The Wrecking Ball Post-Great Recession Blues Sylvia A. Allegretto, - PowerPoint PPT Presentation

The Wrecking Ball Post-Great Recession Blues Sylvia A. Allegretto, PhD Institute for Research on Labor & Employment University of California, Berkeley

~Bruce Springsteen

Unions, NLRB Corporate power & the wealthy The Economy: Workers & citizens

300% Productivity 250% 200% 150% 100% Average hourly 50% compensation 0% Source: U.S. Bureau of Labor Statistics. Allegretto 2013

300% 277% 250% 200% 150% 100% 65% 43% 50% 35% 28% 18% 0% Lowest 2nd quintile Middle 4th quintile 81st-99th Top 1% quintile percentiles Source: U.S. Congressional Budget Office. Allegretto 2013

30% 54% 25% 52% Middle class share of total income 20% 50% Union membership 15% 48% 10% 46% 5% 44% 0% 42% 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Source: Hirsch and Macpherson, unionstats.com; U.S. Census, Current Population Reports. Allegretto 2013

Where you start matters 70% 61.0% Started: Bottom 60% Started: Top 52.2% 50% 40% 27.7% 30% 23.3% 20% 12.5% 9.0% 9.0% 10% 6.3% 5.8% 1.3% 0% Bottom 20% Second Middle Forth Top 20% Source: Allegretto's calculations Acs & Zimmerman (2008). Allegretto 2013

80% 74.0% Low Income 70% Middle Income Percent Completing College 60% High Income 51.0% 47.0% 50% 40% 30.0% 29.0% 30% 21.0% 20% 8.0% 7.0% 10% 3.0% 0% Low Score Middle Score High Score Source: Allegretto’s analysis of Fox, M.A., B.A. Connolly, and T.D. Snyder. 2005.

Longer bar less mobility Denmark Norway Finland Canada Australia Sweden New Zealand Germany Spain France United States Italy United Kingdom Chile 0.0 0.1 0.2 0.3 0.4 0.5 0.6 Source: Pew Charitable Trust Mobility Project’s analysis of Corak, 2006. Allegretto 2013

10% 12% 14% 16% 18% 20% Source: OECD. 0% 2% 4% 6% 8% 1950 1952 1954 1956 1958 Canada 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 United States 1986 United Kingdom 1988 1990 1992 1994 1996 1998 2000 2002 Allegretto 2013 2004 2006 2008 2010

Wealth Political Policies access

1945 100% 94.0% Top marginal income tax rate on ordinary income 90% 80% 70% 60% 2013 50% 44.6% 40% 30% 20% 10% 0% Source: Citizens for Tax Justice. Allegretto 2013

74.2% to Top 5% 45% 38.3% 40% 35.9% 35% 30% 25% 20% 16.0% 15% 10.9% 10% 4.3% 5% 0% -1.3% -1.5% -2.6% -5% Lowest 2nd quintile: 3rd quintile: 4th quintile: 80th-<90th 90th-<95th 95th-<99 Top 1% quintile: <20% 21%-40% 41%-60% 61%-80% percentile percentile percentile Source: Economic Policy Institute, SWA data analysis by Ed Wolff. Survey of Consumer Finances. Allegretto 2013

The only deficit that matters…JOBS! 1% 1 9 8 1 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 -1% -2% -3% US today!! -1 .7 % -2 .4 m illion -4% -5% -6% -7% Source: Allegretto’s analysis of Current Employment Statistics data. Data as of June 2013.

Sylvia A. Allegretto, PhD (allegretto@berkeley.edu) 510-643-7080 Institute for Research on Labor & Employment University of California, Berkeley