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Monday, November 6, 2017
Productivity Growth Is Up, Are the Robots Finally Coming? Higher pay also gives employers more incentive to invest in technology in order to reduce their need for workers. And we have seen an uptick in equipment investment over the last year, which is consistent with businesses trying to economize on labor.
Monday, November 6, 2017Productivity Growth Is Up, Are the Robots Finally Coming? Higher pay also gives employers more incentive to invest in technology in order to reduce their need for workers. And we have seen an uptick in equipment investment over the last year, which is consistent with businesses trying to economize on labor.
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Tuesday, November 18, 2014
The Problem of "Stupid" in Economics There is some truth to Gruber's comment in that most people are ill-informed about major public policy issues, including health insurance. But when people do take the time to get informed, the media let them down badly. Stories even in the best of outlets, like the New York Times and National Public Radio, often present information in ways that are misleading and often meaningless to nearly all readers.
Tuesday, November 18, 2014The Problem of "Stupid" in Economics There is some truth to Gruber's comment in that most people are ill-informed about major public policy issues, including health insurance. But when people do take the time to get informed, the media let them down badly. Stories even in the best of outlets, like the New York Times and National Public Radio, often present information in ways that are misleading and often meaningless to nearly all readers.
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Friday, August 19, 2011
John Kerry, the Lazy Senator Who Would Not Learn t is more than a bit infuriating that Senator Kerry and his colleagues would now be lecturing the country on the need for hard choices. If they could have been bothered to do their damn jobs just a few years ago, we would not be in this situation today. As a result of their failure, tens of millions of workers are unemployed or underemployed.
Friday, August 19, 2011John Kerry, the Lazy Senator Who Would Not Learn t is more than a bit infuriating that Senator Kerry and his colleagues would now be lecturing the country on the need for hard choices. If they could have been bothered to do their damn jobs just a few years ago, we would not be in this situation today. As a result of their failure, tens of millions of workers are unemployed or underemployed.
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Tuesday, August 22, 2017
Social Security: Still The Most Efficient Way To Provide Retirement Income If we want to supplement the income provided by Social Security, we should look to the program as a model. Keep it simple and keep the costs low. If people want to speculate in financial markets they are welcome to do so, but retirement policy means simple and cheap, and if that reduces profits for the financial industry, that's good too.
Tuesday, August 22, 2017Social Security: Still The Most Efficient Way To Provide Retirement Income If we want to supplement the income provided by Social Security, we should look to the program as a model. Keep it simple and keep the costs low. If people want to speculate in financial markets they are welcome to do so, but retirement policy means simple and cheap, and if that reduces profits for the financial industry, that's good too.
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Sunday, June 26, 2016
Elizabeth Warren Should Stay in the Senate Remaining in the Senate would provide the best platform for Elizabeth Warren to advance a progressive agenda during a Clinton administration. The inalterable reality is that her agenda is fundamentally different from the agenda Clinton will want to pursue, and no president is going to give their vice president a blank check to sabotage their agenda.
Sunday, June 26, 2016Elizabeth Warren Should Stay in the Senate Remaining in the Senate would provide the best platform for Elizabeth Warren to advance a progressive agenda during a Clinton administration. The inalterable reality is that her agenda is fundamentally different from the agenda Clinton will want to pursue, and no president is going to give their vice president a blank check to sabotage their agenda.
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Monday, December 17, 2018
Ivy Leagues Are Handing Out Millions in Fees to Hedge Fund Managers This dismal track record is a big deal because these endowments invest heavily in what is called "alternative investments," primarily hedge funds and private equity funds. The people who run these funds often make tens of millions a year, in some cases hundreds of millions a year.
Monday, December 17, 2018Ivy Leagues Are Handing Out Millions in Fees to Hedge Fund Managers This dismal track record is a big deal because these endowments invest heavily in what is called "alternative investments," primarily hedge funds and private equity funds. The people who run these funds often make tens of millions a year, in some cases hundreds of millions a year.
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Friday, November 1, 2019
Economy Creates 128,000 Jobs in October; Unemployment Edges Up to 3.6 Percent The economy is adding jobs at a healthy pace. There are signs of weakness in key sectors such as construction and manufacturing (even when pulling out the effect of the GM strike). Also, wage growth is surprisingly weak given the low unemployment rate, but there is no sign of a recession anywhere in sight.
Friday, November 1, 2019Economy Creates 128,000 Jobs in October; Unemployment Edges Up to 3.6 Percent The economy is adding jobs at a healthy pace. There are signs of weakness in key sectors such as construction and manufacturing (even when pulling out the effect of the GM strike). Also, wage growth is surprisingly weak given the low unemployment rate, but there is no sign of a recession anywhere in sight.
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Tuesday, February 27, 2018
Employer-Side Payroll Taxes: Cuomo Goes to War Against Republican Tax Plan Cuomo's plan has a $40,000 zero bracket, which means the tax is not paid on the first $40,000 in wages. He also made it voluntary so that employers could opt into this payroll tax system -- thereby saving workers money on their income taxes -- but they would not be required to go this route.
Tuesday, February 27, 2018Employer-Side Payroll Taxes: Cuomo Goes to War Against Republican Tax Plan Cuomo's plan has a $40,000 zero bracket, which means the tax is not paid on the first $40,000 in wages. He also made it voluntary so that employers could opt into this payroll tax system -- thereby saving workers money on their income taxes -- but they would not be required to go this route.
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Monday, May 13, 2019
The US Labor Market Is Deteriorating for Black Men The situation for Black Americans, and especially Black men, is disturbing. While the data are erratic, we now have enough of it to indicate that the employment prospects of Black men may actually be deteriorating even as the overall labor market continues to improve.
Monday, May 13, 2019The US Labor Market Is Deteriorating for Black Men The situation for Black Americans, and especially Black men, is disturbing. While the data are erratic, we now have enough of it to indicate that the employment prospects of Black men may actually be deteriorating even as the overall labor market continues to improve.
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Friday, October 30, 2015
David Brooks Praises Marco Rubio for Pushing 20-Year-Old Ideas on Welfare Reform Brooks' characterization of Speaker Ryan as a forward looking moderate is questionable. He has repeatedly advocated extreme positions that are far outside of the mainstream of both parties. He has called for privatizing Social Security and Medicare and shutting down the non-military portion of the government by the middle of the century.
Friday, October 30, 2015David Brooks Praises Marco Rubio for Pushing 20-Year-Old Ideas on Welfare Reform Brooks' characterization of Speaker Ryan as a forward looking moderate is questionable. He has repeatedly advocated extreme positions that are far outside of the mainstream of both parties. He has called for privatizing Social Security and Medicare and shutting down the non-military portion of the government by the middle of the century.
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Monday, August 17, 2020
Financing Drug Development: What the Pandemic Has Taught Us The industry acknowledges the value of the research funded by the National Institutes of Health (NIH), and in fact, is the biggest lobbyist for it. But they say that if NIH were to move downstream and actually finance the development of drugs and do clinical trials, they would turn into a bunch of bureaucratic bozos who couldn't do anything right.
Monday, August 17, 2020Financing Drug Development: What the Pandemic Has Taught Us The industry acknowledges the value of the research funded by the National Institutes of Health (NIH), and in fact, is the biggest lobbyist for it. But they say that if NIH were to move downstream and actually finance the development of drugs and do clinical trials, they would turn into a bunch of bureaucratic bozos who couldn't do anything right.
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Tuesday, October 18, 2016
The Old Debt And Entitlement Charade The use of the term "entitlements." While this has a clear meaning to policy wonks, it is likely that most viewers won't immediately know that "entitlements" means the Social Security and Medicare their parents receive. It's a lot easier for politicians to talk about cutting wasteful "entitlements" than taking away seniors' Social Security and Medicare.
Tuesday, October 18, 2016The Old Debt And Entitlement Charade The use of the term "entitlements." While this has a clear meaning to policy wonks, it is likely that most viewers won't immediately know that "entitlements" means the Social Security and Medicare their parents receive. It's a lot easier for politicians to talk about cutting wasteful "entitlements" than taking away seniors' Social Security and Medicare.
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Tuesday, January 2, 2018
The Trump Investment Boom: Is It Really His Fault Oil Prices Jumped by 40 Percent The investment in the mining and oil sector is almost certainly far more attributable to the rise in world oil prices than anything Trump has done in office. Oil prices collapsed in 2015 and 2016, falling from close to $100 a barrel in 2014 to a low of $32 a barrel last year. This slump led to a plunge in investment in oil and mining in 2016.
Tuesday, January 2, 2018The Trump Investment Boom: Is It Really His Fault Oil Prices Jumped by 40 Percent The investment in the mining and oil sector is almost certainly far more attributable to the rise in world oil prices than anything Trump has done in office. Oil prices collapsed in 2015 and 2016, falling from close to $100 a barrel in 2014 to a low of $32 a barrel last year. This slump led to a plunge in investment in oil and mining in 2016.
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Saturday, November 17, 2018
Will Progressives Ever Think About How We Structure Markets, Instead of Accepting them as Given? The most visible place where government-granted monopolies have a large effect is with prescription drugs. We will spend close to $440 billion (2.2 percent of GDP) this year on prescription drugs. If these drugs were sold in a free market without patents or related protections they would likely sell for less than $80 billion. The difference of $360 billion is roughly five times annual spending on SNAP.
Saturday, November 17, 2018Will Progressives Ever Think About How We Structure Markets, Instead of Accepting them as Given? The most visible place where government-granted monopolies have a large effect is with prescription drugs. We will spend close to $440 billion (2.2 percent of GDP) this year on prescription drugs. If these drugs were sold in a free market without patents or related protections they would likely sell for less than $80 billion. The difference of $360 billion is roughly five times annual spending on SNAP.
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Monday, January 20, 2014
"Freedom" Industries? Property Rights, Regulation, and Brain Dead Environmentalists Property rights mean not having someone else throw their waste on your property. If this is a difficult concept to understand, try erecting a slaughterhouse where the waste gets dumped on Bill Gates' front lawn. It's a safe bet that you will quickly be given a court order to stop immediately. If you ignore it, you will quickly find yourself in jail.
Monday, January 20, 2014"Freedom" Industries? Property Rights, Regulation, and Brain Dead Environmentalists Property rights mean not having someone else throw their waste on your property. If this is a difficult concept to understand, try erecting a slaughterhouse where the waste gets dumped on Bill Gates' front lawn. It's a safe bet that you will quickly be given a court order to stop immediately. If you ignore it, you will quickly find yourself in jail.
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Thursday, March 21, 2019
Trillion Dollar Wall Street Bailouts, Bernie Sanders, and the Washington Post Glenn Kessler, the Washington Post Fact Checker gave Bernie Sanders two Pinocchios this week for saying that the Wall Street banks got a trillion dollar bailout. Kessler raises several points of contention. Whether the Wall Street banks actually got that much money. Or whether it can really be called a bailout since the government made a profit on the loans. And the bailout was necessary to keep the financial system running.
Thursday, March 21, 2019Trillion Dollar Wall Street Bailouts, Bernie Sanders, and the Washington Post Glenn Kessler, the Washington Post Fact Checker gave Bernie Sanders two Pinocchios this week for saying that the Wall Street banks got a trillion dollar bailout. Kessler raises several points of contention. Whether the Wall Street banks actually got that much money. Or whether it can really be called a bailout since the government made a profit on the loans. And the bailout was necessary to keep the financial system running.
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Monday, November 12, 2018
Learning From 3.7 Percent Unemployment: It's More Than Just a Number Economists like to bury their mistakes. Rather than owning up to them, they tend to rewrite the past and obscure the issues involved. Because most people have little understanding of economics, they often get away with it.
Monday, November 12, 2018Learning From 3.7 Percent Unemployment: It's More Than Just a Number Economists like to bury their mistakes. Rather than owning up to them, they tend to rewrite the past and obscure the issues involved. Because most people have little understanding of economics, they often get away with it.
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Tuesday, November 26, 2013
Technology didn't kill middle class jobs, public policy did Since 2000, the increase in employment has occurred almost entirely in low-wage occupations. There has been a decline in relative employment for both workers in middle wage and high wage occupations. If this "occupational shift story" explained trends in wages we should expect to see sharply rising wages for retail clerks, custodians and other workers employed in low-paying occupations.
Tuesday, November 26, 2013Technology didn't kill middle class jobs, public policy did Since 2000, the increase in employment has occurred almost entirely in low-wage occupations. There has been a decline in relative employment for both workers in middle wage and high wage occupations. If this "occupational shift story" explained trends in wages we should expect to see sharply rising wages for retail clerks, custodians and other workers employed in low-paying occupations.
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Tuesday, October 16, 2012
The National Debt and Our Children: How Dumb Does Washington Think We Are? Reporters covering this election deserve nothing but contempt from the public. It is their job to highlight the issues that will matter to people's lives, not to help push the agenda of corporate America. But clearly they have decided to do the latter.
Tuesday, October 16, 2012The National Debt and Our Children: How Dumb Does Washington Think We Are? Reporters covering this election deserve nothing but contempt from the public. It is their job to highlight the issues that will matter to people's lives, not to help push the agenda of corporate America. But clearly they have decided to do the latter.
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Saturday, July 15, 2017
Mick Mulvaney Gives Mix of Groundhog Day and Flat Out Lies on MAGAnomics MAGAnomics? There is nothing here at all. Mulvaney has given us absolutely zero reason that Trump's policies will lead to anything other than larger deficits, fewer people with health care, more dangerous workplaces, and a dirtier environment.
Saturday, July 15, 2017Mick Mulvaney Gives Mix of Groundhog Day and Flat Out Lies on MAGAnomics MAGAnomics? There is nothing here at all. Mulvaney has given us absolutely zero reason that Trump's policies will lead to anything other than larger deficits, fewer people with health care, more dangerous workplaces, and a dirtier environment.
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