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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Unless working families can give up food and gas, this combination of slow wage growth and faster inflation continues to pinch.
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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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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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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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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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We are in the midst of a protracted wage slump, ... a troubling trend that is largely going unnoticed by policymakers.
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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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He talks about lending a helping hand to the poor and disadvantaged. But these policies push the other way, toward lower wages and less racial inclusion.
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Home appreciation was offset by lousy wage growth and debt accumulation.
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In the absence of immigrant labor, wages might be a bit higher, particularly in sectors that hire lots of low-skilled labor, which could potentially show up as slightly higher prices.
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The economy's doing fine, except if you figure in working families. We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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The economy's doing fine, except if you figure in working families, ... We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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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.