Spreading the Wealth

October 24, 2008

Tax breaks at the top as a means for creating jobs and sustaining the well-being of workers and their families?

We need not speculate about how effective this has been — or will be.

From the Center for Economic and Policy Research, via Lane Kentworthy at Consider the Evidence:

Economic Indicator 2000 2008
Unemployment rate Image4.0% 6.1%
Inflation rate Image3.3% 5.4%
Job Growth (preceding 8 years)
Total nonfarm employment Image21.4% 4.3%
Private sector employment Image23.6% 3.6%
Manufacturing employment Image2.9% -22.2%
Employment rate (% of population)
All, age 16 and older Image64.4% 62.6%
Men, age 16 and older Image71.9% 69.1%
Women, age 16 and older Image57.5% 56.5%
Real wage growth (preceding 8 years) Image8.2% 1.8%
Minimum wage (July 2008$) Image$6.58 $6.55
Family income
Median, 2007$ $61,083 Image$61,355
Growth (preceding 8 years) Image14.7% 0.4%
Poverty
Rate (% of population) Image11.3% 12.5%
People in poverty (millions) Image31.6 37.3
Uninsured (health insurance)
Rate (% of population) Image14.0% 15.3%
People without insurance  (millions) Image38.7 45.7
Personal savings (% of disposable income) Image2.3% 0.6%
College tuition (average per year, 2007$)
Private four-year college Image$19,337 $23,712
Public four-year college Image$4,221 $6,185
Gasoline (gallon, 2008$) Image$2.03 $4.09
GDP growth (preceding 8 years) Image34.2% 19.6%
Productivity growth (preceding 8 years) 15.9% Image21.9%
Trade balance (% of GDP) Image-3.9% -5.1%
Federal debt (% of GDP) Image57.3% 65.5%
Net foreign debt (% of GDP) Image13.6% 17.9%

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