How the U.S. compares on income inequality and poverty, By Elizabeth Shell, June 19, 2014, PBS Newshour: “There’s new data on income inequality out from the OECD Thursday, so we thought we’d take a look to see how the U.S. compares against the group’s 33 other countries — and its upcoming World Cup matches (more on that in a bit). When we look at income, the U.S. has had a wider gap — meaning less equal distribution of income — than the OECD average for at least the past 30 years. The data also shows that lower-income households across the OECD were hit harder by the financial crisis — the poor either lost more during the crisis or benefited less from the recovery than did their higher-income neighbors. While real household income hasn’t changed much (stagnated) across the 34 member countries, young adults have been hit the hardest since the financial crisis. . .”
Tag: OECD
Income Inequality in Developed Countries
- Income inequality in industrialized world continues to grow, says OECD, By Tavia Grant, May 14, 2013, Globe and Mail: “Income inequality is growing across the industrialized world, including Canada, with the global financial crisis deepening the divide between the rich and the poor, says an analysis to be released Wednesday. And the rate of change is quickening. The income gap increased at a faster pace in the three years to 2010 than it had in the previous 12 years, according to an Organization for Economic Co-operation and Development report…”
- Report: Income inequality rising in most developed countries, By Eliza Mackintosh, May 16, 2013, Washington Post: “The divide between rich and poor is widening in developed nations, according to a new report released Wednesday by the Paris-based Organization for Economic Cooperation and Development. According to the new data, economic disparity has risen more from 2007 to 2010 than in the preceding 12 years. Over this period, the OECD has documented increasing income inequality caused by the financial crisis, which it says is ‘squeezing income and putting pressure on inequality and poverty…'”
- Young and poor hit hardest as UK cuts widen inequality, says OECD, By Randeep Ramesh, May 14, 2013, The Guardian: “The OECD has warned that Britain faces rising levels of inequality by pursuing austerity polices that are widening the gulf between rich and poor. In a report examining the developed world’s response to the global slowdown, the thinktank warns that the ‘financial crisis is squeezing income and putting pressure on inequality and poverty’ across the board…”
OECD 2012 U.S. Economic Survey
- OECD raises red flag on US long-term unemployment, By Lucia Mutikani, June 26, 2012, Reuters: “The lengthy spells many Americans are spending without work risk leaving a lasting scar of higher unemployment on the U.S. economy and training programs are needed to avert the damage, the OECD said on Tuesday. The warning from the Organization for Economic Cooperation and Development comes against the backdrop of stalled U.S. jobs growth and an uptick in the unemployment rate in May. In a report on the U.S. economy, the Paris-based OECD estimated the unemployment rate which the economy could sustain without generating inflation at 6. 1 percent, up from 5.7 percent in 2007. In May, the rate stood at 8.2 percent. “However, structural unemployment may well already have risen more than this estimate would suggest, and there is a risk that it could increase still further, given the still high levels of long-term unemployment,” the OECD said. Before the 2007-2009 recession, many economists believed the so-called natural or structural rate of unemployment was around 5 percent. . .”
- OECD Sees U.S. Economic Growth, Stark Challenges, By Michael R. Crittenden, June 26, 2012, NASDAQ: “The U.S economic recovery may be gaining momentum, but the country faces stagnant wage growth, high comparative levels of poverty and income inequality and an educational system that provides few resources to those more likely to need help, the Organization for Economic Cooperation and Development said in a new report. The OECD’s 2012 economic survey of the U.S. found that the U.S. economy has made some gains and is expected to grow moderately this year and next. A further deterioration of the European crisis or the potential for U.S. policymakers to allow for immediate sharp cuts in government spending could jeopardize the outlook, the report said. . .”