Story | Aug 28, 2014 | 9:00 PM
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Story | Aug 29, 2014 | 5:05 AMFor Labor Day, let's talk bluntly about labor's fair share of the profits and of the productivity of the economy. The hard truth is that labor, meaning the wide middle class, is not receiving its fair share. There is no clear-cut reversal of the middle class's declining fortunes in sight and no new ideas on the big radar screen. From the end of World War II until the early '70s, productivity of the economy increased, and wages after inflation also went up. The middle class shared in the fruits of their labor and received a significant portion of the efficiencies of the entire economy. This is no longer the case. Now, there is a huge gap between the substantial increases in efficiency and productivity and the middle-class pay envelope. According to the Economic Policy Institute, productivity went up about 25 percent from 2000 to 2012. How much did compensation increase? Only about 7 percent. Economists measure labor's shares of income versus the income that the owners of capital receive for investing in the inputs � the companies, machines, products, services, innovations, and knowledge � that comprise everything that the economy produces. It should be no surprise that labor's share has been falling. The Bureau of Labor Statistics says labor's share of the total income of the economy has fallen from around 65 percent to about 58 percent recently. Other estimates are just as dire.
Story | Aug 27, 2014 | 2:40 PM
WASHINGTON (Reuters) - The U.S. budget picture will likely worsen this year as companies wait to see what actions Congress will take on taxes in coming months, a report from the Congressional Budget Office showed on Wednesday. The U.S. budget deficit for...
Story | Aug 25, 2014 | 5:05 AM
As president of the Collegiate Veterans Association at Florida State University, Abby Kinch often heard from veterans who ran into a stumbling block before they even started their college careers. Veterans new to the state who enrolled at Florida...
Story | Aug 22, 2014 | 7:15 PM
Conservatives in Congress are pressing to end the Export-Import Bank, an agency that provides loans, loan guarantees and credit insurance to help U.S. companies export goods overseas. The bank's authorization will expire at the end of September unless...