Affordability policy is often accused of aiming to lower the overall price level. Not so! The agenda is grounded on 2 criteria: a) short list of living-standard essential goods/services, wherein b) the market that produces them is flawed. www.nytimes.com/2026/01/05/o...

Explaining the "big, yellow gap" between how folks feel about the economy these days (bad) and overall growth (good). As usual, we don't have all the data we need to explain the gap, but I draw on a lot of what we do have. econjared.substack.com/p/is-this-ec...

Gemini just told me this: "While many people in the finance industry are increasingly interested in strength training, there are no well-known, high-profile economists famous specifically for their fitness or a muscular physique." Sounds right but I'd still like a fact check.

I'm seeing this from the excellent @gelliottmorris.com: "I explain how “affordability” has become the new “inflation”" I've learned over many years now that affordability is much more a price level issue than a price change issue (tho normal people conflate the 2). It's not that people are fine...

Healthcare affordability policies reside at the intersection of good politics (for Ds) and good policy (for all...well, except rent-seekers). Joint w @nealemahoney.bsky.social econjared.substack.com/p/healthcare...

Should they cut or should they hold? Or should they push the damn meeting back a bit to have a few more drops of precious data?! Some noodling on the Fed's Dec meeting: econjared.substack.com/p/should-the...

You know how many were saying, even as the u-rate crept up of late, "of course, X% is still historically low unemployment." I think at 4.4%, that's no longer quite right, but interested in others'--some name-checked here--takes. econjared.substack.com/p/tuesdays-m...

My mind has been blown! I grew up listening to the highly nuanced music of the Modern Jazz Quartet featuring Connie Kay on drums. I just learned that Connie Kay played on Joe Turner’s shake rattle and roll w its huge crazy backbeat! How did I not know that?! (Tho there’s some disagreement.)

The affordability crisis focuses on prices. That makes sense for reasons I articulate in this piece, but for economists, it's not just p (prices) that matter. It's y/p (real incomes). Just want to be careful not to lose sight of that part of the equation! econjared.substack.com/p/the-afford...

A calculation somebody needs to do: take u-rate, payroll change, infl rate and average month t-1 and t+1. Report forecast error re t. @guyberger.bsky.social @ernietedeschi.bsky.social @aaronsojourner.org Thank u 4 your attention to this matter.

Sorry, progressives & health care policy wonks. But we're going to have to re-remind everyone why Health Savings Accts are a tax shelter for the wealthy, not health insurance. Note distribution of premium tax credits vs. HSA contributions. www.cbpp.org/blog/five-re...

Seems strong to me! Gorsuch today, warning about this very point: “a one-way ratchet toward the gradual but continual accretion of power in the executive branch and away from the people’s elected representatives.” We fought a revolution against such kingly actions to tax w/out consent from Congress!

On Trump's tariffs, I consistently find myself in firm agreement with the often crazy WSJ ed board! Their latest on how SCOTUS conservatives would have to bend themselves into a massive pretzel to support Trump is deeply incisive, rooted in historical precedent. www.wsj.com/opinion/dona...

Tough to square the following a) it's not tariffs keeping inflation above target & b) rates must be cut. If it's not tariffs/goods pressures--which should subside when (if!) tariffs land on a rate--then it's something else that's harder to "look thru." www.nytimes.com/2025/11/01/u...

There's considerable evidence that consumer spending is increasingly skewed toward the top, driven by the weaker job market and slower wage growth. Given the extent to which spending has fueled this expansion, that's a fragility that bears close watching. econjared.substack.com/p/whos-spend...

It looks like a bubble to us: www.nytimes.com/2025/10/14/o...

Re the shutdown, this is one of those moments when it's crystal clear who's fighting for whom: econjared.substack.com/p/breaking-n...

I'm way outta my lane here, and playing with very hot fire. No intention to throw any shade, just wondering if others hear it. The hook on Taylor Swift's new single reminded of that from this older Demi Levato tune. www.youtube.com/watch?v=svcb... www.youtube.com/watch?v=1zfz...

Just so you know, if you hear a collective wail of pain, angst, and withdrawal from data nerds the world over at 8:30am ET this morning, here's why.

Paging @jedkolko.bsky.social @econberger.bsky.social @marthagimbel.bsky.social @ernietedeschi.bsky.social @erikamcentarfer.bsky.social @markzandi.bsky.social and all others who can help here. I know we've always downplayed ADP, for good reasons. It's a different beast in many ways than BLS estab...

New from @nealemahoney.bsky.social and me: "Building an affordable economy: A three-legged stool strategy." Everybody's talking affordability, as they should be! Here's our framework & principles: siepr.stanford.edu/publications... Substack summary: econjared.substack.com/p/a-three-le...

Not what I'd spend my time on right now, policy-wise, but seems fine for SEC to give public companies a choice of reporting earnings quarterly or semi-annually, as in the UK.

I did not fully appreciate how the BLS's staff efforts to “publish reliable data” could become an act of bravery in the struggle to preserve democracy. But that’s exactly what it is. econjared.substack.com/p/a-contrast...

As a former CEA chair, keeping that job* while being a Fed gov is like having the same guy be your AA sponsor and your bartender. *This is the case even w "leave of absence," whatever that means.

Fun fact: Wally Adeyemo is just great to listen to on matters econ. Clear, concise, compelling, with years of experience to back it all up. Here he is on the latest episode of "Let's Do Lunch!" contrarian.substack.com/p/lets-do-lu...

This from @jaredb-econ.bsky.social "Labor Day message. History is clear that capitalism remains a highly effective system of generating growth and technological gains. But without an organized and aptly sized political counterforce, it will concentrate wealth and power..." 1/2

Trying to take a few minutes away from the news of the day but fate had other ideas.

All here: www.marketwatch.com/story/bls-no...

From 30k feet up, the affordability agenda is a three-legged stool: 1) Take down regs whose cost>benefits to make it cheaper & faster to build in the US. 2) Direct subsidies to lower-inc HHs in key goods/servs where markets fail to meet affordable needs, such as child care and housing. 3) Reduce...

Can’t do it. There’s just no substitute. We could get some useful info for sure, but BLS and rest of government stat infrastructure irreplaceable. For one, they make such info a public good. Who wants to pay for the unemployment rate? (I mean, I would, but u know what I mean.)

I am. The BLS is staffed w high integrity staff who are 100% committed to accuracy and best practices. But yes—very worried about this.

When they were little, I also used to make breakfast for the kids on jobs day. I’d ask them to predict payrolls and u rate. They did no better or worse than the pros.

Was just half-listening to Powell presser and thought I heard him implicitly disagree w Waller re labor-market assessment. Gov W says it’s weak: Chair P says it’s solid. Key difference prob where you see labor supply. P sees it slowing at similar rate to labor demand (see u rate).

Very interested in what Nick, one of the nation's premier Fed reporters, with deep historical knowledge, has to say about recent Fed...um..."developments."

Here's the great @nealemahoney.bsky.social and I on a framework for thinking about affordability policy. econjared.substack.com/p/everybodys...

Fed gov Waller makes a three-part argument for cutting rates at July meeting: 1) tariffs 1-time hit to inflation (raises price level, not growth rate) 2) economy's kinda weak: "Real (GDP) growth was likely around 1% in the first half of this year and... www.federalreserve.gov/newsevents/s...

Thrilled to do this interview with @jaredb-econ.bsky.social for @contrariannews.org about what the history of capitalism can teach us today. Smith, Marx/Engels, Polanyi, Keynes, Kalecki, Sweezy, Friedman--we packed a lot in!

Very excited to reunite with CEAs former chief econ. Definitely be getting into the new CPI report; I got issues with the inflation outlook (based in part on Ernie's graphics from this AM): econjared.substack.com/p/data_note-...

Trump and the markets this week: Trump: "Trade war forever!" Markets: "He's bluffing." [TACO rally] Trump: "Markets onboard w forever trade war!" New Canada tariff threat spooking markets today, so maybe this loop will break. But just sayin'...

yeah...um...nope

The most binding changes to Medicaid won't occur until at least December of next year, after the midterms. Politics has a short memory, but we don't.  Jared Bernstein and Elena Patel on the long-term impacts of the BBB.

Hard yes to that.

I've always said "if you really understand something, you can explain it to anyone." That came to mind listening to renowned tax economist Elena Patel (former CEA, now TPC) break down the tax policies in the big, bad budget bill on Let's Do Lunch yesterday: contrarian.substack.com/p/lets-do-lu...

The devolution of American fiscal policy in one annotated graph, told through the history of our publicly-held debt/GDP, including the impact of Trump and the R's budget bill.

Thnx to Greg for giving me a chance to hold forth. We can, should, & do go into many weeds on these policies, but the big pic couldn't be clearer: after running on helping the working class, the Trump admin is attacking them, making them worse off and raising the costs they face.

Though I know it's late in the game for me, I want to be @bbkogan.bsky.social when I grow up. PLS listen to him answering budget questions today on Let's Do Lunch (Tues@noon ET) at the Contrarian. He encapsulates the perfect combination of heart and head. contrarian.substack.com/p/lets-do-lu...

No question, these are confusing econ times. But I still think one can pull an intelligible signal from the dataflow, especially re inflation and the labor market. econjared.substack.com/p/data_note-...

Who wins/who loses from tax changes in the budget is an important question. But a more important question is who wins/loses from the full tax agenda, including tariffs, a highly regressive tax. Here’s the answer from the Budget Lab. Answer: **everyone** except the wealthy.

Yesterday, Hannah Katch and I had this letter to the ed in the WSJ, critiquing an oped by John Cogan arguing that Mcaid must be cut because it has grown. That's it. Zero reference to decades of quality research, much by folks up here... www.wsj.com/opinion/what...