One reason it’s been so hard to shift this economy out of second gear–why we’re still stuck with large output and employment gaps–is that there’s actually a cost to dysfunctional federal politics. The Fed’s holding up their side of the bargain, but it takes both monetary and fiscal policy. Over at WaPo. The recent dust-up… Read more
…EPOP, or the employment-to-population ratio. More on that interesting connection in a moment. As I’ve written before, this Pontiff has been a stalwart for economic and environmental justice, speaking out specifically against austerity, and calling upon governments to “relaunch the labor market.” Well, I figure that since he gets a lot of this from my… Read more
I just love these graphs! (Can you say that about graphs you made?? We–RK and I–were only able to make them because my formidable co-author Richard Kogan dug up data on deficits as a share of GDP going back the beginning of the nation!) Over at Vox. Basically, these figures are pictures of what I… Read more
Over at PostEverything. Jobs, fiscal policy, and Mozart opera–doesn’t get any better than that!
Once the Republicans took the majority in Congress, they instructed the budget scorekeepers to do “dynamic scoring:” building macroeconomic feedback effects into their revenue estimates from proposed changes to tax policy. Because economists broadly assume that taxes distort decisions about activities with growth impacts, like labor supply or capital investment, cutting taxes often generates more… Read more