<
https://prospect.org/economy/2023-07-10-bidens-unheralded-war-on-poverty/>
"The Great American Quit Rate (full name: Great American
Quit-Your-Stinkin’-Job-for-a-Better-One Rate) has finally subsided. While it
lasted, though, it enabled the nation’s low-wage workers to make the first
substantial economic gains they’ve made in 40 years. And that the GAQR existed
at all was due almost entirely to President Biden’s war on poverty—a war that
has gone largely unnoticed by both the public and the media.
How sizable were the gains that those low-wage workers made? According to a
study by economists David Autor, Arindrajit Dube, and Annie McGrew, so many
workers—predominantly young, with no more than high school educations, working
overwhelmingly in low-wage service-sector jobs—quit those jobs in 2021 and 2022
for better-paying ones that this collective job switch actually reduced such
indices of inequality as the gaps between college-educated and non-college
workers, and that between the 90th income percentile and the 10th income
percentile, by a full 25 percent. Both those gaps had been steadily widening
for the past four decades. So sizable were these gains among low-wage workers
that they were the only group of workers over the past two years who have seen
wage increases that outpaced the rise in inflation. It was chiefly they who
were doing the quitting and moving to better jobs over the past several years;
better-paid workers largely stayed put."
Via
Future Crunch:
<
https://futurecrunch.com/good-news-wash-poverty-usa-seabird-conservation/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
