B.A. holders value their education most
The Federal Reserve in its Report on the Economic Well-Being of U.S. Households in 2019 measures well-being by education attainment. What they found is those with a B.A. or more value their education more than those with lower education attainment. Specifically they asked survey respondents who ever attended college “Overall, how would you say the […]
Segregation and structural racism
As America confronts the reality of structural racism, it is clear that we must fundamentally reform policing now. It also is clear that redesigning policing is not enough. We need to put on the table topics that have been off the table for far too long. One of those uncomfortable conversations we need to have […]
Great Recession lessons: More government aid, less red tape
In a terrific Washington Post op ed Neel Kashkari lays out Great Recession lessons that should guide us in dealing with our current pandemic-driven economic collapse. Kashkari is president and chief executive of the Federal Reserve Bank of Minneapolis and oversaw the Troubled Asset Relief Program during the Great Recession for Presidents Bush and Obama. […]
Time for Michigan colleges to eliminate the SAT?
Paul Tough has a new op ed in the New York Times entitled Go Ahead, California, Get Rid of the SAT. It’s time for Michigan colleges to also consider doing away with the SAT as an admission requirement. As Tough notes one of the few good things about the pandemic is that it has led […]
Raising taxes now should be on the table
Bob Emerson and John Walsh in a guest column for Bridge lay out a set of principles that should guide Michigan policymakers as they deal with an unprecedented shortfall in state revenue this fiscal year and next. Worth reading! Both are former legislators and state budget directors. Emerson is a Democrat, Walsh a Republican. What […]
The case for no red tape cash benefits
The struggles way too many Michiganders are going through to get safety net benefits make clear that we need to go to no red tape cash benefits. The main reason for how difficult it is to get much needed benefits is that the system is designed to catch those who don’t “deserve” public benefits. Think […]
The case for a cash-based safety net
As we have explored in our lessons from a pandemic-driven economy posts (here and here) what the multitude of low-wage workers need most is cash. Everyday in every Michigan community we see the vast number of low-wage workers––some still working, many who have lost their job––who are struggling to make ends meet. You now don’t […]
Who loses most in a pandemic-driven economy
Insightful analysis from McKinsey on the economic consequences of a pandemic-driven economy. Their headline findings are: We estimate that up to 57 million US jobs are now vulnerable, including more and more white-collar positions. … Our updated model finds that as of mid-April, 16 percent of workers earning more than $70,000 a year have become […]
The Blanchard recipe for economic revival
As Michigan, almost certainly, faces its most serious economic challenge since the Great Depression, it is worth recalling how Michigan has dealt with previous economic downturns. What follows is a rerun of a post I did in 2012 entitled Jim Blanchard, Jobs and Taxes. It has been lightly edited and the data brought up to […]
Pandemic lessons: savings are vital
We are all told that we need to have savings of 3-6 months to deal with emergencies. One of the lessons we are learning from our pandemic-driven economy is that a lot of workers don’t earn enough to have savings. Everyday, in every community in Michigan, we are confronted with the vast number of low-wage […]