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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Enough people said exactly that ? I tend to believe them.
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People think unemployment is still relatively low, but there's all the difference in the world between a tight labor market and a weak one when you're talking about employees' ability to bargain for a fair share of growth.
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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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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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A lot of economic indicators are up. But there are a lot of people in the economy who are still down.
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As jobs become more available, people are no longer finding themselves stuck as long in unemployment.
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This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.
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I think the fingerprints of a faltering job market are all over this report. We've got more people working, but they're failing to get ahead.
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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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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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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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I've been pretty happy to see the pace of job growth in professional services.
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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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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.