Jeff Stein Profile picture
White House economics reporter for The Washington Post. Founder of @IthacaVoice. NYR fan., Signal: 9178872891.
Papa De Razón Profile picture 1 added to My Authors
Jul 13 10 tweets 3 min read
OK so for all 6 of your who still have the stomach for this story here’s what my reporting says about the White House-Manchin climate bill/BBB saga dynamics & why it may be intractable

Long thread … sorry sorry So, the White House is willing to give Manchin approval for fossil fuel projects (a 300 mile gas pipeline in WV, eg, drilling in Alaska) – IF it means he votes yes on a big climate/energy package w/ lots of renewable $, solar & wind etc…
Jul 11 6 tweets 2 min read
With a Japanese reporter in Tokyo … absolutely blowing his mind by describing how a “deductible” works He is extremely pessimistic about the global economic outlook and thinks the Fed must be misunderstanding or underestimating just how bad rate hikes will be for emerging markets
Jun 21 5 tweets 2 min read
New: Last year’s stimulus gave millions of Americans their first taste of real financial stability — only to watch it gradually dissipate b/c of expiration of aid + skyrocketing inflation. On the nation’s deepening economic discontent, from Bucks County:… Jazmin Johnson, 22, mother of 2, had savings last year for the first time ever - $10K, thanks to CTC + checks etc

Those are all gone, & shes being hammered by high costs. She’s down to ~$500 & just told her 3 year old they could no longer afford his favorite Hawaiian Fruit punch Image
May 7 4 tweets 2 min read
NEWS: White House alarm mounts over Commerce probe aides say is "smothering" US solar just as Biden seeks to massively increase clean energy

WH, Commerce say their hands are tied by federal law

Granholm, Kerry relaying concerns internally

W/ @evanhalper… In a private conversation on March 31, Energy Secretary Granholm approached Commerce Secretary Raimondo and relayed industry's concerns about the investigation

Raimondo said she can't influence the investigation

The solar industry disagrees, says the WH has legal latitude
Apr 30 6 tweets 3 min read
Scoop: White House *looking* at $10K or more of per-borrower debt forgiveness for earners under $125-150K single/$250-300K couples prior year, per sources

Overwhelming majority would qualify

***No final decision on amount canceled or means test***… As the story says, cant stress enough that by all accounts the WH genuinely has not made a decision yet and this is subject to change
Mar 21 5 tweets 2 min read
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 Many Dems had argued during BBB that they should create a large number of programs for a short period of time, bc once enacted they'd be impossible NOT to extend.

CTC suddenly dying, w/ no momentum to revive it, seems to run strongly against that theory…
Mar 2 4 tweets 2 min read
New — U.S. preparing to dramatically expand list of sanctioned Russian oligarchs; new targets likely overlaps w/ EU sanctions Monday. WH weighs sanctions on Usmanov, mega-billionaire & mining magnate. Biden vowed to seize yachts, jets & luxury apartments… We’ve seen just the beginning of US attempts to undermine Putin by going after Kremlin oligarchs

Russian billionaires extraordinarily powerful, control ~30% of nation’s wealth

“It will shake the rogue Putin regime to its core.” — @apmassaro3…
Feb 17 5 tweets 2 min read
🚨🚨🚨Columbia research: "The monthly child poverty rate increased from 12.1 percent in December 2021 to 17 percent in January 2022"

Biden Child Tax Credit expired at end of last year

3.7 million kids reenter poverty… Number of kids in poverty, December 2021: 8.9 million

Number of kids in poverty, January 2022: 12.6 million

As far as I can tell, there is basically zero momentum in Washington for extending the Biden child benefit…
Jan 9 5 tweets 1 min read
The further back you look at history, the more everything seems 1,000% determined by structural forces beyond individual agency

Whereas things happening today can seem hugely driven by idiosyncratic personalities/chance. I think this is an illusion caused by how ppl process time As I cover BBB, it appears to my ape brain that personal/malleable choices of 2 men are having an enormous impact on history that’d be different if they *chose* differently

In 200 years, will anyone think anything but structural forces shaped the outcome of a climate bill?
Dec 20, 2021 4 tweets 2 min read
Scoop: Manchin's private $1.8 trillion offer to Biden included pre-k for 10 years, ACA expansion, & close to WH climate spending #, per sources

But it EXCLUDED the Child Tax Credit - cornerstone of WH child antipoverty effort, per sources

W/ @tylerpager… If this is really the best the White House can do, hard to see how they will proceed. Hard to turn down prek& climate funding (tho policy disagreements w/ Manchin remain), but also extremely hard for WH to turn its back on Child Tax Credit expansion
Oct 2, 2021 7 tweets 4 min read
NEWS: WH aides planning how to make grueling cuts to Biden agenda to accommodate centrists

Manchin's $1.5T "topline" = ~**60%** cut to Biden's plans

Wrenching choices of what gets left out:

Homelessness or climate?

Seniors or poor?

Hungry or sick?… Critical choice here facing WH/Ds:

1/ Go big & lasting on 3-5 critical programs, make sure they work well, but leave tons out

2/ Include huge # of programs only temporarily (& means-tested?), bank on future Congresses to extend them

WH advisers divided…
Sep 14, 2021 4 tweets 2 min read
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. In story form via @byHeatherLong & @goldsteinamy…
Aug 7, 2021 4 tweets 1 min read
NEW - Text of latest crypto amendment from Warner, believed to be supported by Warner and Biden admin

Unclear if this satisfied Wyden Clarifying POS is not part of this a step toward what Wyden had demanded tho crypto industry/investors want it broader
Aug 6, 2021 4 tweets 1 min read
Been learning some things about crypto My crypto coverage will be so fairly/judiciously written I predict there will be no objections to it from any side in the debate
Jul 14, 2021 4 tweets 2 min read

Revenue side of $3.5T spending plan expected to include, per sources:

-- Major IRS expansion to close tax gap
-- Hike on top marginal tax rate for richest
-- Corporate tax hikes
-- International tax reform

Imagine cap gains in mix as well… -- Medicare expansion to cover dental/vision/hearing expected to cost *at least* $300 billion, per sources

-- Coverage could start for millions of seniors as soon as next year

-- Senior Ds see new benefit for millions of seniors as clear midterm message…
Jun 29, 2021 4 tweets 2 min read
NEW: Revenue from sales that already occurred. More savings from unemployment than total projected fraud. Doubtful assumptions.

Senate-WH bipartisan deal is paid for in large parts by gimmicks

Experts call math "fuzzy," "fanciful," "wishful thinking"… Financing Senate-WH infrastructure deal depends on ~$70B in savings from unemployment benefits

But there's only ~$35B in expected UI fraud & waste over next 10 years

The WH says no beneficiaries will be affected

One economist calls it "nonsense"…
Mar 23, 2021 4 tweets 1 min read
Major Biden tax hikes eyed for next bill (not final) include:

- Corporate rate 21->28%
- Global min tax to 21%
- Top income rate to 39.6%
- End fossil fuel subsidies
- Tax investment gains > $1M as wage income
- Tax assets passed on at death

NO to SALT… Listen up folks: By “Major Biden tax hikes” I mean “significant” or “consequential” — not that Major Biden, who is a dog rather than a tax collector, will be deciding tax rates
Mar 22, 2021 4 tweets 2 min read
White House preps ~$3 trillion legislation w/ 2 big components:

1/ Infrastructure & clean energy.

Includes: Roads, highways, bridges, charging stations, climate resiliency, green R&D; $100B housing

2/ "Care economy" -

Includes: Pre-k; childcare; free community college -- Overall price-tag may still change

-- Major prescription drug overhaul expected to be included (some version of Dems' HR3)

-- Look for major tax hikes as well

Confirming @jimtankersley scoop w/ a few new details, per 3 sources familiar…
Mar 15, 2021 4 tweets 1 min read
Hierarchy of news reporter tweet introductions, in descending order of value:

-- NEWS:
-- NEW:
-- CORRECTION: CORRECTION: "Scooplet" should come above "NEWS" but below "BREAKING"

Mar 11, 2021 4 tweets 3 min read
Answering some questions live at… This is the question we seem to be getting most frequently today. I've answered it before but worth answering again here, as well:
Mar 11, 2021 4 tweets 1 min read
Larry Kudlow, now at Fox Business, calls the Biden relief bill “LBJ Great Society to the 100th power” Kudlow: “doesn’t this blow up the Clinton-Gingrich welfare reform and work requirements?”