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The One Part of the Charity vs. Social Welfare Argument That Everyone Ignores (The Week)
Building on Roosevelt Institute Fellow Mike Konczal's piece in Democracy Journal on the myth that private charity could replace government, Matt Bruenig argues that the status quo bias – "let's hold on to what works" – protects social safety net programs once they're in place.
Bill to Restore U.S. Unemployment Insurance Likely to Deadlock in Congress (The Guardian)
Dan Roberts reports that John Boehner will not allow a vote on extended unemployment insurance, which lapsed in December, without provisions to encourage job growth, though the GOP hasn't offered any big ideas.
Labor Department Intervenes on Behalf of Hearst Interns (ProPublica)
In its first amicus brief in an unpaid internship lawsuit, the Labor Department urged the court to use stricter standards to determine whether an unpaid internship is permissible, writes Kara Brandeisky.
Banks Ordered to Add Capital to Limit Risks (NYT)
Federal regulators will increase the leverage ratio, which measures the amount of capital a bank must hold against its assets, writes Peter Eavis. Supporters say this rule is simpler and easier to enforce than other parts of financial reform.
Fed Gives Banks More Time on Volcker Rule Detail (Reuters)
Douwe Miedema reports that banks will get two additional years, through July 21, 2017, to sell off collateralized loan obligations, which the Volcker Rule deems too risky for banks to invest in.
The Unexpected Benefit of Telling People What Their Coworkers Make (The Atlantic)
On Equal Pay Day, many spoke up for pay disclosure as a way to reduce the wage gap. Emiliano Huet-Vaughn's research shows that pay transparency also significantly increases worker productivity.
New on Next New Deal
Roosevelt Institute Fellow Mike Konczal argues that we should not ignore long-term unemployment while analyzing how the economy is doing. That makes the Great Recession data make more sense, he says, but isn't applicable today.