On November 7 the Census Bureau published new estimates of the poverty rate based on updated concepts. The official poverty rate remains unchanged, but the method of its calculation is the same now as it was in the 1960s. In general, the updated measure shows a higher rate of poverty.
In a November 7 commentary, UCLA historian Joyce Appleby noted that the current highly unequal distribution of wealth is nothing new; the bottom 60 percent has never owned more than 11 percent of national wealth.
A November 7 Pew study found that the wealth gap between those above age 65 and those below age 35 has increased significantly over the last 25 years.
On November 3, the U.S. Government Accountability Office published a report on gender differences in pay. It finds that much of the gap is caused by the overrepresentation of women in low-wage occupations.
On November 3, the Associated Press reported that 1 in 15 Americans are now below the poverty level. More than 20 million Americans have incomes below half of the poverty level.
A November 2 Suffolk University/WSVN poll of Florida voters found that 49 percent of people believe that Republicans are intentionally stalling efforts to jumpstart the economy in order to hurt Barack Obama’s re-election chances, with 39 percent disagreeing.
On November 1, AARP released a survey on saving and debt. It finds that three quarters of adults are saving more and spending less than they were a year ago.
A November 1 Pew study found that close to a third of those that are unemployed have been unemployed for a year or more. This is well more than double the highest percentage recorded since 1967. The likelihood of being unemployed more than a year rises with age.
On October 26, the Economic Policy Institute published a briefing paper on the growing problem of income inequality.
On October 20, the Federal Reserve Bank of Boston published a working paper which found that income mobility has declined over time. A key reason is a decline in government efforts to equalize incomes.
Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He
blogs daily
and writes a
weekly column
for The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including his new book:
The Benefit and the Burden
.