New Economic Policy Post Announced - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

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Bernstein (Source: Economic Policy Institute)

To combat the economic challenges facing America, President-elect Barack Obama’s administration has decided to take the bull by the horns and create a new position in the office of the vice president. Vice President-elect Joe Biden announced today that Jared Bernstein will be his chief economist and economic policy adviser.

“Jared Bernstein is an acclaimed economist, and a proven, passionate advocate for raising the incomes of middle-class families. His expertise and background in a wide range of domestic and international economic policies will be an invaluable asset to the Obama-Biden administration,” Biden said. “It’s an honor to have him on my team, and I look forward to his advice and counsel.”

The announcement came as the Department of Labor reported that 533,000 jobs were slashed in November, bringing the unemployment rate to 6.7%, its highest in 34 years. The economy reacted to the news negatively, with the major indexes down more than 1% and the Dow Jones Industrial Average spiraling downward by 180 points just before noon.

“The 533,000 jobs lost last month … is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America,” Obama said.

Job losses in September and October also turned out to be much worse, reports the Associated Press. Employers cut 403,000 jobs in September, versus 284,000 previously estimated. Another 320,000 hit the chopping block in October, compared with an initial estimate of 240,000, says the Labor Department report. AT&T Inc. eliminated 12,000 jobs, and DuPont Co. cut 2,500 jobs just yesterday.

The report also revealed that a record 31.6 million Americans are now receiving food stamp benefits, the highest number since the 1960s.

In addition, job loss has had an impact on mortgage delinquency rates, reports the Mortgage Bankers Association today. The percentage of loans at least a month overdue or in foreclosure was up from 9.2% in the April-June quarter, and up from 7.3% a year earlier, says the organization. Although stabilization of foreclosures has occurred the report suggests that it is a result of state laws implemented to modify loans and stave off foreclosures.

To show his dedication to alleviating the country’s economic crisis, Obama quickly strung together an economic team last month that includes some of the country’s most prominent economists including some mainstays from President Bill Clinton’s presidency. Obama says he is working on an economic recovery plan that will save or create at least 2.5 million jobs over two years by rebuilding roads, modernizing schools, and investing in clean energy solutions.

Meanwhile, stock intended to eventually earn taxpayers a profit as part of the Bush administration’s massive bank bailout has lost a third of its value — about $9 billion — in barely one month, according to an Associated Press analysis.

Neel Kashkari, the director of Treasury’s Office of Financial Stability, which oversees the $700 billion financial rescue fund, made promises at a Mortgage

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.