Reports by Chad Stone
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Chad Stone, Chief Economist, on November Employment Report
December 5, 2008
Today’s devastating jobs report confirms that the economy is in a serious recession. Good policy in the months ahead is vital to limit the damage, but even so this recession is likely to be the longest, and possibly one of the deepest, since World War II. Today’s report also … -
Statement by Chad Stone, Chief Economist, on the October Employment Report
November 7, 2008
The weakness in the economy showed up with a vengeance in today’s employment report. As unemployment continues to rise, the percentage of Americans with a job is at its lowest level since 1993 and more than one in five of the unemployed has been looking for work for at least 27 weeks. … -
Putting U.S. Corporate Taxes in Perspective
October 27, 2008
The U.S. corporate tax burden is smaller than average for developed countries.[1] Corporations in 19 of the member states of the Organization for Economic Co-operation and Development paid 16.1 percent of their profits in taxes between 2000 and 2005, on average, while corporations in the United States paid 13.4 percent. … -
Average Income in 2006 up $60,000 for Top 1 Percent of Households, Just $430 for Bottom 90 Percent: Income Concentration at Highest Level Since 1928, New Analysis Shows
Revised October 22, 2008
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. Average pre-tax incomes in 2006 jumped by about $60,000 (5.8 percent) for the top 1 percent of households, but just $430 (1.4 percent) for the bottom 90 percent, after … -
Statement by Chad Stone, Chief Economist, on the September Employment Report
October 3, 2008
Today’s employment report is a reminder that the economy’s troubles run deeper than the financial market distress that is monopolizing the headlines. Enacting the financial rescue plan before the House today is vital to reduce the risk of financial meltdown and an ensuing economic contraction more severe than any since the 1930s. But … -
Statement on Senate-Passed Financial Rescue Legislation by Robert Greenstein and Chad Stone
October 2, 2008
The House should quickly approve the financial rescue plan that the Senate approved in strong bipartisan fashion yesterday. Further delay would leave the U.S. economy increasingly vulnerable to a contraction more severe than any since the 1930s — one that could trigger large increases … -
Key Components of House and Senate Economic Recovery Packages Would Boost the Economy and Provide Needed Relief to Struggling Families
September 26, 2008
Congress is properly focused on designing an appropriate measure to address very serious problems in the financial markets, which many experts persuasively argue is essential to help avert a meltdown in the financial markets and a potentially severe recession. The problems in the financial sector, however, are not the only ones the … -
Bonus Depreciation Tax Cut Unlikely To Provide Effective Economic Stimulus
September 10, 2008
Stimulus legislation enacted in February included a provision that increased the tax deduction which businesses can claim when they purchase certain types of equipment and place it in service during the 2008 tax year. Suggestions are being made that this “bonus depreciation” provision — a form of accelerated … -
Statement by Chad Stone, Chief Economist, on the August Employment Report
September 5, 2008
Today’s extremely disappointing employment report shows that the economy remains mired in a slump and still waiting for something to jump start a sustainable recovery. Consumer spending supported by the stimulus payments that Congress enacted earlier this year helped keep the economy growing … -
How Robust Was the 2001-2007 Economic Expansion?
Updated August 29, 2008
Proponents of the 2001 and 2003 tax cuts often argue that the economic and employment growth of the past several years establishes that these tax cuts “worked” and had strong beneficial effects. More recently, some have also argued that, with growth slowing, new tax cuts are needed and would reinvigorate the economy. It now appears likely that the economic expansion that … -
Statement by Chad Stone, Chief Economist, on the July Employment Report
August 1, 2008
Today’s disappointing employment report lends greater urgency to lawmakers’ efforts to craft a second round of effective economic stimulus legislation that Congress can enact quickly when it returns in September. Consumer spending supported by the stimulus payments that Congress … -
The Unemployment Rate Is Already High Enough to Warrant Extended Benefits
Revised June 16, 2008
On June 6, the U.S. Department of Labor reported that the unemployment rate had risen sharply, to 5.5 percent. Legislation is moving on Capitol Hill to provide additional weeks of unemployment insurance (UI) benefits to people whose regular benefits run out before they can find a new job. (The House passed such legislation June 12.) … -
Statement by Chad Stone, Chief Economist, on the May Employment Report
June 6, 2008
Today’s disappointing employment report should lead the White House to reconsider its opposition to extending unemployment insurance benefits for workers who have been unable find a new job. A temporary extended benefits program for workers who exhaust their regular unemployment insurance … -
How Low-Income Consumers Fare in the Senate Climate-Change Bill
June 3, 2008
On June 2, the Senate began consideration of S. 3036, the Lieberman-Warner Climate Security Act of 2008. This is landmark legislation that would establish a cap on U.S. greenhouse-gas emissions — a critical step forward in the fight against global warming. It would do so without endangering future economic growth and … -
How CBO Estimates the Cost of Climate-Change Legislation
May 13, 2008
When the Congressional Budget Office prepares cost estimates for climate-change legislation, those estimates reflect what is known as a “25-percent income and payroll tax offset.” As a result of this offset, the net revenue estimated to be generated by an auction of emissions allowances under a cap-and-trade program or … -
Senate Housing Legislation Highly Disappointing: Less Than One-Fourth of Cost of Senate Bill Goes for Provisions That Will Actually Help Address the Foreclosure Crisis
Revised May 12, 2008
On April 10, the Senate passed legislation that its supporters say will help struggling families hold on to their homes and assist the communities hit hardest by the foreclosure crisis. Measures that would help achieve these goals, however, account for less than one-fourth of the bill’s cost. The remainder of the cost comes … -
The Effects of Climate-Change Policies on the Federal Budget and the Budgets of Low-Income Households
Revised May 9, 2008
Effective measures to reduce greenhouse-gas emissions can be compatible with sound budgeting and the fair treatment of low-income consumers. Designing a policy that meets these objectives requires, however, that lawmakers be mindful not just of the environmental consequences of their actions but of the budgetary and distributional … -
Statement by Chad Stone, Chief Economist, on the April Employment Report
May 2, 2008
Today’s employment report provides no comfort to those who want to work but can’t find a job, especially those who have exhausted their regular unemployment insurance benefits or soon will. Congress should quickly enact temporary extended unemployment benefits both to support the … -
Statement by Chad Stone, Chief Economist, on the March Employment Report
April 4, 2008
Today’s disappointing employment report makes one thing clear: Congress should quickly enact temporary extended unemployment insurance benefits, both to support the slumping economy and to provide needed assistance to workers who have been looking for work for more than half a year and have … -
What the 2008 Trustees’ Report Shows About Social Security
March 27, 2008
Executive Summary On March 25, the Social Security Board of Trustees released the 68th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2041, the same as projected last year. In 2041, Social Security will be … -
Statement by Chad Stone, Chief Economist, on the February Employment Report
March 7, 2008
Today’s employment report adds to the mounting evidence that the economy is too weak to avoid more unemployment and shrinking job opportunities in the months ahead. Rather than wait too long, as it has in similar situations in the past, Congress should quickly enact temporary extended … -
Statement by Chad Stone, Chief Economist, on the January Employment Report
February 1, 2008
Today’s employment report provides fresh evidence both that the economy is slowing and that Congress should include a temporary extension of unemployment insurance benefits in its fiscal stimulus package. The percentage of the unemployed who have been looking for a job for more than half … -
Senate Proposal to Add Unemployment Insurance Benefits Improves Effectiveness of Stimulus Bill
January 31, 2008
The economic stimulus package approved by the Senate Finance Committee contains an important improvement to the package the House passed January 29 — the addition of temporary extended unemployment insurance (UI) benefits. The Finance bill would make 13 weeks of additional UI benefits available to all jobless Americans who … -
Principles for Fiscal Stimulus Economic Policy in a Weakening Economy
Revised January 11, 2008
The weak December jobs report that the Labor Department issued January 4 is the latest evidence the economy has weakened significantly and is now growing quite slowly. A number of economists continue to believe this slow growth will continue into 2008, but that the economy will avoid slipping into a recession.[1] Some … -
Statement by Chad Stone, Chief Economist, on the December Unemployment Report
January 4, 2008
Today’s report shows that the economy is entering 2008 with a weakening labor market. Employers expanded their payrolls by a meager 18,000 jobs in December, private payrolls actually shrank by 13,000 jobs, and the unemployment rate rose from 4.7 to 5.0 percent. These data are very …
