By Jared Bernstein
Is Social protection rather going bust, and what does that suggest to me? If I lease an immigrant, am I hurting a native-born employee? How a lot can presidents rather have an effect on financial results? Why does the inventory industry cross up whilst employment declines? what is a "living wage?" Why do i believe so squeezed? if you want to understand the solutions to those questions, finest economist Jared Bernstein is the following to aid. In "Crunch" he solutions those in addition to dozens of others he has fielded from operating americans by way of electronic mail, on blogs, and at occasions the place he speaks. likelihood is if there is a stumper you may have continuously desired to ask an economist, it truly is solved during this publication.
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Extra info for Crunch: Why Do I Feel So Squeezed? (And Other Unsolved Economic Mysteries)
But it also means that family members are spending a lot more time in the job market. That’s bad, or at least it’s stressful. There are three problems here and one positive development. Problem 1: Men’s earnings. The hourly earnings of some men—and not a trivially small group— have done poorly over the last few decades. As shown in the graph, the typical married man in his prime earning years, age 25 to 54, saw his real median wage fall a couple of percent from 1979 to 2006. His female counterpart made a lot more progress; her real hourly wage rose 30 percent, and she also worked a lot more hours.
I’m afraid it’s another case of the need to do battle with a powerful foe—in this case, the medical industrial complex. —but a careful look at the way we spend health dollars suggests lots of waste and profiteering in the name of “good medicine,” something I go into in greater detail below and in Chapter 5. C r u n c h p o i n t : It’s true. Every other modern economy delivers health care to more people with better results at less cost, and they do so by at least partially “de-commoditizing” health care: To one degree or another, they take it out of the market.
In other words, the median is insensitive to big jumps at the top. Unfortunately, this is no thought experiment. ” Most economic variables grow most of the time, so the question is not whether X (employment, incomes, wealth, and so on) is growing, but by how much relative to what we’d expect in normal times. Don’t be moved by large numbers with no historical context. Broad averages, such as income per person, are distorted by the huge values of the richest households, so remember this handy rhyme: When it’s inequality you’re seein’, Don’t use the average, use the median.