Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/231527
Authors: 
Evans, Trevor
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 157/2021
Abstract: 
The US economic expansion which began in 2009 was unusually prolonged but relatively weak. Profitability and investment strengthened between 2010 and 2015 but then began to falter. After Trump took office in 2017 there was a minor recovery in investment but the proceeds of major tax cuts were overwhelmingly used to finance pay outs to share owners. Unemployment fell steadily from 2010 but with a shift towards lower paid jobs. Median wages increased from around 2014, but while those for women had risen steadily since the 1980s, those for men only recuperated their 1980 level in 2018. By contrast, top incomes soared. The impact of the Covid19 epidemic was partly cushioned by huge government spending programmes, but unemployment among less skilled workers increased strongly, while the massive monetary response led to an unprecedented bonanza for the rich. The Biden government's first major initiative extended unemployment benefits and promoted a national response to the health emergency, but failed to secure an increase in the national minimum wage to $15 an hour.
Subjects: 
US economy
profitability
investment
finance
employment
wages
JEL: 
E25
E32
E44
E58
E65
F44
G01
Document Type: 
Working Paper

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