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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This report shows a race between factors boosting net worth such as home ownership and factors pushing the other way such as weak wage growth. Unless we start to see better income growth from jobs and wages, it is hard to see major gains in net worth for the typical family.
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People think unemployment is still relatively low, but there's all the difference in the world between a tight labor market and a weak one when you're talking about employees' ability to bargain for a fair share of growth.
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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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Folks are coming back into the labor market, but they're not finding jobs there. The tepid pace of job growth was too low to keep unemployment from rising. We're looking at a fairly weak recovery, at least initially.
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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.
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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.
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will make it harder for working families to truly get ahead.
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Nationally we think it's impossible to say exactly when we've reached full employment. But it sounds like in Florida you're there.
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My problem with the Bush plan is that it's so ideologically problematic that now these guys are going to have to argue about it for a month or two. That's bad because we need to inject stimulus into the economy quickly.
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(The) 43,000 new jobs is much too small a number to lower the unemployment number. The unemployment report underscores that the recovery is off to a slow start. The Fed will most certainly not raise (interest) rates in the near-term.
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Unless working families can give up food and gas, this combination of slow wage growth and faster inflation continues to pinch.
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You don't need an equitable distribution to have a sustainable recovery.
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We have welcomed past efforts by the Bureau to offer alternative poverty measures. Their most recent release, however, ignores critical innovations and omits essential costs like child care for working parents and thus represents a step backwards.
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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.