income

Stateside: Addressing Michigan's income disparity

Michigan Radio Newsroom — Wed, 12 Dec 2012 22:41:55 +0000

The gap between the Middle and Upper class in Michigan has widened.

Michigan State University’s Charley Ballard spoke with Cyndy about income disparity in both the state and country.

“There is a lot of emphasis about the level of income, but I am talking about the gap between those at the top, the middle and bottom in terms of how much their household income is. A big story is that the gap has widened. Michigan is typical in that the gap between the gap and top and the middle has gone way up, but the gap between the middle and the bottom has not,” said Ballard.

The disparities in income are largely a result of varying degrees of education among Michigan workers.

“Those at the top tend to be college-educated. Those at the bottom tend to not be,” said Ballard.

According to Ballard, Michigan’s statistics are average when compared nationally.

“In a lot of ways we’re a middle-of-the-pack state. If you take that ratio of the household income for the person at the 90^th percentile, upper-middle class, and compare that with the household income with someone at the tenth percentile, that ratio increased by more than 20% in Michigan.”

Stateside: Per capita income increases in Michigan, still below national average

Michigan Radio Newsroom — Tue, 27 Nov 2012 21:34:50 +0000

A new report from the United States Commerce Department found that economic recovery is occurring in Michigan. According to the survey, per capita personal income rose in nearly every Michigan county last year.

Charley Ballard, Michigan State University Professor of Economics explained that although improving, Michigan’s economy still has further to go.

Ballard began by defining the factors of per capita income.

“It’s their wages and salaries. It also included dividends and social security. It doesn’t include Medicare. They add up all of the income of all the people in Michigan and then divide by the number of people,” said Ballard.

Though improved, Michigan is still well below the national average of per capita income.

Michigan 4th worst in gender-based income inequality

Michigan Radio Newsroom — Fri, 19 Oct 2012 19:33:07 +0000

Mitt Romney’s “binders full of women” comment from the second presidential debate became an instant Internet meme, but it also brought attention to the issue of income inequality based on gender.

It’s an issue with particular relevance for Michigan.

The state ranks fourth in the country for the largest pay gap between men and women.

Census data shows higher poverty, lower median household incomes in Michigan

Lindsey Smith — Thu, 20 Sep 2012 20:04:33 +0000

Household incomes are down while the number of people living in poverty is up. That’s according to new data from the US Census Bureau. Michigan’s numbers mirror national trends.

Forbes: Detroit ranks 3rd in adjusted wages compared to national average

Michigan Radio Newsroom — Mon, 16 Jul 2012 17:21:37 +0000

Detroit has the third highest average annual income out of the 51 largest metropolitan areas in the country.

Shocked? Let me explain.

Forbes Magazine and the Praxis Strategy Group re-ranked the incomes in these 51 cities after adjusting for cost of living. Not surprisingly, it turns out a dollar goes a lot farther in Detroit than in, say, New York City or Boston.

Report says CEOs cashing in on layoffs

Mark Brush — Fri, 03 Sep 2010 17:01:44 +0000

A report from the Institute for Policy Studies looked at CEO compensation from the 50 companies that layed off more workers during the recession. They found the CEOs at these companies are paid more, on average, than the average pay for the CEOs running to top 500 companies in the U.S. (S&P 500).

Sarah Anderson is the lead author of the report. She says,

"CEOs are squeezing workers to boost short-term profits and fatten their own paychecks."