Tax, fiscal and macro econ. Former US Treasury. Views my own.
Washington, DC
Joined June 2013
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Thanks @jennyhunterdc for this great breakdown of a really important labor law move, and @brian_petruska for his work making it happen!
"The best time in decades to form a union" indeed! slate.com/news-and-politics/… via @slate
So thrilled to be able to support the inimitable Patrice Sultan and @DCJusticeLab tonight! You can join the fight for a more just and equitable DC too: dc-justice-lab.networkforgoo…
The team over @groundwork find that subbing in market rents for BLS shelter costs brings y/y headline CPI growth down to 2.4% in August, and below 2% in June and July.
Thread with the full story, and why this is so important to understand! 1/
Build and subsidize housing to make it affordable for all
Invest in child care so that parents can work and children can thrive
Invest in clean, cheap energy so family budgets aren't tied to gas prices
Blaming workers makes real solutions harder /7
Yesterday's #poverty release was a heartbreaking demonstration. During a brutal pandemic we gave families the support they needed, and cut child poverty to a record low. Then we stopped, because we preferred blaming working parents to helping them.
xitter.cf/Groundwork/status/1701…
"Today's child poverty numbers are a heartbreaking reminder that poverty is always a policy choice."
Read our statement from @KittyRichardsDC on today's poverty data release. groundworkcollaborative.org/…
Kitty Richards retweeted
“This jobs report really shows that we never had to choose between falling inflation and an economy that really delivers for workers and families if we invest in people.”
@KittyRichardsDC on #JobsDay with @yasminv.
Great talking to @marketplace 's @elizTrovall about how *current inflation* may be significantly lower than we think. Shelter was 90% of inflation this month, but that data is lagged by up to a year.
Headline #CPI hides an important part of the inflation story. As @KittyRichardsDC told @Marketplace:
“Housing costs inflation has actually been cooling since last summer, and is already down to pre-pandemic levels."
marketplace.org/2023/08/10/i…
Note that this doesn't mean that the affordable housing crisis is over. But rate hikes won't help with a lack of housing supply -- they may, in fact, make the problem worse. wsj.com/articles/todays-rate…
And more @federalreserve rate hikes targeted to slow down wage growth for workers and throw millions out of their jobs certainly won't make the homes we have more *affordable.*
Prices = only one part of affordability. @federalreserve rate hikes might reduce house price inflation, but directly increase housing *costs* as mortgage payments skyrocket. Also make construction more expensive at time of massive shortage. Good for long-run price stability?
Even before inflation, the costs of essentials like housing, education, and health care created an affordability crisis for workers and families. What can we do to lower prices – without denying pay raises, losing jobs, and pushing up housing costs? #FixTheFed
This is such an important piece of the puzzle, and not just for the workers involved. When we destroy human capital we destroy future productivity too -- and what does that do to long run growth and inflation dynamics?
Job loss means more than just lost wages today – it means losing the chance to build experience + to grow valuable human capital, which translates into lost wages + work opportunity for years to come. The cost of being laid off = ~8-9% of total lifetime earnings. #FixtheFed
Thrilled to see this. @Groundwork is in good hands with @owenslindsay1. She is a brilliant thinker, a dynamic, effective leader, a dedicated fighter for racial and economic justice, and a pleasure to work with!
Honored and excited to become @Groundwork's next executive director!
Our work is more important than ever as we emerge from a massive economic crisis & fight for vital investments to support the workers, families, and communities who drive our economy.
bit.ly/3cvOCbp