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Writing in the Harvard Business Review in September 2014, William Lazonick blamed record corporate stock buybacks for reduced investment in the economy and a corresponding impact on prosperity and income inequality. Between 2003 and 2012, the 449 companies in the S&P 500 used 54% of their earnings ($2.4 trillion) to buy back their own stock.
A 2022 study in the American Economic Journal found that greater economic inequality in the United States than in Europe was not because of the nature of tax and transfer systems in the United States. The study found that the U.S. redistributes a greater share of its wealth to the bottom half of the income distribution than any European country.
Income inequality was the largest driver of the change in the poverty rate, with economic growth, family structure, education and race other important factors. [ 131 ] [ 132 ] An estimated 11.8% of Americans lived in poverty in 2018, [ 133 ] versus 16% in 2012 and 26% in 1967. [ 134 ]
The most important driver of this wedge between typical workers’ pay and economy-wide productivity is the growing concentration of labor income at the very top of the wage distribution.
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
The economy is on solid footing as inflation continues to come down and the labor market is stable enough to keep the Fed satisfied. The stock market finished another gangbusters year, up 24%.
Here's the vibe on Wall Street for potential stock market moves after the midterm elections.
Unemployment rates are important due to the differences in policies taken from each political party. However, Job creation and unemployment are affected by many factors such as economic conditions, global competition, education, automation, and demographics, and global crisis.