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...jobs
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...Why didn't the stimulus work as expected?
With 500,000 new people applying for unemployment last week, the most number since November, it appears that the economy, propped up by temporary census workers and last year’s stimulus package, is falling again. The Right is saying that the stimulus was a waste of money, the Left is saying it wasn’t big enough. The truth is, even if it helped a little, it’s not doing enough. Eric Martin at Obsidian Wings does a great job of pointing out one of the most important reasons: Further weakening the effort, a self-styled group of “moderates” in the Senate pared...
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...
Continue reading...Sharron Angle attacks Harry Reid for…saving jobs?
Sharron Angle may want to stop talking. In case you’re not sure who she is: Angle’s a tea party favorite running for Senate against Senate Majority Leader Harry Reid in Nevada. She beat out prohibitive favorite Sue Lowden in the Republican primary, mostly due to Lowden saying some ridiculous things. However, she also tends to say ridiculous things and get in trouble for them. As a result, she doesn’t get out much. Earlier this week, she got riled up because the Reid campaign dug up her old website and, well, put it back online. I’m not an...
Continue reading...Stimulus bill more stimulating than expected
CC photo from Argonne National Laboratory Conservative critics love to talk about how the American Recovery and Reinvestment Act, otherwise known as the “stimulus package,” has clearly not worked, because the economy hasn’t recovered yet. All I had to do was a cursory Google search to find this: According to the latest survey of its members by the National Association of Business Economists: “The vast majority (73%) of respondents reported the fiscal stimulus enacted in February 2009 has had no impact on employment to date. While 68% also believe a jobs bill, such as the one recently...
Continue reading...Jobs
Ronald Brownstein at the National Journal: If the economy produces jobs over the next eight months at the same pace as it did over the past four months, the nation will have created more jobs in 2010 alone than it did over the entire eight years of George W. Bush’s presidency. That comparison comes with many footnotes and asterisks. But it shows how the economic debate between the parties could look very different over time — perhaps by November, more likely by 2012. More important, the comparison underscores the urgency of repairing an American job-creation machine that...
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