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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The problem isn't simply that families are facing higher prices, particularly at the pump. It's also that they're facing lower wages. If wages were keeping pace with inflation, the pinch wouldn't be as hard.
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You don't need an equitable distribution to have a sustainable recovery.
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These results reveal the breadth of the unprecedented gap between the pace of overall economic progress and the returns to working people.
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Home appreciation was offset by lousy wage growth and debt accumulation.
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A number of other reports suggest the labor market is finally hitting its stride, one weekly claims number is not enough to undermine that conclusion.
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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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I'm definitely ready to believe that the rate of job loss has slowed and that soon we will be adding jobs. The question is, will we be adding enough to keep unemployment from rising?
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Inequality is growing in all parts of the country.
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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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I'm not sure this report convinces us that a recovery is underway in the labor market in any big way.
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These numbers reveal a labor market that's not bouncing back quickly enough to absorb new entrants along with the people laid off during the downturn.
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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.
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The consumer's been doing a fine job, but we can't keep tapping them and expect them to get us out of a jobless recovery. That's why lots of people on both sides of the aisle are asking for fiscal stimulus.
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Clearly, Katrina hasn't shown up in the jobless claims yet, but it will, ... Next month, we're going to be looking at one of the largest one month negative spikes in the history of this series, going back to the '30s.