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☆ After Affirmative Action, End Legacy Preferences
▼ + stars: | 2023-07-05 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

William A. Galston writes the weekly Politics & Ideas column in the Wall Street Journal. He holds the Ezra K. Zilkha Chair in the Brookings Institution’s Governance Studies Program, where he serves as a senior fellow. A participant in six presidential campaigns, he served from 1993 to 1995 as Deputy Assistant to President Clinton for Domestic Policy. Mr. Galston is the author of 10 books and more than 100 articles in the fields of political theory, public policy, and American politics. A winner of the American Political Science Association’s Hubert H. Humphrey Award, he was elected a Fellow of the American Academy of Arts and Sciences in 2004.

Persons: William A, Galston, Ezra K, Saul Stern, Dean, Clinton, Association’s Hubert H, Humphrey Organizations: Street, Zilkha, Brookings Institution’s, Brookings, School of Public Policy, University of Maryland, Institute for Philosophy, Center for Information, Research, Civic, National Commission, Domestic, Liberal Pluralism, Public, Rowman & Littlefield, Liberal Democracy, Yale, American, American Academy of Arts and Sciences Locations: Brookings

☆ Opinion | Biden Is Trying to Co-opt Trump’s Biggest Strength
▼ + stars: | 2023-07-02 | by ( Ezra Klein | ) www.nytimes.com time to read: +3 min

“Frankly, our domestic economic policies also failed to fully account for the consequences of our international economic policies,” he said. All these factories and battery plants and electric-vehicle charging stations and auto manufacturing facilities give Biden his strongest line against Trump. On my watch, it’s grown nearly 100 percent in two years.”Biden made a point of saying that in the economy he’s building, “we don’t need everyone to have a four-year degree. It’s great if you can get one; we’re trying to make it easier for you to get one. But you don’t need it to get a good-paying job anymore.”

Persons: Jake Sullivan, Hillary Clinton, Barack Obama, Sullivan, ”, “, “ That’s, Jared Bernstein, ” Bernstein, Biden, Trump, ” Biden Organizations: Brookings Institution, Democrat, Biden’s, Economic Advisers, Rocky Mountain Institute, Biden, Trump Locations: Washington, Chicago, America, Manhattan, San Francisco

☆ Republicans celebrate after Supreme Court scraps Biden student loan relief program
▼ + stars: | 2023-06-30 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Republican leaders and presidential candidates filed in to applaud Friday's Supreme Court decision striking down President Joe Biden's student loan relief program. Sen. Tim Scott, R-S.C., another presidential contender, called the loan forgiveness plan an "illegal and immoral" bid to "transfer student debt to taxpayers." Meyer noted, however, that she doesn't expect the ruling will mark an end to the efforts to forgive student loan debt. Other Republicans have put forward alternative plans for addressing the country's burgeoning student loan debt. Canceling student debt is a popular idea: Polls have shown that most registered voters support at least some form of loan forgiveness.

Persons: Mike Pence, Friday's, Joe Biden's, today's, Donald Trump, Sen, Tim Scott, Scott, Katharine Meyer, Meyer, Biden, Pence, Ron DeSantis, Trump, DeSantis Organizations: United, Republican, White, Trump, Biden, Brookings Institution, Republican National Committee, The Washington Post, Florida Gov, GOP, Senate Republicans Locations: United States, Ankeny , Iowa

☆ FedNow's instant payments will help reduce fees overdraft fees, says Brookings' Aaron Klein
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFedNow's instant payments will help reduce fees overdraft fees, says Brookings' Aaron KleinDan Dolev, managing director at Mizuho Securities, and Aaron Klein, senior fellow in economic studies at The Brookings Institute, join 'The Exchange' to discuss the upcoming launch of FedNow instant payments, how the FedNow system could help close the income inequality gap, and the stock impact of rapid payment systems.

Persons: Brookings, Aaron Klein Dan Dolev, Aaron Klein Organizations: Mizuho Securities, Brookings Institute

☆ Your city could get millions to create jobs under a new Biden plan to put Americans back to work
▼ + stars: | 2023-06-29 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Cities and regions left behind by bygone industries can now apply for funding to revitalize jobs. The Biden administration is opening up applications for its Recompete Pilot Program. Under that program, a handful of "distressed communities" can receive at least $20 million. It's called the Recompete Pilot Program, and it's meant to pump funds into economically distressed areas. According to research from Timothy J. Bartik for the Brookings Institute, nearly a sixth of the country's population lives in distressed communities.

Persons: Biden, —, It's, Biden's, Gina Raimondo, Timothy J, Bartik, Derek Kilmer, it's, Kilmer, what's, Alejandra Castillo Organizations: Service, Economic Development Administration, Brookings Institute, White, Commerce, Economic Development Locations: Scranton , Pennsylvania, Washington

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ 5 ways AI could change your job, including making it more interesting and helping to convince your boss to let your work from home
▼ + stars: | 2023-06-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Insider asked several experts in AI, economics, and remote work about the multitude of ways Americans' working lives could be impacted by AI moving forward. AI could eliminate some jobs and boost competition for those that remainGenerative AI technologies like ChatGPT will likely create some jobs and replace others. But for companies with leadership that has this concern, AI productivity gains could help them forget about some of their remote work "productivity paranoia" — a factor that in theory, could help remote work persist at some businesses. "So I think the biggest AI impact will be a ton of fully remote jobs like data-entry, payroll etc going to AI." Added Frey: "Any technology that increases productivity, ChatGPT included, makes a shorter workweek more feasible."

Persons: —, there's, Goldman Sachs, Mark Muro, Carl Benedikt Frey, coders, Frey, Oded, Muro, Nick Bloom, Columbia's Netzer, Michael Chui Organizations: Service, Brookings Institution, Columbia Business School, Workers, Microsoft, New York Fed, Companies, Stanford, McKinsey Global Institute Locations: Oxford

☆ Putin is facing a new threat at home while Russia's military is making itself 'vulnerable globally,' experts say
▼ + stars: | 2023-06-27 | by ( Christopher Woody | ) www.businessinsider.com time to read: +8 min

It comes as Russia's military is tied down in Ukraine and less able to respond to crises elsewhere. Those questions come as a Ukrainian offensive bears down on Russia's military, which since late last year has been replenishing its forces in Ukraine with aging equipment and under-trained personnel. These efforts have bolstered Russian units in Ukraine but left the Russian military more vulnerable elsewhere and undermined its ability to respond to other crises, experts say. Russia's military has tried to show it still has muscles to flex, mostly with air and naval forces that are largely undamaged by the war. Russian troops board a military aircraft on their way to Kazakhstan in January 2022.

Persons: Wagner, it's, Putin, —, Yevgeny Prigozhin, Vladimir Putin's, Russia's, Dara Massicot, Maxym, I've, there's, Massicot, Gorshkov, Kassym, Tokayev, Mark Galeotti, Galeotti, It's, Prigozhin, SERGEI GUNEYEV, Angela, John Kirby, Kirby Organizations: Service, Wagner Group, Rand Corporation, Georgetown University, Getty, Russia's, Fleet, Northern Fleet, Iranian Army, Anadolu Agency, Moscow, Russian Defense Ministry Press, Kremlin, SPUTNIK, Center for, East European Studies, Brookings Institution, National Security Locations: Moscow, Ukraine, Ukrainian, Russian, Ukraine's Kharkiv, Siberia, Norway, Georgia, Central Asia, Russia, Syria, Kazakhstan, Russia's, Armenia, Tajikistan

☆ A debate raging in Washington DC over the definition of who qualifies to be an accredited investor could transform the way startups raise money
▼ + stars: | 2023-06-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

Lawmakers and federal regulators are contemplating changing the definition of "accredited investor." There's a philosophical debate raging in Washington that could transform the multitrillion-dollar capital markets and change the way startups raise money. The origins of the definition of "accredited investor" trace back to the Great Depression and the Securities Act of 1933. And since the Reg D exemption's creation, private markets have become the dominant way for most issuers to access capital markets. According to analysis from the Brookings Institution, in 2020, 13.85% of US households qualified as accredited investors, compared with just 1.8% in 1983.

Persons: Gary Gensler, Elizabeth Holmes, Sam Bankman, Ronald Reagan, Reg D, Maxine Waters, Elizabeth Warren of Massachusetts, Micah Hauptman, Hauptman, haven't, Marcia Dawood, Dawood, Tyler Gellasch, Gellasch, Theranos Organizations: Securities and Exchange Commission, SEC, Apple, Securities, Financial Services, Politico, Consumer Federation of America, Yale Endowments, Brookings Institution, Angel Capital Association, ACA, Healthy Markets Association Locations: Washington, of Arkansas, California

☆ Election campaigns are already using AI with some degree of success. Experts are concerned it will usher in a new era of disinformation.
▼ + stars: | 2023-06-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Political campaigns are using AI to create election material, attack ads, and donation requests. —DeSantis War Room 🐊 (@DeSantisWarRoom) June 5, 2023Campaigns, ranging from mayoral races to the 2024 presidential election, have already been using artificial intelligence to create election ads or outreach emails — with some reportedly seeing benefits in the tool. Beyond fake images, West wrote that artificial intelligence could also be used for "very precise audience targeting" to reach swing voters. During his first appearance before Congress in May, the CEO of OpenAI, which created ChatGPT, admitted his concerns about the use of artificial intelligence in elections as the tool advances. "This is a remarkable time to be working on artificial intelligence," he said.

Persons: —, Ron DeSantis's, Donald Trump, Anthony Fauci, ike, ake, ould Organizations: Service, National Institute of Allergy Locations: Florida

☆ Opinion | The Many Minds Behind Biden’s Biggest Economic Idea
▼ + stars: | 2023-06-23 | by ( Peter Coy | ) www.nytimes.com time to read: +4 min

Gina Raimondo, as secretary of commerce, is responsible for several of the Biden administration’s biggest swings at industrial policy, so it’s little surprise that she’s on board. I’ve assembled quotes from a variety of administration officials to give a sense of the diversity of thinking on worker-centric industrial policy. I’m giving the most space to Jake Sullivan, the national security adviser, because his April 27 speech at the Brookings Institution was rightly seen as supplying intellectual scaffolding for Biden’s agenda. “Protecting our foundational technologies with a small yard and high fence.” The small yard means protecting only technologies that are truly matters of national security. He quoted Biden as saying that the two nations can and should cooperate on climate, macroeconomic stability, health security and food security.

Persons: Biden, Janet Yellen, ” She’s, Katherine Tai, Gina Raimondo, I’ve, Jake Sullivan, Sullivan, ”, What’s, ” Tai Organizations: Treasury, Biden, Brookings Institution, National Press Locations: U.S, United States, China, ”

For LGBTQ+ couples, starting parenthood can be a complicated, expensive process. Having a financial plan can make a lot of difficult questions easier to answer. Whether it's IUI, IVF, reciprocal IVF, surrogacy, or adoption, all paths to parenthood are a major financial decision. "It's a great time to get a financial plan and work out all the details on the front end," she said. A financial plan can help answer the challenging questions lesbian couples face.

Persons: —, Jonathan, it's, Jess Dinney, Dinney, I, I'd, Kathy Fish, Fish, It's, Sara Swikard, Swikard Organizations: Service, Brookings Institution, Dinney, Fish, Associates Locations: Florida

☆ Midwest American Cities Are Facing a Downtown Crisis, Urban Doom Loop
▼ + stars: | 2023-06-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +16 min

But Midwestern cities are also facing a crisis of their own — struggling to attract workers, residents, and visitors to their downtowns. Nine of the 13 Midwestern cities tracked in the study were in the bottom half of the rankings. In the early part of the 20th century, Midwestern cities boomed — attracting workers and families seeking out manufacturing jobs and education. Many Midwestern cities relied on a single industry or even a single company to buttress its economy. "If office workers are coming downtown less, but college students are willing to come downtown more, what about literally putting a college in your downtown?"

Persons: COVID, Michael Hicks, Jacob Frey, Salesforce, Karen Chapple, Hicks, Michael Siluk, Amanda Weinstein, Weinstein, weren't, it's, Tracy Hadden Loh, Hadden Loh, It's, they've, you've, Chapple, Edwin Remsberg, downtowns, I've, —, Columbus, Keyvan Esfarjani, Eliza Relman Organizations: metros —, metros, Ball State University, University of Toronto, St, of Cities, Midwest, University of Akron, Brookings Institution, Institution, Arizona State University, Cleveland, Housing, While Ohio, Ohio State University's, Intel Locations: San Francisco, Seattle, Indiana, Midwest, Louis, Indianapolis, Minneapolis, Cleveland, Kansas City , Missouri, Detroit, Akron, leafier, downtowns, Lake Erie, Burke, Downtown, Kansas, Chicago, Columbus, While, Ohio

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The head of the U.S. Justice Department's antitrust division on Tuesday urged the government to update bank merger guidelines to reflect "current market realities," in a sign authorities are likely to cast a wider net in scrutinizing deals in the sector. “There are good reasons ... to question whether the 1995 guidance sufficiently reflects current market realities," he said in a speech at the Brookings Institution, a think tank. "What we're saying is market realities have shifted, and when we apply the law, we have an obligation to ensure we are addressing the world as it exists today." President Joe Biden signed an executive order in 2021 directing the Justice Department to work with bank regulators to update merger guidelines and heighten scrutiny of deals. In his remarks, Kanter said he was focused on the antitrust implications of any bank mergers, and that broader factors were best left to the primary bank regulators to consider.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Biden, Kanter's, Kanter, hasn't, Joe Biden, Pete Schroeder, Deepa Babington Organizations: Bank, REUTERS, U.S . Justice, Brookings Institution, Department, Justice Department, Silicon Valley Bank, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

☆ The economic consequences for students during the pandemic 'could be far greater than those of the Great Recession'
▼ + stars: | 2023-06-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Student "learning loss," could prove to be more economically damaging than the Great Recession. School shutdowns hit Black and Hispanic students harder than White and Asian students. The federal government has given $190 billion to schools in the hopes of mitigating the impact. Districts with a high rate of students experiencing poverty have been worse off, ProPublica reported. The only way to solve this, according to a December 2022 Economic Policy Institute report is to increase pay for teachers and provide more support in classrooms.

Persons: shutdowns, —, ProPublica, Eric Hanushek, Hanushek, It's Organizations: Service, Stanford, Brookings Institute, Gross

☆ How Modi went from being banned to embraced by the United States
▼ + stars: | 2023-06-20 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

CNN —Indian Prime Minister Narendra Modi was once shunned by the United States. But in the nine years since that ban was lifted, Modi has been progressively embraced by the White House – now more than ever. Modi will also lead celebrations for the International Day of Yoga at the United Nations headquarters in New York on Wednesday, illustrating the influence of India’s soft power. US President Joe Biden meets with Modi during the Quad leaders summit at Kantei Palace in Tokyo, on May 24, 2022. Modi and Russian President Vladimir Putin pose for photographs at Hyderabad House in New Delhi, India, on December 6, 2021.

Persons: Narendra Modi, Modi, Joe Biden, Evan Vucci, Biden, Delhi’s, Modi’s, Daniel S, Markey, ” Markey, ”, “, Anthony Albanese, James Marape, Volodymyr Zelensky, aren’t, Saeed Khan, “ Modi, –, John Sifton, Sushant Singh, ’, Tanvi Madan, Vladimir Putin, Narayan, Madan, Vinay Kwatra, ” Madan Organizations: CNN, Indian, White, International, United Nations, Biden, Bharatiya Janata Party, BJP, United States Institute of Peace, Washington, Australian, Australia's, Admiralty House, Getty, Rights Watch, Amnesty International, BBC, Policy Research, Brookings Institution, Kremlin, Russia, Bloomberg, Indian Air Force, India’s Locations: United States, Washington, New York, Tokyo, India, South Asia, China, Sydney, Papua New Guinea, Japan, AFP, Asia, Gujarat, New Delhi, Delhi, Russia, Ukraine, Moscow, Russian, Hyderabad

I think neither side wants to look as if they’re accepting or acquiescing to the other’s actions,” she said. But hope might not turn into reality, and relations might become worse after the visit,” he added. “We prepare for the worst and hope for the best.”Blinken would not predict whether his visit would pave the way for continued high-level engagements between the US and China. “As to what comes next, let’s see how the visit goes,” the top US diplomat said Friday, referencing comments from his Singaporean counterpart. “This is an important but, in a sense, insufficient step because there’s a lot of work to be done.”

Persons: Antony Blinken, Joe, Biden, Xi, ” Blinken, Vivian Balakrishnan, Blinken, “, Daniel Kritenbrink, “ we’re, ” Patricia Kim, ”, ’ Blinken, Kai Li, Mark Swidan, David Lin, Jake Sullivan, Wang Yi, Shen Dingli, Defense Lloyd Austin, Li Shangfu, Shen, ” Shen Organizations: CNN, senior State Department, Singaporean, State, East Asian, Pacific Affairs, Brookings Institution, Saturday, Defense, Chinese Defense, Asia Pacific Economic Cooperation Locations: Beijing, United States, China, Bali, Taiwan, Ukraine, Vienna, Washington, Shanghai, Singapore

☆ Fed signal for two more rate hikes will have depressing effect on markets, says Brookings' David Wessel
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed signal for two more rate hikes will have depressing effect on markets, says Brookings' David WesselDavid Wessel, Brookings Institution senior fellow, joins 'Power Lunch' to discuss the Fed reaction and the division among the Fed on where rate hikes go from here.

Persons: Brookings, David Wessel David Wessel Organizations: Brookings Institution

The Federal Reserve enacts monetary policies to stabilize prices and maximize employment in the U.S. economy. These dueling goals are known as the dual mandate. For example, if prices are too hot, the Fed may vote to raise interest rates to influence a decrease in borrowing. Other experts argue that the dual mandate remains key to keeping the U.S. economy safe and stable. Watch this video to see how the Fed tries to strike a near-impossible balance to promote both parts of the dual mandate.

Persons: Danielle DiMartino Booth, Thomas Hoenig, David Wessel Organizations: QI Research, CNBC, International Monetary Fund, Federal Reserve Bank of Kansas City, Hutchins, Brookings Institution Locations: U.S

☆ Michigan GOP to change 2024 nomination process, may boost Trump
▼ + stars: | 2023-06-11 | by ( Nathan Layne | ) www.reuters.com time to read: +4 min

[1/4] Kristina Karamo, a candidate for the Michigan Republican Party's state party chair, speaks to delegates ahead of their vote on the key party leadership position, in Lansing, Michigan, U.S., February 18, 2023. That could serve as an advantage for Trump given his popularity among local party officials, some Republicans and political experts said. Michigan Republicans have been weighing changes to its delegate-selection process after the Democratic Party, which controls the state legislature, moved forward its primary to Feb. 27. Kristina Karamo, chairwoman of the Michigan Republican party, said on Saturday that the hybrid primary and caucus plan was aimed at avoiding a penalty from the RNC. "If Trump is really strong in Michigan he may sail to the nomination."

Persons: Kristina Karamo, Nathan Layne, Donald Trump, Trump, Michael Schostak, Ron DeSantis, Nikki Haley, Mike Pence, Tim Scott, Chris LaCivita, DeSantis, LaCivita, Karamo, Elaine Kamarck, William Mallard Organizations: Michigan Republican, REUTERS, Republican, Republican National Committee, Trump, Michigan Republicans, Democratic Party, RNC, Republicans, Twitter, Brookings Institution, Thomson Locations: Lansing , Michigan, U.S, Michigan, Grand Rapids, Michigan's, Florida

☆ Michigan Republicans to change 2024 nomination process, may boost Trump
▼ + stars: | 2023-06-11 | by ( Nathan Layne | ) www.reuters.com time to read: +4 min

[1/4] Kristina Karamo, a candidate for the Michigan Republican Party's state party chair, speaks to delegates ahead of their vote on the key party leadership position, in Lansing, Michigan, U.S., February 18, 2023. That could serve as an advantage for Trump given his popularity among local party officials, some Republicans and political experts said. "Those Republicans supporting someone other than Trump are not well represented among the current precinct delegates and state committee." Michigan Republicans have been weighing changes to its delegate-selection process after the Democratic Party, which controls the state legislature, moved forward its primary to Feb. 27. Kristina Karamo, chairwoman of the Michigan Republican party, said on Saturday that the hybrid primary and caucus plan was aimed at avoiding a penalty from the RNC.

☆ Former Fed Chair Ben Bernanke on Inflation, Bank Runs and More
▼ + stars: | 2023-06-09 | by ( Jeff Sommer | ) www.nytimes.com time to read: +1 min

I called Ben S. Bernanke, the former chairman of the Federal Reserve, late in the debt-ceiling standoff. In 2014, he stepped down as Fed chair, after leading it through the global financial crisis. Now, at 69, he is a scholar at the Brookings Institution in Washington, devoting himself mainly to research and writing. His research, showing “that bank crises can potentially have catastrophic consequences” and illustrating “the importance of well-functioning bank regulation,” earned him a Nobel Prize in economics in 2022. That academic work, and the changes he made at the Fed, have altered the way we understand financial news, even if he is making fewer headlines himself.

Persons: Ben S, Bernanke, hadn’t, ” Mr, ” Organizations: Federal Reserve, Brookings Institution Locations: Washington

☆ Florida Turns Right, Minnesota Turns Left
▼ + stars: | 2023-06-07 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

☆ Everyone is getting less productive, and that's a big problem for the economy
▼ + stars: | 2023-06-06 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +5 min

Even though the economy feels largely fine right now, such a decline has been a leading indicator of past recessions. Labor productivity has fallen for five straight quarters on a year-over-year basis, the longest such streak on record. Productivity is important to the economy because it's the primary input for a population's standard of living. As Insider reported in March, major retailers like Walmart, Target, and Kroger are locked in a labor-hoarding war over hourly employees that's pushed pay higher. In the meantime, the decline in productivity is setting off alarm bells for the economy.

Persons: —, Taylor Swift, they're, Larry Summers, Summers, Mark Zuckerberg, Marc Benioff, OpenAI's, there's, It's, Paul Tudor Jones, Ed Yardeni, Goldman Sachs Organizations: Service, Airlines, Bureau of Labor Statistics, Labor, Washington Post, Walmart, Target, Kroger, Stanford, MIT, Fortune, Brookings Institute

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