Mike KonczalVerified account

@rortybomb

director. Researching economics, finance, and ideas. Writer . Tired new dad. Book FREEDOM FROM THE MARKET 🍞🌹

DC/MD
mikekonczal.com
Joined June 2009
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  1. Pinned Tweet
    28 Dec 2020

    I was interviewed by for Booked series on upcoming Freedom From the Market. This has everything: strengths/limits of Polanyi revival, what general readers should known about neoliberalism, Good Will Hunting, WWII child cares, more!

    4 replies 66 retweets 207 likes
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  2. 10 hours ago

    Celebrating with an aviation (St. George gin) to note how we’ll fly right past CBO’s arbitrary and capricious potential output estimate, which critics tried but failed to use to cut the bill and lock the Biden team out of returning to the labor market from before the crisis.

    2 replies 2 retweets 36 likes
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  3. Retweeted
    19 hours ago

    As Chairman of the Senate Budget Committee, I am proud that we passed the American Rescue Plan, which, in my view, is the most significant piece of legislation to benefit working families in the modern history of this country.

    928 replies 5,266 retweets 48,114 likes
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  4. Retweeted
    16 hours ago

    The Senate took a critical step today. With the economy down 9.5 million jobs since February 2020, it could be 2 years before the labor market simply reaches its pre-pandemic level. These high rates of job loss threaten the wellbeing of workers & their families.

    178 replies 740 retweets 3,593 likes
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  5. 17 hours ago

    Part One, $2 trillion in Recovery, is a blast - checks, UI, cutting childhood poverty in half redefining family security. But Part Two, Reform, is going to be even more neat. The number Schumer is floating there is $3 trillion. Era of Large Numbers. (2/2)

    6 retweets 19 likes
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  6. 17 hours ago

    Right before the election I wrote we should prepare for Biden to spend $5 trillion dollars in 2021, an Era of Large Numbers, split between recovery and reform. There was some skepticism about this right after the election. Today, Part One....check. (1/2)

    1 reply 8 retweets 45 likes
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  7. Retweeted
    19 hours ago

    Congressional Democrats' role in getting that number to $1.9 trillion shouldn't be understated. Biden's opening bid on the stimulus was $1.3 trillion, as I reported earlier this year. Schumer, Sanders, and others told him that wasn't enough.

    The details have changed since and wrote this earlier in the week, but the thesis remains accurate: Democrats make money printer go brrrr.
    3 replies 45 retweets 128 likes
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  8. 18 hours ago

    More generally, liberal experts spent 2010s arguing that the zero lower bound on interest rates (and related issues) presents a unique challenge to macroeconomic stabilization. Idea that the ~downside~ to this bill is that there's a chance to break out of that didn't sell. 3/3

    1 reply 3 retweets 14 likes
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  9. 18 hours ago

    I will note that the 2009 attacks from within the Dems tent that there was a “carry trade bubble” and "bond vigilantes" and "barbell deficits" worked a lot better on electeds than the 2021 attacks of "unemployment will go to zero percent." Imagine an elected hating that! (2/3)

    1 reply 4 retweets 21 likes
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  10. 18 hours ago

    What I'd add to these achievements is this is spending at the scale of the problem. $1.9 trillion is headline what we want for crisis recovery; it wasn't cut down by worries of doing too much, or performing moderation, or cynical debt fear. Remarkable.

    1) Despite having only a 50-vote Senate majority, Democrats are about to pass a nearly $2 trillion bill that puts more than $7,600 into the bank account of the typical family of 4, establishes America's first proper child allowance (on a temporary basis for now)...
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    3 replies 61 retweets 212 likes
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  11. Retweeted
    Mar 5

    The jobs report shows an acceleration in job growth in February and an upward revision to January’s job growth. The economy is down 9.5 million jobs from February 2020 and will need more than two years of job growth at February’s pace just to get back to pre-pandemic levels. 1/

    21 replies 237 retweets 465 likes
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  12. Retweeted
    Mar 5

    Today’s job-growth number – 379,000 - is a nice pickup over recent months. What’s it’s not, however, is any ground at all for complacency about how much support the economy continues to need from policymakers. The rescue plan being debated by the Senate is still crucial. 1/n

    1 reply 15 retweets 35 likes
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  13. Retweeted
    Mar 5

    Today’s shows why the $1.9 trillion relief package is crucial. Even though we added 379,000 jobs in February (which is solid!), WE STILL HAVE 9.5 MILLION FEWER JOBS THAN WE DID BEFORE THE RECESSION. 1/

    10 replies 155 retweets 336 likes
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  14. Mar 5

    Nothing about this jobs report says to change that priority or that number. This is not a number that says we are over-performing relative to what we thought in recent months. If anything, this should make clear how essential a large secondary spending bill is to recovery. 4/4

    2 retweets 23 likes
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  15. Mar 5

    In November of last year, before the election, I would have said ~$3 trillion is the right order of magnitude to get back to pre-covid. Adding $1.9 trillion to $0.9 trillion gets us almost there; would be a remarkable achievement that hasn't been compromised by cynical actors. /3

    1 reply 2 retweets 14 likes
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  16. Mar 5

    A problem with focusing on monthly job numbers in the Great Recession and now, is that expectations set too low and people focus on minor deviations. Job numbers are one major level too low right now. We need it to be well above 500K/month each month, and this is well below. /2

    1 reply 3 retweets 28 likes
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  17. Mar 5

    The reasonable goal should be to get to back to pre-pandemic employment by the end of next year. At this rate that will take an additional year, and that assumes this rate doesn't drop and stall with time. Congress needs to pass an additional $2 trillion into the economy now. /1

    2 replies 37 retweets 117 likes
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  18. Retweeted
    Mar 5

    Good print but concerning that U6 and LFPR were unchanged on that. This is not the kind of number that is going to move the Fed's needle at all.

    1 reply 16 retweets 36 likes
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  19. Mar 4

    Like most of our minds, FRED needs a special "let's pretend 2020 didn't happen" button.

    5 replies 5 retweets 77 likes
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  20. Retweeted
    Mar 2

    This is getting it exactly backwards. Poverty causes these things, or makes them worse. Money gives you the resources and stability to tackle what life throws at you.

    "Money itself does little to address poverty's root causes" Absolutely incredibly sentence in this Times op-ed
    41 replies 305 retweets 1,472 likes
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  21. Retweeted
    Mar 2

    This is huge. ⁦ ⁩ and I begged and begged the Trump Administration to use the Defense Production Act to address the pandemic. Trump refused. Biden is now using the DPA to dramatically ramp up vaccine production.

    170 replies 2,584 retweets 11,023 likes
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