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There Are Six Big Arguments Against the Volcker Rule. Here’s Why They’re Wrong. (WaPo)
Roosevelt Institute Fellow Mike Konczal takes on some of the most common arguments against the Volcker Rule, which claim that the rule is either unnecessary or even counterproductive. In the process, he makes his own case for why the rule is in fact needed.
The Most Important Economic Stories of 2013—in 41 Graphs (The Atlantic)
Matthew O'Brien kicks off the end-of-year round-ups with a list of graphs and charts. Roosevelt Institute Fellow Mike Konczal's contribution shows the year's growth estimates from the Federal Reserve - evidence, Mike says, of a wasted year for returning to full employment.
U.S. Budget Agreement Eases Spending Cuts Over Two Years (Bloomberg)
Heidi Przybyla and Derek Wallbank explain the first bipartisan budget deal since 1986. The deal doesn't extend unemployment benefits and it saves money by increasing federal employees' pension contributions, but it's a deal, and it's likely to prevent another government shutdown.
Boeing Looks Around, and a State Worries (NYT)
Kirk Johnson looks at Boeing's options after the machinist union's rejection of a new contract that would have frozen pensions and harmed future union members. State after state is courting Boeing with special deals, even though it means passing up tax revenue from a massive airplane factory.
- Roosevelt Take: Roosevelt Institute Senior Fellow Richard Kirsch explains that the Machinists Local 751 rejected Boeing's proposed contract to take a stand for what middle class jobs should look like today and into the future.
Is Service Work Today Worse Than Being a Household Servant? (AJAM)
David Cay Johnston poses this fascinating question along with a comparison of compensation for household cooks in the 1910s and modern fast-food cooks. Few would want to return to the Gilded Age, but many service-sector jobs had more security and stability then.
How The Residents Of SeaTac’s Lives Will Change With A $15 Minimum Wage (ThinkProgress)
Bryce Covert speaks to workers at the airport in SeaTac, Washington who will be getting a raise on January 1 thanks to the town's new minimum wage increase. Even as they plan how they will use the money, they are just as excited for the provision of the new law guaranteeing paid sick leave.
Why Every City Needs Its Own Minimum Wage (The Atlantic Cities)
Richard Florida explains an interesting model for calculating local minimum wages based on a region's median wage. He argues that a minimum wage between 50 and 60 percent of the regional median wage would be a better reflection of local cost of living.
New on Next New Deal
Nell Abernathy, Program Manager for the Roosevelt Institute's Bernard L. Schwartz Rediscovering Government Initiative, lays out the economic argument for maintaining unemployment insurance almost entirely in quotes from conservatives, demonstrating that this isn't only a progressive cause.