TCF policy associate Mike Cassidy puts the rising inflation rate into perspective by comparing the salaries of professional sports players over a period of time. He explains how the startlingly high contract amounts of football players are deceptive and not as outrageous when broken down and inflation becomes a factor.
The key to Stanton’s contract is timing. As economics teaches us, when you get paid influences what that compensation is worth to you. A dollar today is more valuable than a dollar tomorrow. That would be the case even without inflation because people are impatient. But when the price level is rising over time, the ticking clock becomes even more of a factor: The purchasing power of that same dollar diminishes.
Check out Mike's whole piece here.
TCF fellow Jeff Madrick speaks with New York Times columnist Paul Krugman about the themes in his recently released book Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World. Madrick questions the accuracy and legitimacy of the conventional economic wisdom that we use to explain past, present and future economic outcomes in the U.S. and abroad.
Watch the full interview video here.
TCF fellow Mark Thoma writes about the differentiation of the short-term unemployed and the long-term unemployed that make up the labor market. He spells out the differences between the two factions, which turn out to be nearly identicaly in terms of age, gender, race, education level, and even industry.
On the basis of these observable characteristics, we find that long-term unemployed workers are not less attached to the labor market than short-term unemployed workers. If anything, the long-term unemployed group has the largest share of prime-age workers, the age group likely to have the strongest labor force attachment. We also see that long-term unemployment is an economy-wide phenomenon, spread across industries and occupations. While there may be unobservable characteristics of long-term unemployed workers that make them less attached to the labor force, when looking at their observable characteristics, it's hard to argue that they should not be considered as part of labor market slack.
Read Thoma's full article.
A new report from TCF policy associate Mike Cassidy argues that most labor market reporting relies on the wrong statistics.READ MORE
TCF fellow Moshe Marvit tells Politico that Mitch McConnell's re-election could tip the scales in favor of right-to-work laws in Kentucky.
Moshe Marvit, a labor lawyer and fellow at the liberal Century Foundation who’s been following the Kentucky right-to-work fight, says leaders of Kentucky’s GOP establishment are working closely with the National Right to Work Committee. Last year, the McConnell campaign drew criticism from campaign finance watchdogs when it hired Dimitri Kesari, a former government affairs director for the National Right To Work Committee previously accused by its former staffer, Dennis Fusaro, of being involved in an off-the-books fundraising operation for the National Right to Work Committee.
Red the full article at Politico.
In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.
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