We are failing all of our children. The selfishness of American adults is stupefying.
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Betsey Stevenson
@BetseyStevenson
Former Member of President Obama’s Council of Economic Advisers & Chief Economist at Labor. Current academic economist at Michigan. Always an economist at home.
Ann ArborJoined September 2011
Betsey Stevenson’s Tweets
“The numbers are baffling right now — we just don’t normally see declining GDP and rising employment,” said .
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Our best estimate of what really happened to GDP in Q1 is an average of the estimates of GDP and GDI. And that average says we are treading water, rather than shrinking.
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"GDP" (GDP calculated from spending data) says the economy contracted in Q1; "GDI" (GDP calculated from income data) says the economy expanded in Q1 at around trend growth. A lot of high frequency data, including employment, seems to be telling a story much more consistent w/GDI.
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COMING UP: The latest on the economy and where it's headed
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and join to discuss the hike in interest rates and recession fears.
Watch #MTPNOW live at 4 pm ET on MeetThePress.com
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"The only thing the #Fed can do is bring down demand, that's its only toolkit," told us. "The question is, can they get the goldilocks economy? Can they bring down demand enough that they don't get a #recession?"
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“I truly do believe in evidence-based parenting,” says renowned economist . “But, what are you maximizing? The thing I want most for my kids is for them to live a joyful, happy life.” Hear how her daughter thinks it’s going:
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Everyone seems to think this is about socioeconomic status and no one guesses that it's got more to do with who manages the money and dispenses the cash in our household.
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Just went to withdraw some cash and discovered my ATM card expired in December 2020, which probably says something about the role that cash doesn't play these days.
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., professor of public policy and economics, on inflation:
"Fundamentally, the problem right now is the opposite of stagflation—it’s regular inflation driven by an economy operating at or even above its potential."
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My son recently said "mom look out you are about to step on an endangered species" and then cracked up as I looked down to see a penny on the floor.
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It's actually shameful that the US still produces a $.01 coin
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Relevant research on remote work and house price changes nber.org/papers/w30041
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WATCH: Increasing housing prices are driven by “changes in the labor market” like “relocations” and “shifting preferences,” brought on by remote work.
@BetseyStevenson: “The big question for housing is not just ‘what’s the Fed going to do,’ but what are employers going to do?”
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WATCH: Increasing housing prices are driven by “changes in the labor market” like “relocations” and “shifting preferences,” brought on by remote work.
: “The big question for housing is not just ‘what’s the Fed going to do,’ but what are employers going to do?”
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Coming up on Meet the Press NOW at 4 pm ET:
, and join to discuss the increase in interest rates and the scramble to get inflation under control. #MTPNOW
Watch it live at MeetThePress.com
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The Fed has raised the interest rate by 0.75%, the largest hike since 1994, in an effort to curb inflation. For a deeper dive into the hurdles the US econ faces, check out our conversation w/ Paul Burroughs, , , & .
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Is the abbreviation B.C.E. well enough known to students to use instead of B.C. when refering to time periods.
- Yes58.4%
- No30.9%
- Unsure10.7%
327 votesFinal results
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Banning sugar imports from Cuba would strengthen Castro's hold on the country and raise sugar prices for Americans.
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If you were fortunate enough to know your Grandfather, what’s the one thing you remember about him most?
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If you had your money in a well diversified stock market fund before the pandemic hit, your portfolio is still up by roughly 10%.
Not bad for two years of a global pandemic.
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Happening NOW! Join , , and Paul Burroughs as they discuss current global shocks facing the US economy. thechicagocouncil.org/events/global-
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Hear from Blue Yonder's @JonCarson and other industry experts in a panel with @ChicagoCouncil on June 14, 10 AM CDT. They'll be discussing the state of the economy, business, and what is to come within the Supply Chain Industry. Register now: bit.ly/3xraWfH
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The problem right now is the opposite of stagflation. It's regular inflation driven by an economy operating at or above its potential, with consumer demand outstripping the capacity of the economy.
The risk is trying to bring demand & supply into balance without reducing supply
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Worried about the state of the economy? Next Tuesday, join Paul Burroughs, , , and for a conversation on the disruptions that are rocking the global economy and financial markets and what may lie ahead.
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These are the CPI reads that say faster tightening is needed
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We knew housing costs would keep going up because rents are slow to adjust. It's services outside of housing that are worrying me.
Service price increases over the year:
Household 5.3%, medical care 4%, health insurance 13.8%, transportation 7.9%, pet 7.8%, recreation 4.9%
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We knew housing costs would keep going up because rents are slow to adjust. It's services outside of housing that are worrying me.
Service price increases over the year:
Household 5.3%, medical care 4%, health insurance 13.8%, transportation 7.9%, pet 7.8%, recreation 4.9%
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Today's CPI read reflects the massive impact Putin's invasion of Ukraine has had on energy and food prices globally.
It also shows price increases spilling into services.
The latter is what we have more control over.
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Join us!
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Today at 2 p.m ET:
@UMich experts discuss possible implications should Roe v. Wade be overturned.
Panelists: @BetseyStevenson, @smilleralert, @LeahLitman, @AnnaRKirkland, and @Dee_Fenner_MD. Presented with @CEWatUM and @UMichIRWG.
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Look at this photo of Ben starting college, he's a boy
18 year olds are not done growing up, their prefrontal cortex--the part of the brain that helps you inhibit impulses--has a long way to go before it is fully developed. And body hair takes a while too apparently
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The covid generation of kids lost parts of their childhood that will shape who they become as adults. I grieve what they lost but what worries me more is the way grown ups have fostered divisiveness among kids about masks, vaccines and even what it means to be kind and respectful twitter.com/JessGrose/stat
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Some Americans make it clear that they don't want to be all in this together.
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Sunk cost fallacy alert!
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Twitter, I need your help. I stacked a ceramic bowl into another one while doing dishes and now they are stuck. How do you remove the smaller bowl without breaking both of them?
Why am I so invested? I’ve tried to fix this for 2 days, and I cannot give up now.
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read image description
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While people ***hate*** inflation the reality is that an actual recession--businesses closing, jobs lost--causes a lot more pain and suffering.
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Apparently recession means "I don't like this economy" to the majority of people who mistakenly think we are in a recession. People hate inflation even when it is partially caused by a white hot economy.
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This is bananas, in the midst of an almost-complete recovery from the deepest downturn since the Great Depression, due to the fastest recovery ever. twitter.com/crampell/statu…
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. gives one of the best explanations about prices and inflation I've seen yet. It boils down to supply and demand but also trying to avoid a recession that could've lasted years.
Stop spending so much and the situation will improve.
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"What should consumers be preparing for?" @margbrennan asks Economics Professor Betsey Stevenson on the impacts of inflation.
"What everybody wants consumers to do is slow their roll a little on spending and that would actually bring some of the pressure on prices down."
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On : We'll have take the pulse of the country. PA joins us to discuss his background check bill & GOP support; on gun violence; on January 6th hearings & on the economy. (pardon my scratchy voice)
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For some reason thinks my outfit today (tennis skirt, blouse, and suit jacket) is ridiculous.
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There is a disconnect between airlines canceling flights because of staffing issues and record high employment in the industry.
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Perhaps the New York Times should run an A1 with nothing but "We are killing ourselves and eliminating future generations' chance for survivial" on it
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"Humans pumped 36 billion tons of the planet-warming gas into the atmosphere in 2021, more than in any previous year," also, coffee is good for you, and, spelling bee! So weird to have this just mixed in with the regular news nytimes.com/2022/06/03/cli
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Bernanke famously quipped that “The problem with Quantitative Easing (QE) is that it works in practice but not in theory”.
My paper with Bhattarai and Gafarov on how QE can work in theory is forthcoming in the Review of Economic Studies. A thread:
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Expanding Medicaid coverage of mental health could have very large positive externalities.
See also: leo.nd.edu/news/lessons-l
"Mental health screening and outreach after release from jail reduces 360-day recidivism rates by 9 percentage points."
ht for both
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The price of gas and food is skyrocketing while the stock market’s downturn impacts investments. meets with experts and to learn how you can weather the economic storm.
Listen: link.chtbl.com/InTheBubble?si
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The labor market is strong--to keep it that way, Congress should take the three actions I outline below
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To slow the rise in the price of services we need to encourage more people to enter the labor market. Clear steps to take immediately:
(a) Increase work visas for immigrants
(b) Increase subsidies for childcare
(c) Increase the EITC twitter.com/jasonfurman/st…
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If you aren't paying attention to Michigan let me sum it up for you: Republican candidates faked the signatures needed to get on the ballot and say that they won't trust the election outcome because elections are rigged.
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