This is a pathetic condition, not conducive to social harmony, but conducive to extensive worry, anxiety and social upheaval. RealTime Inequality, a web page from the University of California, Berkeley, and the Congressional Joint Committee on Taxation (Overview, 2022, page 36) say about the same thing: 10% of the population earns 45% of income, 45% earns about 45% of income, and the lower 45% earn 10% - (10 earn 45, 45 earn 45, 45 earn 10), the top 10% earn an average of almost $500,000/year, the middle 45% earn $100,000, and the lower half earn $25,000/year. adults report, including white adults, say they have difficulty finding affordable housing to buy or rent. say they are facing serious financial problems (Whites: 38%)." About 66% of U.S. Harvard University with the Robert Wood Johnson Foundation, August 2022, report, "SERIOUS FINANCIAL PROBLEMS – Currently, 55% of Black, 48% of Latino, 63% of Native American, and 29% of Asian adults in the U.S. He hosts two podcasts, This Week in Startups and All-In, and is a regular contributor to CNBC. Jason Calacanis has invested in over 300 startups in the past decade, was Sequoia Capital's first Scout, and is the author of the book ANGEL. The Economic Policy Institute also concurs, see the article by Josh Bivens, Wage Growth Has Been Dampening Inflation All Along, May 12, 2022. is an angel investing club led by Jason Calacanis. In June 2022 they were lower than in March 2020, wages are not rising much. Wages are not zooming, if they have not even surpassed the wage scale of 57 years ago. This is for "production and nonsupervisory workers", about 80% of all full-time workers. 1965 than in July 2022, that is 57 years ago, a BLS stat. Worse, economists at Goldman Sachs estimate that population aging could continue to reduce the participation rate by 0.2 percentage points per year. Early retirements and the aging of the population have reduced the workforce participation rate for people over 55 to 38.7% –1.6 percentage points lower than its February 2020 level. True, much of the decline is being driven by relatively older workers. Although the labor-force participation rate has recovered nearly two percentage points from its low in April 2020, it has been stagnant over the course of this year. At 62.1%, it is 1.3 percentage points below its level in February 2020, the month before the pandemic began pummeling the US economy. Unfortunately, the workforce participation rate tells a different story.
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At 3.5%, it is as low as it was in the tight labor market of early 2020. Over the past six months, the economy added an average of 465,000 net jobs per month – recovering all the jobs lost during the pandemic, as of July – and the unemployment rate fell by three-tenths of a percentage point. WASHNGTON, DC – America’s labor market is booming.