We're often told that, sure, there may be a lot of income inequality, but that the economy is fair anyway, because in this great nation of ours, anyone can become wealthy due to enormous income mobility. Except that as it turns out, income mobility is declining. Jared Bernstein writes:
A new paper by Federal Reserve economist Katharine Bradbury clearly documents a statistically significant decline in the rate of mobility. The slowdown isn’t dramatic; Bradbury accurately labels it “slight.” But it’s there.
- The National Mediation Board rejected a request by the machinists union for a new election at Delta; the union had alleged employer intimidation.
- A Project Labor Agreement in San Francisco involves thousands of jobs and is described as a "critical tool" by the executive director of the Transbay Joint Powers Authority.
- WellPoint settled an age discrimination suit for $2.6 million; the insurer allegedly fired older workers who had health problems.
Yale University has followed Brown University in deciding not to reinvest in private-equity hotelier HEI Hospitality, the seventh-largest hotel management company in the country. HEI buys hotels, cuts costs and tries to sell the hotels at a profit. The cost-cutting step often involves laying off workers and increasing workloads for those who remain.
- The Restaurant Opportunities Center United has released its national dining guide, identifying restaurants that offer workers things like decent wages, paid sick leave and opportunities for advancement, as well as restaurants where workers have complained about violations of the law.
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