The soaring pay of corporate chief executives is spurring efforts to pass laws to limit their compensation and close the widening gap in earnings between workers and top executives.
Such laws have been proposed in at least three states, including Massachusetts, as well as in Switzerland. Proponents have yet to succeed in enacting these measures, but they vow to keep pressing the issue. [...]
This past Friday, in a speech to the Federal Reserve Bank of Boston, the Federal Reserve Chair, Janet Yellen, spoke out on the evils of economic inequality in the United States. She noted that the steady growth in inequality over the past several decades represents the most sustained rise since the 19th century.
For a moment last week, it looked like Walmart CEOs were getting enlightened. The company promised to “end minimum-wage pay” for its lowest-paid sales workers and touted a plan to ‘”invest in its associate base” and maybe even offer more bonus opportunities.
Today, Vice President Biden and others from the Obama administration, are meeting with human-resource executives from companies that are part of the president’s effort to address the problem of long-term unemployment, including Citigroup Inc., CVS Caremark Corp. and Boeing
For decades, free high-school education helped strengthen the middle class and generate prosperity. So isn’t it time to extend the same thinking to college?
Despite Friday’s unemployment rate dropping to 5.9 percent nationally, New York City is still home to the dead-end kids.
Half of the city’s 600,000 recent college graduates are either underemployed or out of work, according to New York Fed researchers.
Most of this 50 percent are working in jobs they are overqualified for — no college degree required — and that are often low-pay, part-time and without benefits. It’s a vast jobs wasteland out there for this Millennial generation. [...]
Public colleges and universities took in $62 billion in tuition in 2013. These are schools that educate three of four American college students, and eliminating that entirely could be done just by rearranging what we already spend on student financial aid.
When people like me write about the middle class, it has nothing to do with envy or class warfare—two shopworn epithets that should be retired from the political lexicon. The condition of the middle class—its size, income and self-confidence—reveals the extent to which economic growth increases opportunity. When the middle class is shrinking, when incomes of middle-class families are stagnating and when the heart of American society is losing hope in a better future, then the U.S. economy is in trouble. And so is the political system. [...]
The FDIC estimates there are 10 million people living in the U.S. who do not have a bank account — that’s one out of every 13 households. Nearly 33 percent of people living in Starr County, TX can’t write a check. In one census district in Savannah, GA, over 42 percent of residents are unbanked. The unbanked are usually poor, often minorities, and find themselves shunned by banks that can’t make money off them. Typically, they end up turning to predatory check cashers and payday lenders. Many also feel a great sense of social division between themselves and those who have bank accounts.
Democrats in tight races have found a new villain this election cycle: student debt.
“It totally limits your options of what you can do,” said one student in an ad from Kentucky U.S. Senate candidate Alison Lundergan Grimes, who accuses Senate Minority Leader Mitch McConnell of having “turned his back on the students” for blocking Sen. Elizabeth Warren’s student loan refinancing bill.
On Sept. 21, an estimated crowd of 100,000 people will flood the streets of Midtown Manhattan to march together on a single issue: climate change. The People’s Climate March, taking place two days before the UN’s global summit on climate, is the culmination of 6 months of planning and outreach by a growing coalition, ranging from labor unions to racial justice and indigenous organizations to tried-and-true environmental groups.
While the de Blasio administration and the City Council work through the details of a bill that would prohibit employers from reviewing the credit histories of potential hires, liberal advocates are pushing for passage of the strongest possible version of the legislation.
When the Senate went to college, they paid an average of just over $11,443. If they attended the exact same institutions today, they’d pay an average of $32,279.
Fewer American high school students are working summer jobs and part-time jobs than a decade ago, and that will likely mean lower wage-earning capacity in their futures, research indicates. In 2000, about 34 percent of high school students age 16 and older held jobs, but that share had fallen to 18 percent by 2012, data from the National Center for Education Statistics indicate.
It’s the classic Catch-22 of the doomed job search: How do you get a job? You need experience. And how do you get experience? Get a job. But for many, the unemployment cycle gets further twisted when it intersects with the debt cycle. When prospective employers run credit checks, a bad report becomes a financial scarlet letter. ...
A bill that aims to “prohibit discrimination based on one’s consumer credit history” by banning employers from doing credit checks on job applicants will be the subject of a City Council hearing set for 10 a.m. Sept. 12 at City Hall. [...]
According to an article by Amy Traub titled “Discredited: How Employment Credit Checks Keep Qualified Workers Out of a Job,” the practice of checking credit on prospective employees is legal under federal law.
It’s hard to make broad causal inferences about student debt and homeownership among recent graduates, because there are simply too many factors in play.
President Obama should sign a Good Jobs executive order to encourage contractors to improve workplace benefits and respect their employees’ rights to bargain collectively.