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.
cases expanding levels maintain output trying work
Firms were trying desperately to maintain the levels of output without expanding the work force, and in some cases contracting it.
bargaining demand labor large leverage likely period weakest workers
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.
primarily typical worker
has primarily to do with the compensation the typical worker earns.
arrival boost clearly constrain depend economy growth insecure labor likely limiting market meaning potential recent reducing remain tax truly turn weakness
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.
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.