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Beige Book Explained

Thursday, April 17, 2014

The Federal Reserve issues regional anecdotal reports on the economy every six weeks, known as the "beige book" because of the color of its cover. WNYC reporter Ilya Marritz explains what's in the new one, out yesterday, about the area's economic outlook, and how the report affects jobs and investments.

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Ilya Marritz

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Comments [5]

amalgam from NYC by day, NJ by night

@ Chuzzle -

Truly shocking and scandalous. Plus, I bet Krugman is worth over $1 million and has a solid investment portfolio.

What would be even more shocking is if Krugman, in his position as head of CUNY's Income Inequality Initiative, advocates for tax policies that compel him to pay more along along with the rest of his wealthy ilk, which of course is just what he plans to do...

Apr. 18 2014 10:24 AM

More on the Paul Krugman scandal-

"It turns out lamenting income inequality can be quite a lucrative occupation. By comparison, Gawker notes that adjunct professors at CUNY make about $3,000 per course, or 1/75th Krugman's rate, and undistinguished tenured professors earn a maximum of $116,364, a little over half Krugman's salary, although presumably many of them teach a full course load. According to 2010-12 census data reported by the public radio station WNYC, the median household income in New York City is $50,711, or 22.5% of Krugman's CUNY salary."
WALL STREET JOURNAL

Apr. 17 2014 05:35 PM
amalgam from NYC by day, NJ by night

Two major trends - technology and globalization - have combined to de-materialize the workforce so that income grow is not necessarily tied to skill-based job functions. Thus, some businesses/employers have made the decision to substitute technology to pick up some slack and do certain work functions as a low-cost alternative to hiring or rehiring people.

(Of course, employment of low-cost workers as part of Neoliberal globalization is simultaneously occurring.)

Capital itself is now attracting more income/wealth/capital, which has always been the case but is manifesting more as the divergence between certain job skills and employment (and a paycheck) becomes more severe.

This of course contributes to the current drift of slow job growth and growing economic inequality, not just here in the US, but globally.

Here's something: http://www.nytimes.com/2014/04/16/business/economy/tech-leaps-job-losses-and-rising-inequality.html?ref=eduardoporter&_r=0

Apr. 17 2014 11:12 AM
Fishmael from NYC

Oh, WNYC... what percentage of NYCer's own or buy real-estate?

Why not ask how renters (the vast majority of NYC) are doing?

Apr. 17 2014 10:37 AM

For all you poor saps stuck paying long-term student loans (in this crawling economy) for your time at City University … Krugman gets a “no show” job -

“CUNY’s new “INCOME INEQUALITY INITIATIVE” will pay Paul Krugman $225,000 a year”

“Even Krugman admitted that the deal seemed too good to be true. “It’s remarkably generous,” he said in a written reply to CUNY’s offer.
CUNY also plans to reimburse Krugman $10,000 each year for travel expenses.
He is not required to teach during his first year of employment. Instead, the darling liberal pundit will be handsomely compensated for making media appearances and garnering publicity”

http://nypost.com/2014/04/17/cuny-to-pay-economist-paul-krugman-225000/

http://dailycaller.com/2014/04/16/irony-cunys-income-inequality-initiative-will-pay-krugman-225000-a-year/#ixzz2z8VCMFHq

Apr. 17 2014 06:18 AM

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