Getting Back on Offense: Diagnoses and Prescriptions What’s Gone Wrong and What Social Workers (and other sane people) Can Do About It Jared Bernstein.

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Presentation transcript:

Getting Back on Offense: Diagnoses and Prescriptions What’s Gone Wrong and What Social Workers (and other sane people) Can Do About It Jared Bernstein 5/9/2013

Diagnosis: What Are the Biggest Problems We Face? Disconnects: Growth, Productivity, Jobs, Wages, Poverty Reduction WHY? Inequality: What are it’s causes and what does it cause (this latter question essential and underappreciated)? Relationship between inequality of income and that of opportunity Inadequate job creation: quantity and quality Disinvestment: What’s NDD and why does it matter?

Productivity and Real Hourly Compensation of Middle-Wage Workers Source: Larry Mishel, Economic Policy Institute

Causes of Inequality increased globalization, particularly import penetration from low-wage producers; diminished unionization, as unions are associated with a more equitable distribution of earnings; higher unemployment, which like less unionization, reduces the bargaining power of many in the workforce; ongoing technological change, which increases the relative demand for more highly educated workers—HAS “LABOR-SAVING” TECH ACCELERATED? the decline in the real value of the minimum wage; regressive changes in the tax code, particularly tax cuts to high marginal income tax rates and rates on non-labor income; financial deregulation and “innovation” and the increased “financialization” of industry: the increase of the financial sector as a share of economic activity and the associated growth of income sources, such as capital gains, that are concentrated at the top of the income scale.

Enrichment Expenditures: music and art lessons, books, sports, tutoring. Source: Whither Opportunity? Russell Sage 5

Dif=0.45 Dif=0.31 6

7

Sources: BLS, BEA; employment is for full-time equivalents.

Isn’t There Anything Good Going On? Of course—macro-economic resilience. More germane to social workers—safety net has performed far better than most realize. Recognition (by some) that something’s gotta give Money in politics; disproportionate influence of wealthy; feedback from wealth concentration to undue influence Frustration with dysfunctional DC, gridlock, filibuster, Benghazi, repeal of ACA… Changing demographics (CIR and 27%)

Source: CBO

How Do We Get Out of this Mess? Go on offense—safety net works and is needed; markets fail! Yes, raise the minimum, but also the median Full employment! It takes a movement…ala immigration reform Packer: “An idea of the future that’s genuinely shared by large numbers of people…” Economic rights frame? OWS…Opportunity/Accountability for All!