Tim Price

Deputy Editor

Recent Posts by Tim Price

  • Daily Digest - May 10: Where Are You, Jobs?

    May 10, 2013Tim Price

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    What's Wrong With the U.S. Job Market? (Businessweek)

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    What's Wrong With the U.S. Job Market? (Businessweek)

    Peter Coy tries to answer the million-dollar question from the supply and demand angle, also noting solutions like Roosevelt Institute Senior Fellow Jeff Madrick's call for companies to pay workers enough to buy their own products. Built-in marketing!

    Economists See Deficit Emphasis as Impeding Recovery (NYT)

    Jackie Calmes and Jonathan Weisman report that the Serious People are starting to corroborate what the filthy hippies have been saying for four years, as economic growth reports consistently include regretful footnotes about what Washington's up to.

    Bernanke, Blower of Bubbles? (NYT)

    Paul Krugman argues that there's little evidence of a bond or stock bubble emerging despite the misgivings of Ben Bernanke's critics, who wish the Fed would forget the unemployment thing and focus on other problems, even if they don't actually exist.

    Congress Moves to Weaken Dodd-Frank Reforms That Officials Want Strengthened (Think Progress)

    Travis Waldron notes that the House Financial Services Committee has advanced a package of six bills that would weaken derivatives regulations and ensure that federally insured banks don't feel like we're asking too much in exchange for our money.

    Unions to Banks: Pay Up (Prospect)

    Sarah Jaffe highlights a new plan embraced by labor leaders fighting cuts to public employees' pensions: close state budget gaps by making banks pay back what they stole through LIBOR-rigging and shady muni deals. Better check the silverware, too.

    Fed says some were underpaid in U.S. foreclosure settlement (Reuters)

    First the initial round of checks issued to victims of foreclosure abuse bounced. Now it turns out that about 96,000 checks issued in the second round were made out for less than what borrowers were owed. Go home, Rust Consulting. You're drunk.

    How colleges are wooing the rich and sticking the poor with the bill (WaPo)

    Dylan Matthews notes that while colleges are receiving massive federal subsidies intended to make higher education more affordable, a new report suggests they're shifting that money around to lure in future wealthy alumni rather than needy students.

    The Price of Safety: Why Cheap Regulation Creates Expensive Crises (The Atlantic)

    James Kwak writes that when it comes to airplane inspections or financial chicanery, regulators lack the resources to provide adequate oversight, and leaving it up to firms to monitor their own risk is like letting a four-year-old come up with his own meal plan.

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  • Daily Digest - May 9: A Political State of Emergency

    May 9, 2013Tim Price

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    Overthinking Obama (Washington Monthly)

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    Overthinking Obama (Washington Monthly)

    Roosevelt Institute Senior Fellow Mark Schmitt argues that while many authors try to construct a Grand Theory of Barack Obama, he's really a typical democratic reformer, except that he a) got elected and b) did so during the worst possible economic moment.

    Chaos governing (WaPo)

    Greg Sargent notes that Republicans are openly admitting that they refuse to negotiate on the budget until they can use the debt celing as leverage, but they've also proved they won't follow through on their threats. So their bargaining position is just "we win"?

    Boehner Accidentally Explains Why His Deficit Position Is Phony (Bloomberg)

    Josh Barro unpacks the Russian nesting doll of fallacies in John Boehner's warnings about government debt, including the idea that something that's happened for 55 of the last 60 years is unsustainable and that businesses don't take on debt as they grow.

    Elizabeth Warren Q&A: Students "deserve the same break that big banks get" (Salon)

    David Dayen talks to Elizabeth Warren about her plan to stop the Stafford loan interest rate hike and offer students the same discount rate that banks pay to borrow from the Fed, signaling that student debt is officially as much of a rolling disaster as Wall Street.

    Working Poor Face Long Odds: 'You Have to Just Wait Your Turn, But That Turn May Never Come' (HuffPo)

    Saki Knafo writes that working hard is no longer a ticket to success, as Roosevelt Institute Fellow Dorian Warren notes that traditional job ladders have disappeared in the new economy, if they'd even reach the top of the sinkhole many Americans are now in.

    Stock Markets Rise, but Half of Americans Don't Benefit (NYT)

    Catherine Rampell notes that although the stock market reached record nominal highs this week, only 52 percent of Americans actually have investments. The rest either can't afford to buy in or feel that their money would be safer elsewhere, like in the fireplace.

    Labor wrestles with its future (WaPo)

    Harold Meyerson writes that unions are getting creative about collaborating to support workers' interests and redefining who counts as a member when most workers can't join. Just leave the flower pot turned over and they'll know you need to file a grievance.

    Underfunded and Under Five (Prospect)

    Sharon Lerner examines how the recession has affected early education, causing states to cut half a billion dollars in funding for pre-K in the last year alone. Most of that comes from teachers, who are now just doing it for the joy of cleaning up finger paints.

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  • Daily Digest - May 8: For Austerians, Failure is the Only Option

    May 8, 2013Tim Price

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    Budget austerity proved a joke, but the US and Europe won't change course (Guardian)

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    Budget austerity proved a joke, but the US and Europe won't change course (Guardian)

    Dean Baker writes that despite recent setbacks, deficit hawks are making two arguments against a policy shift: the recovery's getting stronger on its own (there, did you see? It twitched a little bit) and no one knows how to spend money to create jobs (sorry, FDR).

    Extended Benefits Didn't Keep People from Taking Jobs (WSJ)

    Many conservatives have taken it as an article of faith that unemployment benefits encourage people to be lazy and let those fat $300 checks roll in, but Amy Schatz notes that a new study by the San Francisco Fed shows they keep workers in the job market longer.

    Churn, baby, churn: The labor market won't be healthy until people feel like they can quit their jobs (WaPo)

    Neil Irwin argues that while layoffs are stable, we won't know the economy is really back on track until a lot more people start moving freely between jobs, or to put it another way, until they stop clinging to their current jobs like a kitten dangling from a tree branch.

    In the Long Run, Niall Ferguson, Keynes Was Right (Bloomberg)

    Matthew C. Klein makes the case that despite the homophobic comments made by some of Keynes's critics, what really makes them uncomfortable is that they have no answers to immediate human suffering, not that gay economics will destroy the human race.

    Yanking Broadband From the Slow Lane (NYT)

    Eduardo Porter writes that while high-speed Internet access is the key to innovation, expansion and improvement of U.S. broadband networks has been about as slow as a dial-up connection, and monopolies are so strong that Google looks like a scrappy upstart.

    Lew Slams Wall Street Deregulation Bills (MoJo)

    If it ain't broke, don't fix it -- and if you can't tell, ask someone who knows what they're doing. As Erika Eichelberger notes, that's the message Jack Lew sent to the House Financial Services Committee this week as it considers nine (cough) "fixes" to Dodd-Frank.

    No, the Gang of Eight Immigration Bill Won't Cost You $6.3 Trillion (Slate)

    Matthew Yglesias writes that the Heritage Foundation's report on immigration reform makes some strange assumptions, like the idea that legal status itself has no economic value, which is too bad for Republicans who were hoping to make an informed decision.

    Many Americans say they can't retire until their 70s or 80s (LA Times)

    A Northwestern Mutual survey finds that most Americans are less financially secure than they thought they'd be and more than 40 percent expect to work past their 60s. We haven't raised the legal retirement age, but the mental retirement age is another story.

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  • Daily Digest - May 7: The More FinReg, the Merrier

    May 7, 2013Tim Price

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    Dodd-Frank is finally being implemented. Will that be enough? (WaPo)

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    Dodd-Frank is finally being implemented. Will that be enough? (WaPo)

    Roosevelt Institute Fellow Mike Konczal argues that Brown-Vitter's capital requirements could be a smart addition to Dodd-Frank even if the latter works well. Just because banks can fail doesn't mean they should feel free to do so as hard and as often as possible.

    2 Big Banks Face Suits In Mortgage Pact Abuses (NYT)

    Jessica Silver-Greenberg reports that New York AG Eric Schneiderman is suing Bank of America and Wells Fargo for violating the mortgage settlement's terms by mishandling modification requests. Suddenly folding paperwork into funny hats is against the rules?

    Why Left and Right Economists Can't Just Agree (NY Mag)

    Jonathan Chait writes that finding economic beliefs shared by liberals and conservatives is tough because you're not comparing two people driven by data; you're comparing one person driven by data and one person who read somewhere that government is bad.

    How Our Incredible Shrinking Government Raises Unemployment and Hurts the Recovery (The Atlantic)

    Derek Thompson notes that even without the sequester, unemployment could be as low as 6.3 percent now if the government hadn't spent the last few years cutting back on spending when we need investment and laying off workers like it's going out of business.

    Congress Helps Air Travelers, Ignores Victims of Rape and Domestic Violence (MoJo)

    Tim Murphy writes that despite lawmakers' quick and decisive action to protect weary business execs from flight delays, they don't seem too interested in restoring the $20 million cut from VAWA grants that help protect the victims of abuse and sexual assault.

    How Low Can Part-Timers' Hours Go? (Prospect)

    Harold Meyerson notes that in response to an Affordable Care Act rule intended to make employers insure employees who work 30 hours a week, many part-timers are being bumped back to 29 hours or less. You win this round, nonsensical health care system.

    Rising Health Care Costs Are Quietly Strangling the Middle Class (RealClearPolicy)

    Benjamin Landy argues that while conservatives claim workers' compensation is on the rise because health benefits are getting pricier, that's all money that employees aren't seeing in their paychecks, and Aetna's not going to pay their mortgage for them.

    GOP pushes bogus workplace bill from 1996 (Salon)

    Alex Seitz-Wald notes that House Republicans are bringing us the freshest ideas of the Gingrich era with a plan to let workers convert their overtime pay into paid time off, so the only thing they need to do if they want to work less is to start working more.

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  • Daily Digest - May 6: Learning by Doing Badly

    May 6, 2013Tim Price

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    The Lessons of the North Atlantic Crisis for Economic Theory and Policy (IMFdirect)

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    The Lessons of the North Atlantic Crisis for Economic Theory and Policy (IMFdirect)

    Roosevelt Institute Chief Economist Joseph Stiglitz argues that the crisis has given us a chance to rethink broken models, so instead of tinkering at the edges and hoping the markets somehow fix themselves, we can break out the full repair kit next time around.

    The Chutzpah Caucus (NYT)

    Paul Krugman writes that although many cynics seem to think any government stimulus will lead to a liberal spending spree that bankrupts the nation, the real problem is usually that stimulus gets cut off too soon, and the bankrupting is left to conservatives.

    The College Grad Recovery Continues (The Atlantic)

    Matthew O'Brien notes that the latest jobs report tells the same story of painfully slow but steady job growth that we've been hearing since the recovery began. Except for those without college degrees, who file that story under the creative fiction category.

    The Idled Young Americans (NYT)

    David Leonhardt writes that lack of new job creation has caused the U.S. to go from having the biggest share of young workers employed among wealthy nations to having one of the smallest. But they're still optimistic about one day being able to pay a bill.

    McJobs recovery continues in latest job figures (MSNBC)

    Ned Resnikoff writes that while April's report shows the recovery is slowly adding jobs, it also shows that they're some of the worst jobs around, with a third of growth concentrated in retail and hospitality while stable union work goes the way of the dinosaurs.

    The Loss of Government Jobs Is Holding Back the Economy (Think Progress)

    Bryce Covert notes that the public sector has lost 718,000 net jobs since 2009, including 11,000 sacrificed on the altar of austerity in April. And not to get too technical, but continually subtracting jobs from the economy makes the total number of jobs smaller.

    The Hollowing Out of Government (Robert Reich)

    Reich argues that whether it's OSHA enforcing safety standards or the IRS collecting taxes, Republicans deal with any law or government function they don't like but can't repeal by starving it of resources and then complaining about how it doesn't work right.

    This Week in Poverty: Florida Gives Workers a Smackdown (The Nation)

    Greg Kaufmann highlights the Florida legislature's raft of anti-worker legislation, designed to override local ordinances establishing benefits like paid sick leave and wage theft protection and leave it up to the state government to not implement them instead.

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