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"...
peak somewhere ultimately
Ultimately unemployment will peak somewhere around 6.2 or 6.3 percent,
drive economy families percent satisfied seen strong until
We've seen we can drive the economy at 4 percent unemployment with strong productivity gains. I won't be satisfied until we're back there. Many working families won't be either, I'd guess.
employment situation
The full employment situation reinforces itself.
running insecurity lines
The bottom line is that it's better to run a workforce on security than insecurity.
looking recovery
We're looking at a recession/jobless recovery that's two years old to the day.
cuts deeper economy falling faster rest run telling
It's one thing to run faster in place when the rest of the economy is stagnating as well. But it cuts a little deeper when policymakers are telling you the economy is fine, and you are falling behind.
actual behind economy falling families looks year
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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Any large fall in labor force participation at this point suggests that the labor market is not growing out of recession, but rather that discouraged job seekers are giving up, or not beginning, their job search.
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The weakness in the labor market is clearly reducing the growth of earnings, meaning consumers, most of who depend on their paychecks, are likely to remain insecure about where the economy is headed. This in turn has the potential to constrain consumption growth, limiting the boost that the economy will get from the recent tax cut, and delaying the arrival of a truly self-sustaining recovery.
absorb create force increases jobs labor order
You need to create ever more jobs in order to absorb increases in the labor force as well as productivity gains.
explaining finding gun recovery smoking unbalanced unique
Explaining the unique characteristics of this unbalanced recovery is more like 'Murder on the Orient Express' than finding a smoking gun in somebody's hands. There are a lot of suspects.
aggregate except figure great numbers posting record wage
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.
aggregate except figure great numbers posting record wage
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.
adding beginning drive labor line looking market numbers picking recovery simply situation suggest top
These top line numbers suggest we are into what's beginning to look like a jobless recovery. We simply can't drive unemployment down if we're only adding 30 or 40,000 jobs. So, basically, we're looking at a situation where the recovery is calling, but the labor market isn't really picking up the phone.