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Showing blog posts tagged with GDP

One Is not a Trend, but…

The U.S. Bureau of Economic Analysis released its downward revisions of Gross Domestic Product (GDP—the measure of all goods and services produced by the economy) for the first three months of this year. Now, the estimate is that the economy shrank at the rate of 2.9%. After 11 straight quarters of growth, this is the first downturn. Many are dismissing this as the result of the extreme winter weather chasing consumers indoors; consumption at restaurants was down, as were sales of clothing and footwear that would be bought at malls. Inventories also fell, as did the measure of exports.

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Tell Us What You Think: What’s Wrong With the U.S. Economy? The Long Answer.

This is the second of a four-part series describing what went wrong with America’s economy and how to fix it. See Part 3 tomorrow and read Part 1: "Tell Us What You Think: What’s Wrong With the U.S. Economy? The Real Scoop"—and please leave a comment to tell us what you think. (Click the chart to enlarge.)

If the short answer is “we’re still recovering from the Crash of 2008,” the long answer is “there was obviously something wrong with the economy long before the Crash of 2008.” 

There were obvious warning signs during the Bush years that should have set off alarm bells.  Most importantly, wages and middle-class family incomes were dead in the water.  The median income for working-age families started falling in 2000 and never recovered during the 2001-2007 recovery.

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Minimum Wage Boost Could Create 100,000 Jobs

min wage

When wages rise, workers and communities benefit. So imagine how improved our national economy would be if the wages of nearly 30 million workers got a boost?

If Congress acted to raise the federal minimum wage to $9.80 by July 1, 2014, some 28 million workers would see a pay increase, according to the Economic Policy Institute’s (EPI) latest report on the minimum wage. Further, those workers would receive nearly $40 billion in additional wages over the phase-in period.

During an across the phase-in period of the minimum-wage increase, the U.S. gross domestic product (GDP) would increase by roughly $25 billion, resulting in the creation of approximately 100,000 net new jobs, according to EPI.

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