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Should-Read: Ian Perry: California is Working: The Effects of California’s Public Policy on Jobs and the Economy Since 2011

Summary:
Should-Read: The big enchilada is, of course, the lack of affordable housing in California. It’s a huge transfer to property owners and a huge tax on renters and on those who in a better timeline would move here, but cannot afford to in this one: Ian Perry: California is Working: The Effects of California’s Public Policy on Jobs and the Economy Since 2011: “Between 2011 and 2016, California enacted a set of 51 policy measures addressing workers’ rights, environmental issues, safety net programs, taxation, and infrastructure and housing… …Critics predicted that these policies—collectively called “the California Policy Model” (CPM) in this paper—would reduce employment and slow economic growth…. This paper… finds that: Employment and GDP growth were not adversely affected by the

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Should-Read: The big enchilada is, of course, the lack of affordable housing in California. It’s a huge transfer to property owners and a huge tax on renters and on those who in a better timeline would move here, but cannot afford to in this one: Ian Perry: California is Working: The Effects of California’s Public Policy on Jobs and the Economy Since 2011: “Between 2011 and 2016, California enacted a set of 51 policy measures addressing workers’ rights, environmental issues, safety net programs, taxation, and infrastructure and housing…

…Critics predicted that these policies—collectively called “the California Policy Model” (CPM) in this paper—would reduce employment and slow economic growth…. This paper… finds that:

  • Employment and GDP growth were not adversely affected by the California Policy Model.
  • Wages for low-wage workers as well as overall health insurance rates statewide rose with the implementation of the California Policy Model.
  • Wage inequality declined modestly as the California Policy Model was enacted.
  • California was successful in putting the state on pace to meet its 2020 carbon emissions reduction goals.
  • Though California has begun to address these issues, enforcement of labor standards and a lack of affordable housing remain as challenges…While there are methodological challenges inherent in this type of policy evaluation, the findings of this analysis suggest that the CPM was successful in meeting its goals for increased wage growth and health insurance access and decreases in carbon emissions and wage inequality, without reducing employment or impeding economic growth…
Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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