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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.
SHARE Tuesday, December 19, 2017 Bubbles: Are They Back?
Should we be concerned about a bubble now? Stock prices and housing prices are both high by historical standards. House prices are also high by historic standards. Inflation-adjusted house prices are still well below their bubble peaks, but are about 40 percent above their long-term average.
SHARE Wednesday, December 13, 2017 Mick Mulvaney and the Bad Actors Club
Mick Mulvaney openly holds the CFPB in contempt. When he was still in the House of Representatives he referred to it as a "joke." Mulvaney has made it clear that he would be happier if the CFPB did not exist. Appointing him as acting director is a bit like selecting a hard--core atheist as the next pope.
SHARE Sunday, December 10, 2017 Why Not Make the Rich Compete?
The Right has managed to use its control of the rule-setting process to engineer an enormous upward redistribution of income. The process involved the leadership of both political parties, so it's certainly not a story in which right-wing Republicans exclusively can be seen as the villains.
(7 comments) SHARE Tuesday, November 28, 2017 Janet Yellen and Barack Obama's Economy Is Looking Good
It is important that people recognize that the economy is going in the right direction for now. This is the economy that Janet Yellen and Barack Obama's policies gave us. We will have to see what the impact of the new regime's policy will be.
(2 comments) SHARE Sunday, November 19, 2017 Trump Picks Crony to Audit His Taxes: The End of the Rule of Law in the United States
Throughout the campaign, Trump refused to release his tax returns claiming that he was being audited by the Internal Revenue Service (IRS). He indicated that he would disclose his returns once the audit was completed. This claim made no sense since there is nothing about an audit which would preclude public disclosure.
(1 comments) SHARE Monday, November 13, 2017 An Honest Approach to Simplifying Corporate Income Taxes
The Republicans are trying to pitch their tax cut plan as being a major step toward simplifying the tax code. While there is little doubt the plan will mean large tax cuts for corporations and their shareholders it is not clear that there will be much simplification. Corporations will still be able to have large tax savings by hiding profits overseas and other tricks.
SHARE Monday, November 6, 2017 Productivity Growth Is Up, Are the Robots Finally Coming?
Higher pay also gives employers more incentive to invest in technology in order to reduce their need for workers. And we have seen an uptick in equipment investment over the last year, which is consistent with businesses trying to economize on labor.
(2 comments) SHARE Friday, November 3, 2017 Blaming Inequality On Technology: Sloppy Thinking For The Educated
Technology never produces inequality; it is policy on technology that leads to inequality. Once we recognize this basic fact we can have a more serious debate on how best to structure technology policy going forward. If technology, not policy, is the culprit, it means inequality is something that happened, not something we did.
(1 comments) SHARE Tuesday, October 31, 2017 The Tax Scam We Know and the Tax Scam We Don't Know
Any tax cut will have to go through Congress with representatives and senators having to cast a vote that in principle they can be held accountable for. The other scam requires no vote; it is about Donald Trump appointing a crony tax avoider as temporary head of the Internal Revenue Service. For the rich, paying taxes could become a voluntary contribution to the government rather than something they are required to do.
(15 comments) SHARE Saturday, October 28, 2017 The Problem of Doctors' Salaries
If we want to stop paying a $100 billion premium for health care that doesn't make us healthier, we're going to need to overcome political barriers. Getting U.S. health care costs down is a herculean task; getting doctors' pay in line is a big part of the solution. It's time we broke up the doctor cartel.
(8 comments) SHARE Tuesday, October 24, 2017 The Democratic Party Must Part Ways with Wall Street
Many view the waste and corruption of Wall Street as being an obstacle to a more efficient productive capitalist economy. Given the enormous damage caused by the collapse of the last two Wall Street driven bubbles, there is a pretty good case here.
SHARE Saturday, October 14, 2017 The Republican Tax Plan To Slow Growth
Capital in intellectual property is responsible for a large and rapidly growing share of U.S. corporate profits. Tracking down the real source of these profits would be a herculean task in the best of circumstances and one almost certainly beyond the means of a neutered I.R.S.
SHARE Tuesday, October 10, 2017 Kevin Warsh As Fed Chair: The Art Of Marrying Rich And Falling Upward
While there are considerable grounds for criticizing the Fed's performance in recent decades, the people who were appointed as chair all had clear credentials that would justify their selection. That is not the case with Kevin Warsh. More importantly, when he has been in a position to weigh in on the key economic policy issues of the time, he has a near perfect track of being almost 100 percent wrong.
SHARE Monday, October 9, 2017 Employment Falls for the First Time in Seven Years
Employment fell by 33,000 in September, according to Bureau of Labor Statistics establishment survey, the first decline since September of 2010. The drop was due to the effects of the hurricanes in Texas and Florida. This is shown clearly from the loss of 104,700 jobs in restaurants.
(1 comments) SHARE Monday, September 18, 2017 Janet Yellen and the Fed: Progressives Should Pay Attention
There is a long list of reasons that Trump should not get another term in office, and the list will surely lengthen in the next three years. This should be the basis for unseating him, not the sabotage of the economy. We should all hope that Janet Yellen gets another term as Fed chair.
(2 comments) SHARE Sunday, September 17, 2017 Adults in the Room: The Sordid Tale of Greece's Battle Against Austerity and the Troika
There is no reason to question Varoufakis' commitment. He left a comfortable life as an academic in Austin, Texas, to take up what he certainly knew to be an incredibly difficult job as Greece's finance minister in the middle of a financial crisis. The newly elected populist government was despised by most of the business and political establishment in Greece and across Europe.
(3 comments) SHARE Saturday, September 16, 2017 No: Corporate taxes should be reformed, not cut
as a matter of simple arithmetic, if our corporations pay less in taxes, the rest of us will have to pay more. Yes, Republicans promise us tax cuts will lead to a surge of investment and growth, but we've heard this one before. It didn't happen when we had big tax cuts under Ronald Reagan and it didn't happen when we had big tax cuts under George W. Bush.
SHARE Monday, September 11, 2017 Welfare for Wall Street: Fees on Retirement Accounts
Whether it comes from religious belief or a sense of basic decency we feel are an obligation to provide the basic necessities of life for the poor. But how would we feel about being taxed $1,000 a year to provide six figure salaries to people in the financial sector? Although no candidate to my knowledge has ever run on this platform, this is the nature of the retirement system the federal government has constructed for us.
(1 comments) SHARE Tuesday, September 5, 2017 Houston, Bangladesh, and Global Warming
The emissions from the United States and other wealthy countries will result in a lot of Harvey-like disasters in Bangladesh and elsewhere in the developing world. We should be moving quickly to try to limit the harm. We should also be giving these countries the assistance they need to deal with the disasters that we have caused them.
SHARE Friday, September 1, 2017 Job Growth Weakens in August
The Bureau of Labor Statistics reported that the economy added 156,000 jobs in August, somewhat less than most economists had expected. This figure, combined with downward revisions of 41,000 to the prior two months data, brought the average over the last three months to 185,000.