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Discussions of inequality often focus on the pay gap between executives and lower-level employees. However, in a new column for Bloomberg View, CFR Adjunct Senior Fellow Peter Orszag highlights new research showing that variation in salaries across different companies is actually the largest driver of inequality. This finding may help explain the decline in job-related mobility among Americans. Once a worker finds a high-paying company, they are less likely to leave. This limits opportunities for workers in lower-paying companies to make a move into a higher-paying one, and therefore decreases the incentives to move across state lines to find a new job.
Conventional wisdom holds that Congress is more polarized than the American people as a whole. However, in a new column for Bloomberg View, CFR Adjunct Senior Fellow Peter Orszag explores evidence showing that voter preferences may have long been misread. Congressional districts that are moderate on average may not actually contain large densities of moderate voters. Instead, there may be a similar number of partisan Democrats and Republicans, with only a small moderate minority.
Many state-level policymakers propose lowering income taxes to lure people from other states. In a new column for Bloomberg View, CFR Adjunct Senior Fellow Peter Orszag explains that income tax rates are not a major driver of interstate migration. Rather, people move to find warmer weather, cheaper housing, and, most importantly, better jobs.
This post was co-authored with David Brady, Deputy Director and Senior Fellow at the Hoover Institution and Professor of Political Science at Stanford University.
MILAN–Governments’ inability to act decisively to address their economies’ growth, employment, and distributional challenges has emerged as a major source of concern almost everywhere. In the United States, in particular, political polarization, congressional gridlock, and irresponsible grandstanding have garnered much attention, with many worried about the economic consequences. Read more »
Until relatively recently, countries’ so-called middle-income transitions were largely ignored–in part because what was supposed to be a transition often became a trap. A few economies in Asia–particularly Japan, South Korea, and Taiwan–sailed through to high-income status with relatively high growth rates. But the vast majority of economies slowed down or stopped growing altogether in per capita terms after entering the middle-income range. Read more »
Advanced economies’ experience since the 2008 financial crisis has spurred a rapidly evolving discussion of growth, employment, and income inequality. That should come as no surprise: For those who expected a relatively rapid post-crisis recovery, the more things stay the same, the more they change. Read more »
Assessing the recent past and looking forward to the near term is a natural end-of-year exercise. When it comes to the global economy in 2013 and 2014, it may well be a necessary one as well.
In the past year, systemic risk declined. Europe came together around the need to stabilize the eurozone, with the European Central Bank and Germany playing the leading roles. Read more »
As 2013 fades into 2014, it seems like a good time to do a quick performance check on the United States. CFR’s Renewing America initiative is premised on the understanding that the United States’ ability to influence world events rests on a robust, competitive economy. While any given year is at best a snapshot in a very long game, some of the numbers from this year are nonetheless quite striking (and more on the positive side than not). And so, with apologies to Clint Eastwood, my snap assessment. Read more »
The United States faces enormous challenges created by an increasingly dynamic and competitive global economy. This blog offers a portal to the Renewing America initiative, which sponsors research, analysis, policy ideas, and dialogue on how best to revitalize the country's economic strength and build the foundations for future prosperity and influence.
Renewing America examines the major domestic challenges facing the United States that have significant consequences for national security and foreign policy.
This interactive timeline outlines the evolution of U.S. immigration policy after World War II.