Discover and read the best of Twitter Threads about #gdpv2
Most recents (6)
The federal government *CAN* help the economy recover and ensure that recovery is broad-based and equitable. @equitablegrowth's @dsmitch28 lists 21 actionable policy recommendations to combat the #coronavirus #recession 👇equitablegrowth.org/twenty-one-pol… (1/x)
1. We need #UnemploymentBenefits! UI helps workers weather an economic crisis while keeping demand for goods and services from plummeting. The emphasis on work disincentives reflects racist biases against low-income workers of color. equitablegrowth.org/factsheet-unem… (2/x)
2. We need to make #UnemploymentBenefits better, by addressing structural flaws in the system, as @alixgouldwerth writes: equitablegrowth.org/fool-me-once-i… (3/x) 
🚨🚨🚨🚨🚨
Today BEA released the first-ever federally produced statistics measuring how total U.S. personal income is distributed across people in different income groups.
Must read—@AustinClemens2 @equitablegrowth explains why this is so significant
#GDPv2
Today BEA released the first-ever federally produced statistics measuring how total U.S. personal income is distributed across people in different income groups.
Must read—@AustinClemens2 @equitablegrowth explains why this is so significant
#GDPv2
@AustinClemens2 @equitablegrowth Beginning today, we all will have a new picture of how the economy is performing, one that allows us to see how the economy’s performance translates into income for families at all income levels. equitablegrowth.org/press/new-comm… #GDPv2
@AustinClemens2 @equitablegrowth New research finds the media’s treatment of GDP as the critical metric of economic progress, even as it has become less reflective of the welfare of most Americans, has resulted in economic news that is most positive when the rich are benefitting. equitablegrowth.org/working-papers… #GDPv2
Important new working paper at @equitablegrowth. It finds that when newspapers cover the economy, coverage follows the fortunes of the rich: rising incomes for the rich = positive news and vice versa THREAD equitablegrowth.org/working-papers…
...but it's only true for the richest 10%! Incomes of *everyone else in the economy* do not influence the tone of economic news. More precisely, tone is correlated with lower- and middle-class income change, but only because they are sometimes correlated with high-income change
Conditional on high-income growth, income in any other segment of the population has no impact on the tone of economic news. The researchers, @HicksTM @alan_jacobs1 @erickmerkley @jsmatthews99, evaluated the tone of >2 million articles about the economy
It used to be that when the economy grew, everyone benefited.
But since the 1970s-80s, we’ve been an economy that is growing apart—90% of Americans are experiencing growth that is less than the average
But since the 1970s-80s, we’ve been an economy that is growing apart—90% of Americans are experiencing growth that is less than the average
We need to look beyond topline indicators, like GDP, to see how our economy is performing across families.
With metrics to show who is prospering when the economy grows, we can have a different conversation about how “well” our economy is doing #GDPv2
equitablegrowth.org/gdp-2-0-measur…
With metrics to show who is prospering when the economy grows, we can have a different conversation about how “well” our economy is doing #GDPv2
equitablegrowth.org/gdp-2-0-measur…
Thank you @AmanpourCoPBS and @tanzinavega for having me on to talk about the pathways to economic growth that is strong, stable & broadly shared.
For better policy, measure the right things equitablegrowth.org/new-measuremen… #Vision2020 #GDPv2
For better policy, measure the right things equitablegrowth.org/new-measuremen… #Vision2020 #GDPv2
🚨🚨🚨
@equitablegrowth has just announced 58 economists & scholars endorse the Measuring Real Income Growth Act, just reintro’d by @SenSchumer & @MartinHeinrich.
It is key to understanding how the U.S. economy is—or is not—working for most families. equitablegrowth.org/nobel-laureate… 1/n
@equitablegrowth has just announced 58 economists & scholars endorse the Measuring Real Income Growth Act, just reintro’d by @SenSchumer & @MartinHeinrich.
It is key to understanding how the U.S. economy is—or is not—working for most families. equitablegrowth.org/nobel-laureate… 1/n
@equitablegrowth Among the endorsees are former Chair of the Board of Governors of the Federal Reserve System Janet Yellen, former Chairs of the Council of Economic Advisers @jasonfurman and @LauraDTyson, and Nobel laureates Robert Solow and Joseph Stiglitz 2/n
@equitablegrowth Evidence shows inequality obstructs, subverts & distorts the way our economy functions.
Passing this bill will give us a better understanding of who is prospering when the economy grows, which is essential to delivering growth that is strong, stable & broadly shared. #GDPv2 3/3
Passing this bill will give us a better understanding of who is prospering when the economy grows, which is essential to delivering growth that is strong, stable & broadly shared. #GDPv2 3/3
For example, since 1980, aggregate national income grew an avg. of 1.3% annually, but this growth went disproportionately to the wealthiest—
The top 10% saw their incomes rise by 2%,
the top 1% saw theirs rise by 2.9%,
& the bottom 90% saw their incomes rise by just 1%. 7/n
The top 10% saw their incomes rise by 2%,
the top 1% saw theirs rise by 2.9%,
& the bottom 90% saw their incomes rise by just 1%. 7/n
And across recent recessions and expansions, data show the top 10% of earners have taken around 50% of all economic growth. 8/n
This lopsided pattern of growth has serious downstream consequences—
Raj Chetty @HarvardEcon et al have shown, mobility has declined precipitously in the US, and 2/3 of this decline can be attributed to unequal patterns of growth. equitablegrowth.org/the-fading-ame… 9/n
Raj Chetty @HarvardEcon et al have shown, mobility has declined precipitously in the US, and 2/3 of this decline can be attributed to unequal patterns of growth. equitablegrowth.org/the-fading-ame… 9/n
