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Signs of the economic times. LEQ: How has the economic trends from 1980 to present changed in the United states?. Key Terms: Inflation Unemployment Gross Domestic Product (GDP) Gross National Product (GNP). Economic indicators. Traditional Indicators. Alternative Indicators.

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signs of the economic times

Signs of the economic times

LEQ: How has the economic trends from 1980 to present changed in the United states?

Key Terms:

Inflation

Unemployment

Gross Domestic Product (GDP)

Gross National Product (GNP)

economic indicators
Economic indicators

Traditional Indicators

Alternative Indicators

The Stock Market

Adult Literacy Rate

Children Living in Poverty

GDP and GNP per capita

Number of Homeless

Unemployment Rate

Amount of Leisure Time

Inflation Rate

the nation at a crossroads what is the current situation
The nation at a crossroadswhat is the current situation?

Growing Insecurity

Greater Burdens

Job Instability

Stagnant Wages

Weaker Pensions

Roller-Coaster Market

Health Care Costs

Child Care Costs

Education Costs

Longer Work Hours

Stress, Isolation, & Scapegoating

Families Hunkering Down

Fear of Crime and Terrorism

Gated Communities

Anger at Immigrants

trends since 1980
Trends since 1980

Good News!

Inflation Down

Unemployment Down

By some measures, the U.S. economy has done well…….

Bad News

Most income growth has gone to the top 1%

Wealth is even more concentrated at the top

Wages have not recovered to early-1970s level

Gap between highest and lowest paid workers soared

But the rising tide has only lifted a few boats (yachts)

slide5

These trends are alarming, especially in light of how quickly (less than 20 years) they have occurred.

  • In most cases, periods of economic growth resulted in greater equality, as in the 1940’s through the 1970’s. Over the past 20 years however, the benefits of the growing economy have been concentrated on a narrow elite at the top. We haven’t seen this happen since 1929.
  • Economist Wallace Peterson points out that three out of four U.S. workers have experienced a decline in their standard of living: either a drop in purchasing power, a loss of benefits, or a change in job security. More and more people have the experience of being “temped,” “out- sourced,” “adjunct,” or “downsized”.

Unemployed

underemployment and shrinking benefits
Underemployment and Shrinking Benefits

Underemployment

Shrinking Benefits

Directions: In partnerships read Underemployment and Shrinking Benefits. Write the main idea for each article on the sticky notes provided.

increase in number of total employees and temporary help employees 1990 2004
Increase in number of total employees and temporary help employees, 1990-2004

Temporary and part-time work distorts unemployment statistics. Underemployment statistics leave out many people, including people in prison and those people who have become discouraged and are no longer seeking employment.

percentage of employees at large and medium firms covered by health insurance and retirement plans
Percentage of employees at large and medium firms covered by health insurance and retirement plans

Summarize: In the 1950s, ’60s, and ’70s, the jobs people could get with just a high school education paid enough to support a family, buy a house, pay for college education for their children, and retire with a pension (retirement income) plan. Now, many jobs people obtain with a high school degree don’t even pay enough to cover the costs of rent and food.

“Why do you think it is important to pay people a living wage regardless of their educational level? Why not?”