OECD: income growth still lousy

Global economic growth may have improved, but this new income isn't filtering down to the average worker, OECD Chief Economist Catherine Mann tells the Financial Times. "We are concerned that policymakers ... will become complacent and think that 'our job is done'," she said. Here are some further points to keep in mind:

  • Wage growth has risen in the U.S., with total compensation jumping 2.4% in the year ended in March versus 1.9% a year earlier. It remains below rates prior to the 2008-09 recession.
  • The calm before the storm: Slow U.S. economic and wage growth has been paired with low productivity improvement, wich means jobs are plentiful right now despite the looming threat of automation. But a fractious political climate has hobbled Washington's ability to do much policy experimentation in preparation for a potential future of widespread technological unemployment.
  • Why it matters: To the degree that the anti-establishment political wave in the West is related to slow growth in individual income, there's no reason to believe those movements will lose momentum soon.

What's next

⚖️ Live updates: Opening arguments begin in Trump impeachment trial

The second day of the Senate impeachment trial of President Trump will see a full day of opening arguments from Democratic House impeachment managers.

What to watch for: Democrats now have 24 hours — spread out over three days — to take their time to lay out their case against the president's alleged abuse of power and obstruction of Congress. It'll also allow them to highlight gaps that could be filled out by additional witnesses and documents from the administration.

This post will be updated with new developments as the trial continues.

Go deeperArrowJan 21, 2020 - Politics

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America's homelessness crisis isn't going away

Illustration: Aïda Amer/Axios

If the opioid epidemic was the top issue plaguing American cities in the last five years, the most urgent problem of the next five is homelessness, a group of American mayors told reporters in D.C. this week.

Why it matters: Homelessness in the U.S. was on the decline after 2010, but it started to increase again in 2016 — and without moves to address the affordable housing crisis driving the issue, we can expect it to keep getting worse, experts say.

Go deeperArrow2 hours ago - Cities