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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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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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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One good month based on a swing in the C.P.I. does nothing to change this negative trajectory.
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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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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.
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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.
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We're looking at a recession/jobless recovery that's two years old to the day.
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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,
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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.
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You don't need an equitable distribution to have a sustainable recovery.
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Firms were trying desperately to maintain the levels of output without expanding the work force, and in some cases contracting it.
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Firms have to be very concerned about rising prices. They're protecting their profit margins. They're going to be looking at every nook and cranny to absorb this increase.