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AspenPresentation_SteveRattner

Aspen slides 2016

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AspenPresentation_SteveRattner

  1. 1. Steven Rattner June 30, 2016 Is Capitalism Working? 1
  2. 2. Agenda  Jobs  Wages  Income Inequality  Corporate Short-termism 2
  3. 3. Jobs 3
  4. 4. Jobs Picture Has Been Strong Source: BLS 4
  5. 5. But Labor Force Participation Is Falling Source: BLS, CEA 5
  6. 6. The Missing Prime-Age Men Source: OECD 6
  7. 7. Less Educated More Likely To Drop Out Source: CEA, BLS 7
  8. 8. Gig Economy Is Growing But Still Small 8 Source: JP Morgan Chase Institute, BLS …But Barely Register Among Self-EmployedGig Workers Have Been Increasing…
  9. 9. Wages 9
  10. 10. Wages Should Track Productivity Note: Data are for average hourly compensation of production/nonsupervisory workers in the private sector and net productivity of the total economy. Source: EPI 10
  11. 11. Incomes Now Appear To Be Rising Source: Sentier Research 11 $56,853
  12. 12. But Wage Data Confusing 12 Note: All figures are for production workers only and are adjusted for inflation. Source: BLS
  13. 13. Corporate Profits Near Records Source: Standard and Poor’s, Goldman Sachs 13 9.5%
  14. 14. Why Have Corporate Profits Risen While Wages Have Mostly Stagnated?  Principal causes:  Globalization  Technology  Secondary causes:  Tax policy  Declining unionization  “Winners-take-all” labor market 14
  15. 15. Income Inequality 15
  16. 16. US Leads in Income Inequality *2013 or latest available. Gini coefficients are post taxes and transfers. Source: OECD 16
  17. 17. US Does Less to Redistribute Income 17 Note: Data is for households with people under 60 only. Source: Janet Gornick, Luxembourg Income Study 2013
  18. 18. Are Companies Too Short-Term? 18
  19. 19. Capital Returns Are Rising 19 Note: Figures are for S&P 500 companies only. Source: Carlyle Group, Greg IP, WSJ
  20. 20. Business Spending Better Than Perception 20 Source: BEA
  21. 21. Business R&D Is Near Record Highs 21 Source: BEA 1.76%
  22. 22. Firms With More R&D Are Rewarded 22 Note: R&D spending as reported by 239 of the largest global 500 companies since 2012. Data is through May 2015. Source: Bloomberg, Matthew A. Winkler 251% avg growth* 69% avg growth 36% avg growth -8% avg growth
  23. 23. Thank You For Listening 23

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