Jared Bernstein
Jared Bernstein
Jared Bernsteinis a Senior Fellow at the Center on Budget and Policy Priorities. From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joseph Biden in the Obama Administration. Bernstein's appointment was considered to represent a progressive perspective and "to provide a strong advocate for workers"...
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The main reason for that appears to be the fact that the job market has yet to generate the kind of increases in living standards you'd expect at this point.
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A fundamental principle of our economic system is that the benefits of economic growth will flow to those responsible for their creation. When how fast your income grows depends on your position in the income scale, this principle is violated. In that sense, today's unprecedented gap between the growth of the typical family's income and productivity is our most pressing economic problem.
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The economy looks pretty snappy from 30,000 feet, but when you get down and look at how actual working families are doing, they're falling behind year after year.
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He talks about lending a helping hand to the poor and disadvantaged. But these policies push the other way, toward lower wages and less racial inclusion.
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This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.
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However, a far larger gap exists when we compare net worth: minorities' net worth was about 27 percent of whites, about half the size of the income ratio.
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American companies really haven't been sinking much of their gains back into domestic investment.
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This is what a healthy job market looks like ? we just haven't seen it for a long while, so it makes inflation hawks nervous.
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Firms have to be very concerned about rising prices. They're protecting their profit margins. They're going to be looking at every nook and cranny to absorb this increase.
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These are workers who have the weakest bargaining leverage and are most likely to be exploited, particularly in a period where you have a weak labor demand and a large labor supply.
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I think the fingerprints of a faltering job market are all over this report. We've got more people working, but they're failing to get ahead.
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I'm not sure this report convinces us that a recovery is underway in the labor market in any big way.
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The consumer's been doing a fine job, but we can't keep tapping them and expect them to get us out of a jobless recovery. That's why lots of people on both sides of the aisle are asking for fiscal stimulus.
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Maybe we were looking under the wrong rock.