Statistics on the US Economy

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Statistics on the US Economy

• Area 9,364,000 sq. km
• Population 300m
• lt 5 of worlds population
• consumes approx. 25 of worlds output
• environmentalists estimate that
• it takes 5 earths to support the entire global
  population at our level of consumption
• 9 earths to absorb our wastes and toxins

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An Average American Spends

• 6 hours/week shopping
• 40 minutes/week with kids
• 12 minutes/day talking with spouse
• Hours of work per capita 2,000/yr (fourth
  highest among the OECD countries, has increased
  by 20 over the last 22 years)

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GDP per capita

• GDP/Population GDP per capita
• US GDP per capita 43,500
• Five times the worlds average per capita
• Average US GDP growth 3.0
• Growth in 2001 0.8 2002 1.9 2003 2.5
• 2004 3.9 2005 3.2 2006 QI 5.6 QII
  2.6 QIII 2.0

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What is Produced?

• 78 of output services
• 22 of output goods (durable nondurable)
• Consumption 67
• Investment 18
• Government 18
• Net Exports - 3

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Who Produces?

• Government 20 of output
• Private Firms 80 of output
• Types of Businesses
• corporations 89 of all sales
• partnerships 5
• proprietorships 6

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For Whom?

• 80 of H.H receive lt 71,500/yr
• Top 20 of the H.H receive 50 of entire income
• Bottom 20 receive 3.5
• Poverty threshold for family of four 19,971
• Number of people living in poverty
• in U.S. 12.6
• Income needed to meet basic needs 33,551
• 29 of U.S. families make less than that

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State of Inequality in the U.S.

• Average CEO salary in 2001 13.1m in 2002
  7.4m
• 531 times the average salary of a worker today
  gt200
• Median pay increase for CEOs in 2002 6 for
  firms with biggest layoffs 44
• CEOs salaries increased by 442 since 1990
• If the min. wage increased in pace with CEO pay
  increase since 1990, it would be 25.50
• 19.8 of all children under 5 live in poverty in
  the US
• 2.9 of full-time workers (3 m) live in poverty
  (the same as in 1981)

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Income Share of the Rich
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State of Inequality (cont.)

• Minimum requirement to reach Forbes Magazines
  richest 400 in 1982 161m
• Minimum needed in 2003 1,500m
• of billionaires in the U.S. in 2005 341 (620
  in the world)
• Bill Gates wealth is greater than the combined
  wealth of 40 of the U.S. population.
• Assets of the top 200 richest individuals
  increased from 440b to 1t in four years
  (1994-98)

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Global Richest 10 - 2005

• 1. Bill Gates (U.S. Microsoft) 46.5 billion
• 2. Warren Buffet (U.S. Berkshire Hathaway) 44
• 3. Lakshmi Mittal (U.S. Steel) 25
• 4. Carlos Slim Helu (Mexico Telecom) 23.8
• 5. Prince Alwaleed (Saudi Arabia) 23.7
• 6. Ingvar Kamprad (Ikea Sweden) 23
• 7. Paul Allen (U.S. Microsoft) 21
• 8. Karl Albrecht (Germany Aldi) 18.5
• 9. Larry Ellison (U.S. Oracle) 18.4
• 10. Robson Walton (U.S. Wal-Mart) 18.3

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State of Inequality in the U.S.

• California ranks 5th in terms of least inequality
• Top 1 share increased by 57 (93-97)
• Middle 20 share increased by 1.8
• Poorest 20 share increased by 10
• 750,000 homeless in the U.S.
• 23m people sought emergency food aid in 2001
• 6.5m prisoners
• 10-12m Americans dont have bank accounts

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STATE OF GLOBAL INEQUALITY

• Distribution of income
• The worlds richest 20 receive 86 of the
  worlds GDP
• middle 60 receive 13
• Inequality ratio 74 to 1
• poorest 20 receive 1
• in 1960 30 to 1
• The top three richest persons on earth have
  assets equal to the total GDP of bottom 48
  countries in the world.

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State of Health

• 1.3 billion people lack access to clean water
• 1.3 billion live on less than 1/day
• 840 million are malnourished
• 24,000 people a day die from hunger-related
  causes

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Corporate Power

• 53 of the top 100 economies in the world are
  corporations
• 1 corporation in terms of sales (2004)
  Wal-Mart, sales of 288b
• 2 ExxonMobil (271b), 3 GM (193b)
• There are only 20 nations whose GDP is higher
  than Wal-Marts sales
• Most profitable firm (2004) ExxonMob. 25.3b
• Most Assets Citicorp. _at_ 1.26t
• Highest Market cap ExxonMobil _at_ 392b

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A scene from 1973 at a gas station in NYC