The ADP/TDC Economic Inequality Initiative is hosting what promises to be a powerful public panel at the 2017 Civic Learning and Democratic Engagement (CLDE) Meeting this coming week. Please join us for:
Economic Inequality in the U.S.: A discussion with the Philadelphia Federal Reserve Bank
Friday, June 9, 2017 1:00 p.m. – 2:30 p.m., Ballroom V and VI
America has long been heralded as the “land of opportunity,” but consider the following:
- The average student loan debt for the class of 2012 was $29,400, which doesn’t account for any debt accrued in graduate school.
- Between 1947 and 1972, the average hourly wage, adjusted for inflation, rose 76 percent. Since 1972, by contrast, the average hourly wage has risen only 4 percent.
- In 2011 the poverty rate for female-headed families with children was 40.9 percent.
- In 2009, CEOs of major U.S. corporations averaged 263 times the average compensation of American workers.
- Between 1979 and 2007, wages for the top 1 percent rose almost 10 times as fast as those for the bottom 90 percent: 156.2 percent versus 16.7 percent.
- “The two years in the last hundred that mark the apogees of inequality—when the richest one percent received a record 23.5 percent of total income—were 1928 and 2007” (Robert Reich, Aftershock , p. 5).
- An Organization for Economic Cooperation and Development study found that almost 884,000 excess deaths per year in the United States could be attributed to high levels of income inequality.
Economic inequality, and its impact on mobility, hinders economic growth at the local, regional, and national levels. This panel will include research on the current state of economic inequality as well as potential strategies for addressing the issue. Local foundations, nonprofit organizations, and anchor institutions, including hospitals and universities, can play integral roles in combating inequality. Perspectives from these types of institutions will be provided along with a systems-level view of how to effectively coordinate efforts by collaboratively identifying and leveraging local and regional assets.
- Lee Huang, Senior Vice President and Principal of Econsult, has been responsible for leading projects examining commercial corridors, affordable housing, neighborhood change, transportation financing, MWBE procurement, real estate development, economic development, tax policy, economic and fiscal impact, transit-oriented development, financial modeling, tax increment financing, waterfront development, discrimination in lending practices, higher education, workforce development, technology, historic preservation, and recreational amenities.
- Nyeema Watson, Associate Chancellor of Civic Engagement at Rutgers University- Camden, leads the university’s community and service initiatives.
- Ann Hughes, Director of the Ware Institute for Civic Engagement at Franklin & Marshall College, connects students with the local community to address challenges and develop a deeper understanding of societal issues, while also gaining important professional skills.
- Theresa Y. Singleton is Vice President in the Community Development Studies & Education Department at the Federal Reserve Bank of Philadelphia and the Bank’s Community Affairs Officer. Singleton is responsible for overseeing research and outreach initiatives that promote community development and fair and impartial access to credit. She also oversees the Bank’s economic education and personal finance efforts.