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Income is at the core of living standards for American families and households. Income received from work, returns on investments, and/or government benefits is what enables families and households to secure food and shelter, cover unexpected costs (such as for hospital stays or roof repairs), withstand periods of joblessness, save for children’s education, and ensure a comfortable retirement.

While it is generally recognized that the Great Recession dealt a harsh blow to American family and household incomes, our analysis reveals that the business cycle preceding the recession was already shaping up as a lost decade for American incomes. Between the business cycle peaks of 2000 and 2007, most measures of typical American incomes registered either negligible gains or outright losses.

Median household income, for example, fell by 6 percent over the entire period.

Similarly, median income of working-age families never recovered its 2000 peak in the years leading up to the Great Recession.

This poor performance during an economic recovery and expansion was then followed by the severe setback to incomes during the Great Recession. Median income of working-age families, for example, fell 7.1 percent between 2007 and 2010 (from $68,893 to $63,967). Further, the strong relationship between income growth (or lack thereof) and unemployment implies that if full labor market recovery from the Great Recession takes as long as forecasters predict, nearly two decades likely will pass before American incomes regain lost ground and return to their 2000 levels.

The steep rise in inequality in recent decades is familiar to many readers and has been the subject of many previous editions of the State of Working America.

This rising inequality has been primarily driven by developments in market incomes, particularly the rapid concentration of income derived from labor and income derived from capital ownership in the hands of households at the top of the income scale.

1.10. Дайте відповіді на запитання.

1.10.1. In what way can you receive income?

1.10.2. What does income enable families and households to do?

1.10.3. How much did the median income fall between 2000 and 2007?

1.10.4. What does the relationship between income growth and unemployment imply?

1.10.5. What causes the rising inequality?

Варіант №2

Розкрийте дужки, вставляючи дієслова у потрібній формі пасивного стану. Речення перекладіть.

2.1.1. I didn`t know whom I … (to introduce) to at that moment.

2.1.2. His friend well … (to speak) of.

2.1.3. He never … (to take for) an Englishman yet.

Дата добавления: 2015-08-18