Andrew Elrod @andrewelrod Twitter profile

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Andrew Elrod

@andrewelrod

4 years

wage and profit shares of national income for last eight business cycles

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Andrew Elrod

@andrewelrod

6 months

"When 26 billionaires have as much wealth as half of humankind, that is criminal....If someone is getting that kind of wealth, they are doing it at the expense of millions of people. That is the reason that we don’t have healthcare and decent wages.”

United Auto Workers leader Shawn Fain delivers keynote at Harvard Trade Union Program graduation -...

UAW president Shawn Fain addressed graduates of the Harvard Trade Union Program, recalling the historic success of recent negotiations and urging graduates not to sell themselves short.

hls.harvard.edu

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Andrew Elrod

@andrewelrod

2 years

what could have motivated this change in corporate strategy

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Andrew Elrod

@andrewelrod

2 years

amazing how fast the rediscovery of keynesianism became the rediscovery of military keynesianism

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Andrew Elrod

@andrewelrod

1 month

Lede to a story in the Wall Street Journal on donor conversations atop the Democratic Party.

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Andrew Elrod

@andrewelrod

3 years

In 1946 the CIO hired socialist animators Disney blacklisted from Hollywood to produce a documentary on the reality behind inflation and the postwar reconversion fiasco. "Deadline for Action" was the result.

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Andrew Elrod

@andrewelrod

2 years

“Medicare for All is a system of strategic price control aimed at a critical sector; it is potentially the most powerful anti-inflationary tool the government has.”

How the Left Should Think About Inflation

There is no compelling reason to raise interest rates, now or later.

www.thenation.com

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Andrew Elrod

@andrewelrod

3 years

Talked with an organizer at Sacramento City Unified today who told me 17% of the positions in his bargaining unit are vacant, leaving some 9,000 students without a regular teacher in the classroom. In bargaining, the district proposed a $10k *cut* per teacher in pay and health.

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Andrew Elrod

@andrewelrod

2 years

Some congressional subcommittee should hold hearings to investigate the union avoidance industry before the session is over—shine some light on the other side as these campaigns get off the ground.

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Andrew Elrod

@andrewelrod

3 years

Some policy org should go to an inflation hearing and ask why we meticulously track unit labor costs by industry while there is no agency responsible for measuring unit-profits or marginal costs by industry, at all. The statistical machinery is stacked towards a particular theory

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Andrew Elrod

@andrewelrod

2 years

Three young billionaire sons purchase scores of rent-controlled multifamily buildings in immigrant neighborhoods of LA and systematically lie, steal, cheat, and threaten tenants to evacuate all the buildings. LATU is fighting back. Could be straight out of Dashiell Hammett.

L.A. Tenants Union

@LATenantsUnion

2 years

K3 Holdings LLC is doing what it has done in 20+ buildings in Koreatown and Highland Park. Even if you don't understand Spanish, watch this video to see the conditions tenants are living in.

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Andrew Elrod

@andrewelrod

1 year

Landlords hiring fake process servers, lying to the court and fraudulently moving evictions to default judgement, is such a crazy thing for the LA Times to not be writing about.

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Andrew Elrod

@andrewelrod

2 years

When airline mechanics struck and shut down half the nation's commercial jet aviation traffic in summer 1966, Senate Democrats proposed legislation to end the strike by seizing the airlines and fixing their prices, wages, and profits.

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Andrew Elrod

@andrewelrod

3 years

Exasperating to see price controls hitting such a raw nerve in real time over the past few days on here. Guess the Cold War isn't over after all!

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Andrew Elrod

@andrewelrod

1 year

I've been agnostic on the YIMBY/undersupply rhetoric in the housing discourse. (Construction is good, I like cranes.) But the data show that in Los Angeles, at least, there has been more than adequate production—only it's captive to the wrong developers and LLs pricing too high.

Andrew Elrod

@andrewelrod

1 year

Between 2014 and 2021, the City of Los Angeles actually overshot its housing production goals by 40%. It was just priced for the wrong populations and still underproduced their affordable housing targets.

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Andrew Elrod

@andrewelrod

2 years

Hello 👋 from the San Fernando Valley @UTLAnow in the house

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Andrew Elrod

@andrewelrod

1 year

Mike Davis pointed out in the 1990s that outdoor habitation was a customary right the destitute won during the Great Depression—remember Hoovervilles?—which has, during the age of neoliberalism, come under threat.

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Andrew Elrod

@andrewelrod

2 years

In its first year of existence, the NLRB issued a report which detailed the industry of private security operating to deny workers their rights under federal law. At least 200 companies employing at least 40,000 agents to break strikes and commit violence against organizers.

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Andrew Elrod

@andrewelrod

1 year

Between 2014 and 2021, the City of Los Angeles actually overshot its housing production goals by 40%. It was just priced for the wrong populations and still underproduced their affordable housing targets.

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Andrew Elrod

@andrewelrod

3 years

This past summer I completed a dissertation on the history of price controls in the US from WWII to the Volcker Shock. Informed debate then was never about whether prices should be controlled but who should control them.

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Andrew Elrod

@andrewelrod

2 years

The WSJ continues to report wage gains as a cause of rising prices, declaring as fact the impossibility of either lower profits or more efficient firms as economic adjustments to rising wages.

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Andrew Elrod

@andrewelrod

2 years

it is pretty cool to have the thing bound

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Andrew Elrod

@andrewelrod

2 years

SBF's mom is the historian of legal and economic thought Barbara Fried. Would kill to know her thoughts on her son's enterprise and the broader industry of financial institutions of which it is a part.

pendejoe

@uspsveteran

2 years

I’m back home for thanksgiving. Reunited and it feels so good

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Andrew Elrod

@andrewelrod

1 year

One day, if they still exist, historians will have to explain the term "Dark Brandon" and the answer will include the phrase "Let's Go Brandon." Millions of students will have to memorize these words and explain their relevance to the historical evolution of our civic life.

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Andrew Elrod

@andrewelrod

2 years

Matt Bruenig makes the good and important point that the justification for means testing—avoiding subsidy to high incomes—can always be achieved more simply by just taxing high incomes at a rate equal to the value of the subsidy.

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Andrew Elrod

@andrewelrod

2 years

Politicians don't have to infantilize the public when it comes to economics. Here is FDR's eighth Fireside Chat in September 1936, near the peak of the re-election campaign, explaining the economics and ecology of government spending.

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Andrew Elrod

@andrewelrod

10 months

Left unity around lowering rent ceilings in US cities and organized labor. Atrocity baiting is being used effectively to wrench apart coalitions we have built over the past decade.

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Andrew Elrod

@andrewelrod

3 years

James Galbraith on the current economic situation today on KVUE, my local hometown ABC affiliate. KVUE: "We also hear about the federal government raising interest rates to combat inflation. Can tell us how that works?" JG: "It doesn't."

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Andrew Elrod

@andrewelrod

2 years

Intervention in the rail strike is obviously interpreted as a move against the union, which has its strongest bargaining chip taken away. But is there a reason the Congress and the administration can't legislate a solution that gives the unions what they are asking for?

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Andrew Elrod

@andrewelrod

3 years

during the 1930s bricklayers enjoyed among the highest hourly rates paid to workers in the building trades, bested only by hoisting engineers and structural iron workers

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Andrew Elrod

@andrewelrod

2 years

Reading late Veblen you get an argument about unemployment caused by corporate pricing strategies that reduce capacity utilization and output. This is very different from “Keynesianism” and aggregate demand and it seems like that difference would be worth drawing out in teaching

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Andrew Elrod

@andrewelrod

2 years

You would think the preferred response to a labor shortage would be to increase the labor-force participation rate. But instead, we are moving to reduce hiring to cope with the pandemic-reduced labor supply. Less goods and services for all!

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Andrew Elrod

@andrewelrod

10 months

Excited to start putting my summertime fixation on the history of the CIO to use this autumn along with @_TimBarker , Ben Mabie, @alexnpress , @EmmaTeit , and @gabrielwinant . Sign up for updates here!

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Andrew Elrod

@andrewelrod

15 days

"What’s the message to immigrant Teamsters—and the immigrant workers the Teamsters hope to organize—when their union leader shares a stage with speaker after speaker blaming them for low wages and calling for their families to be torn apart?"

Viewpoint: O’Brien Speech Played into Republicans’ Phony Pro-Worker

Teamsters President Sean O’Brien spoke at Trump’s Republican National Convention on Monday. This was a bad move. Much of the speech would have been fine if he had delivered it somewhere else. O’Brien

labornotes.org

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Andrew Elrod

@andrewelrod

4 years

For @jainfamilyinst 's Phenomenal World, I wrote about the last inflation and the intellectual straight jacket from which we are just emerging:

Inflation, Specific and General | Phenomenal World

Concerns over a generalized “inflation” loom in the recovery. Yet the prices that most heavily factor into the cost of living for US workers—housing, health, and education—have already been rising...

www.phenomenalworld.org

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Andrew Elrod

@andrewelrod

3 years

Yet this is what debating "price controls" amounts to, every time. There is a selective amnesia to the debate which ignores the fact that across national economy *prices are already controlled.* It is an ideological set piece that prevents real discussion.

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Andrew Elrod

@andrewelrod

2 years

Earlier this year the prescient folks at @phenomenalworld asked me to co-edit a series on the "politics of the price level." My introduction to the series went up this weekend, with exciting contributions queued for the coming days and weeks. Read it here!

Politics and the Price Level | Andrew Yamakawa Elrod

On inflation, institutions, and the governance of the price level.

www.phenomenalworld.org

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Andrew Elrod

@andrewelrod

2 years

As @_TimBarker has written, the US did once have a five-year plan. It was published in 1950 and set the stage for what we remember as the "post-war boom."

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Andrew Elrod

@andrewelrod

1 month

For @phenomenalworld , I spoke with UFCW capital markets researcher John Marshall about the Kroger-Albertsons merger, and the deeper trends modern supermarkets reveal about American capitalism.

Supermarket Economics | Andrew Yamakawa Elrod

An interview with John Marshall of the United Food and Commercial Workers

www.phenomenalworld.org

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Andrew Elrod

@andrewelrod

11 months

new UAW killing it with the coms

UAW

@UAW

11 months

STAND UP. #StandUpUAW

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Andrew Elrod

@andrewelrod

4 months

federal spending on higher education and police

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Andrew Elrod

@andrewelrod

7 months

"like so many institutions of American society [it] is unwilling to call to its own defense the social forces that could save and renew it, because doing so would irretrievably change its internal balance of power"—could be AFL-CIO, the Dems, choose your immobilized org for this

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Andrew Elrod

@andrewelrod

3 years

Today I have piece on the @equitablegrowth website arguing we need to reinterpret 1970s inflation if we are to intelligently approach the challenges of today:

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Andrew Elrod

@andrewelrod

2 years

As the Germans confront the impending reality of government rationing in energy, their journalists are looking for answers for readers' questions. To this end I recently spoke with @derfreitag 's @nymoen_ole about the US history of price control and rationing.

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Andrew Elrod

@andrewelrod

3 years

Some may reject to the comparison, but I think it is illustrative: Facebook's research budget was $11.2 billion for just six months in 2021. The annual budget of the Bureau of Labor Statistics this fiscal year is $590 million, about 1/19th the size.

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Andrew Elrod

@andrewelrod

10 months

Labor history's focus on the CIO has had a clear effect of distorting our understanding of the 1970s: it was the building trades, not the mass-production unions, that had the closest relationships with Nixon and Ford in the crucible years of stagflation and energy crisis.

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Andrew Elrod

@andrewelrod

2 years

Happy Watergate Eve everyone. Fifty years ago tonight six (or was it seven?) men working for the President got arrested for a political burglary, diverting national attention for the next two years away from the deep structural problems of global empire and the domestic economy.

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Andrew Elrod

@andrewelrod

2 years

how indeed

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Andrew Elrod

@andrewelrod

5 months

The three Dunne brothers of Minneapolis—Vincent (Ray), Grant, and Myles—midwestern Bolsheviks (!) and key organizers of the 1934 Minneapolis trucking strike which shut down the City for a month and became a veritable general strike. Here they are conducting that strike.

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Andrew Elrod

@andrewelrod

27 days

“I’m running the world”

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Andrew Elrod

@andrewelrod

5 years

Fortune magazine and the Brookings Institution were much cooler in November 1935.

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Andrew Elrod

@andrewelrod

2 years

Good morning from Yucca Valley

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Andrew Elrod

@andrewelrod

3 years

Since people seemed to like these, here are a few others. In 1947 the UAW hired its own production crew to make an anti-racist film on the importance of eliminating racial prejudice to advancing the class struggle.

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Andrew Elrod

@andrewelrod

11 months

Spotted in Los Angeles. BCCI is the bank behind the joint Bin Laden-Bush family business ventures mentioned in the new @blowbackpod season.

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Andrew Elrod

@andrewelrod

4 months

depressed that I understand how healthcare—a national issue that dominated, what, the last five presidential elections?—could be so absent from the 2024 campaign

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Andrew Elrod

@andrewelrod

2 years

John L Lewis talks to reporters in October 1919 days before his first strike against the government as acting UMW president

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Andrew Elrod

@andrewelrod

1 year

So much of 20th c US political economy can be intelligibly reduced to preserving corporate power over prices—first by legalizing cartels with the NRA, then by fighting government price control during WWII and throughout the Cold War.

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Andrew Elrod

@andrewelrod

3 years

It seems there could be an audience for a piece on “how price controls worked (and didn’t),” which is: firms report capacity, utilization, and cost data to public authorities who then adjust legal price ceilings. Sometimes public authority allows price increases, sometimes not!

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Andrew Elrod

@andrewelrod

2 years

head of the AFL-CIO of California

Lorena Gonzalez

@LorenaSGonzalez

2 years

As corporations (especially oil companies) continue to see record profits as working Americans continue to suffer from inflation on everyday necessary items (like gas)…why aren’t we at least discussing temporary price controls?

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Andrew Elrod

@andrewelrod

11 months

if you are wondering how to interpret this kind of scandalized employer attitude, I have a piece in the current @DissentMag examining it and the reality behind the current politics of moods

Financial Review

@FinancialReview

11 months

Gurner Group founder Tim Gurner tells the Financial Review Property Summit workers have become "arrogant" since COVID and "We've got to kill that attitude."

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Andrew Elrod

@andrewelrod

2 years

"Which of the railroad anti-strike legislation debriefs should I read?" you may ask yourself. Ours is the only one which shows that Congress in 2022 has gone further than even the robber barons were willing to go during the 1920s to outlaw strikes.

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Andrew Elrod

@andrewelrod

7 months

When news reporting contracts the facts of your just-published non-fiction book.

Mark O’Connell

@mrkocnnll

7 months

That thing where you're reading a dull academic book, and then a block quote from Joyce or whoever makes you sit bolt upright, is exactly what happens when Azealia Banks shows up on the page in the Walter Isaacson Elon Musk biography

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Andrew Elrod

@andrewelrod

2 years

With the creation of salary increments at every campus, the UC-UAW mediator's proposal raises wages for a teaching assistant 55% in two years on most campuses. Unprecedently large percentage increases at the bottom like this is what we need to compress wages across the country.

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Andrew Elrod

@andrewelrod

2 years

President Roosevelt's 7-point anti-inflation program of April 27, 1942, exercising the powers of the Emergency Price Control Act and exhorting Congress for further legislative action.

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Andrew Elrod

@andrewelrod

2 years

For many, price control may seem a bridge too far. But there is no reason, rhetorically, why an excess profits tax should not be the centerpiece of an anti-inflation program. The simplest way to stop profiteering is to tax excess profits.

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Andrew Elrod

@andrewelrod

2 years

@brian_callaci @edo_navot And yet the representative "optimistic Keynesian" prescription is for an economic solution (government spending) to a political problem (domination by plutocrats). The "bleak" perspective recognizes that such solutions have historically been inadequate political responses.

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Andrew Elrod

@andrewelrod

3 years

Today this is common sense for wages, which the econ profession still teaches should not increase faster than the increase in labor productivity. Yet if there's a guideline for labor income, why should there not be for other types of income? This was the debate of the 1960s-70s.

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Andrew Elrod

@andrewelrod

2 years

"Today, family offices are estimated to hold at least $6 trillion in assets—more than the entire hedge fund industry....how long before the Federal Reserve and Treasury step in to prop up a single family fortune?"

In This House We Prey | Melinda Cooper

The family can be a tax haven like no other.

thebaffler.com

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Andrew Elrod

@andrewelrod

4 years

I wrote about the austerity states and cities are facing for the New Republic

The Fed Could Help Cash-Strapped Cities and States. Mnuchin Has Other Ideas.

The lame-duck Treasury secretary seems to want to sabotage Biden’s ability to stave off the pandemic’s economic impacts.

newrepublic.com

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Andrew Elrod

@andrewelrod

4 years

Update on the Brenner thesis. Did not know nonfinancial corporate profit rate was falling throughout the Obama recovery.

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Andrew Elrod

@andrewelrod

2 years

What would you call a blog on historical problems in the study of American capitalism and global political economy in 1965-1980?

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Andrew Elrod

@andrewelrod

1 year

@alex_sammon Red McComb's School of Business

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Andrew Elrod

@andrewelrod

3 months

“This attitude toward student activists, understood in generational terms, has unfortunately been something of a Dissent calling card.”

Adults in the Room: A Response to Jeffrey C. Isaac - Dissent Magazine

To insist that a movement remake itself in one’s image is not a plea for solidarity; it is a demand for obedience.

www.dissentmagazine.org

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Andrew Elrod

@andrewelrod

3 years

"He believed in the war as a great struggle against the enemies of the common people. But he was finding out now that not all his enemies were on the Axis side."

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Andrew Elrod

@andrewelrod

2 years

It is so gratifying to see someone directly and seriously taking on a central problem of Cold War history that has remained unspoken an even ridiculed among academic historians

Decades Later, The JFK Assassination Still Keeps Some Secrets | Defector

The simplest way to start is at the end. On Nov. 22, 1963, President John F. Kennedy was shot to death while riding in a motorcade in Dallas, Texas.

defector.com

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Andrew Elrod

@andrewelrod

3 years

I've written a little bit about this outside the manuscript:

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Andrew Elrod

@andrewelrod

2 years

Hugo Soto-Martinez naming the Apartment Owners Association as a group that organizes landlords "to have power against us" in the City of Los Angeles

Knock LA

@KnockDotLA

2 years

Wow: CM Hugo Soto-Martinez, fiery, and holding his own RSO lease agreement: "What we're really talking about his who does this city represent? [..] And by creating a two-tier system, we are giving our power to those corporate landlords who have profited off working people."

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Andrew Elrod

@andrewelrod

4 years

Compton today. People keep coming out, every day, all over town.

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Andrew Elrod

@andrewelrod

2 years

what a vile headline for this news

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Andrew Elrod

@andrewelrod

3 years

Here is Gunnar Mydral in 1960. Coming out of the mobilization experience of the 1930s and 1940s, every thinking person knew that distribution was political and that money claims could be pushed up above real output. The solution was have some guide for the increase in incomes.

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Andrew Elrod

@andrewelrod

2 years

Comparison of the French and American steel industries during the 1950s. One draws rents and depresses the national economy, another absorbs credit and stimulates it.

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Andrew Elrod

@andrewelrod

4 years

UAW wins back health insurance for UCSC grads fired for wildcatting.

UCSC4COLA

@payusmoreucsc

4 years

🚨🚨UCSC fired graduate student workers win back their health insurance coverage!! 🚨🚨

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Andrew Elrod

@andrewelrod

3 years

Local politics are so fucked up. Here in LA it's Clinton and Villaraigosa people (i.e., election losers) now working for tech billionaires to control the school board and attack public-sector collective bargaining rights. All within the Democratic Party.

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Andrew Elrod

@andrewelrod

1 year

landlords have too much pricing power so we have to raise interest rates to stop construction and increase unemployment so renters will have lower incomes to bargain harder against landlords

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Andrew Elrod

@andrewelrod

9 months

Milton Friedman made some of his first forays into macroeconomic polemics in the early 1950s arguing that labor unions were incapable of influencing real wages because 1) they cause inflation, and 2) higher real wages just create unemployment for their members

Joe Weisenthal

@TheStalwart

9 months

"Toyota is raising the wages of its factory workers — all of them non-unionized — after the UAW strikes at General Motors, Ford and Stellantis culminated in pay hikes for unionized employees."

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Andrew Elrod

@andrewelrod

2 years

Remarkable stuff. “Thus do employers’ efforts to fight the mere existence of unions lead toward disruption of civil peace and civil liberty.”

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Andrew Elrod

@andrewelrod

3 years

The fact that those leading American institutions remain in the grip of alarmist conservative arguments formed during the 1940s and the 1950s is telling enough for the future of the country. We're lucky to even think about this debate—let's not get trapped in all the old argument

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Andrew Elrod

@andrewelrod

3 years

To ask "should the federal govt have greater legal authority and administrative capacity to regulate the pace and shape of economic growth?" is not essentially different than to ask, "should we control prices?" But only the later invites this kind of blanket McCarthyite response.

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Andrew Elrod

@andrewelrod

2 years

“But a larger plurality agrees that unions strive to help teachers succeed,” the LA Times admits. Imagine organizing the sentences in this paragraph this way.

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Andrew Elrod

@andrewelrod

3 years

Here is Walter Reuther to Lyndon Johnson in November 1966. To reduce such a debate over how to stabilize economic growth in a manner equitable to the working class to the simplistic theoretical exposition of Marshall's crossing supply and demand curves is not a serious approach

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Andrew Elrod

@andrewelrod

1 year

"Historians have increasingly interpreted the economic history of the late 1950s not as a minor aberration to a stable political order but as revealing structural pathologies latent in the twentieth-century industrial economy."

Price, Profits, and Power | Gardiner Means

The first postwar tightening cycle and perspectives on today’s inflation

www.phenomenalworld.org

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Andrew Elrod

@andrewelrod

1 year

Employed private wage and salary workers, Radio and television broadcasting and cable

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Andrew Elrod

@andrewelrod

2 years

some aspects of neoliberalism were very consciously planned

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Andrew Elrod

@andrewelrod

2 years

Veblen describes “investment” as the legal process by which absentee owners acquire the right to sabotage production and limit output—very unKeynesian! Yet both emphasize investors’ target rates of return as determinative moments, whether for the cycle or for managerial sabotage

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Andrew Elrod

@andrewelrod

5 months

self-serious writer warning about the “risk of contagion” from a self immolation protest, pretty soon we’ll get op-eds arguing news companies shouldn’t cover such horrific events

Eric Levitz

@EricLevitz

5 months

@DavidKlion I don't think people are dilly debating the decision to self-immolate, so much as debating the ethics of glibly celebrating an act of self-immolation without any concern for the risk of contagion

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Andrew Elrod

@andrewelrod

2 years

Has anyone explored the functional similarity (and geopolitical differences) between the Dawes and Young plans of 1924 and '29, and the Federal Reserve swap lines of 2009 and 2022?

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Andrew Elrod

@andrewelrod

3 years

Organized labor's perspective on the cuts in unemployment insurance that began in four states this week.

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Andrew Elrod

@andrewelrod

2 years

Also crypto. Scandalous that these companies are advertising to the public across my city and social media feeds to put their small savings in this blatantly speculative and unregulated asset.

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Andrew Elrod

@andrewelrod

2 years

At a conference this weekend historians asked me why, if price controls have such a deep history in American life, they are now unthinkable. The answer, I think, rests with the legitimacy of our governing institutions, crippled by the last controller-in-chief, Richard Nixon.

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Andrew Elrod

@andrewelrod

3 years

"Brother or no brother, what he needs is type A. And the right blood donor for him could belong to any race, since the four blood types appear in all races."

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Andrew Elrod

@andrewelrod

2 years

@DanielDenvir

The Last Days of Sound Finance | Melinda Cooper

On Karen Petrou’s “Engine of Inequality”

www.phenomenalworld.org

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