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Middle Class Squeeze
The middle-class squeeze refers to negative trends in the standard of living and other conditions of the middle class of the population. Increases in wages fail to keep up with inflation for middle-income earners, leading to a relative decline in real wages, while at the same time, the phenomenon fails to have a similar effect on the top wage earners. People belonging to the middle class find that inflation in consumer goods and the housing market prevent them from maintaining a middle-class lifestyle, undermining aspirations of upward mobility. Overview Origin of the term Current U.S. Speaker of the House Nancy Pelosi used the term in November 2006 to provide context to the domestic agenda of the U.S. Democratic Party. The Center for American Progress (CAP) issued a report of the same title in September 2014. As well as this, the term was further propelled into the public consciousness when it was used by former UK Labour Party leader Ed Miliband, who promised to come to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Middle Class
The middle class refers to a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status. The term has historically been associated with modernity, capitalism and political debate. Common definitions for the middle class range from the middle fifth of individuals on a nation's income ladder, to everyone but the poorest and wealthiest 20%. Theories like "Paradox of Interest" use decile groups and wealth distribution data to determine the size and wealth share of the middle class. From a Marxist standpoint, middle class initially referred to the 'bourgeoisie,' as distinct from nobility. With the development of capitalist societies and further inclusion of the bourgeoisie into the ruling class, middle class has been more closely identified by Marxist scholars with the term 'petite bourgeoisie.' There has been significant global middle-class growth over time. In February 2009, ''The Economist'' asserted that over half of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nations peak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Mobility
Social mobility is the movement of individuals, families, households or other categories of people within or between social strata in a society. It is a change in social status relative to one's current social location within a given society. This movement occurs between layers or tiers in an open system of social stratification. Open stratification systems are those in which at least some value is given to achieved status characteristics in a society. The movement can be in a ''downward'' or ''upward'' direction. Markers for social mobility such as education and class, are used to predict, discuss and learn more about an individual or a group's mobility in society. Typology Mobility is most often quantitatively measured in terms of change in economic mobility such as changes in income or wealth. Occupation is another measure used in researching mobility which usually involves both quantitative and qualitative analysis of data, but other studies may concentrate on social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nations peak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Working Class
In the United States, the concept of a working class remains vaguely defined, and classifying people or jobs into this class can be contentious. Economists and pollsters in the United States generally define "working class" adults as those lacking a college degree, rather than by occupation or income. Many members of the working class, as defined by academic models, are often identified in the vernacular as being middle-class, there is considerable ambiguity over the term's meaning. According to Frank Newport, "for some, working class is a more literal label; namely, an indication that one is working." Sociologists such as Dennis Gilbert and Joseph Kahl see the working class as the most populous in the United States, while other sociologists such as William Thompson, Joseph Hickey and James Henslin deem the lower middle class slightly more populous. In the class models devised by these sociologists, the working class comprises between 30% and 35% of the population, roughly the sam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Upper Class
The American upper class is a social group within the United States consisting of people who have the highest social rank, primarily due to economic wealth. The American upper class is distinguished from the rest of the population due to the fact that its primary source of income consists of assets, investments, and capital gains rather than wages and salaries. The American upper class is estimated to include 1–2% of the population. Definitions The American upper class is seen by some as simply being composed of the wealthiest individuals and families in the country. The American upper class can be broken down into two groups: people of substantial means with a history of family wealth going back a century or more (called " old money") and people who have acquired their wealth more recently (e.g. since 1946), sometimes referred to as "Nouveau riche". In a 2015 CNBC survey of the wealthiest 10 percent of Americans, 44% described themselves as middle class and 40% as upper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Burkhauser
Richard Valentine Burkhauser is a Professor Emeritus of Policy Analysis at Cornell University and was a member of the Council of Economic Advisers, CEA, for President Trump. Burkhauser's research often focuses on how public policies affect the economic well-being of vulnerable populations, such as the elderly, the disabled, and those living in low-income households. As a member of the CEA, Burkhauser was working alongside fellow economists Tomas Philipson and Kevin Hassett Kevin Allen Hassett (born March 20, 1962) is an American economist who is a former Senior Advisor and Chairman of the Council of Economic Advisers in the Trump administration from 2017 to 2019. He has written several books and coauthored ''Dow 36 .... Since 1977 Burkhauser has written seventeen books and countless book reviews, articles, and government publications. Burkhauser has often presented his research findings on the consequences of disability policy to Congressional committees and other government a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brookings Institution
The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in economics (and tax policy), metropolitan policy, governance, foreign policy, global economy, and economic development. Its stated mission is to "provide innovative and practical recommendations that advance three broad goals: strengthen American democracy; foster the economic and social welfare, security and opportunity of all Americans; and secure a more open, safe, prosperous, and cooperative international system." Brookings has five research programs at its Washington campus: Economic Studies, Foreign Policy, Governance Studies, Global Economy and Development, and Metropolitan Policy. It also established and operated three international centers in Doha, Qatar (Brookings Doha Center); Beijing, China (Brookings-Tsinghua Center for Public P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Drum Major Institute
The Drum Major Institute for Public Policy (DMI) is a non-profit American progressive think tank and community action group. The group was founded in 1961 in the midst of the Civil Rights Movement. It later became defunct until it was relaunched in 1999. It is headquartered in New York City. DMI's stated mission is "to eradicate poverty, racism and militarism/violence, through advocacy, empowerment and education." History The Drum Major Foundation (later Institute) was founded in 1961 during the American Civil Rights Movement by Harry H. Wachtel, a New York City lawyer who was an adviser to Martin Luther King Jr. The organization became more or less defunct after King's assassination in April 1968, but was relaunched in 1999 by King's son Martin Luther III, Wachtel's son William, and King confidant Andrew Young. Martin Luther King Jr. often used the phrase " drum major instinct," meaning the instinct to be a leader. In his sermon at the Ebenezer Baptist Church in Atlanta, Geor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics In One Lesson
''Economics in One Lesson'' is an introduction to economics written by Henry Hazlitt and first published in 1946. It is based on Frédéric Bastiat's essay ' (English: "What is Seen and What is Not Seen"). The "One Lesson" is stated in Part One of the book: "The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups." Part Two consists of twenty-four chapters, each demonstrating the lesson by tracing the effects of one common economic belief, and exposing common economic belief as a series of fallacies. Among its policy recommendations are the advocacy of free trade, an opposition to price controls, an opposition to monetary inflation, and an opposition to fiscal policy, such as stimulative governmental expenditures, arguing: "There are men regarded today as brilliant economists, who deprecate saving and recommend squander ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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