By Jared Bernstein
August 24, 2014
I yield to no one in my admiration for the careful, thoughtful, and reality-based economics practiced by Fed Chair Janet Yellen. So I was taken aback a bit by a section in her Jackson Hole speech on Friday.
It was the part where she gave a number of reasons why the absence of wage pressures may not, paradoxically, be signaling that considerable slack remains in the job market, and therefore, may not be signalling that the Fed should wait on raising rates to stave off faster inflation. Continue reading
Devon Sanford’s mother was diagnosed with pancreatic cancer when he was in the eighth grade. After barely finishing at Henry Clay Middle School in South Los Angeles, he never enrolled in high school. He spent what should have been his freshman year caring for his mother and waiting for police to show up asking why he wasn’t in school.
No one ever came. Continue reading
August 13th, 2014