It\’s the story of the day. Well, it\’s the story of the past, well, ever. It seems the rich get richer and the poor get poorer and the middle gets squeezed. And, truly that’s at least been the case since 1980. Some see the cure for this malady to be “economic mobility,” which basically means, making it easier for people who were born poor to stop being so poor and start being middle class (or rich even!). Hard work and smarts! The American dream! It’s the obsession of Americans, this idea that there’s a path for people...
Continue reading...economy
Fed keeps on keepin' on
The Federal Reserve’s Open Market Committee met today, and it seems they’re keepin’ on keepin’ on. At least according to their release: The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period. The Committee also will maintain its existing policy of reinvesting principal payments from its securities holdings. Now, this is despite recognizing that...
Continue reading...This is how bad it got: Poverty and unemployment insurance
This chart is pretty staggering, and gives a little more credence to the call to keep expanding unemployment insurance, even if Sharron Angle thinks it “spoils” the unemployed. This chart comes from Arloc Sherman from the Center on Budget and Policy Priorities, who writes: The headline story in today’s Census Bureau report is the large jump in the poverty rate in 2009. But an exclusive Center on Budget and Policy Priorities analysis of the new survey data shows that unemployment insurance benefits — which expanded substantially last year in response to the increased need — kept 3.3 million people...
Continue reading...How long until we're employed again?
The economy seems to be leveling out, but how long will it take to get employment back to where it was before the Great Recession? Brookings has this frightening chart with some explanation: In recent months, on this blog, we described the job gap — the number of jobs it would take to return to employment levels from before the Great Recession, while also accounting for the 125,000 people who enter the labor force in a typical month. After today’s employment numbers, the job gap stands at almost 11.3 million jobs. How long will it take to...
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