008 REAL MINIMUM WA 1973 2008 PRODUCTIVITY AND REAL INCOME We are a richer country overall because of a spectacular rise in labor productivity. But who has profited from this rise? Although the uxowth or labor productivity has expanded total national Income, the real income and wages of the median works: have at the same time slaunated. 1960 2006 Page 13 of 8 EFTA01124055 Wage & Wealth Inequality DISCOURAGED WORKERS The number at discourage:) workers lie. persons writ are not rxrremly icok:ng JOT WC rk because they believe that there aro no lobe available for them) increased sharply during the current recession. 717,100 215,100 2000 GENDER GAP IN PAY Women's earnings as a percent of mews (tug-time wage and salary workers. annual averages). 1919 1993 2008 Page 1 4 of 8 EFTA01124056 Wage & Wealth Inequality HEALTH INSURANCE in 2007,8.1ns:thou chalc:1 on cadet :8 years I(.1 welt/ without health insuseacc Children in poverty and Hispanic children were more likely to be uninsured 0,100,000 CHILDREN UNDER 18 YEARS WERE UNINSURED Percentage of ctul Mon 11V IIICI) who wets uninsured in 2007 WHITE ASIAN BLACK HISPANIC 41O 1.3% 11.7% 12.2% 20% IMMIGRANTS AND INEQUALITY Charactenstio9 of inmaigiant education enrollment in 2000 • 12.18 Years Of Schooling • College 0t Mote • High School Dropouts 2 60% NATIVES IMMIGRANTS Page I S of 8 EFTA01124057 Wage & Wealth Inequality RACIAL GAPS IN EDUCATION high school dropout percentage (among poisons 16-24 years old) by lace. ■ VYhites • Blacks • Hispanics 1077 1992 2007 11% 20% 18% 8% 15% 10% 5% 12% 21% EDUCATION WAGE PREMIUM Only college graduates have expiate:iced growth in median weekly earnings since 1979 Iln real terms! High school dropouts have, by contrast, seen their real median weekly earourge decline by about 22 percent. Median weekly earnings of full-time workers (workers 25 years old & older, 2006 dollars) SAMOS S OEM ASO MOM $900 ION OMNI 11 WHIMS 1111(1 1730 S650 S550 40181.18mag. 111111101E 8811111111.118 HIM LESS HAI 11811 SCIIK Ixilrl $1050 $700 $800 8110 1979 2008 Page I 6 of 8 EFTA01124058 Wage & Wealth Inequality Homelessness tftfttttttttttt 11111014444144.44 IitAffililliiii fititiftiiiiiii 614111161141661 750,000 HOMELESS "...... OCCUPATIONAL SEX SEGREGATION 1/111111 08111.1111111111018118111 = Tr== = 11[1,1111111 ""11:11Z1". WM EMI= 52000 50 0% 10011 EFTA01124059 Wage & Wealth Inequality NAME BASED RACIAL DISCRIMINATION An experiment canted out In Chicago and 0caton dui mg 2001 and 2002 shows that resumes with -white-sounding" names, whether male or female, wore much more likely to result in call backs for interviews than were those with 'black. sounding' names (even though the resumes were otherwise Identical) • Clack-sounding Names • White.sounding Names a ar a 14% GALL OM RATE 0% Page 18 of 8 EFTA01124060