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Economics and finance

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News

Stevenson: Debt ceiling nonsense has long-term costs

Jun 5, 2023
Though the debt ceiling crisis was averted by a deal in Congress to raise the ceiling and cut some spending, Ford School economics professor Betsey Stevenson argues that there will be long-term costs for the U.S. economy. In a guest column in The...
In the Media

Wolfers comments on government-inspired threats to "woke" business

May 25, 2023 MSNBC
Justin Wolfers, MSNBC: What do companies want to do? They want to sell stuff. And if you make things with rainbow flags, they'll be happy to sell it. We do have groups all the time that protest by boycotting and that's their democratic right to do....
In the Media

Wolfers: U.S. default would be "self-inflicted shock"

May 23, 2023 NPR All Things Considered
Justin Wolfers, NPR All Things Considered: "Just like your family has to live within a budget, you might say you want Congress to live within a budget, but defaulting on the debt does not reduce our spending. It just means we stiff our creditors. So...
State & Hill

Betsey Stevenson: Thinking like an economist

May 3, 2023
Betsey Stevenson uses the tools of her trade to empower people and improve lives By Daniel Rivkin An early March ice storm in Michigan caused widespread power outages and disruptions for hundreds of thousands of households. Families had to...
In the Media

Wolfers: Debt-limit failure has unknown

Apr 24, 2023 ABC Australia
Justin Wolfers, ABC Australia: If a deal isn't reached, a lot of people on Wall Street are warning of very severe circumstances, a financial crisis, which would trigger a recession, which would lead to widespread joblessness. I want to be more...
In the Media

Wolfers on "rational" tax refunds

Apr 18, 2023 Axios
Justin Wolfers, Axios: "People find value in using their tax refunds as a forced saving device," economist Justin Wolfers wrote Axios in an email. "If the money were readily available, they might spend it. This way they can get a big check from the...
In the Media

CHIPS Act needs to support childcare - Stevenson

Apr 12, 2023 CNN
Betsey Stevenson, CNN: "The policy is designed to make sure workers as well as companies benefit from this federal investment.  Another way to think about it is that we really need government involved in child...
News

Stevenson discusses BLS jobs report, inflation

Apr 12, 2023
Last week, the Bureau of Labor Statistics released their monthly jobs report. Betsey Stevenson lent her expertise to numerous media outlets to break down what she saw. "This report is just about as good as it can be. It's slowing slightly, and...
In the Media

Cooney on Detroit guaranteed income proposal

Apr 4, 2023 WDET
Patrick Cooney, WDET: "It’s no surprise that when people get cash material hardship drops. But the fact that material hardship was so high in the first place in the richest country on Earth…that is a big...
In the Media

Stevenson breaks down job growth across different sectors

Apr 4, 2023 CNBC
Betsey Stevenson, CNBC: "What we've been seeing is a massive reallocation of workers. First, we expanded how much stuff we were buying, so the goods sector just did remarkably well early on in the pandemic. And it was the service sector that got...
In the Media

Foreign Affairs asks Wolfers, "Are we headed toward recession?"

Mar 30, 2023 Foreign Affairs
Justin Wolfers, Foreign Affairs: "The economy definitely could fall into recession—there is always a risk—but it is worth remembering that it is never a certainty. The only time horizon over which economists have a good record in predicting...
In the Media

Leiser makes case for Financial Data Transparency Act

Mar 28, 2023 Accounting Today
Stephanie Leiser, Accounting Today: "There's an enormous amount of municipal government financial data locked up in PDF documents. Unlocking that data has the potential to radically improve transparency and dramatically enhance our ability to...
In the Media

Stevenson stresses importance of childcare to construction industry

Mar 25, 2023 States News Service
Betsey Stevenson, States News Service: "I think that the important takeaway is that women can be an important source of labor for the construction industry. While child care is important for women, it is equally important to note that construction...
In the Media

Wolfers: Silicon Valley Bank run shows need for regulation

Mar 24, 2023 Fast Politics
Justin Wolfers, Fast Politics: "Because of a much broader and much harder truth, which is that even if you're the most fervent believer in market forces, well-run markets require regulation. And nowhere is that more clearly the case than when...
In the Media

CLOSUP partnership with XBRL US, City of Flint highlighted

Mar 23, 2023 The Bond Buyer
CLOSUP, The Bond Buyer: "Flint is also at the forefront of the development of XBRL for financial reporting. Flint participated in a pilot project with the University of Michigan's Center for Local, State, and Urban Policy at the school's Ford School...
In the Media

Stevenson analyzes Fed messaging

Mar 21, 2023 Bloomberg
Betsey Stevenson, Bloomberg: "I think sticking with 25 basis points is hopefully going to be sending the signal that they (the Federal Reserve) really do believe that the situation is stabilizing. That they don't need to veer from their planned...
In the Media

Stevenson calls for reinstatement of pre-2018 banking regulations

Mar 21, 2023 ABC Australia
Betsey Stevenson, ABC Australia: "We had [Dodd Frank] regulations put in certain stress tests that banks needed to meet certain liquidity requirements, certain capitalization requirements, and those were for anybody with anything that's over $US50...
In the Media

Economy is 'extraordinary' - Wolfers

Mar 12, 2023 WDIV
Justin Wolfers, WDIV: "My summary is what a little ripper. Last month, we were extraordinary. So we aren't extraordinary two months in a row, we're merely very good. This is the sort of job growth that maybe we've gotten used to over the past couple...
News

February Jobs Report: Job Growth Shows No Signs of Slowing

Mar 10, 2023
The U.S. labor market grew by 311,000 jobs in February. Unemployment ticked up to 3.6%, while the number of employed expanded and the labor force participation rate also ticked up. Since October 2022, labor force participation has expanded slowly...
In the Media

Wolfers remains optimistic about economy

Mar 10, 2023 BBC
Justin Wolfers, BBC: "The best forecast for the future state of the economy is the current state and the current state is good. There's a recessionary vibe, but there's no recessionary...
In the Media

Stevenson discusses interest rate effects on labor market

Mar 7, 2023 Bloomberg
Betsey Stevenson, Bloomberg: "I think it's really hard to interpret the impact of the interest rate increases on the labor market. And the reason is that we would have to know the counterfactual—what would have happened in the labor market if we...