Dean Baker
@DeanBaker13
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Senior economist at the Center for Economic &Policy Research ( @ceprdc ). Blog-- Beat the Press ( @beat_the_press ) I'm now at Mastodon @deanbaker13 @econtwitter .net
Utah
Joined July 2011
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very interesting that Lockheed's stock went up 2.0 percent on Thursday, the day before the attack. Looks like a lot of people should go to jail.
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Seriously, you have the Speaker of the House suggesting that he has spoken with justices of the Supreme Court about political matters. Is there some reason this is not a huge scandal.
Nice to know that Speaker Johnson not only knows SCOTUS Justices "personally" but suggests he has spoken to them about this case which may come before them and they told him they're not happy with it, and that he expects they will throw out the conviction.
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I was listening to a focus group sponsored by NPR of people who don't like Biden or Trump. They asked one person who was leaning towards Trump about what she saw happening in a second Trump term. She answered, he would create jobs.
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Beef prices have fallen back the level they were at when President Biden took office Too bad the media can't find out about this
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What an incredible indictment of the media that people literally have no idea of the basic facts on the economy. And don't tell me this is based on their lived experience. They don't know lots of people who are unemployed. They get this from what they hear, not from what they see
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I guess I am old-fashioned but we used to think it was the responsibility of the media to inform the public. I realize that can be hard, but their incredible failure in this case is not something to laugh off.
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In case you were wondering, Clarence Thomas gets paid $285,400 for his work as a Supreme Court Justice, not including tips
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Given that we have created jobs at an incredible pace under Biden, this would be like saying that they want to see Trump in because he would nail Osama Bin Laden.
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I was also more than a bit disgusted by the reporters who treated this as a problem of "what is Biden going to do?" Obviously, it is a problem for Biden, but their lack of interest in the fact that the public is completely misinformed about the economy is incredible.
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Pretty rare that a political candidate will so openly say that he is for sale. You have to appreciate the honesty.
Trump: And I am for electric cars. I have to because Elon endorsed me very strongly, Elon. So, I have no choice.
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sort of striking that we are worried that giving $300 a week to unemployed workers is too much and discouraging them from working, at the same time the billions already made by Pfizer and Moderna from their vaccines won't give them enough incentive
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For all the Trumper types complaining that Trump is being treated unfairly, remember a Black woman got sentenced to 5 years in prison for trying to cast one improper vote, ONE VOTE Trump tried to overturn a national election.
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@elonmusk
You paid $44 billion for a company that loses $4 million a day? What would you pay for a company that loses $8 million a day?
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Cool, I never thought I would see a president boasting about working out a deal with OPEC to raise gas prices for American drivers!
The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!
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@nytdavidbrooks
@TimAeppel
I trust this is a joke -- even David Brooks knows that the overwhelming majority of people in this country are not looking to buy $78 meals at Newark Airport and would not be looking to buy them even if they cost half this price.
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The reason Trump is asserting, with zero evidence, that health care workers are stealing masks to resell is because that is what he would do in this situaton
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More evidence of how bad Biden's stimulus was, inflation in UK hit 9 percent
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My favorite fun fact that few people know, if the minimum wage had kept pace with productivity growth since 1968, as it did from 1938 to 1968, it would be $24 an hour today
@DeanBaker13
@Nouriel
Building a politics around the idea that a college degree is a precondition for dignified work and social esteem has a corrosive effect on democratic life.
Michael Sandel
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I am going to say something that EVERYONE should know. If we had the exact same economy, and Donald Trump was in the White House, he would be constantly saying "GREATEST ECONOMY EVER!"
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Worse, Alito said it was a "very hard time." What was hard about it? We were waiting for the losing candidate to leave the White House. It was only hard if you supported the coup attempt.
So John, you are OK with a Supreme Court Justice flying a stop the steal flag? And then ruling in cases directly implicated? All right, at least you’re being honest about where you stand on judicial integrity.
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Fun fact for the day: The average unemployment rate under Biden is lower than the lowest unemployment rate during the Reagan "boom."
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Fun facts: In the first six months of the 1981-82 recession, we lost 1,046k jobs, in the first six months of the 1990-01 recession we lost 690k jobs, in 2001 we lost 761k jobs, in 2007-09, we lost 705k jobs. In 2022 we gained 2,740k jobs.
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Trump was completely right. He can shoot someone on 5th Avenue and the Washington Post would say that indicting him for murder endangered democracy
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It would be really embarrassing to Trump if the media could find out about this.
Trump pointing at Matt Gaetz while repeatedly calling him Rick Gates.
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@jentaub
@Liz_Cheney
@KariLake
Lake said that she would not have certified Biden's victory in Arizona in 2020. Looks like she will have the opportunity to not certify it again in 2024.
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Hot story tip for business/economics reporters: Unemployment is near a half-century low. We have seen the strongest real wage growth for the bottom quintile in fifty years. The Conference Board says that worker satisfaction has never been so high.
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@realDonaldTrump
It could be worse, your predecessor had to deal with some idiot running around the country claiming that he was born in Kenya and criticizing him for golfing all the time.
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@chrislhayes
The seatbelt analogy is only half the story, the vaccine refusers are arguing they have the right to drive drunk, because the rest of us can wear seat belts
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The fact that Republicans are all refusing to accept election results would be big news, if the media could find out about it.
Kristen Welker: "I don’t hear you committed to certifying the election results. Will you only vote to certify results if former President Trump wins?"
Elise Stefanik: "No, it means if they're constitutional. What we saw in 2020 was unconstitutional."
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The media’s drumbeat on inflation is similar to Fox on the caravans. Keep repeating it enough and people will say it’s a problem
can’t make this up—jobless claims fell to 52-yr low yesterday so NYT runs yet another Biden Inflation! piece in front page today;
when narrative is king;
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Will
@jaketapper
correct his inaccurate fact check on Bernie Sanders and
@Ocasio2018
on Medicare for all, or will he let his mistaken reporting stand?
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I'd say the big three, the infrastructure bill, the CHIPS Act, and the IRA
What's the best explanation for American manufacturing construction spending booming since 2021 after falling between 2016-2020?
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Is there some reason
@realDonaldTrump
can't follow the same conflict of interest rules as all prior presidents?
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I want to get the political reporters on record. Do any of the reporters insisting Biden step down think he has less grasp of reality than Donald Trump?
Please retweet.
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For folks here who want to blame Biden, rather than the pandemic, for inflation, can you tell us how Biden's policies also led to a comparable jump in inflation in Germany, France, and even Japan?
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If this country had a free press, reporters would be asking Speaker Johnson to NAME NAMES. If Democrats are signing up millions of illegal immigrants to vote, then he must be able to identify SOME of the people doing it.
Johnson announces that he is introducing a bill to require proof of citizenship to vote because Democrats are signing up millions of migrants to vote at welfare offices.
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In honor of the Republicans efforts to screw blue states, NY, CA and other states with high income taxes need to convert to 100 percent deductible employer-side payroll taxes. It's a great way to say "Merry Christmas" to President Trump
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@nytopinion
Is the NYT obligated to print idiocy if it serves the interest of a prominent billionaire. Every part of this story has been show wrong repeatedly. (thread)
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This is another case where the media refuse to treat Trump like a normal candidate. It should be a big headline that Trump is making absurd allegations against Biden, but since he does it all the time, it will barely get noted.
Trump says Biden wants to quadruple everyone’s taxes.
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Just to quickly point out why some of us would be very happy to see Biden back in the White House, apart from keeping the dictator out, let's recount the record.
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Okay, can we stop the he said/she said reporting on Biden's assertion that inflation is worldwide problem associated with the pandemic and the war. EU inflation has been 7.5 percent
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@NormOrnstein
On the other hand, because of the jump to conclusions, we have Republicans on record as saying that disrupting Congress is a serious offense which needs to be investigated, which of course they denied when it came to the insurrection.
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I hate to ruin the victory lap of all the people boasting that Biden's recovery act would be inflationary, but the UK also had a big jump in inflation, with no big stimulus and a very inflation-vigilant central bank
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I know, the people who own and control the media will pay lower taxes with Donald Trump back in the White House.
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This is both incredible and typical. The NYT wanted to tell a bad economy story for July 4th so it profiles a worker, that the piece acknowledges is not typical, so it can tell us that moderate-income people are struggling.
The New York Times refuses to let the data on rising real wages interfere with its bad economy story
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It would be great if a reporter would ask Buttigieg whether he is completely ignorant of the debates over deficit among progressives for the last dozen years or whether he is just saying this to curry favor with wealthy Wall Street types.
Pete Buttigieg says Democrats should focus on cutting the deficit, which fell under Obama and is soaring under Trump.
“The time has come for my party to get a lot more comfortable owning this issue... It’s not fashionable in progressive circles to talk too much about the debt.”
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That's the sort of thing that should make major media outlets feel really embarrassed
HARRIS POLL:
* 55% believe the economy is shrinking
* 49% believe the $SPX is down for the year
* 49% believe that unemployment is at a 50-year high, though the unemployment rate has been .. near 50-year low.
@guardian
@brianstelter
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@JamesSurowiecki
Trump tried to overturn a DoD contract for Amazon because he was upset at Jeff Bezos over WaPo coverage, he tried to block the AT&T-Time Warner merger because he was upset at CNN. Can the fake First Amendment types stop playing stupid games over the laptop.
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Since some folks were asking about the carried interest deduction and how much we give Bill Ackman through it, I’ll give a brief explanation and then some calculations.
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The threats against Judge McAfee really should be the big story in the Georgia case. It is incredible that the media now treat it as normal that a presidential candidate threatens judges, prosecutors, witnesses and jurors.
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The New York Times refuses to let the data on rising real wages interfere with its bad economy story
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Trump also had his administration try to block a merger by AT&T, which owned CNN, as punishment. He tried to take away a military contract from Amazon to punish Jeff Bezos, who owns Amazon. He even complained that late show TV hosts shouldn't be allowed to mock him.
Elon to Trump: "During your first term as president, you were attacked relentlessly and often unfairly, but you didn't try to shut down the media or inhibit their freedom of speech. That says a lot about your belief in free speech"
Trump sued CNN for $475 million claiming
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There is not a single political reporter who thinks that Donald Trump has a better grasp of reality than Joe Biden (Fox people have to pretend), yet they are all pontificating as to whether Biden has the mental acumen to serve out another term.
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The first paragraph of this NYT piece was incredible irresponsible
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I'm sure Trump's being a dictator promise would get more attention if the media didn't have to spend so much time reporting on Joe Biden being 81.
This is maddening: New polling conducted by Dems finds that an alarmingly small percentage of voters surveyed are familiar with Trump's most blatant authoritarian threats, such as his "dictator" quote.
This is bad. But it's also an opportunity. 1/
Link:
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yep, I have missed all the huge stories about egg prices plunging or gas prices back at pre-pandemic levels. I guess the investigative reporters at major news outlets can't find out about these things.
No, most folks aren’t irrational. Yes, some have suffered more materially from inflation. But for most it’s mainly media/elite cues. The only thing folks have heard about the economy is that inflation is out of control & there’s a recession. For 2 years:
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@NateSilver538
Nate, is Biden objectively "beleaguered?" That was the headline in question. If you want to write a column for the paper telling us Biden is beleaguered that's fine, but this was a news story.
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This is your periodic reminder that the wages of the lowest paid workers has far outpaced inflation under Biden. (This is for hotel and restaurant workers.) Too bad economics reporters can't get access to these data.
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After the press conference I think we can all agree that Biden understands the basic facts of the world in a way that Donald Trump never could. But we're not giving out awards for the best student here.
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@RNicholasBurns
Absolutely, we should build a bridge for Elliot Abrams to the prison time he would have served if not for his political patron.
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@juliehdavis
@maggieNYT
@anniekarni
Too bad the Republicans have now taken such a strong stand in opposition to law and order
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The fact that people got so much more negative on inflation in the consumer surveys, when the CPI was showing lower inflation, certainly fits the notion that consumer perceptions are being driven by media coverage more than reality.
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The minimum wage is less than half of what it would be if it tracked productivity, which it had up until 1968
And let's not forget, the federal minimum wage is worth 17% less than a decade ago and 31% less than four decades ago, after adjusting for inflation
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Krugman makes an incredibly important point, Trump should not be let off the hook for proposing crazy plans just because he proposes crazy plans all the time.
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@schwarz
Like I say, Elon Musk is doing more than anyone alive to reduce wealth inequality. Let's give the guy some credit.
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@JStein_WaPo
@adamcancryn
If the administration did not think it had a coin or 14th Amendment option going into this, then its strategy is beyond pathetic. Were they expecting the Republicans to play nice? This is a rookie mistake, not something you expect from someone who has been in DC for 50 years.
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@paulkrugman
I already sold the headline to the NYT. "Cheap Gas Undermines Biden's Push for Electric Cars."
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Donnie is totally losing it, just said that PA has received ballots more than 3 days after the election. You have to be a real hard-core Trumper to believe that 2 days after the election
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Just a reminder to the folks who are upset about the late counting in PA, MI, and WI. This is entirely due to Republican legislatures who refused to allow these ballots to be processed early, as they are in states like Florida.
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Buttigieg wants to raise the unemployment rate, especially for African Americans and Hispanics. That's what his whining about deficit reduction means. If he is too ignorant to know this, he should do some homework before he runs for president next time.
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They should put the number in a context people can understand. Trump's pointless political show with U.S. troops will cost us about as much as 120,000 getting food stamps for a year.
I was waiting for an estimate. Remember, this is a pointless stunt and an abuse of power aimed at influencing an election
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@HeerJeet
@tylercowen
when you look at the damage done by some of Harvard's economists (remember the 90 percent debt-to-GDP Excel spreadsheet error?) the food service might be the best part.
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I can't understand how Biden and his staff can ignore these numbers. It's like the Republicans denying global warming. We can't play make believe here, this is the future of democracy.
Astonishing numbers from Pew Research with Latino voters who are now:
Biden: 36
Trump:36
RFK: 24
How Latino voters view the 2024 presidential election | Pew Research Center
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Just remember, a cold war with China would not be your grandfather's cold war
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@maggieNYT
Yes, we'll all spend our time denouncing Farrakhan when he gets to the White House, or even the Senate or House. In the meantime, we have anti-Semites who pose real threats to us. Try reading the newspaper.
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@KFILE
It really takes some gall for the media to tell us that an economy with 3.5 percent unemployment is a disaster.
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It is unbelievably absurd that the world is not working collectively towards a vaccine and effective treatments. That means open research. Unfortunately, our elites are so brain dead, no one talks about this, and no major news outlet would publish anything making this argument.
Vaccines are a global good, and should be protected as such. Alternatives to patent monopolies must be a priority for this decade.
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Come on, can you pay attention to what Alito said? He said it was a "very heated time." It wasn't a very heated time, the country was waiting for the incumbent president to leave office after he lost an election. There was NOTHING heated about it, unless he supported the coup.
Fascinating thread with Justice Alito’s direct excuse. Remarkably he admits the upside-down flag flown on his home was a direct response to his wife being mad at a neighbor’s ‘Fuck Trump’ sign—ie an explicitly partisan gesture.
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I had to euthanize my doberman last week. She was a great girl. We got her as a rescue when she almost nine. We were able to give her four pretty good years. We miss her enormously.
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From the comments here, I realize that everyone on Twitter is on the edge of starvation and eviction. But the Bureau of Labor Statistics surveys tens of thousands of people every month, and it looks like most people are doing pretty well.
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Just to repeat what we all know, if we had the exact same economic data and Donald Trump was in the WH, he would be boasting "GREATEST ECONOMY EVER!."
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Some folks here are saying that the low unemployment rate is due to people dropping out of the labor force. The opposite is true. The prime age (ages 25 to 54) labor force grew by 2.4 million over the last year, an increase of 1.2 percentage points.
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Fun with numbers: For those upset that Biden's loan forgiveness helps some better off people, let's think about what Senator Sinema did for boys and girls who run hedge funds.
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Reporters have an important responsibility here. Don't ever tell us that Republicans are "concerned" or "worried" about the deficit. Just report what they say and do -- don't try to infer motives. You don't know and in this case would almost certainly be wrong.
The definition of chutzpah is when you kill your parents, then beg for mercy because you're an orphan. Or, alternatively, this:
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I am at a loss to understand the paradox here. The stock market measures the money going to corporations, which are overwhelmingly owned by rich people. Why are we surprised that people suffer when we transfer more money from everyone else to the rich? It is expected.
The paradox of watching in the world endure ever-mounting pain and destruction while the stock market booms is another over-written element of the script this year.
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The other fun part of Johnson's tweet is that Biden sold oil at well over $100 a barrel, he has been buying it back at less than $90 and generally less than $80. In reality land, that is a good deal. In the Trump Republican universe, they think it is losing money.
The highest-ever year for US oil production happened way back in 2023 and it’s tracking for a higher level in 2024.
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@SecretaryCarson
Secretary Carson -- you probably missed it, but there was an attempted coup on Wednesday in which five people die. Many more could have been killed -- letting the people who fomented this coup continue to spew lies is not a way to unite the country
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Looks like benefits of the tax cut are already trickling down: from Senator Corker to his top aide.
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The idea that the economy is terrible under Biden is an invention of Republicans and the major media outlets, tens of millions of families have seen substantial improvements in living standards
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Why not talk about what Justice Alito actually said. He said "it was a heated time." What was heated about it? The nation was waiting for a president who was defeated in his re-election campaign to leave the White House. It's only heated if you support the coup.
Asked about the upside-down flag outside Justice Alito’s house, Sen. Ron Johnson told me: “What his wife did – he’s not responsible for what his wife did.”
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It reminds me of an old line from John Kenneth Galbraith to the effect that, giving incentives to poor people means taking away money, whereas giving incentives to rich people means giving them more money
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CNN tells us that people can't afford restaurant meals, the BEA tells us that real restaurant sales (inflation-adjusted) are up more than 11 percent since the pandemic, who should we believe?
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Trump is appointing "acting" U.S. attorneys for the NY-NJ area that overseas his and Jared's businesses. These acting appointees aren't subject to Senate approval and can be fired any time they threaten the Trump family (and Speaker Ryan says it's fine)
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This is the sort of thing that would be really bad news for Trump if the media could find out about it.
BREAKING: Donald Trump just openly admitted he sabotaged the toughest border security legislation in decades because it would have been good for President Biden politically. Retweet so all Americans know Trump is only out for himself.
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I'm struck by how many people attack the Biden economy because people are still poor. Do these people think that there is some politically feasible route to end poverty quickly or is just they want Donald Trump back in the White House?
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Damn it Paul, I have a patent on using simple bar charts to make bad guys look stupid!
Wilbur Ross, who has been leading us into a trade war on behalf of the steel industry, says that the number of workers affected by the shutdown is small, so it's no big deal. A useful chart
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