Wednesday , August 21 2019
Home / Jared Bernstein: On the economy (page 10)

Jared Bernstein: On the economy

Enough already with GDP growth…

Readers know I’ve long been noodling over measurement issues, whether it’s accurately measuring the economy’s capacity–and admitting we don’t have reliable, policy relevant gauges of potential GDP or a “natural rate” of unemployment–or maybe most importantly, measuring well-being versus growth. See this in today’s WaPo. Like David Pilling, whose book The Growth Delusion I highly recommend in this space, the idea is not to toss GDP growth rates and other aggregate measures. It’s to put them in...

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Musical interlude: Steve Winwood can’t find his way home.

I haven’t posted one of these for awhile, but I stumbled on this gem on YouTube the other day and had to share it. It’s the grown-up child prodigy Steve Winwood just sitting there, letting loose with some pure music. I recall the song from my younger days from the rock-star-studded band Blind Faith. These days, I’m finding musical respites like this one increasingly essential. Share the post "Musical interlude: Steve Winwood can’t find his way home."

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NYT oped: When it comes to trade-induced job loss, “don’t worry, be happy!”

I’ve long hoped, probably naïvely, that one of the benefits of team Trump’s promotion of generally ineffective (or worse) solutions to the downsides of trade could engender a debate about better ideas. Of course, the debate will also generate some really bad arguments, like this one from economist David Boudreaux in this AM’s NYT. Boudreaux argues that trade (and, implicitly, anything else) can’t be a problem for jobs because the US economy creates and destroys tons of jobs all the time. The...

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Newsflash: The Libor’s outpacing the Fed funds rate. Whussup with that?

Financial markers are on shpilkes. Stocks, after crushing it Monday, with the Dow up almost 3%, gave back about half those gains the next day, dragged down by a tech sector spooked by potentially forthcoming regulation around data privacy. Readers know I don’t try to explain daily ups and downs in equity markets. My mantra remains: the stock market ain’t the economy, and the latter, which matters a lot more important for many more people, remains pretty solid. But is there anything to be...

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Linx, green jobs

Two WaPo posts for your entertainment: First, when it comes to fixing the recklessly drafted tax bill, the D’s have some leverage. I offer some thoughts on how they should use it. Second, my old friend Larry Kudlow’s going to be heading Trump’s NEC. Some reflections on about 25 years of arguing with the dude. Readers know I’ve long been promoting subsidized jobs programs. Even as we close in on full employment, there are still significant pockets of folks who have difficulty finding their way...

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The many flaws in the Senate’s rollback of Dodd-Frank: Attention must be paid.

A couple of days ago, I participated in the “On Point” radio show about this (sort of) bispartisan effort to significantly rollback the Dodd-Frank financial reform bill that passed back in 2010. I was a member of team Obama back then and thought this was an important and very necessary advance. Imperfect, sure, but an essential set of regulations and consumer protections to diminish the seemingly endless repetition of the economic shampoo cycle: bubble, bust, repeat. You can listen to my take...

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Jobs report: There’s still room to run in this job market!

Payrolls rose 313,000 last month, well above expectations, and the unemployment rate held at 4.1 percent, as wage growth moderated a bit  from last month’s pace (up 2.6 percent, yr/yr). Though these monthly data are notoriously jumpy, the out-sized job gains were accompanied by a nice pop in labor force participation rate–up 0.3 percent to 63 percent–suggesting that the hot labor market may be pulling new workers in from the sidelines. If so–if this turns out to be more of a trend than a...

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If we’re so productive in steel, why the persistent deficits?

First, let’s get this out of the way: I’m certain the Trump tariffs will do more harm than good. But I’ve been trying to add a bit more nuance to the conversation than “trade war!” and “higher prices!” It’s been clear forever that team Trump mistakenly views the trade deficit as a scorecard, one that’s not improved on their watch so far. Again, nuance is required. There are times when the overall trade deficit is a clear drag on growth, and times when the capital flows that support it are...

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