Harold Meyerson

Harold Meyerson is the editor-at-large at The American Prospect and a columnist for The Washington Post. His email is hmeyerson@prospect.org

Recent Articles

No More Playing With Money

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If you’re looking for the personification of the Washington economic establishment, you could do a lot worse than Fred Bergsten. National Security Council economics deputy under Henry Kissinger (at age 27), then head of the international desk and the monetary portfolio in Jimmy Carter’s Treasury Department, and from 1981 through last year the founding director of the Peterson Institute for International Economics, Bergsten has been a forceful advocate for what used to be called the Washington Consensus: an unflagging belief in the virtues of free trade and fiscal discipline. This Thursday, he delivers what looks to be at least a semi-valedictory at the Peterson Institute, the annual Stavros Niarchos lecture. Rather than celebrate the virtues of free trade—a topic he says (in an advanced text of his speech) that he considered and then rejected—he devotes his talk instead to an analysis of the devastating effect that currency manipulation has had on the American and other economies, and...

The Upside Down Economy

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AP Photo/Richard Drew O ne aspect that defines our current economy is that things are happening that shouldn’t be happening. I don’t mean that things are happening that are illegal or immoral. (Well, some of them are immoral, but that’s not what I mean.) Rather, things are happening that defy economic logic—a slippery term that really means, the economic patterns of roughly the past half-century. The first such logic-defying thing is that corporate profits are soaring even as corporate revenues limp along. The quarterly reports of S&P 500 corporations for the first three months of 2013 are almost entirely in now, and they show profits rising by more than 5 percent even while revenues have risen by less than 1 percent. Seventy percent of these companies—the largest publicly traded U.S. firms—exceeded the analysts’ profit projections. On the other hand, 60 percent came in under the projections for their sales. Were this disjuncture just a one-time epiphenomenon, we could pass it off...

Fast Food, Slow to Change

AP Images/Rui Viera
The strikes of fed-up fast-food workers move westward with the sun. On Wednesday evening, fast-food employees in St. Louis, like their peers in New York and Chicago earlier this spring, staged a one-day strike to dramatize the low wages they, and millions of American workers in the restaurant and food sectors, take home. The job action is one of a series of short strikes that the Service Employees International Union, in conjunction with a range of local community groups, is helping to organize. Similar actions in other cities are slated in coming weeks. The goal of these actions is to catalyze a broader movement of workers in the sector—not with the intent of winning contracts from corporations like McDonald (that’s far beyond the labor movement’s capacity, alas), but in hopes that such a movement could spur city councils and state legislatures to enact higher minimum wages or living wage provisions for workers in specified sectors. At Tuesday’s night annual Hillman Prize...

Schneiderman Strikes Back

AP Photo/Carolyn Kaster
New York Attorney General Eric Schneiderman, who headed a group of state attorneys general that won homeowners and former homeowners a $26 billion settlement from five mega-banks over their foreclosure abuses, announced yesterday that he’d sue two of the banks—Wells Fargo and Bank of America—for allegedly violating the terms of the settlement. The February 2012 settlement with those two banks, as well as JP Morgan Chase, Citibank, and Ally Financial (formerly GMAC), had required the banks to adhere to a set of standards that would end the kind of abuses that had led to wholesale foreclosures of homes when they could have worked out alternative arrangements with the homeowners. Some of those standards—such as requiring the banks to notify struggling homeowners within five days that they had received the documents required to modify mortgages—sound so obvious they shouldn’t have needed to be codified, yet it was precisely such practices that the banks had repeatedly shunned. Homeowner...

How Low Can Part-Timers' Hours Go?

AP Images/Adam Richard
flick/ Carol Green S ay you’re an employer with an employee who works 30 hours a week. If you have 50 employees or more come next year, you’ll be required either to provide her with health-care coverage, which the Affordable Care Act will by then mandate for all employees who work at least 30 hours a week, or you’ll have to pay a $2,000 penalty for failing to cover her. Or, you could just cut her weekly hours to 29. That way, you won’t have to pay a dime, in either insurance costs or penalties. This thought, not surprisingly, has crossed the minds of quite a number of employers. Right now, the average number of hours an employee in a retail establishment works each week is 31.4 . And a whole lot of Americans work in retail—just slightly over 15 million, according to the latest employment report , out Friday, from the Bureau of Labor Statistics (BLS). Not all of them work hours that hover just over 30, of course, but the UC Berkeley Labor Center has calculated that 10.6 percent of...

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