The Commerce Department will announce the latest G.D.P. numbers on Friday, and they’ll probably be solid. The economy seems to be growing at an annual rate of about 2 percent, which isn’t bad for the 11th year of an expansion. After the numbers come out, something else will probably happen: Pundits will once again express […]
One jarring chart shows how taxes on workers have essentially replaced those on corporations
Workers are a key pillar of the US economy. The payroll taxes that the government collects from their wages sustains two critical programs that benefit tens of millions of Americans: Social Security and Medicare. However, they’re now shouldering more of the tax burden compared to corporations. Recent research from Emmanuel Saez and Gabriel Zucman — […]
The Widening Racial Gap on Jobs and Wealth
The unprecedented diversity of the 2020 Democratic presidential field has already accomplished something significant: it has shone a much-needed spotlight on the stunning disparities in black and white household wealth in America. The median white household, for instance, enjoys ten times the wealth of the median black household, and as many as one in five […]
Two Recessions, Two Recoveries
The Great Recession of 2007-2009 was one of the deepest downturns of the U.S. economy since World War II. Triggered by crises in the housing and financial markets, the recession evokes memories of homes in foreclosure, the collapse of Lehman Brothers, and bailouts for businesses in the auto, banking and financial sectors. The subsequent expansion […]
LBJ’s Great Society Won the War on Poverty
In 1964, speaking at the University of Michigan, President Lyndon Johnson called for the U.S. to become a “great society.” That term came to be synonymous with the Johnson administration’s raft of antipoverty programs, sometimes known as the War on Poverty. The Great Society initiative led to the creation of Medicare and Medicaid, the modern […]
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