Larry Mishel
@LarryMishel
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Former president, EPI. Dad(4), husband, grandpa(7), Bella (pure mutt). Economist. Progressive. Eagles/Phillies fan. Passionate and happy. Not with EPI now.
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Joined June 2013
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@JHWeissmann
geez, he sold it. So, by definition the market validated the value. What's the problem?
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Wow, just wow. No abortions is a policy to create more workers and fund Social Security. Hope they run on that.
Wow, this guy is going to have a hard time making the case that republicans can attract mainstream swingy voters
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Yeah, people are not abandoning work when they quit. They are taking other jobs. Quits being fueled by huge growth in job openings, partially due to Biden's ARP stimulus! Yes
@EconBerger
Big problem with the very popular "Great Resignation" term: it's misleading a lot of people about what is actually happening in the US. Quits are definitely extremely elevated, but so are hires. Folks aren't resigning from the workforce, they're resigning to take better jobs!
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@ShawnFainUAW
@DemSocialists
@UAW
sorry, but this stance means you do not support dismantling Hamas, an authoritarian, barbaric, entity.
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I have never heard any Democratic president be so forthcoming about the need for unions in last 60 years. Carter? Clinton? Obama? Or, any candidate, though ? imagine Humphrey and Mondale might have.
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Happy to announce my support for Elizabeth Warren, who I have worked with since 2005. Here's the list of new endorsers:
#AllOfUs4Warren
Don't @ me if you disagree. We can still be friends and comrades :)
@AdamGreen
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Collective resignation from DSA, which I signed. Ending nearly 50 yrs membership in DSOC/NAM/DSA. The organization that previously was my political home. No more.
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yes, impressive.
The US is the only leading economy where real household income (which accounts for inflation) and real GDP are higher than before the pandemic.
Every country is struggling with supply chains and inflation but our economic response has let us weather it better than anyone else.
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@BenSpielberg
yeah, much more fun to attack the D's for failing to get what they passed in March (and McConnell blocked) than to fault Trump and the GOP.
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@BenSpielberg
So disappointing. Cruel, and entitled, too, my friend. Many people will be hurt by Trump
#2
, and you haven't laid out how this path will lead to building the left. It may be emotionally satisfying. Not for me tho
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Yes, listen to Bernie!
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Thread: Erosion of collective bargaining has been a major factor depressing wage growth for middle & driving wage inequality over last 4 decades. Only factor more responsible- excessive unemployment from misguided monetary/fiscal policy.
@EconomicPolicy
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1) Robert Solow was a great economist and a mensch.
#Solow
. I find it surprising that his being Jewish and the anti-Semitism at Harvard, and the openness to Jews at MIT, do not seem to be mentioned. So, here's some resources
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I can't remember feeling such glee on seeing a new economics data report
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Centrist economists being canceled. PLEASE, ugh. Have you ever noticed that heterodox economists, even institutionalists, are not represented much at NBER, or at annual AEA meetings? I have, as someone operating on the bubble--can push my way in sometimes.
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Looking forward to going All In with
@chrislhayes
tonight, discuss Trump's trade policy scams,
@EconomicPolicy
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@JamieLittleTV
geez, the market must be working, so better improve the jobs you are offering.
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Really interesting video from investor group on Starbucks.
NEW: Starbucks stock has plummeted 31% since the company started its aggressive anti-union campaign.
Major Starbucks investors, led by Trillium Asset Management, say Howard Schultz has betrayed Starbucks’ “worker-friendly” image.
They’re demanding an end to the union busting.
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This explainer from the
@AFLCIO
on the PRO Act and freelancers was very straightforward and helpful.
@veenadubal
@WSpriggs
@DamonSilvers
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well, I have a PhD in economics. Go ahead, explain basic economics to me, too. I'm with her:
@Ocasio2018
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@RepShriThanedar
@daveweigel
Been a DSOC/DSA member since 1974. Named my son after Michael Harrington. I'll also be resigning.
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A Rhodes Scholar barista and the fight to unionize Starbucks
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Perhaps the growth of top 1% wages can help illustrate what you're talking about,
@davidsirota
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@chrislhayes
How come there's no reward for economists who were correct about all these issues? :) Proudly, loudly so.
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A telling look at a bunch of teachers on one day in many different locations:
Stress, lack of pay, disrespected, loving the job, thinking of leaving teaching, hating standardized testing. Reporters should do this for other occupations too.
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Ok, David Brooks, tell me this is the result of productivity differences.
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Not enough attention paid to labor policy and union policy. Here's Biden's plan. Better than any Dem candidate in my lifetime (and I qualify for Social Security :) )
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How is one to feel when someone who intentionally inflicts cruelty--right
@AdamSerwer
, cruelty was the point!--gets sick?
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How Baltimore became racially segregated--it wasn't by accident and it was through conscious government policy:
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We should not overlook that it will be essential, tho very difficult, for Amazon and Starbucks unions to win a first contract. This will require a continued, if not expanded, campaign.
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Wow, blockbuster reporting by
@josheidelson
, telling the story of crushing workers and their unions:
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What do Uber drivers earn, taking account of commissions, expenses, extra taxes on self-employed and benefits? About what a 10th percentile wage earner earns (less than 90% of earners)
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Rahm Emanuel? He's an asshole, and everyone knows that. There, I said it. Bad on policy, too, of course.
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@ErikLoomis
Yes, quite idiotic and without any recognition of how progressive Biden's policies have been, especially compared to Obama/Clinton/Carter.
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Thread (1/14) on new paper explaining pvt sector union decline w/
@LaneWindham
and Lynn Rhinehart. Retweet don't just like!
@EconomicPolicy
@GeorgetownKILWP
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Congrats
@Alan_Krueger
& Orley Ashenfelter for doing great research and having a direct impact to help millions of low wage workers:
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Updated my bio to reflect my first granddaughter, my third grandchild. Don't even know her name yet, but baby and mother fine, and father beaming, too, along with me.
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if those protesters in the Capitol were Black they'd be dead by now
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(1/n) I think there’s some confusion on this whole question of economists being left. I approach this as someone who was trained in two grad schools, one featuring Marxists (American U) and the other dominated by socially liberal, neoclassical economists (U of WI). This gave me a
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Tying large CEO compensation packages to the stock price is the original sin, and Calvinball-ing them is just an extension of that
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Does it need to be said---I guess it does-- that employers, and their GOP allies, like low unemployment insurance benefits, or none at all, because it weakens their need to provide good jobs that appeal to workers.
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Don't fall for Econ 101'ism on evaluating minimum wage increases. Need to look at annual earnings of low-wage workers:
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@CapaTosta122
@RonanFarrow
This a f'd up accusation. Demos granted some money--for what? and did it in the year before Warren even announced she was running. Bernie people sometimes make me ashamed of being a leftist
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(1/4) I want to express disappointment with President Obama. He continuously attributes rising inequality to technological change & does not identify the real causes and who is doing the harm: corporate America and its political allies; See excerpt from endorsement of Biden below
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Yeah, tax cuts leading to more wages and worker bonuses--not a thing.
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Wow, thanks
@eliselgould
for bringing forth this cartoon citing our work on CEO compensation (with
@JuliaWolfe24
and also
@joriskywalker
)
You know you have arrived when your research is cited in the funnies. See today's PEARLS BEFORE SWINE by
@stephanpastis
. Congrats to
@LarryMishel
and
@JuliaWolfe24
for their 2019 research. See
@EconomicPolicy
's 2020 data update with
@joriskywalker
here:
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(8/n) Basically, many of the liberals were hamstrung by their economics though they tried to be decent. In effect though, they embraced the kind of economics that enabled the rape of the working class over the last forty years. That’s not left. (
@Noahpinion
,
@mattyglesias
)
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@sunraysunray
I even hate the condescending 'low education' description. Two-thirds of workforce do not have a BA and that's who he's talking about.
@AdamPosen
, you're giving elites a bad name
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Yesterday I announced my support for Elizabeth Warren, with whom I've worked since 2005. Here's the list of new endorsers:
#AllOfUs4Warren
Don't @ me if you disagree. We can still be friends and comrades :)
@AdamGreen
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@shaunking
do you think another candidate would have done better, and why? Biden wasn't my first choice, but I think he may have maximized the D vote.
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@BenSpielberg
Sorry, Ben, I know it is not your intention but it is the consequence of re-electing Trump. I have not seen anyone, including you, lay out a plan how Trump's re-election is a better path to building left political power. Otherwise, it's about feeling righteous.
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Thread. New paper w/
@metaCoop
explaining why we don't need a regionally set min wage floor. We need regional variation upward from strong federal floor.
@EconomicPolicy
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So right.
@Ocasio2018
Here's the updated graph:
The average American worker is producing 74% more value at work, but our wages have only gone up 9%.
We‘re fighting for everyday people to keep more of the 💰 we create.
Bc no one should be paid so little they need food stamps to work a FT, 40hr/week job.
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A relatively unknown treasure is the EPI State of Working America data library which provides spreadsheets of data on wages not available anywhere else: wage percentiles, by gender and race: top 1% wages. Much else!
@EconomicPolicy
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Thread on important new PA Supreme Court unemployment comp ruling that Uber drivers are employees.
@Phila_Legal
press release: Case: I am, btw, the proud father of appellee’s kickass counsel. cc:
@sharblock
@veenadubal
@bsachs
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oh yeah,
@SenSanders
noted our research showing worker bonuses up $0.02/hour since tax cuts
Trump promised that his tax giveaway to the wealthy would put an extra $4,000 into the pockets of middle-class families.
He lied. Bonuses are up $0.02/hr since the GOP tax cuts passed.
Our job: Repeal Trump’s tax breaks for the wealthy and rebuild the disappearing middle class.
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so, now, let's argue about why the bill wasn't perfect even when it was very, very good, even amazing. I say this as someone who's worked really hard on minimum wages for decades.
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Federal Reserve Board: really essential to get a FULL recovery -->robust wage growth --> combat inequality and racial inequity. Listen to
@Fed_Up_Campaign
!
#jobsandrisingwages
#FedforWorkingPeople
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The erosion of collective bargaining is not because worker do not want unions. The share of nonunion workers who want a union is now 48%, highest in many decades. Especially young workers!
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1/8 One reporter told me there’s quite a ‘furor’ over the new BLS Contingent worker data. Not sure why that should be, except if you bought the hype about a rapidly changing nature of work and an explosion of freelancing and gig work.
@EconomicPolicy
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Geez, what a surprise, that tax cuts did not produce bountiful bonuses for workers
@4TaxFairness
#TaxScam
The boost to workers' bonuses from the Trump/GOP tax cut? Barely one penny, writes
@LarryMishel
.
#TaxDay
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It is so wonderful that
@econjared
is out of hospital and recovering, and expecting a full recovery eventually. it is almost as if my prayers worked.
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my one joke about economists
"You know the definition of an economist right? Good at math but not enough personality to become an accountant." -
@LarryMishel
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"believing that unenforceable noncompetes are enforceable causes employees to forgo better job options and to perceive that their employer is more likely to take legal action against them if they choose to compete." Thread by
@evanpstarr
In light of the Biden's upcoming executive order on noncompetes, here's a new working paper that has implications for how we should think about any rule the FTC develops. A brief 🧵
"Subjective Beliefs about Contract Enforceability" with
@jjprescott2009
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36 prominent economists, including 3 Nobel laureates, explain to the Supreme Court why the anti-union position in Janus is simply wrong as a matter of basic economics. Free riding problem is basic economic incentive issue. See Amicus brief:
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Imagine this, markets work to address shortages. Raising wages allows a trucking firm to find drivers!
America’s largest trucking company is combating a driver shortage by raising wages—and so far, it’s working out via
@technology
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Inflation is up. Corporate profits are way up. Corporations are not absorbing as much of the supply-chain driven cost increases as we might want/hope. Antitrust won't solve that in near term. what do people know about an excess profits tax? wasn't there one in WWII?
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Terrific, religious freedom claims now are that federal money can be used for foster care that excludes Jews, Muslims and Catholics and limits to 'Christians':
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Thread on paper explaining Wage Suppression (with
@joshbivens_DC
at
@EconomicPolicy
) that was profiled in NYTimes article by
@noamscheiber
:
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Want to share this quote from
@Alan_Krueger
's wonderful Jackson Hole talk, dissenting from the competitive labor market framework. What's even better is the footnote (underlined) noting 'imperfection' is the rule not the exception. Powerful 4 a leading economist to say. Miss him.
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Another environmental horror, Trump attacks EPA's standard on mercury & other toxics --> more pollution, 11,000 deaths/year, 130,000 asthma attacks/yr, lowered IQs &more health harms. Power industry already complied, isn't even seeking relief Read/follow
@EllenKurlansky
on this.
Trump Admin, attacks EPA standards that protect the public from mercury and air toxics;
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Yeah, kinda true that the mainstream Democrats have moved into my space! Welcome! It is better for the nation and the working class.
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For those commenting on the anniversary of the tax cuts...no evidence of increased bonuses for workers, except in press releases from trump's friends in business
The GOP tax cuts were supposed to lead to a huge jump in bonuses for workers. They didn't, writes
@LarryMishel
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I find it annoying for Lyft to claim drivers earn $30, when that is before vehicle expenses and without benefits, etc.
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"The elite case for ever-freer trade is largely a scam" says Krugman. I think the voters have caught on :)
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