Photo credit: @julesdwit.
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Greg David, director of the business and economics program at the CUNY Graduate School of Journalism, with a local economics roundup.
Your guest did not adequately respond to the caller's comment that older workers are being hit harder because employers are using the recession as an excuse to drop older employees, who generally earn higher salaries, and hire younger or H1B visa employees at much lower salaries. This is a very worrisome trend. Today's younger, lower paid workers are tomorrow's replaceable workers.
Hello, Why don’t we, the people who have a hard time getting work, form a group 15 people and pool our resources? We are still alive and we need to pay our bills. Eugenia Renskoff
Mr David says "we'll see" what happens if W's tax cuts expire; but actually we've already seen: Clinton-era stability and prosperity.
The guest kept talking about "repealing" the tax cuts, but there's no need to repeal them--they'll expire on their own if Congress doesn't extend them. That's why the discussion is about *making* them permanent: right now they aren't.
And I don't know any reason the minimum income defined as "rich" couldn't be raised. They could even make a provision that would let it increase based on inflation or some other index. How about this: peg it to the president's salary. Anyone who makes as much as the president or more would have to pay the higher rate.
Andrea"I know many men and women my age with impeccable resumes and up to date skills"what field are they in?
Brian, where did you find this bank boot licker who obviously has not had to seek employment for years, and who probably has never had a “real world” job?It’s easy to to diss the lazy SOB’s collecting unemployment when you are a tenured professor who will never be in their shoes. I am 60 years old, and fortunately, employed, but I know that were I to find myself unemployed, I’d be screwed.I know many men and women my age with impeccable resumes and up to date skills who have been unable to find new jobs after becoming victims of the Bush economic legacy, and/or the Geithner-Summers total disregard for anything other than the welfare of Goldman Sachs, Citi, BOA, etc.
Of course, President Obama's predecessor, George W. Bush was the first president with an MBA degree. It didn't help much did it? I belive the MBA was from Harvard.
paying interest on the debt causes money to go out of the economy. what % to china?
Yup, trillions for banksters; a HAMP program for the little people which, according to a recent Treasury official, was really designed to keep people in their homes a little longer so that the banksters* would have time to reduce their inventory of foreclosed homes....
*All bankers are not banksters; takes lots of clout and big, big bucks to be a successful bankster what w/ buying Congressional and Presidential votes....
First of all F the rich - soak em up to 90% just like the good ole days. Second, most people are staying on unemployment longer because they are making MORE from their unemployment than they could MAKE in the job market - not out of preference for leisure. My job is gone, not coming back and and there are no jobs paying even remotely what I used to make. The difference between my unemployment check and a check from temping is about $50. Also, why are you (Brian) always talking to an idiot reporter who doesn't know anything that some influential expert hasn't convinced him to think? Try going to the source for once, this guys is such a dope - we don't need this drivel spoon fed to us.
The banks acted as if their hands were tied: "If you do X [limit one way we bilk consumers], we will be forced to do Y [find another way to bilk consumers]." Mr. David seems to think greed is the inescapable default.
I keep hearing people, like your guest, talking about how the economy is getting better. If this is the case how come I continue to hear of someone I know or knows someone who has lost their job. Statistics don;t always reflect the state of the economy. If you have lost your job the economy is not a good one.
Ms. Romer and the central planners who now admit that they were assuming a (LOL) Keynesian multilplier of 1.55 are....oops, gee, they quit.
I'll be darned.
People don't think of unemployment as what they collect while looking for a job, they think of it as an asset, like cashing in your chips at a casino when you are on your way out. Of course you cash them all in, their yours and you're entitled to them.
But what I really wrote to say is, for all the Keynesians: if government spending for economic stimulus is the right path out of this (and I'm not disputing that), that also means that we'll need to cut back on the spending when the economy is good again, right? So in the next boom, you will be advocating that we don't start taking care of societal needs just "because we can afford it", right?
All economic analysis is ideological. Economics is not a science, while it may be the "best we can do" right now.
Krugman blog:"making all the Bush tax cuts permanent, as opposed to only the middle class cuts, is $680 billion over the next decade. It also says that 55 percent of the benefit flows to 120,000 taxpayers. That’s $374 billion divided by 120,000; "
@ hjs11211 -
You couldn't be more correct. As a daily NJ transit to NYC commuter (an sometime LIRR rider), rail lines are having more problems than normal since the budget cuts throughout the metro region.
I know it's pie-in-the sky, but Bernard Schwartz was on Charlie Rose a couple weeks ago and he floated the idea of a $1 trillion infrastructure-only bill over 10 years. This would be the important and crucial foundation for our move to a new economy which has been taking place over the last 30 years and has ramped up because of the economic meltdown and the global rise of the competitive BRIC economies.
No vision or straight-talk about what the U.S. needs from our leaders who are more into fear-mongering than laying out plans.
Where this depression's Hoovervilles be located?
As more and more people lose unemployment and cannot get jobs bcz there aren't the jobs (or, in their late 50's or into their 60's, they can't do the kind of work that many minimun wage jobs require), where and how are they going to be able to have a roof over their heads and enough to eat, much less afford health care??
So this well-connected long-time Crain's editor's daughter got 8 interviews and a job with no trouble, so therefore recession isn't so bad? With all due respect to Ms. David, with her daddy's connections to every CEO, business bigwig and senior law firm partner in New York it would only be news if she DIDN'T get a job.
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
F.A. Hayek, The Fatal Conceit
The current caller is right. This may be good news if you're young and wealthy and want to play "new York Life" and brag about how dangerous your neighborhood used to be.
What about the real people who move to New York for a lower middle class life, not to be fabulous? The nurses, medical technicians, office clerks?
I've been saying NYC has not been suffering for a long time, but now I see more shops closed. the bars have always been full. other parts of the county are not sustainable. NYC is and we share our taxes with those other parts of the country.
This fool has obviously never been unemployed. The privileged always blame the victims.
OMG-- A "cheap labor" advocate.
He must love it that Indian call center companies are now lookiing at the US because people are willing to work for so little bcz of this economic catatrophe.
Martin C: Why are you not holding Congress to account? Their failure to pass any kind of sensible legislation is the reason the recovery has been so anemic. Everytime the stimulus expires the economy sinks back. Do you think the Republican economic strategy -- tax cuts for the rich; tax increases for the middle class -- is a plan for making things better? Read Paul Krugman and weep.
This bothers me because as these people move to NYC, such as this man's daughter, what happens to the diversity of this city? New york may be rebounding, but it's changing. EVERYONE is young, liberal, upper middle to lower upper class.
This city is getting more and more for the rich.
Ugh, the narrowness of this guy's view of the New York economy is truly stunning. Every time I hear Greg David is coming up on WNYC I need to dash to shut off the radio.
Hello! Our economy extends beyond FIRE -- finance, insurance, real estate!!!
Disconnected from Main Street much, Greg?
Have you seen this chart on the current unemployment compared to other recessions? For the unemployed, this IS a depression.
Are you what some call an "austerian"?
Yes, I'm worried about EVERYTHING.
We have an economic illiterate in the White House without a single person in his inner ring with actual business experience. The most inexperienced president in history (surrounded by a bunch of academic bumblers) driving our economy over the cliff.
This is only going to get worse.
from the news I gather that the rail infrastructure in NJ and long island needs some investment.can we get aid from the feds.seems like we only send money out.
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