Unemployment Is Down, But So Is Income
by Bankrupting America: This week, the Congressional Budget Office (CBO) released its updated budget projections for 2015 to 2025. According to the report, “As it typically does after the President’s budget is released, CBO has updated the baseline budget projections it published earlier in the year. CBO now estimates that if the laws that currently govern federal taxes and spending generally remain in place, the federal budget deficit will total $486 billion in fiscal year 2015, about the same as the shortfall posted in 2014. However, because the nation’s output (its gross domestic product, or GDP) has increased, the deficit projected for 2015 represents a slightly lower percentage of GDP—2.7 percent—compared with 2.8 percent last year.” Read on for the top stories for the week:U.S. Unemployment Fell To 5.5 Percent In February, Economy Added 295,000 Jobs. According to The Wall Street Journal, “U.S. payrolls grew by a seasonally adjusted 295,000 jobs in February, the Labor Department said Friday. That marked the 12th straight month the economy added more than 200,000 jobs, the best streak since 1995. The unemployment rate fell to 5.5%, the lowest level since May 2008. The latest improvement put the jobless rate at the top of the 5.2% to 5.5% range that many Fed policy makers consider to be full employment, or the rate the economy can sustain without stoking too much inflation. It sets the stage for central bankers, at their meeting this month, to drop an assurance they will be patient before lifting rates from near zero.” Two-Thirds Of American Households Earn Less Than They Did In 2002. On March 5, The Brookings Institute released a report that showed two-thirds of American households’ incomes are lower than they were in 2002. According to the report, “For generations, most Americans have believed that the United States will provide almost everyone real opportunities to earn an income that rises steadily and substantially over time. Such broad-based upward mobility is one of the reasons that Americans have been generally optimistic and willing to extend opportunity to successive minority groups. The current conventional wisdom argues that wages have stagnated and most Americans have made, at best, modest income progress since the 1970s. These views are based on studies that rely on aggregate median household income data.”
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Bankrupting America is an educational project that explores the policies hindering economic opportunity and growth in America.
Tags: Unemployment, Workers Pay, Bankrupting America To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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Bankrupting America is an educational project that explores the policies hindering economic opportunity and growth in America.
Tags: Unemployment, Workers Pay, Bankrupting America To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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