Evening Must-Read: Contractionary Fiscal Policy Is Contractionary
Morning Must-Read: Mark Schmitt and Jared Bernstein on Why Inequality Is a Problem

Evening Must-Read: Justin Wolfers Explains the Latest Chetty et al. Piece on Lack of Mobility

Justin Wolfers: Twitter / JustinWolfers: Explaining the big new Chetty...: "Explaining the big new Chetty mobility study:

  1. No change in odds of moving higher or lower on the economic ladder than your parents.

  2. But higher income inequality today means that the rungs of the income ladder are now much further apart than in the past.

  3. Consequences of the “birth lottery” are larger now, because low mobility has bigger consequences.

  4. Bottom line of mobility study: Kids, more than ever, be careful to choose the right parents.