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"...
adding force given growth jobs labor month per population somewhere
Given the growth of the population and labor force and improvements in productivity, we need to be adding somewhere in the neighborhood of 150,000 jobs per month to nudge unemployment down.
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I and others have been looking desperately for silver linings in this tragedy and if Katrina were to motivate Congress to look at this issue seriously, that would be great.
along continues elude growth low middle overall
Many of our overall indicators are percolating along just fine, but the growth continues to elude many working families, especially those in the middle and low end,
looking maybe wrong
Maybe we were looking under the wrong rock.
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Of course there are jobs that few Americans will take because the wages and working conditions have been so degraded by employers. But there is nothing about landscaping, food processing, meat cutting or construction that would preclude someone from doing these jobs on the basis of their nativity. Nothing would keep anyone, immigrant or native born, from doing them if they paid better, if they had health care.
based best excesses hope looking lower maybe next percent quarter rate second
Maybe by the second quarter of next year, we'll be looking at some lower unemployment rate -- say in the 5 to 5.5 percent range, if we're lucky. But that would be the best to hope for, and it's based on our working through these excesses that persist.
demand economy family growing growth keeps wages
When unemployment is that low, wages are growing broadly, and family incomes are rising. Wage-based demand growth keeps the economy growing at potential.
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When the storm hits, you have tremendous devastation. The ripples in the outer reaches of the economy will be visible, but not enough to derail us.
looking recovery
We're looking at a recession/jobless recovery that's two years old to the day.
authorized congress department exactly labor millions overtime protection reason reduce
There is no reason to believe...that Congress has authorized the Department of Labor to dramatically reduce coverage...taking overtime protection away from millions of workers. Yet that is exactly what the Department of Labor has proposed.
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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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This report may give pause to some of the optimists looking for a stronger second half, ... We need a real boost if we're going to reverse some of these trends that are even more negative than we thought they were.
class continue generate pace slower
While we continue to generate middle-class jobs, I would say we're doing so at a slower pace than we have in the past.
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.