Reports by Chad Stone
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Congressional Impasse Jeopardizes January Jobless Benefits for Nearly Two Million Workers
December 22, 2011
Congress's failure to resolve differences over how to pay for renewing the payroll tax cut and federal emergency unemployment insurance (UI) benefits could mean an even colder January for jobless workers. States are already taking action to shut down the provision of federal benefits at the start of the new year, putting 1.8 … -
Key Things to Know About Unemployment Insurance
Updated December 20, 2011
In the heat of the battle over how to address the imminent expiration of federal emergency unemployment insurance (UI) benefits (and the payroll tax cut), policymakers should not lose sight of what UI is and how it has functioned over the years. UI not only cushions the financial blow for workers who lose their jobs through no fault of their … -
House Unemployment Insurance Proposal Would Harm Jobless Workers, Weaken Economy, and Undermine UI System
December 14, 2011
The House Republican bill (H.R. 3630) to extend the payroll tax cut and federal emergency unemployment insurance (UI) through next year would sharply curtail the number of weeks of UI benefits available to the long-term unemployed, even though jobs remain scarce and long-term unemployment remains at unprecedented levels. In addition, it would … -
Statement: Chad Stone, Chief Economist, on the November Employment Report
December 2, 2011
Today's employment report shows continued moderate growth in private payroll employment but a further decline in government jobs. Thus, the overall jobs deficit remains large (see chart) and jobs remain hard to find. The drop in the unemployment rate to 8.6 percent arises from people … -
Testimony: Chad Stone, Chief Economist, at Hearing on “Could Tax Reform Boost Business Investment and Job Creation”
November 17, 2011
Chairman Casey, Vice Chairman Brady, and other members of the Committee, thank you for the opportunity to testify before this committee, which has been special to me since I first worked on the JEC staff in 1989. In my testimony, I want to make one overarching point about the question raised by the title of this hearing, … -
Video: A Discussion with Jared Bernstein and Chad Stone on the October Employment Report
November 5, 2011
Long-term unemployment is, in this recession, and aftermath, has been at unprecedented levels. In the really bad recession in the 1980s we didn’t see anywhere near as much long-term unemployment.
Duration: 4:34
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Statement: Chad Stone, Chief Economist, on the October Employment Report
November 4, 2011
Today's employment report shows that jobs remain scarce, especially for the long-term unemployed. More than two-fifths of the unemployed have been looking for a job for more than six months (see chart) — and, according to a recent Pew Economic Policy Group Report, nearly a third of the … -
Statement: Chad Stone, Chief Economist, on the September Employment Report
October 7, 2011
Today's jobs report shows that more than two years after the recession officially ended, a strong jobs recovery remains elusive. With job creation still sluggish, unemployment still very high, and the share of Americans with a job still severely depressed (see chart), policymakers should enact a … -
“Supercommittee” Should Develop Balanced Package of Tax Increases and Spending Cuts
September 27, 2011
The new congressional committee on deficit reduction (the so-called "supercommittee") not only can consider revenue increases, but must consider them — as well as spending cuts — if it's going to produce a balanced plan. [1] There are five main reasons why. Spending cuts alone can't do the job. … -
Testimony: Chad Stone, Chief Economist, on Policy Prescriptions for the Economy
September 15, 2011
Chairman Conrad, Senator Sessions, and other members of the Committee, thank you for the opportunity to testify today on policy prescriptions for the economy. To use the medical analogy in the title of this hearing, the U.S. economy is experiencing a long and difficult recovery from a severe acute illness — the 2007-2009 financial … -
Statement: Chad Stone, Chief Economist, on the August Employment Report
September 2, 2011
Today's jobs report highlights the critical need for policies to put people back to work. Employers added no net new jobs and the unemployment rate remained 9.1 percent. Most leading forecasters in government and out expect the unemployment rate to remain very high for the next few … -
Statement: Chad Stone, Chief Economist, on the July Employment Report
August 5, 2011
Today's jobs report shows that the labor market continues to limp along rather than put people back to work. The share of the population with a job remains severely depressed and unemployment remains alarmingly high — with more than 40 percent of the unemployment rate … -
Separating the Debt Limit from the Deficit Problem
July 21, 2011
Policymakers are risking a default on U.S. federal obligations because of a dispute over how to reduce budget deficits. The nation’s long-term fiscal path is unsustainable, and policymakers should address it in a timely and responsible way. But policymakers should not hold the debt limit hostage to approval of deficit … -
Statement: Chad Stone, Chief Economist, on the June Employment Report
July 8, 2011
Today’s very disappointing employment report shows that two years after the technical end of the recession and after 16 straight months of private-sector job creation, the jobs deficit remains huge (see chart). The depth of the job losses from the recession is unprecedented since … -
Testimony: Chad Stone, Chief Economist, Before the Joint Economic Committee
June 21, 2011
Vice Chairman Brady and other members of the Committee, thank you for inviting me to testify. I feel especially privileged to be appearing as a witness before the Joint Economic Committee, which together with the President's Council of Economic Advisers — both established by the Employment Act of 1946 — … -
Global Spending Cap Would Make it Virtually Impossible to Enact Climate Legislation
June 16, 2011
In the bipartisan deficit-reduction negotiations that Vice President Biden is conducting with congressional leaders and senior lawmakers, Republicans have proposed that negotiators include a global spending cap in the package they craft. And this week, the House Judiciary Committee approved, on a party line vote, a … -
Camp-Hatch Proposal Would Harm Long-Term Unemployed and Weaken Recovery
June 13, 2011
Legislation from House Ways and Means Chairman Dave Camp and Senate Finance Committee Ranking Member Orrin Hatch would rescind the federal government’s commitment to provide unemployment insurance (UI) benefits through 2011 to Americans who have been out of work for more than half a year and are still looking for a job. Their bill … -
Statement: Chad Stone, Chief Economist, on the May Employment Report
June 3, 2011
Today’s employment report should be a wake-up call to policymakers who continue to say the budget deficit is a more immediate threat to the economy than the jobs deficit. Nearly two years after the economy technically turned the corner from recession to recovery, job growth was … -
Tax Data Show Richest 1 Percent Took a Hit in 2008, But Income Remained Highly Concentrated at the Top
Revised May 25, 2011
The Piketty-Saez data has been updated. An analysis of the new data as of March 7, 2012 can be found here: http://www.cbpp.org/cms/index.cfm?fa=view&id=3697. An analysis of recently released IRS data on pre-tax income by economists Thomas Piketty and Emmanuel Saez [1] shows that: The average income of the top 1 percent of … -
Statement: Chad Stone, Chief Economist, on the April Employment Report
May 6, 2011
Today’s employment report provides mixed signals on the jobs market. The survey of employers shows they added jobs at a solid pace in April. Yet the jobs deficit from the recession remains very large and, even more discouraging, the survey of households shows that unemployment is still high, with too many people … -
Heritage’s Rosy View of Ryan Budget
April 5, 2011
Ryan Avent beat me to the punch in calling out the Heritage Foundation’s analysis of how House Budget Committee Chairman Paul Ryan’s budget would affect the economy. I’m with Avent: Heritage’s unemployment projection is so bizarre as to call into question the whole exercise. As the chart above shows, Heritage projects that under the Ryan budget, the unemployment rate will be 6.4 percent in 2012 — a full two percentage points below the Congressional Budget Office forecast — and will drop below 3 … -
Statement: Chad Stone, Chief Economist, on the February Employment Report
March 4, 2011
Today’s employment report shows job creation bouncing back from last month’s depressed level, but it also shows that the labor market is still suffering serious ill-effects from the 2007-2009 recession. Job growth thus far in the economic recovery has reduced only a small part … -
Administration’s Rationale for Severe Cut in Low-Income Home Energy Assistance Is Weak
February 18, 2011
The President’s 2012 budget proposes cutting funding for the Low Income Home Energy Assistance Program (LIHEAP) from the $5.1 billion enacted for 2010 to just $2.57 billion, a 50 percent reduction. The Administration’s rationale is that Congress sharply increased LIHEAP funding for fiscal year 2009 in response … -
Statement: Chad Stone, Chief Economist, on the January Employment Report
February 4, 2011
Today’s jobs report is another in the recent string of such monthly reports showing modest job creation. The unemployment rate dropped surprisingly to 9 percent, but it remains very high. While labor market conditions are brighter than two years ago when the economy was … -
Statement: Chad Stone, Chief Economist, on the December Employment Report
January 7, 2011
Today’s jobs report shows that after two years of net job losses, payroll employment grew modestly in 2010, with private employers adding jobs every month (see chart). The drop in December’s unemployment rate was welcome, but a key reason for it was people leaving … -
No Evidence for House Republican Charge that Health Reform Is a “Job-Killer”
January 6, 2011
Health reform will change the American economy in many ways over the next few decades, but it will not significantly change the number of jobs or the unemployment rate. A nonpartisan economic assessment by the Congressional Budget Office (CBO) finds a variety of possible labor market effects, some positive and some negative, …
