Originally published on Tue August 12, 2014 1:17 pm
Inequality is rising in the U.S. You know this. As the graph below shows, incomes since 1988 have been flat for poor and middle-class people, and rising for the upper-middle-class and, especially, for the wealthy.
A bunch of causes are commonly cited for rising inequality. One is globalization: Competition from foreign workers has kept a lid on wages for low-skilled workers, and added to gains for some at the top of the income ladder.
Originally published on Tue August 12, 2014 1:51 pm
Lynn Eldredge has worked hard for the past three decades. But somehow, it's still not quite enough.
Eldredge started his working life in the Air Force, and eventually found a steady job in a factory in Kansas. But then, in 2000, he was laid off — and has had six different jobs since then.
Over the past several decades in the U.S., wages have stayed flat or even gone down, while the cost of living has gone up. Economists say that's because jobs went overseas, technology replaced human labor and labor unions have seen their influence decline.
Originally published on Fri August 1, 2014 7:14 am
The coal industry made its presence known in Pittsburgh this week for public hearings on President Obama's controversial plan to address climate change. A key element is rules the Environmental Protection Agency proposed in June. They would cut greenhouse gas emissions — chiefly carbon dioxide — from existing power plants. The national goal is 30 percent by 2030, based on 2005 levels.
Yesterday in New York, representatives from Argentina and some of its creditors emerged from negotiations to announce that they had failed.
As NPR's Jim Zarroli reports, this meant that the country had fallen into default for a second time in more than 12 years. The repercussions of the default are unpredictable, but it could mean that the country is shut out of the international debt markets, perhaps pushing interest rates and inflation higher.
With that here are five headlines that tell the story of Argentina's default:
Originally published on Sat August 2, 2014 2:50 pm
New York City Mayor Bill de Blasio's administration is under fire for signing off on a building plan that allows a new luxury high-rise on Manhattan's western edge to have a separate entrance for low-income residents.
About 20 percent of the units in the 33-story tower will be reserved for low- and middle-income residents. But all the affordable units will be grouped in one area, and those tenants will have to enter through a separate door.
New Jersey used to be known as "the nation's medicine chest," but over the past two decades, many of the state's pharmaceutical industry jobs have dried up or moved elsewhere, and left millions of square feet of office space, warehouses and laboratories sitting empty.
NPR's Business News starts with big losses at Credit Suisse - really big. The Swiss bank is reporting a net loss of more than $770 million for the second quarter. That's the biggest loss for the bank since the 2008 financial crisis. Much of the loss is due to a legal settlement with U.S. tax authorities. In May, the bank pleaded guilty to helping Americans evade U.S. taxes by hiding the money in Swiss accounts. Credit Suisse paid a fine of $2.6 billion. Transcript provided by NPR, Copyright NPR.
This summer, we're also focusing on the high rate of youth unemployment and hearing what some out-of-work younger adults are doing to make ends meet. Christina Gastlelum is 32. She recently moved to Maine from New York City. She tried to keep doing her job as vice president of a nonprofit remotely which did not work out.
Originally published on Fri August 1, 2014 1:06 pm
The Johns Hopkins Health System will pay $190 million to former patients of a gynecologist who used a small camera to secretly film examinations, in one of the largest sexual misconduct settlements involving a physician.
The Baltimore-based hospital is settling a class-action lawsuit that includes more than 7,000 women and at least 62 minors; more women will likely register with the suit.
From member station WYPR, Christopher Connelly reports:
Originally published on Mon July 21, 2014 10:50 am
Young people are being chased out of the labor market. Though the national unemployment rate has fallen steadily in recent months, youth unemployment remains stubbornly high, and the jobless rate is even higher among young minorities. For young people between the ages of 16 and 24, unemployment is more than twice the national rate, at 14.2 percent. For African-Americans, that rate jumps to 21.4 percent.
Originally published on Sun July 20, 2014 12:08 pm
ARUN RATH, HOST:
A federal grand jury indicted FedEx last week on charges the company knowingly shipped drugs from illegal online pharmacies. NPR's Yuki Noguchi reports the disputes over shippers' responsibilities in the illegal drug trade go back many years.
Originally published on Sun July 20, 2014 12:01 pm
R.J. Reynolds Tobacco Co., the nation's second-largest cigarette maker, is vowing to fight a verdict of $23.6 billion in punitive damages to the widow of a smoker who died of lung cancer.
Calling the massive award "grossly excessive and impermissible under state and constitutional law," the tobacco company's CEO, J. Jefferey Raborn, said the verdict was "beyond the realm of reasonableness and fairness, and is completely inconsistent with the evidence presented."
Originally published on Fri August 1, 2014 10:24 am
New data released by the Department of Labor shows that raising the minimum wage in some states does not appear to have had a negative impact on job growth, contrary to what critics said would happen.
In a report on Friday, the 13 states that raised their minimum wages on Jan. 1 have added jobs at a faster pace than those that did not. The data run counter to a Congressional Budget Office report in February that said raising the minimum wage to $10.10 an hour, as the White House supports, could cost as many as 500,000 jobs.