Daily Digest - September 9: Economic Inequality and the Fed Chair

Sep 9, 2013Rachel Goldfarb

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Why Janet Yellen, Not Larry Summers, Should Lead the Fed (NYT)

Roosevelt Institute Chief Economist Joseph Stiglitz argues that Summers's role in deregulation in the 1990s led to today's economic issues. He'd much prefer a Fed chair with proven judgement and expertise who didn't help to create the inequality we deal with now.

  • Roosevelt Take: Roosevelt Institute Senior Fellow and Director of the Bernard L. Schwartz Rediscovering Government Initiative Jeff Madrick and Roosevelt Institute Fellow Mike Konczal agree with Stiglitiz's pick for Fed chair.

Why Keynes Wouldn’t Have Too Rosy a View of our Economic Future (WaPo)

Roosevelt Institute Fellow Mike Konczal breaks down Keynesian theory to explain why employment might not bounce back on its own. If that's the case, it would be nice to see policy that actually reflects the need to create jobs.

This Chart Shows The Real Problem With The August Jobs Report (Business Insider)

Josh Barro's big issue? The August jobs report is proof that the economy isn't actually improving as much as it was thought all summer. Job creation is stagnant at about 2 million new jobs per year, and the Fed seems to think that slow and steady is just right.

Did the White House’s Trial Balloon for Larry Summers Just Pop? (Quartz)

Tim Fernholz suggests that without the support of three liberal Democrats on the Senate banking committee, it may not matter if the President wants Summers for Fed chair. The administration would need to attempt the impossible: securing Republican votes.

A.F.L.-C.I.O. Has Plan to Add Millions of Nonunion Members (NYT)

Steven Greenhouse examines the A.F.L.-C.I.O.'s new plan to reinvigorate the labor movement. It's based on a simple question: if 49 percent of employees in a workplace vote for a union, why doesn't the union welcome that 49 percent?

Walmart Workers Plan 'Widespread, Massive Strikes and Protests' for Black Friday 2013 (The Nation)

Josh Eidelson reports on continued momentum in the OUR Walmart strikes as workers begin to think about retail's busiest day. Walmart still claims that none of their employees are actually involved in the strikes: apparently, it's all a union-backed stunt.

A Different Type of Poverty (U.S. News & World Report)

Happy Carlock interviews Sasha Abramsky about his new book, The American Way of Poverty: How the Other Half Still Lives. American poverty is about economic insecurity, and it's made worse, he says, by increasing inequality.

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