Jared Bernstein @econjared Twitter profile

Last Seen Profiles

@thefilmcynic

@nomorerobotshq

@jeanfrancosca

@kametoriren

@ria_adesotu025

@Nightbuyer

@cmbroberts

@TheSafeAnnaAnon

@briquetchandi

@itsmadisonp

@ArtKidteacher

@basic_anal

@NewBiJo

@wqed

@Kendalltheman

@w0ahmarii

@whlornism

@GuidoS

@KhaledAli718044

@GoldnuggetsXU

@TheSimonBurnett

@Hero_NFT_

@GregoirePerra

@benzothesinger

@Rowdy_House

@LostAcumen

@SoutiensCroix

@AfricaViewFacts

@EnjoyAj04871248

@StirileProTV

@uof

@kida_bisco

@haytaesan

@braverangels

@HowardU

@Altcoins1000X

Jared Bernstein

@econjared

4 years

Been writing up these job reports for 3 decades and I’ve never seen anything remotely this bad. Payrolls down 20.5 million. Almost a decade of job gains wiped out in 2 months. Unemployment spiked to 14.7% & all of this in a system with the weakest safety net of all adv economies.

148

3K

6K

Jared Bernstein

@econjared

3 years

Thanks for all the support, econ twitter! I'm verklempt! As a CEA member, I'm soooo excited to get to work with my awesome new colleagues in fast pursuit of full employment and a recovery that reaches everyone.

160

263

4K

Jared Bernstein

@econjared

4 years

I am **sure** this is going to happen: "Should Joe Biden win the election, the moment he puts his hand on the Bible on Inauguration Day, the Republican Party will suddenly remember that there is nothing more threatening to America than budget deficits."

Perspective | The return of austerity politics

If conservatives ignore fiscal austerity when they’re in power but Democrats embrace it when they take control, then conservatives will consistently meet the demands of their constituents while...

www.washingtonpost.com

108

985

4K

Jared Bernstein

@econjared

4 years

@JoshuaPotash The goal is clearly to get people to shoot back, starting small-scale wars (in places run by Ds), and then run as establishing law and order. This is an old Trump play: create chaos then claim to solve it, but a particularly vicious one.

220

737

3K

Jared Bernstein

@econjared

4 years

A temporary cut in the payroll tax can help workers who are still drawing a paycheck, but if you're idled due to the virus and don't have paid leave, it doesn't help you. That's why it's not been at the top of my list.

107

703

3K

Jared Bernstein

@econjared

6 years

Pretty much everything you could want in a monthly jobs report. Payroll gains way better than expected, nice pop in labor force participation, wage growth continues to strengthen, finally beating inflation (real gains!). Score 1 for "room-to-run" crowd!

247

919

3K

Jared Bernstein

@econjared

4 years

Whoa!! Check out Moody's Analytics comparison of Biden v Trump (D v R sweep) on jobs/growth. Biden plan adds 7.4 MILLION MORE JOBS than Trump. Much more to come, including link...

51

1K

2K

Jared Bernstein

@econjared

5 years

An update on my condition:

484

142

2K

Jared Bernstein

@econjared

6 years

This is important: Media and everyone else: From here on in, the GOP can NEVER credibly say "we can't afford X because it will raise the deficit!" Their support for their deficit-financed tax plan once-and-for-all, permanently takes that (always BS) argument off the table.

95

1K

2K

Jared Bernstein

@econjared

4 years

I wouldn't have put it as colorfully as Sen. Manchin, who is a D but no radical, but he's solidly on point here re Rs biz plans: “They’re throwing caution to the wind for average workers and people on Main Street and going balls to the wall for people on Wall Street." [thrd]

36

624

2K

Jared Bernstein

@econjared

4 years

Re this Biden/Sanders dust-up re Soc Security: When I worked for Biden, we often talked about its importance. He was/is as staunch a supporter as you'll find, both for econ & political reasons. “We should be increasing, not decreasing, Social Security!”

85

646

1K

Jared Bernstein

@econjared

4 years

Yes, this is hands-down as serious an economic emergency as we've seen. BUT NO, that doesn’t justify a $500 billion Trump/Mnuchin slush fund. From @DeanBaker13 and me.

22

464

1K

Jared Bernstein

@econjared

4 years

I’ll have tons more details as I muck through the ashes of this ugliest of reports, but every number should be understood in the context of record-high structural inequalities and racism playing out in the crisis, the devastation to black communities, the absence of paid leave…

5

283

1K

Jared Bernstein

@econjared

6 years

Dean's right. It's easy to find dishonest writers who will fabricate nonsense like this. The guilty party here is the @WSJ for printing such obvious falsehoods. Sometimes, there really is just one side to the story.

Dean Baker

@DeanBaker13

6 years

Trump was unbelievably stupid in tweeting about the jobs report an hour before its release. @WSJ in cheap and dishonest distractions, by saying Obama did he too. He didn't, Obama is not a moron

15

200

611

18

292

1K

Jared Bernstein

@econjared

5 years

@maggieNYT @GStephanopoulos Generally speaking, one should not a) pay attention to what Trump says, or b) diagnose someone you don't know. That said, have you ever seen the symptoms of narcissistic personality disorder?! Jeez...

81

198

1K

Jared Bernstein

@econjared

4 years

My point is that this largest economic crisis of our lifetimes is occurring in a context reflecting America’s pre-existing conditions that leave some of us totally intact and others struggling to survive...

9

269

1K

Jared Bernstein

@econjared

5 years

Like anyone who knew him, I'm in shock and despair over the death of Alan Krueger. All we can take solace in is how lucky we are to have known him. I've scratched out a few inadequate thoughts/memories about this remarkable colleague:

20

185

1K

Jared Bernstein

@econjared

6 years

I’d like to propose a simple, common-sense rule: if you voted for the tax cut, you don’t get to complain about the deficit. OK? Everybody good with that?!

34

289

1K

Jared Bernstein

@econjared

4 years

...both economically and health wise. Post-crisis, there is no more important political goal than correcting these imbalances. Now, back to the numbers!

25

174

954

Jared Bernstein

@econjared

4 years

…the creaky Unemp Ins system that we have to reinvent in every downturn because we disinvest in it during the booms, the difficulty accessing the health system, esp. for those in states that didn’t expand Medicaid.

7

183

900

Jared Bernstein

@econjared

4 years

This isn't really "deficit alarm." It's asymmetric, faux deficit opposition only when Democrats use deficit financing for their priorities. It's simple: If you voted for the Trump tax cuts, no one should listen to your complaints about the deficit.

Deficit Attention Disorder : The Indicator from Planet Money

The CBO projects the federal budget deficit could top 800 billion dollars this year... and reach a cool trillion by 2020. So ... what?

www.npr.org

10

225

917

Jared Bernstein

@econjared

6 years

OK, Sens. Corker and Flake. The JCT dynamic score is out and it shows revenue losses of $1 trillion over 10 years. You've said you can't support that (and no conceivable trigger will offset it). So, let's see what you're made of.

48

740

789

Jared Bernstein

@econjared

5 years

Ftr: I was there: Biden fought hard to get votes for Dodd/Frank & to make sure Sen Warren’s idea for a CFPB came to fruition.

89

307

803

Jared Bernstein

@econjared

6 years

Mr. President: Your policies have abso-freakin'-lutely nothing to do with the black unemployment rate. You're riding a trend you inherited. (PS: It's still 2x the white rate, so hold the fireworks.)

30

340

694

Jared Bernstein

@econjared

4 years

Just fyi, here's my take on Trump's exec actions. Summarizing a lot of what's out there plus an overview take on the politics. Bottom line, they run the gamut from toothless, inadequate, unimplementable, and one has the long run potential to defund Social Security.

40

335

728

Jared Bernstein

@econjared

4 years

Thus, we must fight tooth & nail against the return of austerity politics: "If Rs ignore austerity when they’re in power but Ds embrace it, then Rs will consistently meet the demands of their constituents while Ds consistently fail to do so."

26

191

748

Jared Bernstein

@econjared

3 years

New analysis from Columbia Univ analysts on game-changing anti-poverty impacts of Biden/Harris new American Rescue plan. Already, picking up real excitement around this proposal from wide range of folks.

24

287

736

Jared Bernstein

@econjared

4 years

Biden's correct: he & Obama inherited a recession and reversed it. Trump inherited a recovery and due to his epic fail on the pandemic, squandered it. As Biden said, he's on track to be the first president to leave office with fewer jobs than when he took office.

6

251

718

Jared Bernstein

@econjared

6 years

I yield to NO ONE when it comes to policies to raise the pay of low-wage workers. But I fear this idea a) vilifies benefit receipt and b) creates an incentive for 'statistical discrimination' (not hiring someone you think might draw benefits).

Sanders rolls out ‘Bezos Act’ that would tax companies for welfare their employees receive

New legislation introduced by Sen. Bernie Sanders would tax corporations for the federal benefits their employees receive.

www.marketwatch.com

78

196

666

Jared Bernstein

@econjared

3 years

Pres-elect Biden reminded us today that "There’s an urgent need to fund states and cities, so they can keep frontline workers on the job" stressing that one reason for this is that states must balance their annual budgets.

17

134

671

Jared Bernstein

@econjared

6 years

Let me try to put this whole "Trump's great labor market" nonsense in context. First, he inherited it. Second, and this is much more important, I guarantee you it’s possible to achieve full employment without all the hate.

34

212

667

Jared Bernstein

@econjared

6 years

Here's your "middle-class miracle:" final tax bill still raises taxes when fully phased in, on average, on the 2/3's of taxpayers below $75,000, as per new JCT tables.

64

933

632

Jared Bernstein

@econjared

7 years

Facts vs. fantasy: @JohnJHarwood seriously did his homework before interviewing WH's Gary Cohn on tax cut

61

283

618

Jared Bernstein

@econjared

6 years

Just get the text from my daughter that every father dreams off: “How do I calculate a standard deviation from these numbers?”

21

49

636

Jared Bernstein

@econjared

5 years

Looks like the job market didn't get the recession memo. Jobs up 312K(!); unemp up but mostly for good reason (more people in workforce), wkly hrs up, nom wages up 3.2%, 70% of pvt inds create net jobs. Strong report; very inconsistent with equity market's swoons.

31

184

506

Jared Bernstein

@econjared

4 years

Note the incessant R whining about unemployed people getting gov't support yet not a peep about their leader paying nothing in taxes. It's capitalism for the unemployed; socialism for the rich.

Jeff Stein

@JStein_WaPo

4 years

Here we go with Republican backlash to emerging Pelosi-Mnuchin agreement Rep. Kevin Brady (R-Tex) on Fox says he's unsure if he can go along with ~$1.6 trillion deal. Criticizes $400/week in unemployment benefits "How much wasteful spending will we have to swallow to do this?"

86

109

257

12

231

625

Jared Bernstein

@econjared

4 years

"a view of the Biden tax plan isn’t complete w/out looking at the other side of the ledger. It would finance programs designed to improve health care, education & infrastructure, as well as fight climate change, & many of those programs would have direct impacts on households."

42

238

590

Jared Bernstein

@econjared

4 years

Didn't want this to get lost in the mix today (and what a mix!). Yes, Paul's a D, but he's also a Nobel economist who regularly sniffs out economic BS on a bipartisan basis.

12

159

593

Jared Bernstein

@econjared

4 years

Forgive me for venting, but I'm a bit obsessed with this terrible idea that a surprise pop in jobs in May (from 1 noisy jobs report) somehow undermines the case for extending the $600 weekly unemp ins. plus up. First, check out this figure from @crampell

25

244

555

Jared Bernstein

@econjared

6 years

@realDonaldTrump "Debt coming due??!!" You put a $2 trillion regressive-ass tax cut that we didn't need (based on our aging population alone, we'll need more revenues, not less) on the credit card, and now you're complaining about debt coming due?!!?

57

83

480

Jared Bernstein

@econjared

6 years

Any administration would tout a strong GDP report like today's, but if it's not reaching workers' paychecks, which it isn't, then cease the applause and get to work on policy to reconnect growth to much more broadly-share prosperity.

33

197

498

Jared Bernstein

@econjared

4 years

A lot of people tell me Biden should hit on the old "Are you better off than you were 4 years ago?" point. I get that--has real salience. BUT equally germane in today's context is "Can you, your family--and America--take 4 more years of this!?"

15

90

499

Jared Bernstein

@econjared

6 years

Meanwhile, while everyone was focusing on the tax scam, team Trump was passing a new rule to let employers pocket waitpersons' tips. I kid you not. Actually, @hshierholz kids you not:

Perspective | The Trump administration wants to let employers control workers’ tips. An interview...

It's not enough to pass a tax cut for the wealthy at the expense of the middle class. The Trump Labor Department now wants to give control of waitpersons' tips to their employers.

www.washingtonpost.com

86

675

459

Jared Bernstein

@econjared

6 years

Solid jobs report, no question. BUT: both wages and CPI inflation are growing at about 2.7%, yr/yr, meaning no real wage gains. That should not be the case in year 10 of the expansion. A lot of working people are legitimately asking when they start to get ahead.

43

240

479

Jared Bernstein

@econjared

7 years

The R's health care plan solves 2 problems: 1) the rich don't have enough after-tax income; 2) poor/middle class have too much hth coverage.

12

284

445

Jared Bernstein

@econjared

5 years

Again, @SenWarren comes up with an important proposal, highly responsive to the moment. In this case, to make quality child care much more affordable to low- & middle-inc HHs. Figure shows what an outlier we are in this space. Excellent @CitizenCohn take:

24

175

435

Jared Bernstein

@econjared

7 years

First R's lurched around on hth care (18% of econ); now, on eve of tax bill's release, can't find trillions in payfors. Governance by hacks.

22

165

425

Jared Bernstein

@econjared

4 years

REALLY SORRY FOR YELLING AT YOU AT 8:46AM BUT VITAL, ENHANCED UI BENEFITS EXPIRE TOMORROW BECAUSE CONGRESSIONAL Rs FAILED TO EXTEND THEM. "MALPRACTICE" IS FAR TOO WEAK A WORD FOR THIS EPIC, CRUEL FAILURE.

15

185

426

Jared Bernstein

@econjared

6 years

RE Q4 GDP report: the focus on the 3% miss is an own-goal kick by Trump admin (same way stock market will eventually slam them). Underlying, yr/yr growth steady and accelerating a bit, from 2.0 in Q1 to 2.5 in Q4. And let's keep it real: this steady trend was inherited.

29

167

409

Jared Bernstein

@econjared

4 years

1: control the virus 2: recovery: UI, state/loc support; anti-eviction; small biz support; carefully implement/execute 3: build back better: clean energy, infrastructure, child care, racial equity, manufacturing, Buy American, roll back Trump cuts Let's go!!!

18

118

417

Jared Bernstein

@econjared

4 years

Biden nails the facts about minimum-wage increases having their intended effects. Much high-quality research underscores these findings. (I only wish Alan Krueger were here to hear how his briefings on this paid off...)

8

79

420

Jared Bernstein

@econjared

4 years

Ugliest GDP report any of us have ever seen. At annualized rates, investment down by half in Q2; US economy contracted by a third. But we knew that. What's even more important this AM is that UI claims ticked up again **showing a labor market now in stall mode.**

15

320

388

Jared Bernstein

@econjared

7 years

Sorry to bug on wkend, but u gotta see this. >10mil low-inc kids get ZIP from R's Child Credit; hi-inc fams crush it

23

571

371

Jared Bernstein

@econjared

2 years

Of the many great parts of the Inflation Reduction Act, one of my favorites is finally giving the IRS the resources it needs to go after high-end tax evasion.

187

34

397

Jared Bernstein

@econjared

5 years

I'm gonna go out on a limb here and say that when it comes to ideas for progressive tax policy, @aoc , @SenWarren capture the moment better than the denizens of Davos. That said, the times...are they a-changin'?

Perspective | In the new progressives vs. Davos, round one goes to the left

The Davos elites have seen their day, and the ideas of bold, progressive policymakers are rising.

www.washingtonpost.com

17

48

377

Jared Bernstein

@econjared

6 years

I found this to be one of the clearest explainers as to how the R's tax plan incentivizes more, not less, offshoring of investment and jobs (see part starting "There are three reasons..."). This potential impact of the bill warrants very close scrutiny.

Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.

Experts say the legislation fails to eliminate incentives for companies to move operations abroad.

www.washingtonpost.com

24

320

360

Jared Bernstein

@econjared

5 years

Opponents of the tax cut argued it wouldn't do much for biz inv. Instead, buybacks would rise, we said. Proponents disagreed. Then, when buybacks rose, they said "First buybacks, then inv." Still not seeing it, which was, as noted, predictable:

15

136

361

Jared Bernstein

@econjared

5 years

All this “socialism” name calling must be seen for what it is: substance-free fear-mongering by Republicans who want to redistribute as much or more of our resources than Democrats. They just want to redistribute it upwards. [thread]

54

116

338

Jared Bernstein

@econjared

7 years

Beware the Trump key dangle: while everyone's wound up re alt facts, block grant (ie, sigificantly cut) Medicaid

Trump’s Health Plan Would Convert Medicaid to Block Grants, Aide Says (Published 2017)

The change would be a profound one for the health insurance program for low-income people, raising a host of thorny political and financial questions.

www.nytimes.com

25

445

339

Jared Bernstein

@econjared

3 years

Broke: @econjared Woke: @econjared46 That's my new WH Council of Economic Advisers Twitter account, from where I'll be tweeting all things econ policy as we work to realize President Biden's vision of an robust, inclusive, racially equitable economy. Be there & be square!

43

57

359

Jared Bernstein

@econjared

3 years

I found this @nytimes editorial on the importance of a wage-growth agenda to be highly resonant and centering. As @LarryMishel taught us all long ago, the distribution of power's got to be in the model.

Opinion | Let’s Talk About Higher Wages (Published 2020)

The nation, and the Democratic Party, desperately needs a replacement for the tired story that tax cuts drive economic growth.

www.nytimes.com

14

91

331

Jared Bernstein

@econjared

3 years

I'll admit it, this headline seriously moved me. We've got tremendous work to do, but we've got a great, deeply committed team that's already hard at work. But step 1--new leadership w a genuine commitment to meeting the challenges we face--is hours away.

20

36

339

Jared Bernstein

@econjared

4 years

Trump's triple fail: virus control, stimulus, and the worsening trade deficit. Hey, he--not us--made it a scorecard, then waged and lost a trade war. Joint with @DeanBaker13

Perspective | Trump’s triple failure: Virus control, stimulus and the trade deficit

President Trump waged a trade war and lost.

www.washingtonpost.com

13

140

329

Jared Bernstein

@econjared

4 years

This should drive you nuts: In #DemDebate moderators always raise the specter that health care/child care/housing/higher ed plans will bankrupt the nation! Cost pressures in the long discussion re foreign policy/military discussion?? Crickets...

10

121

327

Jared Bernstein

@econjared

6 years

Just to clarify, here's Ryan and the R's theory of the case re taxes and "welfare reform": Rich people work harder if you give them gobs of money. Poor people work harder if you take away what little they have.

Republican officials say targeting welfare programs will help spur economic growth

But some economists say America's social safety net is too small to play a major role in constraining economic growth.

www.washingtonpost.com

30

315

306

Jared Bernstein

@econjared

5 years

**Great** response by @KamalaHarris re deficit-financed Trump tax cuts, but the increase in public debt was scored at $2 trillion over 10 yrs, not $1 trillion.

1

51

318

Jared Bernstein

@econjared

4 years

Here's a simple but important picture of what's happening to jobs. Extremely welcome reversal, of course, if it sticks, but the magnitude of the losses means that even if this uptick pace continues, it would take almost a year just to make up lost ground.

22

196

310

Jared Bernstein

@econjared

4 years

I'm sitting here w/ 3 different headlines re the "debate." NYT: Trump's Hectoring and Deceptions Upend Debate WaPo: Debate plunders into fiery squabbling WSJ: Trump, Biden Trade Insults in Contentious 1st Debate ONLY THE FIRST IS CORRECT. Pls, it's way too late to get this wrong.

11

90

305

Jared Bernstein

@econjared

4 years

--cuts to Social Security*, Medicare --food stamps (SNAP) --non-defense discretionary, including educ, infrastructure, legal services, parks, enviro, etc. --phony econ projections --more US taxpayer $'s for the wall (*Soc Sec Disability is obviously part of Soc Sec)

54

224

293

Jared Bernstein

@econjared

6 years

Trump and the Republicans have severed a critical fiscal connection: the one between strong economies and lower budget deficits.

15

202

303

Jared Bernstein

@econjared

4 years

Ds do not have to fall for it. This must pass ASAP but it can't pass without their support, and they MUST insist on compromise here. We're willing to help biz that are willing to help their workforce. More to come forthwith from @DeanBaker13 and I on these points.

11

71

300

Jared Bernstein

@econjared

6 years

Despite some of the best evidence we've ever had showing that neither trickle-down tax cuts nor work requirements will work, conservatives continue to solve the problem that the poor have too much and the rich have too little.

5

202

282

Jared Bernstein

@econjared

3 years

Really not liking this AMs data flow: --UI claims up 2 wks in row --Personal inc down --Spending notably slowing --Inflation even soggier Clearly, the surging virus is hurting the near-term economy. With infl and int rates this low fast, targeted fiscal support essential!!

18

113

291

Jared Bernstein

@econjared

5 years

@chrislhayes Also, not clear how much $ Congress should allocate to fund this metaphor. I’m thinking something around...zero.

6

16

273

Jared Bernstein

@econjared

3 years

Treas sec'y Yellen: “We need to act now, and the benefits of acting now and acting big will far outweigh the costs in the long run.”

35

92

283

Jared Bernstein

@econjared

5 years

An ill policy wonk is still a policy wonk. What I learned, personally and professionally, from my hemorrhagic stroke:

Perspective | I got terribly sick and made a full recovery. Here’s what I learned.

An ill policy wonk is still a policy wonk.

www.washingtonpost.com

26

74

277

Jared Bernstein

@econjared

7 years

Wow. This clip of hi-level Trumpian craziness actually gave me an immediate headache until I muted it. Be careful:

Josh Marshall

@joshtpm

7 years

Trump: The market went up so I got rid of the national debt.

1K

2K

45

115

269

Jared Bernstein

@econjared

6 years

I share w/ the widespread negative reax to Trump's tariffs. But what have we offered those displaced by trade? Corp tax cuts; share buybacks; work requirements. Check. Better jobs at higher wages? A stronger safety net? Higher min wg? Real retraining? Not check.

26

126

269

Jared Bernstein

@econjared

6 years

I know the news isn't focused on minimum wages this morning, but it should be. New research shows that the combination of low unemployment and higher min wgs is a one-two knockout punch for wage stagnation among low-wage earners:

5

175

274

Jared Bernstein

@econjared

4 years

20 yr-old daughter: I'm getting a tattoo tomorrow! Me: Maybe I should get one too! Her: You should get a Phillip's Curve. Me: Nope. The Phillip's Curve is unstable; it moves around. Her: Probably better if you stay home.

10

15

279

Jared Bernstein

@econjared

4 years

Here's real weekly earnings for blue-collar, manufacturing workers: FALLING in real terms. Is this is a boom, Mr. President, I'd hate to see the bust. #SOTU

12

209

257

Jared Bernstein

@econjared

6 years

Important new paper by top labor economist @Alan_Krueger on the role of weak worker bargaining power in wage outcomes, including the need for the Fed to account for this deficit when setting monetary policy (summary below):

5

154

274

Jared Bernstein

@econjared

4 years

We're starting to hear some misguided noise re debt/deficits. Fact is, when the private sector is in this deep a hole, the critical fiscal question is not: is the deficit too big? It's: is the deficit big enough (w/ effectively designed measures) to offset the demand shortfall?

14

97

265

Jared Bernstein

@econjared

5 years

Here's why you're hearing a lot more phony cries of "socialism!" from Trump et al: they legitimately worried about the future of their upward redistribution agenda. I welcome their fear:

Perspective | The real reason conservatives are suddenly freaking out about ‘socialism’

They grasp for scary rhetoric because they know they’re losing the policy debate.

www.washingtonpost.com

15

99

248

Jared Bernstein

@econjared

7 years

Initial impressions of House tax cut plan: 1) It's what we thought: big breaks at top, corps, offshorers, highend businesses, rich estates.

7

217

238

Jared Bernstein

@econjared

3 years

When @POTUS says “For working families with children, this tax cut sends a clear message: Help is here,” he's not being abstract. IRS announced today the first monthly payment of the expanded Child Tax Credit from the Rescue Plan goes out July 15 to 39 million households...

44

78

254

Jared Bernstein

@econjared

3 years

Yesssssss!!! This is what I'm talkin' about:

9

33

253

Jared Bernstein

@econjared

4 years

Trust me, I get the URGENCY of closing this deal, but I've been here before, where pols use that urgency as leverage to jam through slush funds for biz with nothing for workers, in this case $300bn (at least) in biz loans backstopped by gov't.

8

89

246

Jared Bernstein

@econjared

4 years

This morning’s GDP report reveals an $775 bn (-3.5%) gap even after the 33% ann. growth rate. That’s close to worst gap of the last downturn & represents a loss of $6,000 per American household. It’s also old news, representing growth earlier in the year.

13

165

240

Jared Bernstein

@econjared

8 years

Someone asked me to do a side-by-side of the candidates’ econ speeches this week. Efficient version below.

13

148

237

Jared Bernstein

@econjared

5 years

So, at this moment, the only way I see to bring this craziness to a quick end is to make a lot more people feel its pain, also undermining the Trump admin's strategy of cherry picking gov't services to turn back on. Gov't workers, if you strike, WE WILL SUPPORT YOU. [end]

17

77

233

Jared Bernstein

@econjared

7 years

2) And btw, job growth faster in states that increased min wg vs. those that didn't, including in eating/drinking places. ht @BenSpielberg

2

109

237

Jared Bernstein

@econjared

4 years

In other words, in the Moody's model, Biden does high multiplier stuff that reaches working families, Trump does the opposite. It's basically the technical version of **who's really working for whom!**

5

91

230

Jared Bernstein

@econjared

5 years

The "natural rate" of unemployment; everybody benefits from trade; budget deficits crowd out pvt investment; min wg's hurt low-wg workers. These 4 big, persistent economic mistakes have been extremely costly & we really need to stop making them.

Four ideas that most economists believe — and that reality has debunked

What economists have gotten wrong for the last few decades

www.vox.com

38

95

236

Jared Bernstein

@econjared

6 years

Even for this crew, what an affront. It's not enough for their tax cut to shift trillions from the Treasury to the rich. They've also got to give servers' tips to employers.

Peter Tosh - Dem ha fe get a beatin'

Bush Doctor is an album by Peter Tosh. It was released in 1978.A British record retailer banned the album upon its release because of a scratch-n-sniff stick...

www.youtube.com

Economic Policy Institute

@EconomicPolicy

6 years

EPI estimates that under this rule, employers would pocket $5.8 billion in tips earned by tipped workers each year. #TipTheft

13

135

83

15

187

221

Jared Bernstein

@econjared

4 years

For those who think the US economy is solidly on a recovery track, and only marginal fiscal support is needed, check out this AMs CPI. Core is a full point below target (~2.5% for this series). That's a weak economy, with a large output gap, in urgent need of support.

14

89

232

Jared Bernstein

@econjared

4 years

More from the report: "The economic outlook is weakest under the scenario in which Trump and the Republicans sweep Congress and fully adopt their economic agenda." That's cuz they mostly...wait for it...cut taxes. Never get to full emp. Unemp hits 5% in 2025 and sits there...

7

84

227

Jared Bernstein

@econjared

3 years

There's a bit going on in @JoeBiden econ-policy world this week, so wanted to be sure you didn't miss this wonderful, new exec order, raising the min wg for workers on federal contracts to $15!

17

47

232

Jared Bernstein

@econjared

4 years

I'm VERY unhappy & spooked by fact that Senate is not in session and, as @JStein_WaPo points out, $600 UI plus-up expires in 12 days. This adds tremendous uncertainty at a time when economically vulnerable people are already swamped with that problem.

Jeff Stein

@JStein_WaPo

4 years

12 days until expanded unemployment benefits end

3

47

105

12

65

224

Jared Bernstein

@econjared

5 years

Biggest, chin-dropping news from today's Census data: significant increase in those *WITHOUT health coverage,* a trend reversal, from 7.9% in 2017 to 8.5% last year. ~2 mil fewer people w/out coverage. Mcaid coverage down 0.7 ppt. Trump admin's fingerprints all over this result.

17

128

225