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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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.
demand economy family growing growth keeps wages
When unemployment is that low, wages are growing broadly, and family incomes are rising. Wage-based demand growth keeps the economy growing at potential.
wages trends slumps
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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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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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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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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This report may give pause to some of the optimists looking for a stronger second half, ... We need a real boost if we're going to reverse some of these trends that are even more negative than we thought they were.
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As this recovery gets under way, professional services have begun adding jobs fairly broadly.
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While we continue to generate middle-class jobs, I would say we're doing so at a slower pace than we have in the past.
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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.
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Explaining the unique characteristics of this unbalanced recovery is more like 'Murder on the Orient Express' than finding a smoking gun in somebody's hands. There are a lot of suspects.