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SNAP Proposal Would Deny Benefits to Millions (Melissa Harris-Perry)
Roosevelt Institute Fellow Dorian Warren pointed out the disappointing side of American exceptionalism: the most children in poverty of any wealthy democracy. Cutting SNAP benefits means more of those children go hungry.
What We Get Wrong When We Talk About ‘The Financial Crisis’ (WaPo)
Roosevelt Institute Fellow Mike Konczal says that the narrative of the financial crisis shouldn't center on the Lehman Brothers bankruptcy. We can't forget the mortgage crisis, and ordinary Americans' distrust in financial systems is still a concern.
Summers Over (Reuters)
Felix Salmon suggests that the trial balloon raised for Larry Summers in July caused the politicization of the nomination for Fed Chair, and ultimately Summers's withdrawal. Sadly, his hopes that the position can remain technocratic instead of political seem unlikely.
Give Jobs a Chance (NYT)
Paul Krugman asks the Fed to put off the taper a little longer. With labor force participation so low, and unemployment still too high, he doesn't want to risk rocking our already unsteady recovery any more than necessary.
Could You Live on $11,940 a Year? (TAP)
Paul Waldman examines the decreasing value of the minimum wage. He supports a bill that would index the minimum wage to inflation, so workers would no longer have to wait on Congress to do something about the decreasing real value of their pay.
Why a Foreign Car Maker Might Be About to Say Yes to a U.S. Union (The Atlantic)
Jordan Weissmann explains how the United Auto Workers may finally get a hold in a foreign company's car plant on U.S. soil. Half the battle, he says, is PR, since there's an assumption that unionization would cause foreign manufacturers to pull out of the U.S.
How Detroit Went Broke: The Answers May Surprise You - and Don't Blame Coleman Young (Detroit Free Press)
Nathan Bomey and John Gallagher examine the financial history of Detroit back to the 1950s, and find that there were plenty of opportunities to prevent today's bankruptcy. Their in-depth analysis shows that Detroit may want to reconsider which mayors it blames or praises.