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New Labor Trends

New Labor Trends. Over the past 15 years Labor has significantly changed. United States: Unions are declining Less “Job Security” Declining Manufacturing Jobs Rising Demand for Educated Workers ↑ Gap between Rich & Poor. Globally:

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New Labor Trends

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  1. New Labor Trends Over the past 15 years Labor has significantly changed United States: Unions are declining Less “Job Security” Declining Manufacturing Jobs Rising Demand for Educated Workers ↑ Gap between Rich & Poor Globally: Globalization: “free trade” with other countries Collapse of Soviet Union & Communist Economies China & India emerge as economic powers European Union forms common currency

  2. Income Distribution • Free markets focus on EFFICIENCYnotEQUALITY • United States has enormous wealth but tremendous INEQUALITY

  3. Bottom 20%Top 5% D2 D2 The pay gap widens! Income Distribution 1968 $7,900 $83,000 1999 $7,995 $130,000 + 1.0% Change: +56.0%

  4. CEO Pay vs. Average Worker • 1982 42 to 1 • 2007 365 to 1

  5. Household Income 3% 9% 15% 23% 50%

  6. 22% • The top 5% earn _____ of ALL income (Those with incomes over $145,000) • The top 1% earn _____ of ALL income (Those with incomes over $300,000) 15%

  7. Wealth versus Income

  8. What is Income? wages The sum of _________ and other forms of earnings received in a ____________________. given time period What is Wealth? all assets owned The total value of ___________________; cash, stocks, bonds, real estate, etc.

  9. Joe v. Bob example Joe Bob Annual Income $200,000 $60,000 Stocks $500,000 none Bonds $300,000 none House $500,000 rents

  10. 0.1% 0.8% 4.2% 10.6% 84.3%

  11. 39% • Top 1% has _____ of all the wealth! • Top 1% has more wealth than the ______________________!!!!! • Bottom _____ has less than _____ of the wealth. bottom 95% combined 1% 40%

  12. Numbers YOU should know for TEST Wealth vs. Income • Top 20% earns 50% of Income • Top 20% has 84% of Wealth • Top 1% earns 15% of Income • Top 1% has 39% of Wealth • Pay 34% of all taxes

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