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More Chutes than Ladders: Economic mobility down and up Washington A presentation for the

More Chutes than Ladders: Economic mobility down and up Washington A presentation for the Seattle Economics Council May 14, 2014 John Burbank Economic Opportunity Institute . Hourly compensation for production/non-supervisory workers and total economy productivity, 1948 –1978.

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More Chutes than Ladders: Economic mobility down and up Washington A presentation for the

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  1. More Chutes than Ladders: • Economic mobility down and up Washington • A presentation for the • Seattle Economics Council • May 14, 2014 • John Burbank • Economic Opportunity Institute www.eoionline.org

  2. Hourly compensation for production/non-supervisory workers and total economy productivity, 1948–1978 www.eoionline.org

  3. www.eoionline.org

  4. www.eoionline.org

  5. Economic Context – WA Wages www.eoionline.org

  6. www.eoionline.org

  7. Changing Economic Landscape www.eoionline.org Economic Opportunity Institute

  8. Changing Economic Landscape www.eoionline.org Economic Opportunity Institute

  9. Changing Economic Landscape www.eoionline.org Economic Opportunity Institute

  10. Income Inequality www.eoionline.org Economic Opportunity Institute

  11. Factors Affecting Mobility www.eoionline.org Economic Opportunity Institute

  12. Factors Affecting Mobility www.eoionline.org Economic Opportunity Institute

  13. Tuition and Fees, Washington State Colleges and Universities, 1989-2012 www.eoionline.org

  14. University of Washington Tuition as a Percentage of Washington Median Household Income www.eoionline.org

  15. Average Student Loan Debt by Income for University of Washington Students Who Graduate with Debt Source: University of Washington Income/Debt Comparisons, 2006-2011 http://projectonstudentdebt.org/ www.eoionline.org

  16. % of Income Paid in State and Local Taxes Washington State www.eoionline.org

  17. We are leaving a lot of money on the table! Personal income is growing much faster than sales tax base in WA Sources: U.S. Bureau of Economic Analysis, Washington Economic and Revenue Forecast Council www.eoionline.org

  18. If revenue just kept up personal income…. For academic year ending in given year. Source: fiscal.wa.gov www.eoionline.org

  19. Washington State General Fund Revenues Per Capita, Inflation-Adjusted www.eoionline.org

  20. Washington General Fund higher education spending per enrolled student, 2 and 4-yr www.eoionline.org

  21. Women earn majority of degrees Source: U.S. Department of Education www.eoionline.org

  22. College majors and starting salaries www.eoionline.org

  23. Gendered Wage Gap www.eoionline.org Economic Opportunity Institute

  24. Earnings gap grows in childbearing yearsAverage monthly earnings, Washington, 2012 Source: U.S. Census Bureau, Quarterly Workforce Indicators www.eoionline.org

  25. Higher earnings = more retirement income for men Source: Employee Benefit Research Institute www.eoionline.org

  26. Millennials • More students taking on debt and in higher amounts • 40% of student borrowers are in deferment, forbearance or default • Highest rates of debt among lowest income students at UW www.eoionline.org Economic Opportunity Institute

  27. Millennials • Incomes of oldest households have increased at four times the rate of the youngest households • Younger households also more likely to be in poverty over time www.eoionline.org Economic Opportunity Institute

  28. Millennials • Great Recession has accelerated generation gap in economic well-being • All households at the median lost net-worth, but youngest households faced steepest declines www.eoionline.org Economic Opportunity Institute

  29. The marketplace of benefits Source: U.S. Bureau of Labor Statistics www.eoionline.org

  30. PRIVATE-SECTOR WORKERS PARTICIPATING IN AN EMPLOYMENT-BASED RETIREMENT PLAN www.eoionline.org

  31. Pension Benefit Impacts on Washington State Economy, 2009 Multiplier from Almieda, Beth, and Biovie, Ilana, National Institute on Retirement Security, February 2009, “Pensionomics: Measuring the Economic Impact of State and Local Pension Plans, p. 8: http://www.nirsonline.org/storage/nirs/documents/Pensionomics%20Report.pdf; monthly benefit calculations from Merchant, Shawn, DRS Calculations, retirees as of 6/30/09; e-mailed 4/11/2010. www.eoionline.org

  32. Realizing Upward Mobility • Wages • Social contract • Family leave • Retirement • Education • Jobs, public and private • Robust public revenue and progressive taxation • Presented by the Economic Opportunity Institute • For more information visit:www.eoionline.org www.eoionline.org

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