The Center for American Progress just released a paper I wrote, quite germane to the POTUS’s speech yesterday, about the impact of inequality on growth. It’s called, “The Impact of Inequality on Growth.” I know…how do I come up with such cleverness. You could read the exec sum, but frankly, you’d do much better reading [...]
President Obama gave a strong speech on the economy today, focusing on the long-term problems of inequality and its negative impact on opportunity, mobility, and growth. In terms of diagnosis, it was a speech of great depth. In terms of prescription, it was ambitious. Clearly, he knows this Congress will not legislate his economic agenda. [...]
Here’s Pope Francis, from today’s WaPo, holding forth on economic policy: “Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world,” Francis wrote in the papal statement. “This opinion, which has never been confirmed by the facts, expresses [...]
Hmmm…you’ve got Bernanke saying the US economy is getting better and, as per incoming data, the Fed will at some point slowly start to pull back support. And you’ve got the OECD doing what all forecasters do these days: marking down their estimates for future growth and warning of various headwinds. Meanwhile, mixed in with [...]
If you follow this debate and know the players, there’s an interesting and IMHO, progressive, consensus forming. Over at the NYT Economix blog.
So, let me get this straight. I leave the country for a week, and you still haven’t fixed the federal budget…or the health care website?! C’mon, people. Back from a great trip to London, still one of the world’s truly great cities. Just walking around is a blast. I did prolific gum flapping, and will [...]
A number of people have asked me my thoughts about this piece by PIMCO founder Bill Gross on inequality, tax reform, and more. Gross argues that as economic growth has become increasingly concentrated, investment and consumer demand have taken a big hit. But how come profit margins keep growing, given that those two growth cylinders [...]
I talk a lot, as one should, about market failures. But government failure is unfortunately, increasingly worthy of attention. Over at the NYT Economix blog.
In the last two days, I’ve been in Cleveland, Philly, DC, and Baltimore. I’ll have more to say about these travels in a later post, as I had many telling interactions with folks about all the stuff I write about up here, from recent government dysfunction to broader economic trends. Actually, not quite Cleveland but [...]
[The following are some initial impressions from the income, poverty, and health insurance data released by the Census Bureau this morning. NOTE: these data refer to 2012, so yearly differences, unless otherwise noted, are between 2011 and 2012. Also, visit www.offthechartsblog.org throughout the day for CBPP's updates and analyses.] The poverty rate held steady at 15%, [...]
The “key dangle” is a surefire strategy in this town—don’t look over there, look over here! It is in that spirit that I read about two developments last week: the historical record on income concentration among the wealthiest and the House Republicans attack on SNAP, formerly food stamps. The data on the first point show [...]
Actually, over at the NJ Star-Ledger, courtesy of their editorial page editor, Tom Moran.
Over at the NYT Economix blog. Like I said, I was struck yesterday by the juxtaposition of bank profitability and striking fast food workers, leavened throughout the day by all this criticism of the strikers for their lack of understanding of the underlying economic dynamics. [For example, here's an otherworldly debate on the topic from [...]
Riffing off of an important new study from EPI, over at the NYT Economix blog. BTW, there’s one thing I wanted to add here, as the NYT piece was already getting too long. This is a key point of the piece: …when it comes to economic policy, the difference in recent years between Democrats and [...]
This one’s pretty weedy but worth it for those of us interested in the important question of whether our high levels of income inequality are affecting macroeconomic growth. I laid out the basic issues in this earlier post and elaborate on them in a forthcoming piece from CAP, but the part I want to get into [...]
Devoted OTEers know that I’m careful not to shoot everything that moves, but the more I hang around the DC tax debate, the more I’m exposed to deeply misguided thinking that seems largely motivated by the conviction that poor people—in this case, the working poor—have too much money and the wealthy have too little. That’s [...]
Robert Putnam tells a resonant and heartfelt story about how his hometown in Ohio has changed since he grew up. It’s a microcosm of the economic and social trends that have beset towns and cities across the nation, featuring the impacts of globalization, changes in family structure, inequality, and diminished mobility. To Putnam, a sociologist, [...]
I’ve got a new commentary up at the NYT about a theme that was central to the President’s speech the other day: linkages between income inequality and economic growth. One thing I didn’t have space to get into in the piece was the evidence for this theory, some of which was helpfully discussed by Jim [...]
I’ve been getting that question a lot lately, so I thought it might be useful to offer some thoughts here. President Obama is giving an economics speech later today at Knox College in Illinois, focusing on the economy from the perspective of the middle class. As he did in a speech at this same locale [...]
Yesterday, the WSJ featured a piece explaining how the economy’s “stuck in neutral.” Today, it features “reasons for economic hope,” including repaired balance sheets, the shale boom, reduced health care inflation, and falling budget deficits. So, which is it? At this risk of being a little too folksy, I think the gear shift analogy is [...]
On the importance of bringing an ample policy response to an issue I’ve focused on a lot around here: the linkages between increased inequality and diminished mobility, over at the NYT Economix blog.
Some folks have asked me to weigh in on the seemingly implausible findings in this recent paper by Richard Burkhauser. Thomas Edsall usefully raised some objections in this NYT piece, but at least as I read his critique, he failed to make the critical point: though the research asks a legitimate question, the results make [...]
As I noted yesterday, Greg Mankiw’s defense of the top 1% maintains that while some may be unhappy with our high levels of inequality, those levels are economically benign and a result of the high value-added of the winners relative to the losers. I challenged the latter claim in yesterday’s post. This post briefly takes [...]
Larry Mishel has a useful blog up responding to Greg Mankiw’s piece defending the top 1% (for much more discussion of Greg’s essay, start here and click through the many links). I’ll get to Larry’s point in a moment, but one thing re Greg’s paper. Much of the criticism, which I’ve (predictably) found resonant, is [...]