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

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...

The Federal Reserve Gets Down to Business

(AP Photo/David Goldman)
At a press conference in April 2012, New York Times reporter Binyamin Appelbaum asked Federal Reserve Chairman Ben Bernanke to respond to criticism that he wasn’t doing enough to bring down unemployment. Bernanke responded: “[T]he question is: Does it make sense to actively seek a higher inflation rate in order to achieve a slightly increased pace of reduction in the unemployment rate? The view of the committee is that that would be very reckless. We have … spent 30 years building up credibility for low and stable inflation." Bernanke was putting a limit on how much he would do to get the economy growing faster and unemployment down. Accepting inflation above the target rate of 2 percent, either directly through active policy or implicitly by temporarily tolerating higher inflation without raising rates, wasn’t worth it. By this point a serious critique of Federal Reserve policy had been developed by those who thought the Federal Reserve should be doing more. This held that the...

The Great Society's Next Frontier

(AP Photo/Susan Walsh)
(AP Photo/Susan Walsh) A copy of H.R. 3200, America Affordable Health Choices Act of 2009, sits on the desk of House Energy and Commerce Committee Chairman Henry Waxman, a Democrat from California. A s The Washington Post ’s Ezra Klein declared shortly after voters re-elected President Barack Obama, one of the major winners last week was health-care reform. With Democrats holding on to the Senate and the White House, Republicans will be unable to repeal the law before all of its provisions go into effect in 2014—after which, the theory goes, the public will come to accept that government has the responsibility to ensure health care is available for all. This is the end of a long battle for progressives: Health care has been the major missing piece of our welfare state for nearly a century, and for decades making it part of our system of social insurance has been a primary goal of politicians, think tanks, and activists. With this piece of the progressive puzzle in place, the natural...

University of Hard Knocks

Contrary to the prevailing view, recent college grads will have the hardest time bouncing back from the recession.

(Flickr/Ali Reza Zamli)
(Flickr/Ali Reza Zamli) W ith two positive jobs reports in a row, it seems clear that the economy is slowly and steadily recovering, which should come as welcome news to students shielded from the effects of the recession behind university walls. But for those who had the misfortune to graduate and enter the workforce at the height of the downturn, the effects of the Great Recession will likely stay with them for the rest of their working lives. At first glance, it seems clear that those with a college degree have a leg up in a recession. Young people with only a high-school diploma have an unemployment rate of 22 percent, compared with 9 percent with a college degree. But the average college graduate will have the most permanent impact on their earnings because they’ll have missed the first steps in building their career. Picture three people: one person who doesn’t go to college, someone who graduates with average grades from a non-elite college, and a third who graduates from the...

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