Dean Baker

Articles by this author

The United States does have a huge domestic market, so it can see shutdowns in certain segments and still likely get by without severe shortages, but smaller countries absolutely need diverse sources. (Photo: Johannes Eisle/AFP/Getty Images) Views
Friday, April 17, 2020
It’s the End of the World Economy as We Know It, Just Like the Great Recession
Neil Irwin tells us there will be fundamental changes in the world economy as a result of the pandemic. While he repeats many things that are conventional wisdom, as is often the case, the conventional wisdom is not very wise. First, the pandemic is supposed to teach us the dangers of having...
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While some people are undoubtedly upset by the CPB getting $75 million, Boeing is getting more than ten times as much money from the rescue package. Views
Sunday, March 29, 2020
The Relative Generosity of the Economic Rescue Package: Boeing and Public Broadcasting
The media have been engaged big time in the numbers without context game, throwing out really big numbers faster than anyone can catch them. (For the biggest, the overall size of the stimulus, given the time frame, we are looking at a stimulus that is about five times as large as the Obama stimulus...
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President Donald Trump holds a press conference announcing Vice President Mike Pence will lead the effort combating the spread of the coronavirus in Washington, D.C. on February 26, 2020. (Photo: Yasin Ozturk/Anadolu Agency via Getty Images) Views
Thursday, March 19, 2020
Trump Stimulus Plan: Still Getting Everything Wrong
Donald Trump has consistently been failing the country in dealing with the coronavirus. Due to Trump’s failed public health response, even Treasury Secretary Steve Mnuchin acknowledges that we are facing the worst economic collapse since the Great Depression. This is in addition to the prospect of...
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Demand for airline travel has collapsed. (Photo: Getty Images) Views
Thursday, March 19, 2020
Any Corporate Bailouts Should Wipe Out Shareholders First
It looks like we are seeing an effort to do a replay of 2008 where we were told that we had to give all the money to the banks or the world would end. Today the story is that we have to bail out the airline, cruise, hotel, and restaurant industries or tens of millions of workers will lose their...
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Those who don’t have a lot of money in the stock market should view its ups and downs as you would any other spectator sport. It doesn’t have a lot to do with you. (Photo: Screenshot) Views
Tuesday, March 10, 2020
Coronavirus Is a Reason to Worry About the Economy—the Stock Market Plunge Is Not
Many people have become very concerned about the economy because of the stock market’s plunge in the last two weeks. While the spread of the coronavirus gives us very good reason to worry about the state of the economy, the plunge in the stock market does not. In fact, those folks who are very...
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Lower pay for those at the top increases the real pay for those at the bottom and middle. (Photo: Steve Rhodes/flickr/cc) Views
Tuesday, January 21, 2020
If Worker Pay Had Kept Pace With Productivity Gains Since 1968, Today's Minimum Wage Would Be $24 an Hour
If the minimum wage had kept pace with inflation since 1968, it would be close to $12 an hour today, more than 65 percent higher than the national minimum wage of $7.25 an hour. While this would make a huge difference in the lives of many people earning close to the national minimum wage, it is...
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The biggest item on the benefit side is that it guarantees a benefit of at least 125 percent of the poverty level for anyone who has worked for at least 30 years. (Photo: Win McNamee/Getty Images) Views
Friday, November 08, 2019
A Bold Plan to Strengthen and Improve Social Security Is What America Needs
The Social Security 2100 Act proposed by Connecticut Representative John Larson is getting closer to being passed by the House of Representatives. It now has more than 200 co-sponsors. If it were to be approved and become law, it would both improve the program’s benefit structure and its financial...
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Zuckerberg is not a political philosopher concerned about the public good. There is a zero evidence he is a deep thinker of any sort. He is a Harvard boy who stumbled into a good idea and had the necessary connections to get very rich from it: end of story. (Photo: Getty) Views
Friday, November 01, 2019
Mark Zuckerberg Is a Rich Jerk
Last week, New York Times columnist Timothy Egan had a piece headlined “Why Doesn’t Mark Zuckerberg Get It?” The piece then goes on to document how Facebook has become a medium for spreading lies and nonsense all over the world, that many ill-informed users have come to believe. This is what Egan...
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Sen. Elizabeth Warren speaking at the Heartland Forum in Storm Lake, Iowa on March 31, 2019. Views
Saturday, October 26, 2019
Senator Warren is Exactly Right
When I first saw Senator Warren refuse to acknowledge that Medicare for All will mean higher taxes, I admired her political skills, but as an economist, I was annoyed at her evasion of an obvious truth. However, on further thought, I realize that she is exactly right and is doing a public service...
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Demonstrators hold signs in support of a financial transactions tax (FTT), also known as a Robin Hood tax.  (Photo: Elvert Barnes/flickr/cc) Views
Monday, October 14, 2019
The Economics and Politics of Financial Transactions Taxes and Wealth Taxes
This piece first appeared on Patreon. Last month, the Washington Post reported that Joe Biden is considering including a financial transactions tax (FTT) as part of his campaign for the Democratic nomination. For those of us who have long advocated such a tax, this is very good news. On this issue...
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