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 Arbor
Joined September 2011
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  1. Mar 17

    I’m so naive that I thought that suggesting we should raise taxes to compensate for the regressive nature of forgiving student loans would be seen as a moderate position. But then again I also once tried to get rid of subsidizing 529 plans to fund grants for lower income students

    30 replies . 6 retweets 97 likes
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  2. Mar 17

    Here’s the problem: we can’t cancel student debt and pledge not to raise taxes on people making under $400k.

    If you support canceling student debt you have to reckon with how highly regressive is. And we can do this. Most people in the top 20% of the income distribution have a college degree. Higher taxes not just on the very rich but on the well off plus free college is a good deal.
    70 replies . 6 retweets 24 likes
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  3. Mar 17

    If you support canceling student debt you have to reckon with how highly regressive is. And we can do this. Most people in the top 20% of the income distribution have a college degree. Higher taxes not just on the very rich but on the well off plus free college is a good deal.

    🚨NEW ANALYSIS🚨 The government has 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 cancelled $50,000 of student debt...for doctors. Lawyers got $30,000 of debt cancelled. The student debt pause is highly regressive.
    104 replies . 12 retweets 60 likes
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  4. Mar 17

    This feels like a crazy arms race. Surely Dems counter with their laws establishing the right to sue people who do legal things like own guns. And then we’ll all spend all our time suing each other & defending ourselves against lawsuits instead of finding joy and meaning in life.

    2:17
    In advancing HB2779, a bill modeled after the Texas abortion law, Tennessee Rep. Rebecca Alexander (R) says that it would be permissible for any family member of a rapist to sue the victim of rape for proceeding with an abortion. The bill is moving forward to full committee.
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    2 replies . 1 retweet 13 likes
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  5. Retweeted
    Mar 16

    Something that shouldn't go unappreciated amidst today's interest rate hike is the incredibly fast employment recovery that Fed policy has created. A welcome change after decades of monetary policy strangling labor market recoveries. (h/t )

    17 replies . 53 retweets 333 likes
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  6. Mar 16

    If Congress moves forward with the Sunshine Act the state of Michigan needs to leave the Eastern time zone and join Central time. I woke up 2 hours before sunrise today and I will be trying to get kids to bed before dark. **In the middle of March**

    4 replies . 3 retweets 27 likes
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  7. Mar 16

    Econ instructors: You aren't staying above normative implications by ignoring them, you are passively letting people infer them. And our neoclassical models are often misinterpreted as a suggestion that smart maximizers take the humanity out of humans.

    Today I taught the standard neoclassical labor supply and labor demand model with labor demand driven by the marginal revenue product of labor and w=MRPL in equilibrium. And then I told them: never equate a wage with someone's worth. [1/3]
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    6 retweets 33 likes
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  8. Mar 16

    People's worth is so much deeper and more profound than what they can earn. And is it the worker or the business that we should question? A business that isn't producing enough value to customers to be able to pay a living wage might not be a good use of society's resources.

    2 replies . 24 retweets 113 likes
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  9. Mar 16

    Too many people jump to the shorthand of if wages are too high, that low wage worker "isn't worth it" No! It's not profitable for that employer to hire that person at that wage. It's a reflection of the business's efficiency & society's desires for what they are offering. [2/3]

    1 reply . 9 retweets 54 likes
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  10. Mar 16

    Today I taught the standard neoclassical labor supply and labor demand model with labor demand driven by the marginal revenue product of labor and w=MRPL in equilibrium. And then I told them: never equate a wage with someone's worth. [1/3]

    2 replies . 18 retweets 133 likes
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  11. Retweeted
    Mar 16

    The National Labor Relations Act excluded domestic workers + agricultural workers, thanks to racism + (racist) politics. Today's gender + racial disparities in workers' power, protections, rights, and well-being have deep roots in history.

    10 retweets 19 likes
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  12. Retweeted
    Mar 16

    Best way to tackle inflation: Confirm Biden's Fed nominations Via

    2 replies . 4 retweets 5 likes
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  13. Mar 16

    This is a tricky time for monetary policy and therefore a really really bad time to play politics with Fed nominees.

    5 retweets 22 likes
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  14. Retweeted
    Mar 15

    Congratulations to Professor Mark Aguiar who, along with Linda Tesar of , will become the codirector of 's International Finance and Macroeconomics Program:

    1 reply . 9 retweets 87 likes
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  15. Retweeted
    Mar 15

    Just announced: The Senate Banking Committee will hold a hearing on Tuesday (3/22) about economic resilience and supply chains. Looking forward to hearing from , , Erica Fuchs, , and . Tune in at 10:15am!

    1 reply . 9 retweets 14 likes
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  16. Mar 15

    Australia has the best birds. I miss them.

    5 replies . 1 retweet 36 likes
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  17. Mar 15

    The United States economy needs these young workers more than ever. Passing this bill is the morally right thing to do but right now Congress can just selfishly pass it because the American economy desparately needs every one of these young workers.

    1:19
    “Without a change, in 8 months, I will be forced to leave not only my home of 20 years, but also my mom, who is my only family left.” (3/3)
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    3 retweets 29 likes
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  18. Mar 15

    Outsourcing has helped break down connections and created a fall sense of separateness. It's also broken down career pathmails that once did allow someone to work their way up from janitorial services to the executive suite.

    2 retweets 9 likes
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  19. Mar 15

    I frequently hear highly compensated service workers like lawyers and other business professionals use the phrase "service workers" to only mean food service, janitorial services, and other low wage service jobs. It's not all compensated the same, but its all service work.

    3 replies . 6 retweets 48 likes
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  20. Mar 15

    The failure to support Raskin's nomination has nothing to do with her qualifications.

    Fun fact: Raskin was confirmed to the Fed when she was nominated in a group including (future chair) Janet Yellen, and Nobel Laureate Peter Diamond. Raskin and Yellen got through, but Republicans nixed Diamond for not having the appropriate background or experience.
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    5 retweets 37 likes
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