Skip to main content

Economics Daily Digest by the Roosevelt Institute banner
By Tim Price, originally published on Next New Deal

Click here to receive the Daily Digest via e-mail.

The unemployment crisis that lies behind the US monthly jobs report (Guardian)

Heidi Moore argues that even a relatively strong jobs report like the one published last week comes with an asterisk so large it makes everything else look like a footnote: namely, that America still has 15 million people unemployed and no real idea what to do about it.

In Hard Economy for All Ages, Older Isn't Better... It's Brutal (NYT)

Catherine Rampell writes that every generation has its own tale of economic woe, but none as bad as those near retirement, who have had years shaved off their lives by hardship. Meanwhile, moocher babies continue to demand diamond rings to keep them from crying.

At this pace, the U.S. won't get back to full employment until 2022 (WaPo)

Brad Plumer notes that we still have nine years to go before we reach full employment at our current growth rate, though there are a lot of variables that could skew that number in either direction. For instance, with a little effort, Congress could bump itself up to a +0.

Weak Economy, Wrong Debate (HuffPo)

Robert Kuttner writes that despite ample evidence that cuts to government spending are hurting the recovery, deficit hawks are still obsessed with the debt-to-GDP ratio, which they have arbitrarily decided will cause the trumpets to sound and the seven seals to open.

Why the U.S. Government Never, Ever Has to Pay Back All Its Debt (The Atlantic)

Matthew O'Brien notes that the government and its debts can both exist in perpetuity, so conflating federal and household budgets doesn't work unless you're talking about a family of highly leveraged immortals. But they never really dealt with these issues in Twilight.

Friends of Fraud (NYT)

Paul Krugman writes that by threatening to filibuster the re-appointment of Richard Cordray to head the CFPB, Senate Republicans are continuing their efforts to block the agency from acting as a consumer watchdog until it's been safely muzzled and de-clawed.

Who Decided U.S. Megabanks Are Too Big to Jail? (Bloomberg)

Simon Johnson argues that we deserve some answers about how the Department of Justice decided that our major financial institutions had so thoroughly booby-trapped the economy that it couldn't even exhale in their presence without a bomb squad on standby.

Banks, at Least, Had a Friend in Geithner (NYT)

With Tim Geithner's tenure at the Treasury Department in the rear view mirror, Gretchen Morgenson explains why his claims that his work served the broad interests of the economy demand a very specific reading of "served," "broad," "interests," and "economy."

The 2012 Election's Price Tag: $7 Billion (MoJo)

Andy Kroll notes that FEC estimates confirm the 2012 election was the most expensive political cycle in history, just like every presidential election before it. But if they try to top this in 2016, networks might have to buy time for TV shows in between the campaign ads.

This Week in Poverty: Time to Take on Concentrated Poverty and Education (The Nation)

Greg Kaufmann and Elaine Weiss look at how breaking up pockets of concentrated poverty and segregation can boost achievement among low-income students. Or we could just give them more archery training to help compete against their fellow tributes.

Tim Price is Deputy Editor of Next New Deal. Follow him on Twitter @txprice.

Originally posted to Daily Kos Economics on Mon Feb 04, 2013 at 07:16 AM PST.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Why I Love This Series... (7+ / 0-)

    Virtually everyday, I do my own review of the various links pages at a set of about a dozen websites. I usually find an overlap of about 50%-75% of the stories that you folks also include in your daily summaries. But, there are always three or four "eye-openers" that I miss that you folks seem to find.

    Your daily posts here (and the stories behind the summaries) should be required reading for this entire community!

    Thank you VERY MUCH for this invaluable service!

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Mon Feb 04, 2013 at 07:24:26 AM PST

    •  I'm of the opinion they should break-out (1+ / 0-)
      Recommended by:
      bobswern

      most of their stories into individual diaries, since there's no limit on how many one can publish each day.

      This way, at least some stories will get wide-spread exposure, instead of the whole list, as they have now, getting modest to none.


      Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

      by Jim P on Mon Feb 04, 2013 at 08:31:07 AM PST

      [ Parent ]

    •  I agree (2+ / 0-)
      Recommended by:
      bobswern, cactusgal

      I am so glad to see that this series has been regularly promoted to the front page.  And I now "follow" it to ensure I never miss a single day.

      While I am not nearly as literate on economic issues as many others here, I try to stay informed on them for one very important reason.  Money flows downhill in politics. Understanding the economic issues and reasons behind them really is to understand why our politicians operate in every other facet of government.  Big money affects their decision making about social issues, the environment, education, and defense more than any other reason.  

      "Growing up is for those who don't have the guts not to. Grow wise, grow loving, grow compassionate, but why grow up?" - Fiddlegirl

      by gulfgal98 on Mon Feb 04, 2013 at 09:24:27 AM PST

      [ Parent ]

  •  Oh I'm tired of these pessimistic articles (0+ / 0-)

    We have loads of resources such as Eventbrite and Meetup and other networking events and career resources and groups that

    How can it be REALLY certain full employment won't be restored until 2022?  A lot of times this means the pace due to the process which the economy is adding jobs.  Providing the U.S. does in fact balance the budget and eliminate the debt, full employment could actually be restored sooner.  

    I think the U.S. Labor Department needs to be more proactive and gather lists of people who are unemployed and under employed and refer those people off to events where they will actually get help instead of incompetent organizations like the Employment Development Department (EDD) giving lackluster job training skills tools and online job postings only rather than networking events which provide people access to jobs a lot faster.

    Seriously, I think a number of people are living in a bubble if they think they the job postings market represents the entire market of jobs.

    "I've spent months applying for positions online.  I never get a reply back."

    Well, go to Eventbrite and Meetup and attend events where you can get connected to people in the companies you're interested in or want to learn about much faster.

    The economy would move a lot faster if people would use Eventbrite and Meetup instead of Craigslist.

    •  This is snark, right? (1+ / 0-)
      Recommended by:
      tardis10

      If not, just look at the number of people looking for jobs and the number of new jobs available and do the math.

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Mon Feb 04, 2013 at 03:27:29 PM PST

      [ Parent ]

      •  And how are the people looking? (0+ / 0-)

        That's the big $1 million dollar question.  I always hear job fairs and job boards.

        •  Doesn't matter how you look (0+ / 0-)

          There's no magic stash of millions of jobs out there that no one has discovered.

          The Dept. of Labor gets their unemployment/job loss stats from companies who do the hiring and firing.  They don't compile their data from viewing the "Want Ads" or Monster.com.

          Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

          by Betty Pinson on Tue Feb 05, 2013 at 04:18:36 PM PST

          [ Parent ]

  •  Speaking as the owner of a small manufacturing (0+ / 0-)

    business, get the goddamn banks to start lending again so we can call back the people we had to lay off, pay our creditors, and start creating inventory.  We can't hang on forever while the dipshits in congress hem and haw and wet their fat ugy beaks under the table.

    •  Something I heard (1+ / 0-)
      Recommended by:
      cactusgal

      from friends in business is that the banks are only lending money for overseas manufacturing, not to businesses doing manufacturing in the US.

      If true, those policies need to be stopped.  

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Mon Feb 04, 2013 at 03:45:30 PM PST

      [ Parent ]

  •  $7 billion..... (1+ / 0-)
    Recommended by:
    tardis10

    just to buy a continuation of the status quo ante, thanks to gerrymandering and right-wing money.

    I wonder how many starving kids that $7bn could have fed.....

    "Violence never requires translation, but it often causes deafness." - Bareesh the Hutt.

    by Australian2 on Mon Feb 04, 2013 at 03:35:06 PM PST

  •  No plan for 15 million unemployed? Sure there is (2+ / 0-)
    Recommended by:
    fight2bfree, tardis10

    Look forward, not backward.  Move on.  Forget about it.  Stop raining on my parade.  It's the new normal.

    If it hasn't happened to you...it hasn't happened.

    Oregon: Sure...it's cold. But it's a damp cold.

    by Keith930 on Mon Feb 04, 2013 at 03:37:34 PM PST

    •  Hope and change, ya know (0+ / 0-)

      See? Obama's shooting a gun at target practice.  

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Mon Feb 04, 2013 at 03:46:23 PM PST

      [ Parent ]

  •  Fear is being over 50... (1+ / 0-)
    Recommended by:
    fight2bfree

    ...and knowing that your experience, education, accomplishments, salary demands, remaining years of working, good health, drive, stamina, ambition, ability to drive innovation, and job fit can almost NEVER out-trump your chronological age in a job search. Unless one has very specific and niche experience or is a recognized visible expert in his or her field, most of us are summarily rejected, with or without a job, when conducting a search.

    It's truly depressing and obscene that we allow this form of discrimination to exist for this segment of the population.

    Even in this still-stagnant job market, this degree of blatant discrimination would not be tolerated against any other group.

    "Self-respect is the keystone of democracy"

    by neverontheright on Mon Feb 04, 2013 at 03:48:45 PM PST

    •  NYT Mentions Declining Life Span, But Not Suicide (0+ / 0-)

      I think the country is at the brink of a tidal wave of suicides that will continue for the next 20 years until the entire Baby Boom is past 70.

      There’s always free cheddar in a mousetrap, baby

      by bernardpliers on Mon Feb 04, 2013 at 07:06:37 PM PST

      [ Parent ]

  •  I wish Pres Obama was on a Job Creation Campaign (0+ / 0-)

    Why waste all the diminishing phantom political capital on the guns issue that he did not run on and will not get any gain from? This is political malpractice. Critics that think that guns is a good political issue to campaign on should run for public office on it where the incumbent is an R (not against Ds)

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site