Discover and read the best of Twitter Threads about #BeyondtheNumbers
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1/ Did you know that July is #BIPOCMentalHealthMonth? Originally known as Bebe Moore Campbell National Minority Mental Health Awareness Month, the month was first recognized in 2008 to honor Bebe Moore Campbell:
nami.org/Get-Involved/A…
nami.org/Get-Involved/A…
2/ Bebe Moore Campbell was an author and a powerful advocate who worked to raise awareness of the mental health needs of the Black community and other underrepresented groups.
mhanational.org/bebemoorecampb…
mhanational.org/bebemoorecampb…
3/ Research shows that BIPOC communities face unique barriers to mental health treatment; early intervention is so critical. You can take a free, confidential mental health screening at mhascreening.org #BIPOCMentalHealthMonth #BeyondTheNumbers
The FOMC faces difficult trade-offs, but it's hard to overstate the benefits of full employment. #BeyondTheNumbers
Full employment increases worker power:
Full employment reduces labor market discrimination.
For example, the gap between black and white unemployment, or the gap between college and non-college employment.
For example, the gap between black and white unemployment, or the gap between college and non-college employment.
10% unemployment is disastrous.
Fortunately, I don't think this analysis is correct. It assumes that inflation expectations are baked in, and that we need Volcker shock equivalent monetary policy to get out of it. #BeyondTheNumbers
Very little evidence of that - as @paulkrugman has pointed out, all the measures of inflation expectations we have available point to low expected future inflation. #BeyondTheNumbers
Everyone is very excited that we are seeing sustained job growth and did not enter a recession.
And while that is very much a good thing; we should have already known that. UI claims have stayed low, it's not like people were losing jobs. #BeyondTheNumbers
And while that is very much a good thing; we should have already known that. UI claims have stayed low, it's not like people were losing jobs. #BeyondTheNumbers
Some folks have talked about a "vibes" recession - I think that is partly what is going on here.
A lot of industries that are dependent on low interest rates (e.g. crypto) are having difficulty now; but that doesn't mean the economy as a *whole* is. #BeyondTheNumbers
A lot of industries that are dependent on low interest rates (e.g. crypto) are having difficulty now; but that doesn't mean the economy as a *whole* is. #BeyondTheNumbers
On the other side, I'm concerned that prime age employment hasn't really budged in the last quarter. #BeyondTheNumbers
A1. We live in a society, and with a labor market, grotesquely segregated by race, ethnicity, and gender. So, if you want to understand the health of the economy, you have to look at employment and labor force participation rates by demographic characteristics. #BeyondtheNumbers
A1.2 I know a lot of people are excited about the job growth. Of course, it is good news, overall. But underneath the hood we see that the benefits of this labor market are not reaching all segments of the labor market, equally. #BeyondtheNumbers
A1.3 This month, what we see is, despite significant job growth last month and white unemployment already down near 3% for three months in a row, Black workers are still unemployed at a rate double that of white workers. #BeyondtheNumbers
Racism is embedded in the rules of our economy. Black workers experience worse job outcomes compared to white workers in so-called good times and bad. The UR for Black women is 8.2%, for white women 4.8%. #JobsReport #BeyondtheNumbers 1/
There’s no evidence that how Black workers, particularly Black women, are experiencing the economy is really any different than before the pandemic struck. #BeyondtheNumbers 2/
We should measure recovery progress by whether Black men and women are getting what they need to thrive and if what they’re getting is on par with what white workers are getting. #BeyondtheNumbers 3/
Over ½ a million people are back in the labor market. And importantly, the permanently unemployed number is down. Data is also showing rising wages, declining hunger, and improving mental health. #BeyondtheNumbers 1/
As people get vaxed and pandemic restrictions lift, employment is rising even before the recession is officially over -- which differs from recessions of the past. Lots of reasons to suggest this growth will continue, check this out from: @RooseveltInst rooseveltinstitute.org/2021/06/03/zoo… 2/
But there’s a long way to go for full employment. We need to do more to invest in well-paying state and local jobs in the poorest zip codes. 3/
A6: The first thing to realize about this recession: it never had to be this bad. Public health + economic policy failures got us here -- and if we experienced the same trajectory as peer countries, we might have had millions fewer unemployed to begin with #beyondthenumbers
A6 p2: See recent reports all showing this:
eml.berkeley.edu/~yagan/GRY_job…
brookings.edu/research/the-e…
americanprogress.org/issues/economy… #beyondthenumbers
eml.berkeley.edu/~yagan/GRY_job…
brookings.edu/research/the-e…
americanprogress.org/issues/economy… #beyondthenumbers
A6 p3: A big fiscal response did cushion some of the blow, esp. via Unemployment Insurance. Now the question is whether we continue measures that did support the economy while doing more to help those who were left out -- or whether we accept a longer, more inequitable recession
A2 p. 1: The Black-white unemployment rate is a persistent feature in our labor market, when the economy is growing or when it is in recession -- and Jobs Day discussions often wrongly accept it as a fact of life, rather than an outrage and a policy failure #beyondthenumbers
A2 p. 2: Labor market discrimination, mass incarceration, enormous racial wealth gaps, residential segregation -- simultaneously legacies of history and ongoing features of our economy and society -- all contribute #beyondthenumbers
A2 p. 3: And given today's numbers, we should be especially mindful of how in every recession and recovery to date, Black workers have suffered from being "first fired, last hired" #beyondthenumbers
