The Great Recession and Distribution of Income in California PDF Download

Author: Sarah Bohn
Publisher: Public Policy Instit. of CA
ISBN:
Category : Business & Economics
Languages : en
Pages : 24

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Author: Deborah Reed
Publisher: Public Policy Instit. of CA
ISBN: 0965318400
Category : Income
Languages : en
Pages : 162

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Author:
Publisher:
ISBN: 9780191750601
Category : Global Financial Crisis, 2008-2009
Languages : en
Pages : 277

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Book Description
The so-called Great Recession that followed the global financial crisis at the end of 2007 was the largest economic downturn since the 1930s for most rich countries. To what extent were household incomes affected by this event, and how did the effects differ across countries? This book addresses these questions.

Author: Deborah Reed
Publisher: Public Policy Instit. of CA
ISBN:
Category : Business & Economics
Languages : en
Pages : 152

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Author: Mr.Bas B. Bakker
Publisher: International Monetary Fund
ISBN: 149831547X
Category : Business & Economics
Languages : en
Pages : 36

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Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the swings in saving by the rich must actually have played the most important role in the consumption boom-bust, since since the top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role in the Great Recession.

Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Falling behind The Impact of the Great Recession and the Budget Crisis on California's Women and Their Families California's perfect storm of job loss, stagnant wages and massive budget cuts threatens the economic security of women and their families by undermining programs they depend on and by restricting access to education and training. [...] Against this backdrop, the Women's Foundation of California and the California Budget Project have released a new report documenting the impact of the economic downturn and the state budget crisis on low-income women and their families. [...] Between 1987 and 2009, the average inflation- adjusted income of the top 1.0 percent of California personal income tax payers increased by 50.2 percent, while the average income of tax payers in each of the bottom four-fifths of the distribution decreased, after adjusting for inflation. [...] In contrast, the poverty rate for men in the same age group rose by 1.0 percentage point, from 6.9 percent in 2006 to 7.9 percent in 2010. [...] Cuts to state childcare and preschool programs hindered the ability of low-income parents to keep their jobs or get back into the workforce in the aftermath of the recession.

Author: Barbara Garson
Publisher: Anchor
ISBN: 038553275X
Category : Social Science
Languages : en
Pages : 233

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One of our most incisive and committed journalists—author of the classic All the Livelong Day—shows us the real human cost of our economic follies. The Great Recession has thrown huge economic chal­lenges at almost all Americans save the super-affluent few, and we are only now beginning to reckon up the human toll it is taking. Down the Up Escalator is an urgent dispatch from the front lines of our vast collective struggle to keep our heads above water and maybe even—someday—get ahead. Garson has interviewed an economically and geographically wide variety of Americans to show the pain­ful waste in all this loss and insecurity, and describe how individuals are coping. Her broader historical focus, though, is on the causes and consequences of the long stag­nation of wages and how it has resulted in an increasingly desperate reliance on credit and a series of ever-larger bubbles—stocks, technology, real estate. This is no way to run an economy, or a democracy. From the members of the Pink Slip Club in New York, to a California home health-care aide on the eve of eviction, to a subprime mortgage broker who still thinks it could have worked, Down the Up Escalator presents a sobering picture of what happens to a society when it becomes economically organized to benefit only the very rich and the quick-buck speculators. But it also demonstrates the wit and resilience of ordinary Americans—and why they deserve so much bet­ter than the hand they’ve been dealt.

Author: Engelbert Stockhammer
Publisher: Springer
ISBN: 1137357932
Category : Business & Economics
Languages : en
Pages : 329

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Book Description
This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.

Author: Ernest E. Hammersen
Publisher:
ISBN:
Category : California
Languages : en
Pages : 56

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Author: David B. Grusky
Publisher: Russell Sage Foundation
ISBN: 1610447506
Category : Business & Economics
Languages : en
Pages : 342

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Book Description
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.