Mike Konczal

Mike Konczal is a fellow with the Roosevelt Institute, where he works on financial reform, unemployment, inequality, and a progressive vision of the economy. His blog, Rortybomb, was named one of the 25 Best Financial Blogs by Time magazine. His writing has appeared in the Boston Review, the Washington Monthly, The Nation, Slate, and Dissent. He's appeared on PBS NewsHour, MSNBC's Rachel Maddow Show, CNN, Marketplace, and more.

Recent Articles

Automatic Stabilizers: There When Congress Isn't

Flickr/JMazzolaa
As we approach sequestration today the dominant narrative continues to be that the huge run-up in the deficit since the Great Recession has been our greatest political—perhaps even a moral—failure. But it isn’t a failure. This is exactly how the system was designed to work if the economy ever saw a downturn on the scale of the 2008 financial crisis. The deficit is collapsing through the same planned process. As the economy recovers, it is falling quickly, down to 7 percent in 2012, and an estimated 5.3 percent in 2013. These are our "automatic stabilizers" at play. Though it sounds vaguely hydrologic or like a bad steampunk creation, it’s straightforward: The economy will naturally suffer from periods of slack demand in which there isn't enough purchasing power in the economy to produce goods and employ all of our resources, including people. Automatic stabilizers then kick into motion in to counteract this. One important automatic stabilizer is the tax code, which has people pay less...

Minimum Wage 101

Flickr/pixbymaia
In his 2013 State of the Union, President Obama proposed a $9 federal minimum wage, indexed to inflation. Here to discuss the minimum wage as a policy is Arindrajit Dube. Dube is a professor of economics at the University of Massachusetts Amherst and a widely respected scholar of labor markets and the minimum wage. Along with T. William Lester and Michael Reich, he is the author of Minimum Wage Effects Across State Borders: Estimates Using Contiguous Counties (2010), a major study that found no adverse employment effects of minimum wages increases by studying counties that cross state lines. Dube has written a summary back in 2011 on the state of this research here. Narrow, technical issues have dominated so much of the debate on the minimum wage, so I wanted to step back and get a better understanding of the minimum wage as a policy mechanism. These remarks are lightly edited. What does an introductory-level Economics 101 textbook tell us about the minimum wage, and how does that...

What Would Jack Lew Do?

AP Photo/Win McNamee
AP Photo/Win McNamee Current White House Chief of Staff Jack Lew, whom President Barack Obama has nominated to be the new Treasury secretary, at the president's swearing-in ceremony during the 57th Presidential Inauguration. S ometime this month, the Senate is expected to grill President Obama’s pick for Treasury secretary, Jack Lew, who if confirmed will replace outgoing secretary Timothy Geithner. As the president’s chief of staff, Lew has been influential in the budget battles President Obama fought with House Republicans in the past year and has a deep knowledge of how government spending works. Conventional wisdom is that the president chose Lew to have a strong ally as the White House battles with congressional Republicans over spending and taxes. But with only a short stint at Citigroup amid a life of public service, there isn’t a deep record on what he thinks about financial reform. Nevertheless, the Treasury secretary will be responsible for the overhaul of the legal and...

Spare the Stimulus, Spoil the Recovery

Flickr/Richard Lemarchand
Flickr/Richard Lemarchand W e are now halfway into our own lost decade. Five years ago this month, the economy started to collapse in the largest downturn since the Great Depression. Though the recession has officially been over since 2009, we’ve had a slow and uneven recovery. Unemployment, which dropped from 8.3 percent in January to 7.7 percent in November, remains far too high. But 2013 could be a turning point for the economy. The housing market, which has held the recovery in check since the crash, started to show signs of life this past year. The Federal Reserve recently stepped up its monetary policy, pledging to continue its efforts to stimulate the economy until unemployment falls to 6.5 percent. No less important, the public rebuked the politics of extreme austerity in November, handing President Obama a second term. Government actors played an important role in keeping the economy going in 2012, and will need to do the same to sustain the recovery into the new year...

For Women Executives, Still Lonely at the Top

(Flickr / Sheraton Hotels and Resorts)
On Monday, the research team at Catalyst released their 2012 Census of women board directors . They found women held just 16.6 percent of board seats in corporate America. As Bryce Covert notes , this is the seventh consecutive year without significant growth in the percentage of women on corporate boards. What can be done? We can look at Norway for one path forward. In 2002 only 7.1 percent of boards consisted of woman. Though up from 3 percent in 1993, progress was slow. This is in a country with significant gender equality, where over 80 percent of women work outside the home. In order to jumpstart gender equality in the boardroom, the Norwegian government decided to use the law to speed things up. In 2002 a trade minister proposed a law requiring 40 percent of company board members to be women by 2005, and in 2003 the Norwegian Government passed it. Compliance with this law was encouraged but voluntary, with no penalties in place. Few companies, only around 20 percent, were...

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