A Quote by Annie Lowrey
Along with the rise of inequality, the slowdown in productivity growth, and the shrinking of the middle class, the spiraling cost of living has become a central facet of American economic life.
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The rise of populist movements and the shrinking of the middle class - with all the economic pain and political turbulence that comes with that - seems to have increased the appetite of both parties for dramatic proposals.
The Mexican people are increasingly middle class, and Mexico has substantially become a middle-class society. This is true despite the significant poverty, and the class and geographic inequality that have deep historical roots.
A stronger middle class is not the consequence of economic growth. A stronger middle class is the cause of economic growth.
Economic growth must be the central issue because it is only through growth that the devastating threat of national bankruptcy can be averted. Furthermore, it is only by reviving American economic growth that the West's global predominance can be sustained, and peace and freedom kept secure around the world.
In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates productivity growth because only on the basis of growth of labour productivity can we enjoy healthy growth.
The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.
Misguided economic and tax policies have hampered growth, allowing the rich to become richer while turning the middle class into the working poor.
For 40 years, the American middle class has been disappearing. Millions of people are working longer hours for lower wages despite a huge increase in technology and productivity. And what we have seen during that period is a massive transfer of trillions of dollars from the middle class to the top one-tenth of 1 percent of America
The size of the U.S. middle class has been shrinking. Wages have been stagnant. We don't have those factory jobs that paid a living wage and enabled a family to have a home where the wife did not have to work. But we sent our factories abroad and there is no likelihood of getting them back. Equally worrisome is that some managerial jobs and professional jobs (such as lawyers) which support middle class life are threatened by automation.
The Federal Reserve's objectives of maximum employment and price stability do not, by themselves, ensure a strong pace of economic growth or an improvement in living standards. The most important factor determining living standards is productivity growth, defined as increases in how much can be produced in an hour of work.
American democracy in the past has always been known for its large middle class and its relatively few very wealthy people and very few very poor people, but that is gone to today and the middle class is shrinking.
The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment.
Americans are falling out of the middle class, not into it. And they deserve relief. I absolute support extending the Bush tax cuts for those who work the hardest and invest the most in our economy - the real drivers of American growth, the middle class.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
Productivity and the growth of productivity must be the first economic consideration at all times, not the last. That is the source of technological innovation, jobs, and wealth.
The centerpiece of Obamanomics - raising taxes on high earners and investors and lowering them on the middle class - is attacked by free-marketers for penalizing economic success and possibly further stalling economic growth.
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