In yesterday’s post on underemployment, I employed various concepts used by many in high places in contemporary economic analysis, including “natural rates” of un- and underemployment–i.e., the lowest rates consistent with stable inflation–the “equilibrium” Fed funds rate–the one consistent with stable growth that’s neither too hot nor too cold–and so on. Some readers and Tweeters… Read more
Hillary’s attacking Bernie for raising taxes on the middle class, which both suggests a serious constraint on a truly progressive policy agenda and may be necessary to get elected. Even while the firm is already as master tax avoider, Pfizer is inverting–moving its tax mailbox to Ireland while keeping its operations largely here (and thus… Read more
Not the sexiest title, I grant you, but important stuff, nevertheless. Those of us interested in just how close we are to full employment like to track the more comprehensive “u6” rate, aka, “underemployment.” It includes all the unemployed, but also the millions of involuntary part-timers (IPT)—who are, quite literally, underemployed—plus a small subset of those… Read more
From a recent interview with the President in GQ: You can’t separate good policy from the need to bring the American people along and make sure that they know why you’re doing what you’re doing. And that’s particularly true now in this new communications era. I think that we were ahead of the curve in… Read more
And Treasury is about to come out with some new speed bumps. Good for them–it’s critical to protect the tax base. But you really need legislation to get at this problem. Over at WaPo.