High Wage vs Low Wage: Different Economic Recoveries
While it’s not uncommon for low wage workers to bear the brunt of an economic recession, this year’s economic collapse has been exceptionally brutal for America’s lower income employees.
Employment rates for high wage workers have bounced back from their spring slump, but unfortunately, the recovery hasn’t been as pronounced for low income workers.
Less than half the jobs lost earlier this year have returned for those making under $20 per hour. To give you a broader perspective, here’s a look at the percent change of employment rates from February through to November 2020:
|Date||High Wage Workers (>$60k)||Low Wage Workers (<$27k)|
|Feb 1, 2020||0.4%||0.2%|
|Mar 1, 2020||2.1%||-0.7%|
|Apr 1, 2020||-9.8%||-23.8%|
|May 1, 2020||-11.5%||-37.0%|
|June 1, 2020||-2.8%||-26.6%|
|July 1, 2020||-2.1%||-20.4%|
|Aug 1, 2020||-2.2%||-19.2%|
|Sept 1, 2020||-0.0%||-19.8%|
|Oct 1, 2020||0.2%||-19.2%|
|Nov 1, 2020||0.0%||-20.0%|
*Note: Percentage changes are compared to U.S. employment rates from January 2020.
As the table above shows, this recession has been tough for low wage workers. But why?
It’s Not You, It’s Your Industry
There are various elements at play, but one key factor driving this unequal recession is the type of work that’s been impacted by the global pandemic.
The sectors that have been most affected, such as accommodation and food services, are the industries that typically employ low wage workers. On the flip side, many high income workers are employed in industries that allow them to work from home.
Although several COVID-19 vaccines are now in sight, a return to “normal” can’t come soon enough for workers in hard-hit industries such as travel, tourism, and food services.
» Interested in learning more about COVID-19’s impact on the U.S. economy? Check out our full article: America’s $2 Trillion Economic Drop, by State and Sector
Visualizing the Five Drivers of Forest Loss
Approximately 15 billion trees are cut down annually across the world. Here’s a look at the five major drivers of forest loss. (Sponsored)
Visualizing the Five Drivers of Forest Loss
The world has lost one-third of its forests since the ice age, and today, approximately 15 billion trees are cut down annually.
Forests are wellsprings of biodiversity and an essential buffer against climate change, absorbing billions of tonnes of carbon dioxide emissions every year. Yet, forest loss continues to grow.
The above infographic sponsored by Carbon Streaming Corporation highlights the five primary drivers behind forest loss.
Deforestation vs. Degradation
‘Forest loss’ is a broad term that captures the impacts of both permanent deforestation and forest degradation. There is an important distinction between the two:
- Permanent deforestation: Refers to the complete removal of trees or conversion of forests to another land use (like buildings), where forests cannot regrow.
- Forest degradation: Refers to a reduction in the density of trees in the area without a change in land use. Forests are expected to regrow.
Forest degradation accounts for over 70% or 15 million hectares of annual forest loss. The other 30% of lost forests are permanently deforested.
|Driving factor||Category||Average annual forest loss (2001-2015, million hectares)|
|Commodity-driven deforestation||Permanent deforestation||5.7|
|Forestry products||Forest degradation||5.4|
|Shifting agriculture||Forest degradation||5|
Commodity-driven deforestation, which includes removal of forests for farming and mining, is the largest driver of forest loss. Agriculture alone accounts for three-fourths of all commodity-driven deforestation, where forests are often converted into land for cattle ranches and plantations.
The harvesting of forestry products like timber, paper, pulp, and rubber accounts for the largest share of forest loss from degradation. This process is often managed and planned so that forests can regrow after the harvest.
Shifting agriculture and wildfires each account for around 5 million hectares or one-fourth of annual forest loss. In both cases, forests can replenish if the land is left unused.
Urbanization—the conversion of forests into land for cities and infrastructure—is by far the smallest contributor, accounting for less than 1% of annual forest loss.
How Much Carbon Do Forests Absorb?
The world’s forests absorbed nearly twice as much carbon dioxide (CO2) as they emitted between 2001 and 2019, according to research published in Nature.
On a net basis, forests sequester 7.6 billion tonnes of CO2 equivalent (CO2e) annually, which equates to around 15% of global CO2e emissions. As the impacts of climate change intensify, protecting forests from deforestation and degradation is increasingly critical.
Carbon Streaming Corporation accelerates climate action through carbon credit streams on REDD+ projects that protect the Earth’s forests. Click here to learn more now.
Ranked: Top 10 Foreign Policy Concerns of Americans
As the world’s superpower, the U.S. has major influence in world events. Which foreign policy concerns stand out for Americans?
In the United States, there is a distinct difference on top foreign policy concerns between Democrats and Republicans.
This chart uses data from Morning Consult to assess the top policy concerns of Americans.
The Top Concerns
Overall, the average American is most concerned about terrorism, immigration, and drug trafficking. Interestingly, this list corresponds with the concerns of the average Republican, though falling in a different order.
Meanwhile, Democrats are chiefly worried about climate change, another global pandemic, and terrorism.
Here’s a breakdown of the policy concerns at large and across political parties.
|Overall Rank with Americans||Foreign Policy Concern||Share of Voters Listing it as a Top Concern||Share of Democrats Listing it as a Top Concern||Share of Republicans Listing it as a Top Concern|
|#6||Preventing a global economic crisis||32%||33%||31%|
|#7||Securing critical supply chains||30%||27%||34%|
|#8||Preventing another global pandemic||30%||38%||22%|
|#9||Russia's invasion of Ukraine||27%||33%||21%|
|#10||Protecting human rights globally||25%||31%||18%|
|#13||Iran nuclear deal||21%||19%||24%|
|#14||Upholding democracy globally||15%||22%||8%|
Notably, the concern around U.S.-China relations ranks considerably low, as does preventing disinformation. Upholding democracy worldwide ranks extremely low with Republicans.
America’s Foreign Policy
Along party lines, the results are not surprising. Democrats skew towards multilateralism and want to engage with foreign bodies and other countries to tackle global issues. Republicans are generally more concerned with what’s happening at home.
Looking at the country as a whole and its relations with other nations, however, Americans lean more towards an America-first focus. According to Morning Consult, 39% of registered voters want to decrease U.S. involvement in other countries’ affairs, whereas 20% want to increase it; 30% want to keep the status quo.
Here’s a closer look at Americans’ desire to get involved in a variety of foreign policy initiatives:
|Issue||Increase Efforts||Decrease Efforts||Neither|
|Overseas Troop Deployment||21%||37%||30%|
|Trade and Tariffs||41%||15%||29%|
|Involvement with International Organizations||35%||21%||32%|
|Resolution of Military Disputes||38%||16%||33%|
|Resolution of Economic Disputes||43%||13%||31%|
As of October 2022
The U.S. Midterm Elections
With midterm elections underway, America’s foreign policy may not be the most important factor for voters. Pew Research Center found that in these congressional elections, foreign policy only ranked 12th among other key issues considered “very important” by registered voters.
The top five concerns of voters in these midterms are:
- The economy
- The future of democracy within the U.S.
- Energy policy
Regardless, the U.S. has a massive impact in foreign affairs and the results of the country’s midterm elections will likely cause a ripple effect globally. If Republicans win the House—which is looking extremely likely—and the Senate, President Biden’s foreign policy initiatives and priorities could be drastically restricted.
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