The March on Washington, where Dr. Martin Luther King delivered his “I Have a Dream” speech, was formally named the March on Washington for Jobs and Freedom. Dr. King later organized the Poor People’s Campaign as a multi-racial movement for economic justice, which advocated for living wages, income support for the unemployed, improved funding for education, the right to unionize for agricultural workers and access to land and capital. Dr. King’s legacy includes his efforts to secure both civil rights and economic justice.
More than a half-century after Dr. King’s death, important progress has been made, but for Black Americans much of the economic inequality that he fought against remains.
Economic Update — January 10, 2020
Jan 10 2020
Economic Update — December 20, 2019
Dec 20 2019
In December 2017, just days before President Donald Trump signed the $1.9 trillion tax legislation that would create sweeping changes to the U.S. federal tax system, he told television viewers that “it’s going to be one of the great Christmas gifts to middle-income people.”
For several months, the president had been selling the legislation on the claim that the tax cuts would “be rocket fuel for our economy.” His claim was critical to defending against the criticism that most of the tax cuts would go to corporations and the very wealthy—supposedly, the money would ‘trickle down’ to the middle class. Unfortunately, nearly two years of evidence show that his administration's estimates were wildly wrong.
For several months, the president had been selling the legislation on the claim that the tax cuts would “be rocket fuel for our economy.” His claim was critical to defending against the criticism that most of the tax cuts would go to corporations and the very wealthy—supposedly, the money would ‘trickle down’ to the middle class. Unfortunately, nearly two years of evidence show that his administration's estimates were wildly wrong.
Economic Update — December 13, 2019
Dec 13 2019
Economic Update — December 6, 2019
Dec 06 2019
Economic Update — November 22, 2019
Nov 22 2019
Economic Update — November 15, 2019
Nov 15 2019
The Federal Reserve faces a fundamental question that will have an enormous impact on the livelihoods of millions of Americans—what is the lowest unemployment rate possible that doesn’t cause an unacceptable level of inflation?
Economists long have thought that the economy is at “full employment” at a rate of around five percent. Below that, employers would be forced to pay higher wages to attract and retain workers, which in turn would compel them to raise prices, sparking inflation. The theoretical trade-off between unemployment and inflation is what is known as the Phillips Curve.
However, while the current unemployment rate is extremely low at 3.6 percent, inflation remains below the Federal Reserve’s two percent target. Wages have risen, but below expectations. For this reason, some suggest that the Phillips Curve no longer applies.
