GD Packet2.7 PDF

The Growing Divide
Inequality and the Roots of Economic Insecurity

Participant Packet 2.7
United for a Fair Economy

29 Winter Street Boston, MA 02108 Phone: (617) 423-2148 Fax: (617) 423-0191 E-mail: info@faireconomy.org Web: www.faireconomy.org December 2008
The Nation at a Crossroads

The Trends Since 1980
The Good News
Ination is moderate Interest rates are low
What is the Current Situation?
Growing Insecurity Greater Burdens

Longer work hours Loss of family time Rising costs of housing, health care, child care, education, utilities
Layos & job instability Stagnant wages Insecure pensions Roller-coaster stock market
The Bad News
Stress, Isolation and Scapegoating
Most growth in income has gone to the top 1%; the gap between highest and lowest paid workers has widened Real wages have dropped since the 1960s Wealth gap has widened and the racial wealth gap is growing Homeless & prison populations rising Poor families not lifted out of poverty
Endless war Anger at immigrants Fear of crime Gated communities; growing prison population Families hunkering down
For some, the U.S. economy has done well. But the rising tide lifted only a few boats; most of us are struggling to stay aoat.
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Workers in the U.S. are Losing Ground

Real Family Income Growth by Quintile & for Top 5%, 1979 - 2006
We Grew Apart
90% 80% 70% 60% 50% 40% 30% 20% 10%
+87.5%
Household Income: Down since 2000 Job Security: Layos, part-time, temporary Health Benets: Paying more for less coverage Pensions: Fewer people covered Cost of Living: Rising for health care, housing, utilities, education, child care Working Conditions: deteriorating; exploitation of immigrant labor +15.5% +9.5%
0%
+57%
+27%
Still waiting for trickle-down . . .
+1%
up to $25,616 Bottom 20%
Source:
$25,616 $45,021
$45,021 $68,304 Second 20% Middle 20%
$68,304 $103,100 Fourth 20%
$103,100 and up Top 20%
$184,500 and up Top 5%

U.S. Census Bureau, Historical Income Tables - Families, Table F-3: Mean income, Table F-1: Income Limits. Percentage change based on average income for each income group in 2006 dollars. Income ranges in 2007 dollars.
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Real Family Income Growth by Quintile & for Top 5%, 1947 - 1979
Median Family Income by Race, 1947-2006 Racial Income Inequality Persists

$70,000
We All Grew
+99%
$60,000
120%
+116%
+111% +114% +86%

$50,000 $40,000 $30,000
$24,407
100%
+100%
$61,280
80%
60%
White
$34,545
Latino**
$40,000
$38,269
40%
$20,000 $10,000
$22,972 $31,632 Fourth 20% Top 20% Top 5% $31,632 and up $50,746 and up
$12,478
African American*
20%
0%
In 1979: up to $9,861
$9,861 $16,215
$16,215 $22,972
Bottom 20%
Second 20%
Middle 20%
$0
Source:
1947
1967
1973
1979
1989
1995
2000
2006
Analysis of US Census Bureau data in Table 1.3 in The State of Working America 2008/2009 by Lawrence Mishel, Jared Bernstein, and Heidi Shierholz, Economic Policy Institute. All income in 2006 dollars. * Prior to 1967, data for African Americans included all non-whites. ** The Census Bureau uses the term Hispanic. We prefer Latino. Persons of Latino origin may be of any race.
Sources:
Analysis of Census Bureau data from The State of Working America 1994-95, Mishel, Lawrence and Bernstein, Jared, p. 37. Income ranges in 1979 dollars, from March 2000 Census Current Population Survey, Table F-1.
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Median Hourly Wage for Women & Men, 1979-2004

516x 455x 428x 525x
CEO Pay as a Multiple of Average Worker Pay, 1960-2004
A Gender Income Gap Persists

For large U.S. corporations surveyed by Business Week magazine
$15.97
$16.00
431x
$15.00
MEN $15.26
Source: Note: 1960-1980 based on BW calculations; 1990-2004 based on UFE calculations. Business Week, annual executive pay surveys.
$14.00
348x 281x 269x
301x
$13.00
$12.00
$12.49
180x
$11.00
WOMEN
$10.00
$10.00
107x 79x
1989 1994 1999 2004
$9.00
Hourly 1979 wage in 2004 dollars Source:
1984
41x
42x
Economic Policy Institute analysis of Current Population Survey data using the Consumer Price Index (CPI-U-RS) to adjust for ination.
1960 1970 1980 1990 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 8
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The Economy since 1980
The Wage Gap Around the World, 2003-2004 Who Really Beneted?
Big investors and CEOs did very well . . . . . . and workers produced more per hour.
133
44x
Ratio of CEO pay to manufacturing worker pay for medium-sized corporations surveyed by the Towers Perrin consulting rm.
1211.92 $11.8 million
28x 24x 17x
But worker pay hardly changed at all.

$15.68 $15.67
UP 743%
21x
UP 793%
79.2
UP 68%
9x
135.76 $1.4 million
No change
80 04
U.K. Italy France
Stock Market
80 04
(S&P 500) (in 2004 dollars)
Sources:
80 04
Average CEO Pay
Productivity
80 04
Worker Average Hourly Wage
U.S.
Japan
Germany
(Countries are ranked by size of per capita GDP, largest left to right.)
(in 2004 dollars)
Source:
Towers Perrin, 2003-2004 Worldwide Total Remuneration. The survey covers only industrial corporations with sales of approximately $500 million. Manufacturing workers in the U.S., as classied by this survey, make about 30% more than the average worker pay used in Chart 10.
For the Stock Market: Standard & Poors Corporation, S&P 500 Index at end of year. For CEO Pay: Business Week, May 1, 1989 and April 18, 2005. Adjusted for ination by UFE. For Worker Productivity: Bureau of Labor Statistics, Business Output per Hour Index (1992=100) Series ID: PRS84006093. For Hourly Wage: Bureau of Labor Statistics, Average Earnings of Production Workers, Series ID:CEU0500000006. Adjusted for ination by UFE.
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10
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11
Ownership of Household Wealth in the U.S. in 2004

$140,700
Family Median Net Worth by Race, 2004
34%
Net Worth is ASSETS minus DEBTS
Top 1%
66%
Bottom 99%
(What You OWN minus What You OWE)
$20,600
The average wealth of the top 1% ($14.8 million) has grown from 125 times in 1962 to 190 times the median net worth in 2004 ($77,900)!
$18,600
African American
Source:
Latino
Survey of Consumer Finances, Federal Reserve Board, 2006.
White
Source:
Edward Wolff (2006) cited in Table 5.1 and 5.4 in The State of Working America 2006/2007, Lawrence Mishel, Jared Berstein, and Sylvia Allegretto, Economic Policy Institute.
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Ownership of Stocks and Mutual Funds, 2004

Percentage of Families Whose Savings Would Run Out in 3 Months or Less
Who really wins when the stock market rises?

80%
Many families are forced to live on the edge.

79% 73%
Wealthiest 1% own 45% of all stocks and mutual funds Next 9% own 30%
60% 70%
45% 30%
40% 30% 20% 10% 0% 50%
38%
25%
Bottom 90% own 25%
White Families
AfricanAmerican Families
Source:
Latino Families
Oliver, Melvin and Shapiro, Thomas M., Black Wealth, White Wealth (1995), p. 87.
Sources:
UFE analysis of Arthur B. Kennickell, Currents and Undercurrents: Changes in the Distribution of Wealth, 19892004, Survey of Consumer Finances, Federal Reserve Board.
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The Power Shift Since the 1970s

What policy changes reect and reinforce the power shift?
Unions: Anti-union climate weakens the power and voice of workers.
Rule Changes Since the 1970s
Why has this happened? A power shift led to rule changes.
On the Rise In Decline

Trade: Taxes: Budget: Minimum Wage: Privatization: Popular Political Movements Voters Labor Unions Wage Earners Employees Main Street
Global treaties benet corporations, not workers or communities. Taxes have been shifted o investors and corporations and on to workers. Corporate welfare expands. Public services cut. Not raised to keep up with ination. Government outsourcing plus no-bid contracts hurts taxpayers, workers, and public safety.
Big Campaign Contributors
Corporate Lobbyists
Corporations
Big Asset Owners
CEOs
Wall Street
Who sets the agenda for economic policies?

16
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The Wheel of Misfortune
RULE E CHANG
Unions:
Anti-union policies weaken the power and voice of workers
Percentage of the Workforce in a Union - 1930-2006

40%
Taft-Hartley Act
Power shifts to corporations & big investors
Decline in political participation

(1947) 35% 30% 25% 20% 15% 10% 5% 0%
Wagner Act (1937) 1936: Sit-Down Strike in Flint, MI 1941-1945 World War II
Manufacturing Declines in U.S. 1981: Reagan Breaks PATCO
Rule changes that favor the top 1%

Big money in politics Longer work hours Rising personal debt
Scapegoating Divided communities Individualism Escapism
2006: 12% Unionized
Greater economic inequality
1930
1940
1950
Source: Bureau of Labor Statistics
1960
1970
1980
1990
2000
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RULE E CHANG
Trade:
Global treaties help corporations, not workers or communities

RULE E CHANG
Taxes:
Big Tax Breaks for the Wealthy - No Tax Relief for Working Families
Treaties such as CAFTA & NAFTA reduce barriers to trade. The worldwide result:
90% 80%
Eective federal tax rates (income tax + payroll tax) for the top 1% and the middle quintile of households, 1948-2003
86% 69%
Top 1% Household
FO SA R LE
70% 60% 50% 40% 30% 20% 10% 0%
Jobs shifted to low-wage countries Lower wages and living standards Weakened worker rights Environmental damage Economies collapse in developing nations Rise in poverty Cuts in social safety nets
35.5% 20% 5%
1948 1955 1960 1965
Middle Quintile Household
31.4%
Proposed trade & investment treaties such as the Peru Free Trade Agreement . . .
13.6%
1970
Sources:
will allow multinational corporations to overturn local laws as barriers to free trade. will threaten laws that protect community lending, health and safety, pay equity, pro-human rights government purchasing rules, public control of water and education, etc.
1975
1980
1985
1990
1995
2000 2003
For the Top 1%: 1948-77: Kevin Phillips, Boiling Point (Random House: 1993) p. 110, citing Statistical History of the United States, (U.S. Government Printing Ofce: 1976) p. 1112; For 1979-2003: Congressional Budget Ofce, Effective Federal Tax Rates: 1979-2003, December 2005. For the Middle Quintile Family: 1948: Phillips (1993) p. 110, citing Statistical History of the United States (1976), p. 1112, gure is for median family; For 1955-75: Phillips (1993) p. 110, citing Alan Lerman, U.S. Department of the Treasury Ofce of Tax Analysis, gures are for median family; For 1979-2003: Congressional Budget Ofce (op cit).
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RULE E CHANG
Taxes:
90% 80%
Change in Top Federal Tax Rates on Wealth and Work since 1980
RULE E CHANG
Taxes:
84% 87% 87%
Percent of Federal Tax Collections from Individuals & Corporations

87%
People with investment income and large amounts of inherited wealth have received a multitude of tax breaks in recent years
77% 80%
70%
+ 25%
+ 25%
60% 50%
0%
Payroll Tax
40% 30% 20% 10% 0%
25%
31%
46%
Capital Gains Tax
21%
17%
50%
Estate Tax
12%
9% 1962 1970 Corporations 1980 1990 Individuals

Source: Congressional Budget Ofce, Revenues by Major Source, 1962 to 2004.
10%
10%
Top Tax Rates on Wealth & Investment Income Top Tax Rate on Work
2000
2004
Source:
UFE calculations from Tax Policy Center data (www.TaxPolicyCenter.org) for Payroll Tax (through 2005 and Capital Gains Tax (through 2002) and the Heritage Foundation for the Estate Tax (through 2005).
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RULE E CHANG
Taxes:
Payroll Tax Rates on Workers Have Risen
Corporate Welfare Expands RULE E CHANG While Human Services are Cut
The Social Security Tax rate has risen sharply since 1950. In 2005, only the rst $90,000 in earned income is taxed for Social Security at 6.2%. The eective Social Security tax rate drops as income rises.
In recent years, the U.S. government has given corporations $125 billion a year in economic incentives.
2005 Effective Rates 6.2%
7%
6%
New York State gave $24 million in tax exemptions, grants, and bargain borrowing rates to General Motors to help them retool a plant to generate jobs. But GM cut 200 jobs.
5%
4%
3.7%
3%
2%
1950 Effective Rates
Archer Daniels Midland, the worlds largest agricultural commodity rm, has received more than $3 billion to subsidize production of the gasoline additive ethanol.
1%
1% .1%
TURKEY
.4%
$0-90,000 $150,000 $5 million
0%
.03%
$0-3,000
$7,000
$100,000
McDonalds got a $466,000 check to market Chicken McNuggets in Turkey.
Annual Earned Income (from wages & salaries only) 24

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RULE E CHANG
Minimum Wage:
Not raised to keep up with ination
low-income families...
Living Wage
Dismantling govt RULE E CHANG Privatization: helps investors, hurts consumers, workers The 1996 Welfare Reform Act slashed benets for
but defense contractor Lockheed Martin took over the welfare program in Texas.
The Minimum Wage and the Living Wage, 1968-2007

$11.39
$11.00
$10.00
$9.00
Social Security can remain solvent well into this

century with only minor changes...
$8.00
$7.00
The Living Wage is the amount needed to bring a family of four to the federal poverty line.
but Wall Street rms are actively lobbying for the chance to manage our public pension system and pocket $125 billion a year in fees.
$6.00
The U.S. public school system suers from

Minimum Wage
$5.00
$5.85
disinvestment and unequal funding...
$4.00 Living Wage
but Lehman Brothers investment rm views schools as a local industry that over time will become a global business.
$3.00
$3.56
A prison industrial complex is opening up to private

investment and control...
$2.00
Minimum Wage
$2.90
$1.00
$1.71 Minimum Wage $1.60

81% of the living wage 51% of the living wage
Living Wage
$0
94% of the living wage
1968
1979
2007
26
Investment rm Smith Barney is a part owner of a prison in Florida. American Express and GE have invested in private prison construction in Oklahoma and Tennessee. Correctional Corporation of America, operates more than 48 facilities in 11 states, Puerto Rico, the UK, and Australia.
Sources: For Education: Phyllis Vine, To Market, to Market, The Nation, Sept. 8-15, 1997. For Prisons: The Prison Industrial Complex and the Global Economy by Eve Goldberg and Linda Evans, published by the Prison Activist Resource Center, 1999. For Social Security: Edward Wyatt, For Mutual Funds, New Political Muscle, NY Times, Sept. 8, 1996, pp. F1, 7.
Sources:
Living wage is calculated by dividing that years poverty threshhold for a family of four by 2080 hours (52 weeks x 40 hours). Poverty threshholds from U.S. Census Bureau, Historical Poverty Tables, Table 1.
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The Wheel of Shared Prosperity

We Need New Rules to Reduce Wealth & Income Inequality Lift the Floor for Lower Income People Power shifts to ordinary people
Higher minimum wage Adequate incomes so families can save Greater access to homeownership Expansion of Earned Income Tax Credits
Political Participation Rises
Level the Playing Field for Everyone
Meaningful elections Strong unions More time for democracy
Cooperation Social cohesion Interdependence Celebration of diversity
Rule changes that benet everyone
Equal access to education and training Publicly-funded asset accounts at birth Fair trade policies that benet wage-earners, consumers, communities, and the environment as well as investors Fair taxes that treat income from investments and work the same Expansion of business and corporate ownership
Broadlyshared prosperity
Address Concentration of Wealth and Power

Reduced subsidies for excessive CEO pay Progressive taxation of wealth and income Campaign nance reform to get big money out of politics Accountability for corporations receiving public subsidies
28
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How Do We Get There? Program for a Fair Economy

Make Taxes Fair
Play Defense: Prevent repeal of the Estate Tax Play Oense: Support a progressive tax program
Expand power of working people through unions
Change the rules of the economy to benet the whole community rather than mainly corporations and investors
Change the Rules of the Global Economy

Oppose the Free Trade Area of the Americas (FTAA) Cancel the Global Souths debt Support Fair Trade businesses
Challenge Corporate Rule

Get big money out of politics
Build assets & security for all
Support shareholder resolutions on the wage gap within companies Support straight-forward disclosure of corporate governance issues Oppose predatory lending
Educate ourselves about how the economy works
Close the Wealth Gaps
Support asset development to close the racial wealth divide Join local Living Wage campaigns Support a Federal Minimum Wage increase Pass the Income Equity Act (limits tax-deductibility of CEO pay)
Greater employee ownership & control of companies Assert democratic control over corporate behavior
Write Fair Trade rules for a sustainable global economy
Support Other Economic Fairness Issues

Protect Social Security Adequately fund essential services Advocate for economic rights as human rights Support fair elections get big money out of politics
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What You Can Do Today
Educate Yourself and Others
Host a UFE Popular Economics Education workshop. Learn to lead UFE Economics Education workshops. Educate yourself look at the resources on our list.
Inuence the Media
Monitor inequality issues and respond in the media. Write articles or letters to the editor. Organize a writers group.
Join Legislative Campaigns
Support progressive tax proposals. Support Local living wage campaigns. Lobby for the Income Equity Act (limits tax deductibility of CEO pay).
Build Power
Use your religious congregation as an organizing base. Join or support a labor union. Get involved in coalitions, political parties, or civic groups.
Support United for a Fair Economy
Make a donation and become a UFE member. Encourage friends and colleagues to join. Organize a house party. Help us reach out to a specic constituency.
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United for a Fair Economy
Suggested Economic Justice Reading List

GENERAL
The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer by Dean Baker (Lulu.com, 2006). * Economic Apartheid in America: A Primer on Economic Inequality and Insecurity by Chuck Collins and Felice Yeskel (New Press, 2005). Economic Justice for All, 10th Anniversary Edition, by the National Conference of Catholic Bishops (US Catholic Conference, 1997). The Great Unraveling: Losing Our Way in the New Century by Paul Krugman (W.W. Norton & Company, 2003). Greed and Good by Sam Pizzigati (Apex Press, 2003). The Missing Class: Portraits of the Near Poor in America by Katherine Newman and Victor Tan Chen (Beacon Press, 2007). Keeping Up with the Dow Joneses: Debt, Prison, Workfare by Vijay Prashad (South End Press, 2004). Making a Place for Community: Local Democracy in a Global Era by Thad Williamson, David Imbroscio and Gar Alperovitz (Routledge Press, 2002). The Moral Measure of the Economy by Chuck Collins and Mary Wright (Orbis Books, 2008). The Overspent American: Upscaling, Downshifting, and the New Consumer by Juliet Schor (Basic Books, 1998). The Shock Doctrine - The Rise of Disaster Capitalism by Naomi Klein (Metropolitan Books, 2008). * Teaching Economics As If People Mattered by Tamara Giecek (UFE, 2000). Who Rules America: Power and Politics in the Year 2000 by William Domho (Mayeld Publishing, 1998). The Winner Take All Society: Why the Few at the Top Get so Much More than the Rest of Us by by Robert H. Frank and Philip J. Cook (The Free Press, 1995). The Ultimate Field Guide to the U.S. Economy by James Heintz and Nancy Folbre (New Press, 2000). You Call this a Democracy? Who Benets, Who Pays and Who Really Decides? by Paul Kivel (The Apex Press, 2004).
CORPORATE ACCOUNTABILITY
Divine Right of Capital Dethroning the Corporate Aristocracy by Marjorie Kelley (Berrett-Koehler Publishers, 2001). The Fox in the Henhouse: How Privatization Undermines Democracy by Si Kahn and Elizabeth Minnich (BerrettKoehler, 2005. Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You With the Bill) by David Cay Johnston (Portfolio, 2007). Take the Rich O Welfare by Mark Zepezauer (South End Press, 2004). Other Peoples Money: The Corporate Mugging of America by Nomi Prins (The New Press, 2004). When Corporations Rule the World David Korten (Kumarian Press, 2001).
GLOBALIZATION
Alternatives to Economic Globalization by John Cavanagh (Berrett-Koehler, 2002) Does Globalization Help the Poor? Edited by Debi Barker and Jerry Mander (International Forum on Globalization, 2001). Field Guide to the Global Economy by Sarah Anderson and John Cavanagh (New Press, 2000). Globalization and Its Discontents by Joseph E. Stiglitz (William Norton, 2002). Globalization from Below: The Power of Solidarity by Jeremy Brecher, Tim Costello and Brendan Smith (South End Press, 2000). The Accidental American - Immigration and Citizenship in the Age of Globalization by Rinku Sen with Ferrak Mamdouh (Berret-Koehler, 2008). * Real World Globalization - A Reader in Economics, Business and Politics edited by the Dollars & Sense Collective (Dollars & Sense, 2005). Rethinking Globalization - Teaching for Justice in an Unjust World edited by Bill Bigelow and Bob Peterson (Rethinking Schools Press, 2002). The Global Activists Manual: Local Ways to Change the World edited by Mike Prokosch and Laura Raymond (Nation Books, 2002).
December 2008
INCOME
The Trap - Selling Out to Stay Aoat in Winner-Take-All America by Daniel Brook (Times Books, 2007). The Living Wage: Building a Fair Economy by Robert Pollin and Stephanie Luce (New Press, 1998). Nickel and Dimed: On (Not) Getting By in Boom-Time America by Barbara Ehrenreich (Metropolitan Books, 2001). The State of Working America: 2006/2007 by Lawrence Mishel, Jared Bernstein and Sylvia Allegretto (Cornel University Press, 2007). Raise the Floor: Wages and Policies that Work for All of Us by Holly Sklar, Laryssa Mykyta, and Susan Wefald (MS Foundation for Women, 2001).
TAXES
American Taxation, American Slavery by Robin Einhorn (University of Chcago Press, 2006). The Cheating of America: How Tax Avoidance and Evasion by the Super Rich Are Costing the Country Billions and What You Can Do About It by Charles Lewis and Bill Allison and the Center for Public Integrity, (HarperCollins, 2001). Fuzzy Math: The Essential Guide to the Bush Tax Plan by Paul Krugman (WW Norton, 2001). Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benet the Super Rich and Cheat Everybody Else by David Cay Johnston (Portfolio, 2003).
WEALTH RACE & GENDER

Being Black, Living in the Red: Race, Wealth, and Social Policy in America by Dalton Conley (University of California, 1999). * The Color of Wealth - The Story of the U.S. Racial Wealth Divide by Meizhu Lui et al (The New Press, 2007). Global Woman: Nannies, Maids, and Sex Workers in the New Economy by Barbara Ehrenreich and Arlie Hochschild (Metropolitan Books, 2003). The Hidden Cost of Being African American - How Wealth perpetuates inequality by Thomas Shapiro (Oxford University Press, 2004). Policing The National Body: Race, Gender, And Criminalization by Anannya Bhattacharjee and Jael Silliman (South End Press, 2002). Sweatshop Warriors - Immigrant Women Workers Take on the Global Factory by Miriam Ching Louie (South End Press, 2000). * Unlevel Playing Fields: Understanding Wage Inequality and Discrimination by Randy Albelda, Robert W. Drago, and Steven Shulman (Dollars and Sense, 2004). The Wealth of Races: The Present Value of Benets from Past Injustices, edited by Richard F. America (Greenwood Press, 1990). Womens Education in the Global Economy by Miriam Ching Louie and Linda Burnham (Women of Color Resource Center, 2000). * Robin Hood Was Right: A Guide to Giving Your Money for Social Change by Chuck Collins and Pam Rogers (Norton, 2000). Securing the Fruits of Labor: The American Concept of Wealth Distribution, 1765-1900 by James L. Huston (University of Louisiana Press, 1998). Sharing the Pie: A Citizens Guide to Wealth and Power in America, by Steve Brouwer (Henry Holt and Company, 1998). Top Heavy: The Increasing Inequality of Wealth In America and What Can Be Done About It by Edward Wol (New Press, 2002). * The Wealth Inequality Reader edited by Chuck Collins, Amy Gluckman, Betsy Leondar-Wright, Meizhu Lui, Amy Oner, Adria Scharf. (Dollars & Sense and United for a Fair Economy, 2004). * Wealth and Our Commonwealth - Why America Should Tax Accumulated Fortunes by William H. Gates Sr. and Chuck Collins (Beacon Press, 2003).
* These titles may be ordered from Dollars & Sense <www.dollarsandsense.org>
Workshop Evaluation Form
Date:_______________ Workshop Leader(s):__________________________________________________ Title of Workshop:_ _______________________________________________________________________ 1) How would you rate this workshop overall? Please circle one (10 = outstanding): 1 2 3 4 5 6 7 8 9 10
2) How would you describe the clarity of the materials and presentation?
3) What did you find most useful in the workshop?
4) What suggestions might you make for improving the workshop?
5) How did the workshop inspire and empower you to take action?
6) What else would you like to share?
THANK YOU!

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The Growing Divide

Inequality and the Roots of Economic Insecurity

United for a Fair Economy

The Nation at a Crossroads

What is the Current Situation?

Growing Insecurity Greater Burdens

The Bad News

Stress, Isolation and Scapegoating

29 Winter Street Boston, MA 02108

TEL: 617-423-2148 FAX: 617-423-0191

E-MAIL: info@faireconomy.org WEB: www.faireconomy.org

29 Winter Street Boston, MA 02108

TEL: 617-423-2148 FAX: 617-423-0191

E-MAIL: info@faireconomy.org WEB: www.faireconomy.org

Workers in the U.S. are Losing Ground

Still waiting for trickle-down . . .

$45,021 $68,304 Second 20% Middle 20%

$68,304 $103,100 Fourth 20%

$103,100 and up Top 20%

$184,500 and up Top 5%

29 Winter Street Boston, MA 02108

TEL: 617-423-2148 FAX: 617-423-0191

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29 Winter Street Boston, MA 02108

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Median Family Income by Race, 1947-2006 Racial Income Inequality Persists

+111% +114% +86%

29 Winter Street Boston, MA 02108

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Median Hourly Wage for Women & Men, 1979-2004

CEO Pay as a Multiple of Average Worker Pay, 1960-2004

A Gender Income Gap Persists

348x 281x 269x

Hourly 1979 wage in 2004 dollars Source:

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The Economy since 1980

28x 24x 17x

But worker pay hardly changed at all.

(in 2004 dollars)

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29 Winter Street Boston, MA 02108

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Ownership of Household Wealth in the U.S. in 2004

Family Median Net Worth by Race, 2004

(What You OWN minus What You OWE)

29 Winter Street Boston, MA 02108

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29 Winter Street Boston, MA 02108

TEL: 617-423-2148 FAX: 617-423-0191

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Ownership of Stocks and Mutual Funds, 2004

Who really wins when the stock market rises?