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PROFILE

Jared Bernstein Guest

Jared Bernstein

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Center on Budget and Policy Priorities

Jared Bernstein is a senior fellow at the Center on Budget and Policy Priorities. He is the author of several books, including All Together Now: Common Sense for a Fair Economy , Crunch: Why Do I Feel So Squeezed? (And Other Unsolved Economic Mysteries), and The Reconnection Agenda: Reuniting Growth and Prosperity. From 2009-20011, he served as chief economist and economic-policy advisor to Vice-President Joe Biden and as executive director of his Middle Class Task Force. A former Senior Economist with the Economic Policy Institute, Bernstein served as an economist in the Labor Department during the Clinton Administration and as an informal advisor to Barak Obama's 2008 presidential campaign.

FROM Jared Bernstein

Cutting, squeezing, trimming -- and spending

Cutting, squeezing, trimming -- and spending President Trump wants to cut government — except for Social Security and Medicare. At the same time, he wants to put people to work. So, a new infrastructure program might appeal to the Democrats, but Republicans say the money's not there without cutting those sacred entitlements. As Trump begins work on a so-called "skinny" budget, he finds himself bound by vague campaign promises that may turn out to be contradictory. Don't forget major cuts for wealthy taxpayers. We look at early efforts at assembling a financial puzzle — even when the pieces don't fit.

33 MIN, 32 SEC Jan 24, 2017

Jobless Claims Match Lowest Figure in 43 Years

Jobless Claims Match Lowest Figure in 43 Years This year's election may or may not turn on the state of economy, but polls almost always show it's the voters' number one issue. Today there was unexpected news that the number of Americans applying for unemployment benefits dropped last week to the lowest point since 1973. Jared Bernstein is senior fellow at the Center on Budget and Policy Priorities. He's a former advisor to Vice President Biden.

6 MIN, 30 SEC Apr 14, 2016

"Middle Class Economics" and Republican Politics

"Middle Class Economics" and Republican Politics US economic growth may be setting records, but next year's presidential campaign will focus on poverty, stagnant wages and income disparity. That's if some Republican candidates have their way — including Marco Rubio, Rand Paul, Jeb Bush — and even Mitt Romney. Eight Republican governors are asking for increased taxes. Is the GOP really co-opting a core Democratic issue? How does that sound to the Koch Brothers — with plans to spend $900 million on next year's campaigns?

34 MIN, 8 SEC Jan 28, 2015

Friday's Sequester: Economic Disaster or Political Theater?

Friday's Sequester: Economic Disaster or Political Theater? Ohio will lose $25 million for primary and secondary education; Georgia may not get the money to vaccinate against childhood disease; Pennsylvania will loose help for victims of domestic violence; Texas will see 52,000 defense workers furloughed, and Virginia will get less federal support for its transportation program. With the White House spinning out state-by-state damage because of Friday's scheduled budget cuts, Republican Governors are increasingly uneasy. Meantime, Tea Partiers call "sequester" the best thing since they were elected, so Republican House leaders are getting hit from both directions. With no talks visible or behind closed doors, Washington is braced for the blame game. What's at stake for education, transportation, law enforcement, Pentagon contractors and economic recovery?

32 MIN, 56 SEC Feb 25, 2013

Will Dodd-Frank Protect US from Banks 'Too Big to Fail?'

Which Way, L.A.?

Will Dodd-Frank Protect US from Banks 'Too Big to Fail?' Despite reassurances from the Obama Administration, many financial authorities say banks that are bigger than ever cannot be allowed to fail. Just five banks -- Goldman Sachs, JP Morgan Chase, Citigroup, Wells Fargo and Bank of America -- now hold $8.5 trillion in assets. That's equal to 56 percent of the US economy, up from 43 percent six years ago. It's happened despite President Obama's call to "prevent the further consolidation of our financial system." Are pension funds and other depositors adequately insured? Might taxpayer bailouts be needed all over again?

May 08, 2012

Are America's Banks Still Too Big to Fail?

Are America's Banks Still Too Big to Fail? Banks that got taxpayer bailouts paid back with interest, but financial authorities are warning it could happen again. Just five banks -- Goldman Sachs, JP Morgan Chase, Citigroup, Wells Fargo and Bank of America —now hold $8.5 trillion in assets. That's equal to 56 percent of the US economy, up from 43 percent six years ago. It's happened despite President Obama's call to "prevent the further consolidation of our financial system." Regulators are way behind in implementing new rules. Are the life-savings of depositors adequately insured? If a bank with $2 trillion takes too many risks will taxpayers have to be called on? What's the state of public opinion on two unpopular institutions: banks and the federal government? What about Obama's promise that banks would never again be "too big to fail?"

36 MIN, 40 SEC May 08, 2012

A Divided Congress Gets to Work before Winter Break

Which Way, L.A.?

A Divided Congress Gets to Work before Winter Break Another holiday means another deadline for important legislation in Congress, and opportunities for each political party to embarrass the other. Last night, the Republican House passed a bill extending payroll tax cuts and unemployment insurance. An hour later, the Senate's Democratic Leader, Harry Reid, called it " dead on arrival ." What's at stake for the latest example of dysfunctional government?

24 MIN, 35 SEC Dec 14, 2011

Holiday Sausage-Making on Capitol Hill

Holiday Sausage-Making on Capitol Hill Last night, the Republican House passed a bill extending payroll tax cuts and unemployment insurance. An hour later, the Senate's Democratic Leader, Harry Reid, called it " dead on arrival ." Deadline gamesmanship is under way in both houses of Congress. Bills that "must pass" before the holiday recess are loaded with so-called "poison pills." Other matters being held hostage include unemployment benefits and appropriations to keep government agencies open. Both parties are playing the game, with the President threatening vetoes and saying that, "nothing gets done until everything gets done." Can Congress accomplish its basic work in time to go home for Christmas? What's the price of dysfunctional government in the long term?

34 MIN, 36 SEC Dec 14, 2011

The Super Committee, the Deficit and the Pentagon

Which Way, L.A.?

The Super Committee, the Deficit and the Pentagon The so-called Super Committee has just over two weeks to complete a monumental reduction of America's deficit over the next 10 years. Will it achieve the "Grand Bargain" that eluded the President and House Speaker John Boehner? If it fails, what happens to Pentagon spending?

26 MIN, 36 SEC Nov 08, 2011

What if the Super Committee Fails?

What if the Super Committee Fails? When six members of each party came out from behind closed doors last week, it appeared their Super Committee was deadlocked over spending cuts and taxes. Both sides want to reduce the deficit, but the deadline is just over two weeks away. If the Super Committee fails to make $1.2 trillion in deficit reduction by Thanksgiving Day, automatic spending cuts will be triggered across the board. Safety-net programs for the very poor will be exempt, though nothing else will be, which has triggered a raging controversy over the Defense Department, which is already planning reductions as Iraq and Afghanistan wind down. Pentagon supporters claim that further cuts would be "devastating." Will that ever be allowed to happen? Was the Super Committee designed to fail, so as to set up a fundamental debate for next year's Presidential campaign?

35 MIN, 48 SEC Nov 08, 2011

Will the Senate and Congress Pass the Debt-Ceiling Deal?

Which Way, L.A.?

Will the Senate and Congress Pass the Debt-Ceiling Deal? Late last night, the President and Congressional leaders announced a debt-ceiling deal . The trade-off is deficit reduction that relies entirely on spending cuts and no increases in taxes. It still may not pass both houses, but here's how it stands. Almost no Democrats are willing to go past tomorrow's deadline without raising the debt ceiling. But a lot of Republicans are willing to risk the first default in American history. It's a dynamic that doesn't create a deal so much as it creates a "ransom." We hear what the President and leaders of Congress agreed to and what it could mean for their partisan rank and file, the American people and the global economy.

26 MIN, 40 SEC Aug 01, 2011

Will the Senate and Congress Pass the Debt-Ceiling Deal?

Will the Senate and Congress Pass the Debt-Ceiling Deal? Late last night, the President and Congressional leaders announced a debt-ceiling deal . The need for last night's so-called compromise was forced by Tea Party Republicans ready to risk the first default in American history, but they still might not vote for it. The President says he had no choice but to reduce the debt with drastic cuts and no revenue, so angry liberal Democrats might not vote for it either. It's a dynamic that doesn't create a deal so much as it creates a "ransom." If it does pass, the spending cuts might further slow the economic recovery. It won't create jobs, and it lets unemployment extensions expire for 14 million Americans. We hear about the terms of the deal and what might happen if it passes — or fails.

36 MIN, 9 SEC Aug 01, 2011

Washington Rumbles over Taxes and Unemployment Benefits

Which Way, L.A.?

Washington Rumbles over Taxes and Unemployment Benefits The White House originally invited leaders of both parties in both houses of Congress to a working afternoon followed by dinner on November 18. That devolved into a meeting this morning that ended well before lunch. But both Democrats and Republicans said afterward they really are trying to work together.

26 MIN, 57 SEC Nov 30, 2010

Can the Washington Environment Really Change?

Can the Washington Environment Really Change? After a meeting today at the White House, President Obama and Republican leaders promised to work together on major business before the end of the year. Treasury Secretary Tim Geithner will meet with members of Congress to resolve differences on the Bush tax cuts for wealthy Americans. Also high on the list are unemployment benefits and appropriations to keep the federal government running. Both sides agreed that the message from voters this month was that partisan gridlock is not acceptable. Is there a honeymoon? How long will it last?

37 MIN, 30 SEC Nov 30, 2010

The Shanghai Expo and America's Economic Decline

Which Way, L.A.?

The Shanghai Expo and America's Economic Decline Last year, on her first trip overseas as Secretary of State, Hillary Clinton went to China, where she wanted to talk about trade and the exchange rate. Chinese leaders wanted to find out why the US had no plans for a pavilion at this year's Shanghai Expo , the biggest thing of its kind in human history.

26 MIN, 39 SEC Jul 26, 2010

The Shanghai Expo and America's Economic Decline

The Shanghai Expo and America's Economic Decline This year's Shanghai Expo makes the Beijing Olympics look like a Little League tournament, according to one observer, with 70 million people expected. But the US pavilion is being criticized as "bland," "uninspired" and "unimpressive." Does that reveal more than an image problem? In the aftermath of World War II, the US became the world's dominant power, with a middle class built by innovation and manufacturing. With so much now outsourced to the global economy, what's left to show off? Is the Shanghai Expo another signal America can't afford to ignore?

36 MIN, 19 SEC Jul 26, 2010

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