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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Folks at the top of the income scale definitely notice when they're paying $3.50 a gallon for gasoline. But for them, that doesn't necessarily mean they are going to have to cut back elsewhere, ... Younger families have lower incomes.
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A fundamental principle of our economic system is that the benefits of economic growth will flow to those responsible for their creation. When how fast your income grows depends on your position in the income scale, this principle is violated. In that sense, today's unprecedented gap between the growth of the typical family's income and productivity is our most pressing economic problem.
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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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When income growth is concentrated at the top of the income scale, the people at the bottom have a much harder time lifting themselves out of poverty and giving their children a decent start in life.
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However, a far larger gap exists when we compare net worth: minorities' net worth was about 27 percent of whites, about half the size of the income ratio.
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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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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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I'm more optimistic than I was a month and a half ago,
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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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It's too soon to call this a 'jobless' recovery, ... but another quarter or two of these types of reports, and that probably will be a relevant title.