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 economy's doing fine, except if you figure in working families. We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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The economy's doing fine, except if you figure in working families, ... We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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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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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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The job market is slowly tightening. We are wringing out the slack. But we're only six months into a process that could take a year and a half.
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The jobless recovery remains with us, and the job machine is stuck in neutral at this point.
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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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Lawmakers need to focus on stimulus, and this report is really a wake-up call in that regard.
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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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We did not see the tremendous upsurge in injuries we thought we might get, ... It gets really difficult when it is tremendously hot during the night - not just when it is really hot days, but when it is really hot weeks.
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In a strong economy, hours and output can both grow, so long as output grows at a faster rate, thus resulting in productivity growth. But... productivity can also grow in a slowdown or recession, when a decline in hours outpaces weak or nonexistent output growth.