Photos and Videos by @FareedZakaria
A cute cartoon by Harry Bliss (harrybliss.com)
- 1671 days ago via site
"The Occupy Wall Street movement has made the phrase “the 99 percent” the hottest new political buzzword. So just how different has the experience of the top 1 percent been from everyone else’s over the past decade?"
"As this chart shows, when it comes to real-income growth - that is, after accounting for the effects of inflation - the difference is substantial."
"The three decades after 1979 were spectacularly good ones for the top 1 percent of wage earners, even with the 2000-2001 tech crash. In comparison, the bottom 80 percent of wage earners were only marginally better off in 2007 than they were in 1979 - and much of that gain was probably lost in the wake of the 2008-2009 financial crash."
"Whether one is impressed by the gap between the top 1 percent and everyone else, or by the fact that the trend lines for everyone but the top 1 percent are relatively flat, the chart provides some indication of why so many Americans are pessimistic about the direction of the country, and have been for quite some time."
- 1758 days ago via site
In America, there are more students studying visual and performing arts than engineering.
- 1760 days ago via site
A New York Review of Books sketch of me by Panco....http://tinyurl.com/6hm6cww
- 1762 days ago via site
U.S. gross domestic product (GDP) has returned to where it was in the second quarter of 2008, before the worst downturn of the great recession. Annual GDP is back over $13.3 trillion (in 2005 dollars), according to new data from the Bureau of Economic Analysis. So economic output is back. But why aren’t jobs?
As Byron Auguste of McKinsey Global Institute explained in our GPS special Getting Back to Work, recent recessions are different. Each economic downturn has had a lag between when GDP recovers to pre-recession levels and when employment catches up. But as the chart above shows, for much of the last century this lag was about half a year. At most it was eight months. But something changed starting with the 1990 recession, which had a lag of 15 months, more than double the length of the 1981 recession.
The recent great recession lag has been longer still. At current job growth rates it will take five years for employment to recover.
What explains this change? Globalization is creating more competition for the U.S. workforce. Automation and technology is raising productivity per worker while requiring fewer workers overall. There are more reasons we explore in the special (http://tinyurl.com/gettingtowork), and I'd love to read what you think is causing this change.
- 1764 days ago via site