Dean Baker Blog | Talkmarkets | Page 1
Co-Director at Center for Economic and Policy Research

Dean Baker co-founded CEPR in 1999. His areas of research include housing and macroeconomics, intellectual property, Social Security, Medicare and European labor markets. He is the author of several books, including "Getting Back to Full Employment: A ... more

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The Semiconductor Bill And The Moderna Billionaires
It’s pretty funny that we continually debate the causes of inequality when we routinely pass bills that redistribute income upward.
NYT Warns Of 1970s Stagflation And Calls For A Volcker-Type Recession
It doesn’t seem all that similar to the 1970s to me. After all, we have not seen (last two quarters excepted) a sharp slowdown in productivity growth after a quarter century surge.
Can We Have A Wage-Price Spiral With Slowing Wage Growth?
The year-over-year increase is telling us largely what wages did in the past, not what they are doing now.
A Cold War With China, Global Warming, And Why We Can’t Have Nice Things
The reason people typically refer to China’s economy as the world’s second-largest economy, after the United States, rather than the largest, is that they use exchange rate conversions of GDP.
How Do We Get A Wage-Price Spiral When Wage Growth Is Slowing?
That’s the question millions are asking. Ostensibly, the Fed is concerned that the economy is too strong and that we are either on the edge, or already stuck in, the sort of wage-price spiral that led to double digit inflation back in the 1970's.
Washington Post Says Most Americans’ Economic Models Project Uptick In Inflation
Okay, that’s not exactly what the Post article said, but pretty much what is implied by the headline, “most Americans expect inflation to get worse, Post-Schar School poll finds.”
Do We Have To Give The Rich All Of Our Money? Enforcing The Estate Tax
Estate taxes are only paid by the ultra-rich. And yet they have access to numerous loopholes and creative solutions to avoid any taxes at all. In the end, why is it that only the non-rich have to pay the taxes they owe?
Janet Yellen Admits She Didn’t See Later Rounds Of COVID-19 And The War In Ukraine
Some would say that the $1.9 trillion American Recovery Plan Biden was a mistake, but that's not what Yellen said. Let's take a deeper look.
May Jobs Report Should Have Made Inflation Hawks Happy
The jobs report showed a strong, but stable, labor market with moderating wage growth. This is definitely not a wage-price spiral story.
Contrary To What You Read In The Paper, People Are Not Spending Down Their Savings
The April data on consumption expenditures left many people confused. The basis of the confusion was a reported decline in the saving rate to 4.4%. It had been running over 8.0% in 2021. However, this reported decline in the saving rate is deceptive.
Getting Rents Down, Converting Vacant Office Space To Residential
There is good reason for believing that the prices of many items that drove inflation higher in the last year have stopped rising and may even be going in the opposite direction.
CBO Joins Team Transitory
CBO also projects that the profit share of national income will fall back to its pre-pandemic level. This will allow wage growth to outpace productivity growth for this three-year period.
The Surge In Imports And The Drop In GDP: Offloading The Ships Lined Up Offshore
Inflation is of course a problem, but this rise in inventories is exactly what we want to see if inflation is to be slowed.  
Doesn’t The WSJ Have Access To Data From The BLS?
The labor force participation rate (LFPR) has risen back to levels seen in the first half of 2019 just 0.6 percentage points below the pre-pandemic peak. Perhaps the problem is that young people have left the labor market.
Fighting Inflation The Fun Way: Starting At The Top
A slower pace of wage growth should help to slow inflation since wages are a major cost of production.
If Wage Growth Is Driving Inflation, Why Is Workers’ Share Of Income Falling?
Higher prices will lead workers to demand higher wages, which will give us a wage-price spiral and soon lead to double-digit inflation.
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