Jeff Stein
@JStein_WaPo
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White House economics reporter for The Washington Post. John Brown podcast @ https://t.co/fcYKyU9RMG. Founder @ithacavoice. Signal: 9178872891
Joined July 2011
NEW: THE STAGGERING RISE OF AMERICA'S GLOBAL ECONOMIC WARFARE. 1st in a series. @federicacocco & I found:. 1. ~1/3 of all nations on Earth now face some form of US sanctions. Huge increase from when mostly applied to Cuba & a handful of regimes. 2. *60%* of *all poor countries*.
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Latest top post on r/unemployment. Found this one particularly interesting
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Biden today: "You have 51 or 52 corporations of the Fortune 500 haven't paid a single penny in taxes for three years. Come on, man. Let’s get real".
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Sen. Josh Hawley (R-Mo.) on floor introducing $1,200 stimulus checks proposal w/ Sen. Bernie Sanders (I-Vt.): "We will not leave this town until we have voted, up or down, on direct relief for working people".
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Tim Walz line in 2018: The economy is a garden, not a jungle
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Ah yes the presidency of 1776 — something that was definitely a thing.
JD Vance drinks his beer as a real man should. We have the most alpha Presidency since 1776.
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Some Sanders demands for "phase 4" of coronavirus response:. -- $2K/person payments *every month* - 100% universal; . -- Medicare pays all health expenses during pandemic; . -- Suspend rent/mortgage/medical/student&debt payments for 4 months;. -- Hazard pay 4 frontline workers.
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🚨🚨Results from biggest study on 4 day workweek:. — 73% of workers report being happier w/ their lives.— 40% reported fewer sleep problems.— 64% drop in quitting, 71% .drop in reported burnout.— 92% of firms say they’ll continue 4 day week after trial.— No drop in wages in trial.
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Rep. Ocasio-Cortez (D-NY) says Dems should pass $2K on top of the $600 from December, rather than add $1,400 to get $600 to $2K. "$2,000 means $2,000. $2,000 does not mean $1,400,″ @AOC tells us.
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Biden on energy firms: "They have 9,000 permits to drill -- they're not drilling. Why aren't they drilling? Because they make more money not producing more oil. The price goes up . and they're buying back their own stock".
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.@SenWarren's conditions for bailouts:. 1- Payrolls must be maintained; . 2- Companies must enact $15/hr min wage by 1 year after emergency ends; . 3- Prohibition on buybacks, dividends, executive bonuses .for min. 3 years; . 4- Companies must turn 1 board seat over to workers.
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In case you missed it: This Swann St homeowner in DC took in dozens of peaceful protesters fleeing arrest from the cops last night, shielding them from the police.
Rahul saved lives last night. He ended this with an inspirational speech about not giving up and keeping up the peaceful fight. What a guy. Thank you Rahul. #SwannStreet #savejenny
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Pelosi says she has a "new name" for President Trump: "Mr. Make Matters Worse".
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With a Japanese reporter in Tokyo … absolutely blowing his mind by describing how a “deductible” works.
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Mark Cuban is becoming Kamala Harris's strongest online soldier.
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Trump on Green New Deal: "They literally want to take buildings down and rebuild them . with tiny little windows. Tiny little windows so you can't see the light." Having covered the Green New Deal a can't say I know what this one is referring to.
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Pretty remarkable that America temporarily constructed a safety net during Covid — including major health care coverage, food benefits, anti poverty funding for families & kids, etc — and then just systematically and slowly demolished it.
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At the RNC, Teamsters president Sean O'Brien is characterizing both parties as ambivalent about unions with room to improve. There are 48 Senate sponsors of the PRO Act. They all caucus with the Democratic Party. Zero are Republicans.
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*** Treasury Secretary Janet Yellen says if unemployment bonus was slowing down hiring you would expect lower job growth in states and sectors where UI replacement rate was particularly high. "In fact, what you see is the exact opposite".
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New CBO report: The poorest *half* of America -- ~150 million people -- hold only *2 percent* of the country's total wealth. Wealth of top 10 percent has grown markedly since 1989. That tiny little line at the bottom of this chart is half the country
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BREAKING: Senate Dems pass Biden's $1.9 trillion stimulus. Biggest provisions:. -- $1,400 checks per adult & kid.-- Unemployment @ $300 thru Sept. 6.-- $350 billion for cities, states, tribes.-- $3K/yr per kid 6-17, $3,600 kids 0-6.-- $170B for schools.-- $100B public health.
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Millions of people are losing or going to lose their private health insurance.
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Journalism classes are definitely going to have to teach the @grace_panetta headline format
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BREAKING: Dr. Fauci is warning Trump officials NOT to listen to growing push among WH advisers, GOP lawmakers to restart the economy. But Trump is alarmed by stock market & impact of high unemployment for 2020 election -- & weighing easing restrictions.
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During a shutdown -->. Members of Congress: Get paid . Congressional staffers: No pay, but get backpay. Congress' janitorial/cafeteria contractors: No pay, no backpay.
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NEWS: Ukrainian, U.S. officials including Janet Yellen walked out of the G-20 meeting this morning when Russian officials began to speak, per people familiar. Story TK.
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🚨🚨🚨🚨Tim Bray, vice president of Amazon, quits over company "firing whistleblowers who were making noise about warehouse employees frightened of Covid-19." . Bray calls Amazon "chickenshit" for firing workers who organized protests.
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[except the tax only applies to people with over $100M in assets so none of this is true].
You paid $250,000 for a house. Zillow says it’s worth $500,000. $500,000 (fair market value) - $250,000 (cost basis) = $250,000 unrealized capital gain. 25% * $250,000 . =. $62,500 owed to the IRS.
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Due largely to an unexpected surge in immigration, the U.S. economy will be about $7 trillion larger - & federal revenues about $1T bigger - the nonpartisan Congressional Budget Office said Wednesday.
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New: Sen. Bernie Sanders announces he will place hold over coronavirus bill -- & demand new restrictions on $500 billion fund for corporations -- unless 3 Republican Senators drop their objections to unemployment insurance expansions.
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*** After $1,400 stimulus checks: . -- 42% decline in food shortages.-- 43% decline in gauge of financial instability.-- +20% decline in anxiety & depression.
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SCOOP: The highest-ranking Treasury official is expected to depart soon after a clash w/ Elon Musk allies over their demands for access to a sensitive internal government payment system, sources say. Musk allies wanted access to the system responsible for disbursing trillions in.
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NEWS: Department of Justice announces new taskforce, "KLEPTOCAPTURE," to track down wealth of sanctioned Russian oligarchs. Big new effort includes SDNY, IRS, FBI, Secret Service, US Marshals, etc. Aimed at ensuring US can seize $ of sanctioned Russian elite tied to Putin.
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Activists just delivered a bouquet of flowers to McCain's Senate offices. Murkowski & Collins next. Say it's more fun than getting arrested.
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SCOOP: @BernieSanders' team prepares document w/ dozens of executive orders. It lists:. - More than a dozen on immigration.- Climate change a national emergency.- End "gag" rule.- Release all Puerto Rico $.- Prescription drug importation.- Legal marijuana.
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In 1860, a youth abolitionist network called “the Wide Awakes” sprung up in cities across the north. They would show up uninvited at politicians’ homes in the middle of the night — w/ brass bands, lit torches & serenades — to demand support for their antislavery cause
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🚨🚨🚨Key consequence of stimulus talks falling through:. -- Close to 30 million jobless ppl to permanently see an income cut of ~50%. -- 40% of restaurants face closure in ~6 months, per surveys. -- Tens of thousands of airline workers will be laid off. -- No stimulus checks 2.0.
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Fascinating new poll: Women have made 86% of the activists anti-Trump calls to Congress. The resistance is female.
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The conservative Supreme Court justices argued that allowing the Biden eviction moratorium to remain could pave way for these kinds of outcomes
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The Biden administration tried to get Congress to expand the Child Tax Credit, but was unable to do so because of opposition from Sen. Joe Manchin and all Senate Republicans. There were lots of articles about this at the time, some of which I wrote.
KAMALA: “Part of my new approach is that we need to expand the child tax credit.”. Why didn’t your administration do it over the last three years?
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Biden’s planned executive actions include:. - Rejoin Paris climate accord.- Reverse Muslim ban.- Reinstate DACA.- Reverse Trump rollback of ~100 Obama health/environmental rules . @mviser @seungminkim @AnnieLinskey .
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The expanded Child Tax Credit has been dead for almost 3 months now due to Manchin/GOP opposition and as far as I can tell there's no reason to believe that changes. ~4 million kids thrust back into poverty; child poverty rate up ~41% -- totally disappeared from DC discourse.
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Scoop: Joe Biden to join UAW workers in Michigan on Tuesday, in likely one of the most significant pro-union displays ever by a sitting US president amid a contract dispute, sources say .
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Absolutely incredible: Census says poverty rate **fell** in 2020 ***during one of the worst labor market shocks in US history***, due to the combo of stimulus checks/federal relief that reached millions both in and outside the workforce. Reflects limits of jobs to reduce poverty.
3. The Supplemental Poverty Measure (SPM) extends the official poverty measure to include the value of noncash benefits, stimulus payments, taxes, and other necessary expenses. The SPM rate in 2020 was 9.1 percent. This was 2.6 percentage points lower than 2019.
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NOW PASSED THE SENATE .-- Biggest-ever climate bill: Massive industry clean energy $; $80B for EVs, heat pumps, home solar installation).-- Biggest-ever funding increase for the IRS.-- 15% tax on corporations w/ +$1 billion in profits.-- Medicare prescription drug negotiation.
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Something I had not realized on the stimulus checks: If you have a baby anytime in 2021, you qualify for the $1,400-per-kid once you file your 2022 tax returns, per aide.
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Pretty amazing chart in The Times today matching what CBO and others have found. — Top 1% owns 31% of US wealth.— Bottom 50% owns 2.5%
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Yellen: Food insecurity dropping 24 percent for families after Biden's Child Tax Credit "a profound economic and moral victory for the country".
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Wait did all but one of the presidential candidates just say they don't think the person with the most delegates should necessarily be the nominee.
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I know Barron is going to NYU but it seems like a little much
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.@RashidaTlaib bill: . -- $2K immediately for every person in America;. -- Eligibility includes children, undocumented; ppl in US territories . -- Distributed through prepaid cards (mailed/available at bank or postal office). -- Funded by Treasury minting 2 coins worth $1T each.
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The split screen here of Fetterman being the only Dem Senator to call for Menendez to resign amid the bipartisan uproar over his clothing choices is really quite striking.
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Hard to find a quote that better summarizes how Obamanomics =/= Bidenomics
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Had the pleasure ysd to meet Father Gary Wegner, who runs a Detroit soup kitchen. Wegner says demand is up ~80% over last yr w/ hunger rising nationally. “Jesus said blessed are the poor,” Wegner said. “Only in America do we put the modifier, ‘Blessed are the *deserving* poor’”
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Just an incredible story in The Times. Poverty *fell* in April and May, per one study, bc of the massive federal welfare expansion — including expanded unemployment & $1,200 checks — even as the economy fell into a black hole.
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Tremendous increases in shoplifting food -- including bread, pasta, and baby formula -- amid an explosion in hunger in America . By @abhabhattarai @hannah_denham1 .
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Asking Republican Senators how much activist pressure swayed their caucus' health vote. To my genuine surprise, they've candidly said yes.
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NEW: Sen. Fetterman (D-Pa.) says he “cannot in good conscience support a debt ceiling proposal that pushes people into poverty”. Clear threat to vote against WH-McCarthy agreement if it includes work requirements that function as benefit cuts.
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Joe Biden on Monday said $2,000 stimulus checks would be approved if Democrats win both seats in Georgia. “If you send Jon and the Reverend to Washington, those $2,000 checks will go out the door,” Biden said.
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Roughly *67%* of voters rated the economy as "not so good/poor," per Washington Post exit polls. A shockingly poor number amid a hot labor market, booming stocks, much lower inflation, growing GDP. But widespread voter dissatisfaction w/ the economy been clear for years.
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One thing @Cernovich leaves out: The Biden-Harris plan he's referring to only would tax unrealized capital gains *for people with more than $100 million in net assets*. Seems like an important caveat but what do I know I'm just a reporter.
If you own a house, subtract what you paid for it from the Zillow estimate. Be prepared to pay 25% of that in a check to the IRS. That’s your unrealized capital gains taxed owed under the Kamala Harris proposal.
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Scoop: Biden's budget on Monday to propose "Billionaire Minimum Income Tax" . 1st time WH has so directly targeted billionaire wealth. Would create minimum 20% rate on income above $100M. 400 billionaire families paid *8.2% federal rate* from 2010-18.
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Maybe pedantic but Vivek talking about how "the US Constitution was what won us the American Revolution" is wildly wrong. The Constitution, of course, was written in 1787 -- more than a decade after the Revolution started, in 1775. Totally different historical events.
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Good morning. In case there was any confusion from Trump's tweets last night, White House Chief of Staff Mark Meadows today said: "The stimulus negotiations are off.".
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*** Schumer now confirms in email that eviction moratorium will cover 90% of the country, last for 60 days. Schumer says "I particularly applaud Cori Bush" who he says gave "voice to the millions" at risk of eviction.
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“Because we have access to sensitive information and upcoming policy, I do not believe members of Congress should hold/trade individual stock and I choose not to hold any so I can remain impartial about policy marking,” AOC said.
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Some of the reactions on the homepage of Reddit to announcement that checks could hit this weekend
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I love stories that are like “Source: Democrats privately urged Harris to win the election, not lose it”.
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Biden: "I will never apologize for helping working class Americans & the middle class, especially not to the same folks who voted for a $2 trillion tax cut that mainly benefited the wealthiest Americans and the biggest corporations." . Points to PPP loan forgiveness as precedent.
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Sanders adds of families suffering during pandemic: "They look to Washington and they say, 'Do you know we exist, or are you just worried about your rich friends?'.
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The $15/hour minimum wage proposal appears to have completely disappeared from the Washington policy debate. Nobody seems to have thoughts on way forward.
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! Larry Kudlow today: "So much of the Democratic asks are really liberal left wishlists we don't want to have -- voting rights, and aid to aliens, and so forth. That's not our game.".
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NEWS: Bernie Sanders vows to vote against $908 billion relief deal without significant changes. Calls for including $1,200 stimulus checks or scrapping liability shield. W/ @seungminkim @mikedebonis .
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Staggering class realignment/shift in working class. Harris lost DESPITE major shift of affluent voters her way. 2020: Trump wins voters over $100K, 54-52.2024: *Harris* wins voters over $100K, 54-45. 2020: Biden wins voters $50K-$100K, 57-42.2024: *Trump* w/ voters $50K-$100K,.
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.@RoKhanna on potential OPEC cut: "President Biden should make it clear that we will stop supplying the Saudis with weapons and air parts if they fleece the American people and strengthen Putin by making drastic production cuts . They needs us far more than we need them.".
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Joe Biden notes in speech today that many people are losing their health insurance during the pandemic because it is tied to their employment.
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I am not an economist but it does seem worth asking the question: If we can get from 9% to 3% inflation w/ no big spike in unemployment, how important is it really to get that last 1 percentage point to 2% if you believe doing so requires millions losing their jobs?.
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Larry Summers -- who the president said he spoke with today -- publicly saying a 5% unemployment rate is necessary to combat inflation. To state the obvious, a 5% unemployment rate would mean devastating joblessness for millions of poor American workers
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Holy hell THEY ARE STILL THERE — 22.5 hours (!) after arriving, ADAPT activists keep up sit-in @ Sen. Gardner's Denver office over TrumpCare
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“This generation is here to stay,” Minneapolis protester says on cnn, “and we will get our fucking change”.
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EXCLUSIVE: White House budget office has officially rescinded the order authorizing a federal freeze on grants, according to document obtained by The Washington Post.
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NEW on Biden $1.9T plan: . -- $2K checks (adds $1,400 to $600). Adult dependents IN . -- $400/week UI thru Sept, will push 4 "triggers." Not retroactive. -- CTC to $3,000/yr per kid, fully refundable. -- $15/hr min. wage . -- Eviction moratorium thru 9/21.
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.@RepJayapal (D-Wash.) says she is in "non-stop" conversations w/ White House officials trying to prevent stimulus check thresholds from being lowered to $50K. “The idea we should cave to one Democrat in the Senate does not make any sense to me," she says.
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W/ all the Fetterman talk, asked his team about their policy agenda. They cited:. - Promote US manufacturing "making more shit in America".- Pro Act .- $15/hr min wage.- Better trade deals.- Universal broadband.- Legal weed.- Voting rights.- Codify Roe.- Ramping up US energy.
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Organizers say ~200 activists, including ~80 in wheelchairs, are already outside room 4 Graham-Cassidy hearing. It doesn't start until 2pm.
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Sen. Bernie Sanders (I-Vt.) says on the Senate floor that the fate of the relief bill will show whether or not the U.S. is in fact a democracy, because failing to act would mean Congress ignores and is unresponsive to the vast pain of the American working class during covid.
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News: Kamala Harris will on Friday propose the first ever “federal ban on corporate price gouging” in the food and grocery industries on Friday, the campaign says in a statement. Will also announce measures on housing & prescription drugs.
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NEW: A source sends this photo of a local fox who has been stealing his neighbor’s editions of the @washingtonpost each morning. Unclear which den the papers are being brought to — but the fox should know the Post is making its essential coronavirus coverage free to read online
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Seems like total surrender to Musk and Ramaswamy here. Just a very clear signal - even before Trump takes office - that if any Rs try to stand in their way they will get rolled.
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