By Karen Petrou and Matthew Shaw
Yesterday, FRB Vice Chairman Clarida said that the U.S. economy is in “in a good place.” However, The Fed’s new study of American economic “well-being” shows that huge swaths of the United States are struggling harder than ever before to make ends meet. All but the most affluent Americans asked about how well they’re doing don’t feel anywhere near that good about it. Combine this with new data on the evaporating American middle class and an ugly picture quickly merges. In it, the prosperity in which the Fed takes such comfort rests thinly atop millions – indeed a hundred plus million – of Americans who are barely getting by at the height of the business cycle following a record-breaking “recovery.” No wonder that so many Americans remain so angry about their economic prospects and why political polarization is sure to define the 2020 election at least as much as it determined 2016’s outcome.
Continue reading “The Good, the Bad, and the Ugly in American Well-Being”
By Karen Petrou and Matthew Shaw*
Like most who assess U.S. economic inequality, we’ve focused in this blog on the way income and wealth divide across Americans in general, by race, by age, by gender, by ethnicity, and even by nothing more than where one lives. However, working on another pro bono initiative – this time to speed biomedical research – it’s dawned on us that there’s another major factor that divides the haves from the have-nots that’s even less the result of individual action than all these well-studied demographic criteria: disability. Continue reading “If You Really Want to Be Unequal, Be Disabled”
By Karen Shaw Petrou and Basil N. Petrou
Can a change in financial policy that speeds cures for blindness also cure the way disability now exacerbates U.S. economic inequality? Legislation introduced just yesterday shows how.
Like most severe disabilities, blindness and significant vision impairment are major causes of un- and under-employment. 72 percent of blind Americans are not employed on a full-time basis, which by definition almost always makes them among the most economically unequal of all Americans regardless of race, age, or region. To be sure, some blind people are gainfully employed – determination over the years and, now, technology and guide dogs drop the barriers to full achievement in almost every line of work and profession. But far too often, the problems in education that disadvantage all too many Americans are still worse for the disabled, as are perceptions about incapacity and even downright discrimination. Continue reading “Seeing One Way Out”