Group items tagged

Household incomes are growing Upper-income households have seen more rapid growth in income Income growth has been most rapid for the top 5% of families The wealth of American families is currently no higher than its level two decades ago The wealth divide among upper-income families and middle- and lower-income families is sharp and rising The richest are getting richer faster Income inequality in the U.S has increased since 1980 and is greater than in peer countries

The report provides an overview of the changes occuring with U.S income and wealth inequality. It highlights key trends as wealth increases and addresses which groups of people are being most affected.

The gap between the richest and the poorest U.S. households is now the largest it's been in the past 50 years - despite the median U.S. income hitting a new record in 2018, according to new data from the U.S. Census Bureau.

The closing of thousands of bank branches in the aftermath of the 2007-09 recession has served to intensify societal concerns about access to financial services among low- income and minority populations, groups that are often affected disproportionately in such situations. These sorts of concerns were expressed recently by, among others, researchers Terri Friedline and Mathieu Despard in an article in The Atlantic.1 We explored these concerns from the perspectives of those living in existing banking deserts as well as those who are dependent on isolated branches that, if closed, would create new deserts.

Is this a recipe for a social uprising fullscale class warfare revolt? Sure, maybe after the next Super Bowl/iPhone/Video Game Release. > Top 1%'s wealth jumped to a record 27% of the total: Fed data shows. > The top 1% represents about 1.3 million households who roughly make more than $500,000 a year -- out of a total of almost 130 million. > The middle 60% of U.S. households by income saw their combined assets drop to 26.6% of national wealth as of June, the lowest in Federal Reserve data going back three decades. For the first time, the super rich had a bigger share, at 27%. > The concentration of wealth in the hands of a fraction of the population is at the core of some of the country's major political battles.

2020 Mobile Money Milestones: >300 Mobile Money providers; 1.2 billion accounts; Africa: 55.2% of all providers; 43% of new accounts (2020) in sub-Saharan Africa

Countering a common point of view, Liberty Street Economics claims that on the policy front, physical distance from a bank seems not to be what keeps the unbanked away, and so motivating or compelling banks to open branches near the unbanked may not reduce their numbers. In fact, in the FDIC's 2015 survey, only 2 percent of unbanked respondents cited "inconvenient location" as the main reason why they did not have a bank account. Far more important reasons were "not enough money to keep in account," "don't trust banks," and "account fees too high." Those issues merit more attention than banking deserts.

Mobile money has grown quickly in Africa and other countries with large unbanked populations. The activity and market share is attracting international and US investment and could herald a change in US options and activity for the unbanked or underbanked.

Child care costs are unrealistic even for middle-income earners

In 2012, this article stated: "The University of Nairobi's Tonny Omwansa, who is writing a book on mobile money, believes the slow growth of mobile cash in the US comes down to Americans' trusting relationship to banking institutions, despite recent protests." Declining trust in established institutions and government since that time may mean that America is ripe for Mobile Money expansion.

A survey based on projections for the year 2050. "Majorities predict a weaker economy, a growing income divide, a degraded environment and a broken political system"

The current problems at the sea ports warrants an even closer look at what's happeining. An article from the Sierra club identifies how ports harm the environment with diesel freighters and equipment. The article is a call to address these matters sooner than later. It also mentions that the port communities are suffering due to exposure to the emissions from operations and that often these communities are lower income families.

Gates Foundation report on the impact of Mobile Money on Poverty. Good stats and evolution.