The nation's middle class is at "its smallest size in the last 30 years," the IMF says.
(Photo: Gilbert Mercier/flickr/cc)
Jun 22, 2016
Invest in the nation's infrastructure, raise the minimum wage, expand the Earned Income Tax Credit, improve paid family leave, and raise the ceiling for social security contributions.
These suggestions, long-advocated for by progressive organizations, are now being encouraged by none other than the International Monetary Fund (IMF), which warned Wednesday of an "urgent need to tackle poverty" in the United States.
While praising the nation's economy's "overall good shape," the IMF said in its assessment that "the U.S. faces potentially significant longer-term challenges to strong and sustained growth. Concerted policy actions are warranted, sooner rather than later."
The nation's economic well-being, it said, is threatened by factors including the shrinking middle class--now at "its smallest size in the last 30 years"--as well as "income and wealth distribution [that] are increasingly polarized" and rising poverty. "One in seven Americans is living in poverty," including 40 percent of whom are working, the body added.
The IMF's suggestions, which also include non-progressive measures like ratifying the Trans-Pacific Partnership, are based on the benefit of continued economic growth—an idea challenged by some on the left, including authors and climate activists Bill McKibben and Naomi Klein.
The IMF's new findings come less than a month after a paper released by three of its economists concluded that austerity policies were fueling inequality, which in turn hurts growth--"the very thing that the neoliberal agenda is intent on boosting," while the Organization for Economic Co-operation and Development (OECD) warned at the start of the month of the challenges of rising inequality and called on global governments to take measures to "safeguard living standards for all."
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
austerityeconomic growthimfinequalityinfrastructureminimum wagenaomi kleinpovertytrans-pacific partnershipinternational monetary fund
Invest in the nation's infrastructure, raise the minimum wage, expand the Earned Income Tax Credit, improve paid family leave, and raise the ceiling for social security contributions.
These suggestions, long-advocated for by progressive organizations, are now being encouraged by none other than the International Monetary Fund (IMF), which warned Wednesday of an "urgent need to tackle poverty" in the United States.
While praising the nation's economy's "overall good shape," the IMF said in its assessment that "the U.S. faces potentially significant longer-term challenges to strong and sustained growth. Concerted policy actions are warranted, sooner rather than later."
The nation's economic well-being, it said, is threatened by factors including the shrinking middle class--now at "its smallest size in the last 30 years"--as well as "income and wealth distribution [that] are increasingly polarized" and rising poverty. "One in seven Americans is living in poverty," including 40 percent of whom are working, the body added.
The IMF's suggestions, which also include non-progressive measures like ratifying the Trans-Pacific Partnership, are based on the benefit of continued economic growth—an idea challenged by some on the left, including authors and climate activists Bill McKibben and Naomi Klein.
The IMF's new findings come less than a month after a paper released by three of its economists concluded that austerity policies were fueling inequality, which in turn hurts growth--"the very thing that the neoliberal agenda is intent on boosting," while the Organization for Economic Co-operation and Development (OECD) warned at the start of the month of the challenges of rising inequality and called on global governments to take measures to "safeguard living standards for all."
Invest in the nation's infrastructure, raise the minimum wage, expand the Earned Income Tax Credit, improve paid family leave, and raise the ceiling for social security contributions.
These suggestions, long-advocated for by progressive organizations, are now being encouraged by none other than the International Monetary Fund (IMF), which warned Wednesday of an "urgent need to tackle poverty" in the United States.
While praising the nation's economy's "overall good shape," the IMF said in its assessment that "the U.S. faces potentially significant longer-term challenges to strong and sustained growth. Concerted policy actions are warranted, sooner rather than later."
The nation's economic well-being, it said, is threatened by factors including the shrinking middle class--now at "its smallest size in the last 30 years"--as well as "income and wealth distribution [that] are increasingly polarized" and rising poverty. "One in seven Americans is living in poverty," including 40 percent of whom are working, the body added.
The IMF's suggestions, which also include non-progressive measures like ratifying the Trans-Pacific Partnership, are based on the benefit of continued economic growth—an idea challenged by some on the left, including authors and climate activists Bill McKibben and Naomi Klein.
The IMF's new findings come less than a month after a paper released by three of its economists concluded that austerity policies were fueling inequality, which in turn hurts growth--"the very thing that the neoliberal agenda is intent on boosting," while the Organization for Economic Co-operation and Development (OECD) warned at the start of the month of the challenges of rising inequality and called on global governments to take measures to "safeguard living standards for all."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.