Inflation Continues to Run Well Below Target as Revised Seasonal Adjustments Reduce Volatility

Data released this week by the Bureau of Labor Statistics show that consumer price inflation continues to run well below target. The all-items CPI for urban consumers rose at a seasonally adjusted annual rate of 1.75 percent in January, compared with the Fed’s inflation target of 2 percent. The seasonally adjusted core inflation rate for […]

America’s ‘We’ Problem

America has a serious “We” problem — as in “Why should we pay for them?” The question is popping up all over the place. It underlies the debate over extending unemployment benefits to the long-term unemployed and providing food stamps to the poor. It’s found in the resistance of some young and healthy people to being required […]

A Weak Bounceback for January Payrolls

Private nonfarm payrolls revived in January after December’s tepid rise, but the rebound was well below expectations. Cold weather is again blamed as throwing a wrench into the jobs machine. Whatever the cause, private-sector employment increased just 142,000 in January over the previous month. Only December’s weak 87,000 advance is lower for the past year-and-a-half. A dramatic reversal of […]

Jamie Dimon’s $10 Million Raise is a ‘Common Sense’ Fraud Reward

Andrew Ross Sorkin (and his “Deal Book” team at the New York Times) seemed to have built an insurmountable lead in the race to be declared the most unctuous panderer to the financial plutocrats who grew wealthy by leading the frauds that blew up our economy.  As I wrote recently, Politico became my instant dark horse candidate for the Street’s […]

Let’s Compare the Job Guarantee to the Alternatives, NOT Against Some Distant Utopian Vision

I’m always shocked at the objections raised against the Job Guarantee—especially by those on the Official Left. Here is what WE propose: Let’s provide a job at a decent wage to anyone willing to work. Here’s the reaction from the crazy right: Zimbabwe! Weimar! You fiat money proponents would destroy the value of our currency. […]

Jobs for All: The Missing but Essential Element of Dr. King’s March on Washington

“It was obdurate government callousness to misery that first stoked the flames of rage and frustration. With unemployment a scourge in Negro ghettoes, the government still tinkers with half-hearted measures, refuses still to become an employer of last resort. It asks the business community to solve the problems as though its past failures qualified it […]

Jobless Claims Fell Again Last Week

New filings for unemployment benefits inched lower last week, dropping for the second week in a row. The decline of 2,000 to a seasonally adjusted 326,000 for the week through January 11 is a welcome sign, of course. But the trend looks a bit sluggish lately, raising questions about the potential for stronger growth in the labor […]

Fear is Why Workers in Red States Vote Against Their Economic Self-Interest

Last week’s massive spill of the toxic chemical MCHM into West Virginia’s Elk River illustrates another benefit to the business class of high unemployment, economic insecurity, and a safety-net shot through with holes. Not only are employees eager to accept whatever job they can get. They are also also unwilling to demand healthy and safe […]