A fundamental principle of our economic system is that the benefits of economic growth will flow to those responsible for their creation. When how fast your income grows depends on your position in the income scale, this principle is violated. In that sense, today's unprecedented gap between the growth of the typical family's income and productivity is our most pressing economic problem.
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Clearly, Katrina hasn't shown up in the jobless claims yet, but it will, ... Next month, we're going to be looking at one of the largest one month negative spikes in the history of this series, going back to the '30s.Jared Bernstein
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The problem isn't simply that families are facing higher prices, particularly at the pump. It's also that they're facing lower wages. If wages were keeping pace with inflation, the pinch wouldn't be as hard.
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However, a far larger gap exists when we compare net worth minorities' net worth was about 27 percent of whites, about half the size of the income ratio.
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In the absence of immigrant labor, wages might be a bit higher, particularly in sectors that hire lots of low-skilled labor, which could potentially show up as slightly higher prices.
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These are workers who have the weakest bargaining leverage and are most likely to be exploited, particularly in a period where you have a weak labor demand and a large labor supply.
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