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Dr. Dean Baker is a macroeconomist and Co-Director of the Center for Economic and Policy Research in Washington, D.C. He previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He received his Ph.D in economics from the University of Michigan.
(4 comments) SHARE Tuesday, May 28, 2019 Trump's Trade War With China and "Our" Intellectual Property
The origins of the trade war can be traced to campaign promises Trump made to go after China over its large trade surplus with the United States, which he attributed to "currency manipulation." The argument was that by intervening in currency markets (buying up U.S. dollars), China was propping up the value of the dollar against its own currency.
(1 comments) SHARE Monday, May 13, 2019 The US Labor Market Is Deteriorating for Black Men
The situation for Black Americans, and especially Black men, is disturbing. While the data are erratic, we now have enough of it to indicate that the employment prospects of Black men may actually be deteriorating even as the overall labor market continues to improve.
SHARE Thursday, May 9, 2019 Krugman v. Sanders on Medicare-for-All
Last week Krugman devoted a column to dismissing the Democrats septuagenarians (Joe Biden and Bernie Sanders) as not being prepared to deal with the presidency in today's political environment. Part of his indictment of Sanders was an unwillingness to compromise, most notably on health care reform.
(3 comments) SHARE Monday, April 29, 2019 What We Have Learned From the Trump Tax Cut
A tax cut targeted to the rich and corporations was a terrible way to boost demand. We should have done it by investing in infrastructure, education, child care and other productive uses. If we were going to do tax cuts, they should be targeted to the low- and moderate-income people who need it most.
(5 comments) SHARE Tuesday, April 16, 2019 Medicare for All 64-Year-Olds
A switch-over from the current system to M4A will not be popular in many districts. Many people are satisfied with the insurance they have now and will be reluctant to support what they will view as a big leap into the unknown. Perhaps these people can be convinced over time that a universal Medicare-type system will be at least as good for them, but they are not there now.
(2 comments) SHARE Monday, April 8, 2019 The "Independent" Fed Isn't Quite What It Is Cracked Up to Be
On the issue of the dollar rising in the wake of the financial collapse in 2008, this was actually bad news for the U.S. economy. After the plunge in demand from residential construction and consumption following the collapse of the housing bubble, net exports was one of the few sources of demand that could potentially boost the U.S. economy. The rise in the dollar severely limited growth in this component.
(1 comments) SHARE Saturday, April 6, 2019 Deflation Is Not Preventing Consumers from Buying Items in Japan
Japan borrows long-term at a negative nominal interest rate, meaning that investors pay the Japanese government to borrow money from them. The story of Japan's economy being in desperate straits is entirely a media invention, it is not based in reality.
(3 comments) SHARE Monday, April 1, 2019 As U.S. Economy Weakens, Economists Struggle to Predict Next Recession
With wages growing at a respectable pace, and job growth remaining healthy, we should see enough consumption demand to keep the economy moving forward. That means slower growth, but no recession. People should not spend time worrying about the curse of the inverted yield curve, at least not unless something else bad happens to the economy.
SHARE Thursday, March 21, 2019 Trillion Dollar Wall Street Bailouts, Bernie Sanders, and the Washington Post
Glenn Kessler, the Washington Post Fact Checker gave Bernie Sanders two Pinocchios this week for saying that the Wall Street banks got a trillion dollar bailout. Kessler raises several points of contention. Whether the Wall Street banks actually got that much money. Or whether it can really be called a bailout since the government made a profit on the loans. And the bailout was necessary to keep the financial system running.
(13 comments) SHARE Monday, March 18, 2019 On Paying for a Green New Deal with Modern Monetary Theory
We should perhaps not blame politicians who advocate a GND without telling us how they plan to pay for it. After all, Republican politicians have been getting elected for 40 years by promising big tax cuts without saying how they would pay for them. It is understandable that Democrats might think that they should also be able to promise now and pay later.
SHARE Wednesday, March 13, 2019 Donald Trump Deserves an "F" on Trade
Trump has made one of his central issues prohibiting requirements that US companies investing in China transfer their technology to a local partner. This is great for US companies looking to invest in China, but it's bad news for workers here since the new rules make outsourcing jobs to China even more attractive.
(2 comments) SHARE Saturday, January 12, 2019 Declining Birth Rates: Are We in Danger of Running Out of People?
The United States badly lags other rich countries in providing support to new parents. We are the only wealthy country that does not guarantee workers some amount of paid parental leave or sick days. While many companies offer these benefits, millions of new parents, especially those in lower paying jobs, cannot count on any paid leave.
(1 comments) SHARE Monday, January 7, 2019 States Lead the Way on Retirement Policy
With the federal government largely out of the game over the last decade on issues like the minimum wage, paid family leave and paid sick days, many states and cities have taken the lead to protect their own residents. Although it has gotten much less attention, this has also been the case with retirement policy.
(2 comments) SHARE Thursday, January 3, 2019 Resolutions to Improve Debates on Economic Policy in 2019
Okay, it's that time of year when we are all supposed to commit ourselves to performing nearly impossible tasks over the next 12 months. I will play the game. Here is the list of areas where I will try to bring economics into economic policy debates in 2019
SHARE Friday, December 28, 2018 More Fun with the Stock Market Plunge
People do not distinguish between corporate profits, which are very high, especially after the tax cut, and the returns to shareholders. This is not a question of feeling sorry for shareholders, since the rich hold such a disproportionate share of stock wealth. It is simply a question of whether shareholders have been doing especially well in the last two decades.
SHARE Monday, December 17, 2018 Ivy Leagues Are Handing Out Millions in Fees to Hedge Fund Managers
This dismal track record is a big deal because these endowments invest heavily in what is called "alternative investments," primarily hedge funds and private equity funds. The people who run these funds often make tens of millions a year, in some cases hundreds of millions a year.
(1 comments) SHARE Monday, December 3, 2018 Sanders-Khanna Bill Would Stop Monopoly Drug Pricing in the US
In the United States, we pay high drug prices because the government gives pharmaceutical companies patent monopolies, where it threatens to arrest anyone that sells a drug in competition with the patent holder. As a result, drugs often sell for prices that are several thousand percent above their free market price.
SHARE Saturday, December 1, 2018 Our Elites Refuse to Accept Responsibility for Leaving Behind the Left Behind
The assumption is that being left behind is the result of the natural workings of the market -- developments in technology and trade -- not any conscious policy decisions implemented in Washington. This is quite obviously not true and it is remarkable how this assumption can go unchallenged in policy circles.
SHARE Monday, November 26, 2018 Restore Higher Tax Rates for Corporations That Can't Contain CEO Pay
While the idea of forcing people to help themselves doesn't make much sense for these anti-poverty programs, they could make considerable sense for the governance of major US corporations. The problem is that shareholders seem to be unable to avoid paying out tens of millions of dollars to CEOs, even when these CEOs are not especially competent.
SHARE Saturday, November 24, 2018 The Politics of the Viciousness: the US After the Midterms
There will be an effective check on Donald Trump's power. In a wide variety of areas, beginning with his personal finances, Trump has ignored longstanding precedents and procedures. The Republican-controlled House and Senate were prepared to say that all manner of conflict of interest and abuse of power were fine.