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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It's unprecedented. There is a large and growing gap between how the economy is performing and the living standards of the people stoking the engine.
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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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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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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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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.
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Whether we're into another period now where employers are turning really cautious again ... warrants close observation,
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Ultimately unemployment will peak somewhere around 6.2 or 6.3 percent,
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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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We are in the midst of a protracted wage slump, ... a troubling trend that is largely going unnoticed by policymakers.
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It's a mistake to think that any increase in wages is inflationary and there is substantial room for non-inflationary wage growth, particularly at the bottom end of the scale.
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With stagnant hourly wages, the only way for working families to get ahead is by working more hours, ... certainly not the path to improving living standards that we'd expect in an economy posting strong productivity gains.
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Where you see immigration competition play out most clearly is among high school dropouts. I'd say there's clearly immigrant competition among the least-skilled workers, but natives are a shrinking share while immigrants are a growing share.
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The government should be actively enforcing the high road.
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The full employment situation reinforces itself.