NC State Economist Mike Walden – “Falling Income from Working”

Mary:    I’m Mary Walden with economist MW welcoming you to the economic perspective.  Today’s program looks at falling income from working.  Mike, some new statistics just released show the proportion of households’ financial resources from working is at a 30 year low.  What kind of resources have taken up the slack?

Mike:  Summary Answer

  1. In 1980, 60% of the financial resources for households came from wages and salaries;  today it’s 50%
  2. Two areas have taken up the slack
  3. One is private pensions, Soc. Sec.,  and unemployment benefits
  4.  The second is transfer programs like food stamps and Medicaid
  5. Also, two big reasons for the shift
  6. Aging of the population – pensions and Soc. Sec. more important
  7. Second is condition of the job market – still have many out of work who want jobs – and are receiving public help
  8. I’m MW

Mary:  And I’m Mary Walden for the North Carolina Cooperative Extension Service

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.