It's simply not time to hit the panic button.
Salvatore Babones is a senior lecturer in sociology and social policy at the University of Sydney and an associate fellow at the Institute for Policy Studies (IPS). He holds both a master’s degree in statistics and a Ph.D. in sociology from the Johns Hopkins University. Before moving to Australia in 2008, he worked in financial risk management and taught sociology and statistics at several U.S. universities. His academic research focuses on income inequality, economic development, and statistical methods for comparative social science research. He writes a weekly column for the Inequality.org website and contributes to progressive websites and newsletters across America. Read about his upcoming book on the American economy, Benchmarking America, at BenchmarkingAmerica.com and visit his personal website, SalvatoreBabones.com. Dr. Babones welcomes e-mail and is always happy to contribute opinions and expertise to a good cause.
It may be difficult to face facts in an election year, but the fact is that Social Security retirement benefits are just too low.
For most people facing poverty today in the United States, the concept of America as the land of opportunity is just a fable.
Americans are in for a long, hard slog.
Had the federal minimum wage risen at the same pace as the earnings of the highest-paid Americans, it would now be $26.96 an hour.
Retail sales are up in the top 1 percent's plutonomy, but down in the realonomy where the other 99 percent live.