Daily Digest - February 27: We're Missing the Mark on Monetary Policy, and a Goodbye

Feb 27, 2015Rachel Goldfarb

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The Roosevelt Institute has produced the Daily Digest five days a week since 2009, but its time has now come to an end. Today will be the final Daily Digest; however, we hope you'll subscribe to our weekly e-mail updates to stay in the loop with all the exciting work we're doing here at the Roosevelt Institute. You can also stay in touch with us on Facebook and Twitter. Thank you for reading!

Corporate Borrowing Now Flows To Shareholders, Not Productive Investment: Study (IB Times)

Owen Davis reports on J.W. Mason's new white paper, "Disgorge the Cash," explaining how the paper fits into a growing body of research that suggests flaws in our basic understanding of economics.

Students Question Own Role in Participatory Budgeting (Columbia Spectator)

Sasha Zeints reports on a Campus Network event discussing students' role in participatory budgeting. Chapter president Brit Byrd says students are well-suited to participate as volunteers.

The Federal Reserve Speaks in Mumbo Jumbo. Here's How to Fix That. (The Week)

Referencing Roosevelt Institute Fellow Mike Konczal, Jeff Sprots argues that the opacity of Federal Reserve statements could be solved by mandating a numerical target for the Fed.

The Real Meaning of $9 an Hour (Time)

Rana Foroohar says that Walmart's wage hike might not make a dramatic impact on the real economy, but it shows that workers can still get the largest companies in the world to change.

What Is ‘Middle-Class Economics’? (NYT)

Josh Barro points out that government policies that help the middle class are only able to produce small shifts. He says the best option might be to step back and hope positive trends continue.

The FCC Approves Strong Net Neutrality Rules (WaPo)

Cecilia Kang and Brian Fung report on the Federal Communications Commission's vote yesterday, which classified the Internet as a public utility to protect access for all.

New on Next New Deal

Make the Stop Overdose Stat Act a Priority for 2015

Roosevelt Institute | Campus Network Senior Fellow for Health Care Emily Cerciello explains why this bill targeting opioid overdose prevention should be on both parties' agendas this year.

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Daily Digest - February 26: Where Is All the Corporate Cash Going?

Feb 26, 2015Rachel Goldfarb

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Why Companies are Rewarding Shareholders Instead of Investing in the Real Economy (WaPo)

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Why Companies are Rewarding Shareholders Instead of Investing in the Real Economy (WaPo)

Lydia DePillis looks at Roosevelt Institute Fellow J.W. Mason's new white paper on how the shift towards increased shareholder payouts since the 1980s has decreased corporate investment.

  • Roosevelt Take: Read J.W. Mason's paper, "Disgorge the Cash: The Disconnect Between Corporate Borrowing and Investment," here.

Hewlett-Packard Shows How to Fatten Shareholders While Firing Workers (LA Times)

Referencing J.W. Mason's paper for context on the impact of shareholder payouts on the larger economy, Michael Hiltzik explains how H-P has managed to fire workers and increase payouts at once.

Don't Wait Until 2016 to Make Political Change (HuffPo)

Roosevelt Institute | Campus Network National Director Joelle Gamble argues for the need for young people to participate in governance, not just elections.

The Push for Net Neutrality Arose From Lack of Choice (NYT)

Steve Lohr speaks to Roosevelt Institute Fellow Susan Crawford, who agrees that the current approach to net neutrality makes sense while cable is most people's only option for high-speed Internet.

The Lawyer Who Went from Fighting for Guantánamo Bay Inmates to Going After Shady Banks (Vice)

David Dayen profiles Josh Denbeaux, a lawyer who is fighting back against foreclosure abuse in the courts and trying to develop class-action suits for homeowners facing illegal foreclosures.

New on Next New Deal

Launching Our Financialization Project with "Disgorge the Cash"

Roosevelt Institute Fellow Mike Konczal introduces our Financialization Project, which aims to define and explain the topic, as well as J.W. Mason's paper. Learn more about the project here.

Millennials Want More Than Obama’s Keystone Veto

Roosevelt Institute | Campus Network Senior Fellow for Energy and Environment Torre Lavelle says the veto isn't good enough, because Millennials are seeking a real commitment to transforming energy usage.

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Daily Digest - February 25: The Big Banks Had a Bad Year

Feb 25, 2015Rachel Goldfarb

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Annual Bank Profit Falls for First Time in Five Years (WSJ)

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Annual Bank Profit Falls for First Time in Five Years (WSJ)

Victoria McGrane says the trend is primarily because seven of the 10 largest banks posted lower earnings, while other parts of the banking sector, like community banks, are thriving.

The White House Has No Back-Up Plan if SCOTUS Rules Against Obamacare (Vox)

Sarah Kliff reports on the announcement that the Department of Health and Human Services has been unable to find an administrative fix in case they lose in King v. Burwell.

State Orders Minimum Wage Increase for Tipped Workers (Capital New York)

The New York State Labor Department has ordered an increase in the minimum wage for tipped workers from $5.00 to $7.50 per hour, writes Jimmy Vielkind.

Labor Takes Final Stand as Wisconsin Prepares Way for Anti-Union Law (AJAM)

Ned Resnikoff says Wisconson labor leaders see the governor's new support for right-to-work legislation as proof that he's already focused on appealing to donors for a 2016 presidential run.

Obama Proposal Recognizes How Retirement Saving Has Changed (NYT)

Neil Irwin argues that by requiring those who manage retirement savings to put their clients' best interests first, Obama is bringing back some of the protections of old-school pensions.

One Sign Americans Won't See Big Raises Anytime Soon (Bloomberg Business)

An increasing share of hires are workers who are just entering or re-entering the workforce, writes Jeanna Smialek, which is good for labor force participation but keeps salaries down.

New on Next New Deal

Guns on Campus: Not an Agenda for Women's Safety

Roosevelt Institute Fellow Andrea Flynn breaks down the data that proves allowing guns on campus will only increase the safety risks women face, not reduce sexual assault.

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Daily Digest - February 24: How to Recreate a Strong Middle Class

Feb 24, 2015Rachel Goldfarb

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Free the Middle Class (USA Today)

Senator Elizabeth Warren and Representative Elijah Cummings argue that bringing back a strong middle class requires government intervention.

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Free the Middle Class (USA Today)

Senator Elizabeth Warren and Representative Elijah Cummings argue that bringing back a strong middle class requires government intervention.

Even Better Than a Tax Cut (NYT)

Continually cutting taxes won't be possible if the government is going to function, argues Lawrence Mishel, which makes policies that push wage growth far more important right now.

NJ Judge Overturns Christie's Pension Cuts (AJAM)

Yesterday's ruling says that Christie could not choose to shortchange pensions in his 2014 budget, and he is now expected to make up the pension deficit by the end of the fiscal year in June.

A Student-Debt Revolt Begins (New Yorker)

Vauhini Vara speaks to one of 15 students from a now-closed for-profit college who are going on a "debt strike" because they argue the school's false promises make their loans invalid.

Retail Workers Are Quitting Their Jobs Like It’s 2007 (Buzzfeed)

Sapna Maheshwari ties the retail quits rate to recent moves by large retail employers to raise their wages. If workers are quitting because they can get better jobs, employers have to catch up.

Why Reform Conservatives Should Join the Democratic Party (The Week)

Jeff Spross argues that so-called reformicons would have much better luck with their policy priorities if they worked with Democrats, who actually support programs that help the poor.

Obama's Newest Plan Might Drive Investment Advisers Out of Business. Good. (Vox)

Matt Yglesias argues that it's for the best if financial advisors for the middle class are driven out of business, because they are only pushing products that make them money.

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Daily Digest - February 23: The Republican Health Plan is Less Coverage, More Costs

Feb 23, 2015Rachel Goldfarb

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GOP Health Plan Would Leave Many Low-Income Families Behind (The Hill)

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GOP Health Plan Would Leave Many Low-Income Families Behind (The Hill)

Roosevelt Institute Fellow Andrea Flynn explains how the Republican substitute for the Affordable Care Act would leave people with higher costs, worse coverage, and fewer protections.

Walmart Sends Wage Signal to U.S. Business (Financial Times)

David Crow and Sam Fleming speak to Roosevelt Institute Senior Fellow Damon Silvers about Walmart's wage hike, which he says will create pressure on other low-wage businesses.

U.S. West Coast Port Employees Agree to Deal (Bloomberg Business)

James Nash and Alison Vekshin report on the deal brokered by Labor Secretary Tom Perez, which will end the slowdowns at West Coast ports but won't immediately fix the cargo backlog.

A Friendly Office Debate Over Wages (NYT)

David Leonhardt and Neil Irwin agree that whether wage growth will accelerate is the biggest economic question of the year, but disagree on the likelihood of a positive answer.

The Rise of the Non-Compete Agreement, from Tech Workers to Sandwich Makers (WaPo)

Lydia DePillis looks at new research on non-compete agreements, which are surprisingly widespread in industries where they don't really seem necessary.

New on Next New Deal

The One Where Larry Summers Demolished the Robots and Skills Arguments

Roosevelt Institute Fellow Mike Konczal praises Summers and others for a recent panel in which they argued that unemployment and lack of wage growth can't be blamed on technology.

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Daily Digest - February 20: Teach Civic Engagement, Not Just Citizenship

Feb 20, 2015Rachel Goldfarb

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College as a Catalyst for Civic Engagement (Medium)

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College as a Catalyst for Civic Engagement (Medium)

Roosevelt Institute | Campus Network member Zach Lipp builds on a recent column by Frank Bruni, arguing that liberal education should develop the skills of civic engagement, not just citizenship.

Walmart Is Giving Raises. Walmart Is Feeling the Pressure. (Gawker)

Walmart hasn't decided to raise its wages to be nice, says Hamilton Nolan. Rather, it's a sign that Walmart is giving in to the ongoing campaigns by low-wage workers, who will win.

The Gig Economy Won't Last Because It's Being Sued to Death (Fast Company)

Sarah Kessler looks at these lawsuits, which center around the question of defining workers as independent contractors or employees, and how that question is changing the gig economy already.

Why Counting America’s Homeless is Both Imperative and Imperfect (Fusion)

Susie Cagle illustrates and writes about the 2015 homeless count in San Francisco, explaining how the homeless count works, why it's done, and what she encountered.

Hospital To Nurses: Your Injuries Are Not Our Problem (NPR)

Daniel Zwerdling looks at one hospital in North Carolina that has a history of dismissing nurses' cases for medical bills and workers' compensation when they are injured on the job.

A Whistleblower's Horror Story (Rolling Stone)

Speaking to the whistleblower from Countrywide Financial, Matt Taibbi says the lack of punishment beyond fines for companies could disincline future whistleblowers from coming forward.

New on Next New Deal

Four Ways to Prune a Rose: Why the NYT Missed the Mark on the Inequality Debate

Eric Bernstein, a program associate at the Roosevelt Institute, explains why a study that claims inequality isn't rising was framed and conducted incorrectly and should be dismissed.

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Daily Digest - February 19: Can Housing Reform Turn Back the Clock?

Feb 19, 2015Rachel Goldfarb

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Set the Wayback Machine for Housing Finance Reform, But to When? (CLS Blue Sky Blog)

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Set the Wayback Machine for Housing Finance Reform, But to When? (CLS Blue Sky Blog)

Roosevelt Institute Senior Fellow Brad Miller lays out the history of Fannie Mae and Freddie Mac to argue for a stronger government role in creating a safe and affordable mortgage market.

A Labor Dispute Slowed America’s Ports to a Halt. But There’s an Even Bigger Problem. (WaPo)

Lydia DePillis looks at the problems facing West Coast ports that go beyond current labor disputes. Increased traffic through the ports has also slowed everything down.

Fed Officials Sound Cautious Note on Raising Interest Rates (NYT)

Binyamin Appelbaum reports on the notes released from the Federal Reserve's January meeting, which acknowledge concerns about the fragility of economic growth.

Bernie Sanders, Mulling Presidential Run, Adopts Novel Stance on Deficit (AJAM)

Ned Resnikoff says that Senator Sanders's discussion of the deficit as an issue that includes unemployment and inequality draws on a less commonly accepted school of economic thought.

The Wrong Way to Revitalize a City (In These Times)

Rachel M. Cohen argues that ALEC's push against community benefit agreements, which create requirements for publicly-subsidized developers, is the opposite of community-building.

Why Do Americans Feel Entitled to Tell Poor People What to Eat? (The Nation)

Unlike other government programs that people benefit from, like student loans and mortgage deductions, EBT cards are highly visible, creating opportunities for judgment, writes Bryce Covert.

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Daily Digest - February 18: Comcast Doesn't Want You to Know What You're Missing

Feb 18, 2015Rachel Goldfarb

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The Big Lock-In (Medium)

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The Big Lock-In (Medium)

Roosevelt Institute Fellow Susan Crawford explains how Comcast is trying to dominate online video to the point where consumers wouldn't even see that other alternatives exist.

Aid to Needy Often Excludes the Poorest in America (NYT)

Patricia Cohen says that in recent decades, assistance to the poorest – generally, those who are not working – has decreased, while government aid for those near the poverty line has increased.

Rep. Paul Ryan’s Double Standard: Only the Working Poor Must Comply With the Tax Code (WaPo)

Jared Bernstein calls out Rep. Ryan for allowing business tax breaks without compensating for the cost or strengthening enforcement, while any break for poor families must be offset elsewhere.

Illinois Governor Bruce Rauner: Organized Labor's Public Enemy No 1? (The Guardian)

The ferocity of Governor Rauner's attacks on labor, particularly public-sector unions, has surprised many, writes Steven Greenhouse, including labor leaders who need to negotiate new contracts.

Is Welfare Reform Causing Earlier Deaths? (The Nation)

Michelle Chen looks at a new study that shows how the shift from open-ended aid to our current welfare system, tied to employment, shortened lives and harmed children's cognitive growth.

American Companies Are Getting Older, Not Better (AJAM)

Aging businesses are creating fewer jobs than new companies, writes David Cay Johnston, and they also pay workers less and push for policies that slow economic growth as a whole.

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Daily Digest - February 17: The Shame of Denying Corporate Responsibility

Feb 17, 2015Rachel Goldfarb

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Obama Shames Companies Who Don't Want to Provide Health Insurance (Melissa Harris-Perry)

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Obama Shames Companies Who Don't Want to Provide Health Insurance (Melissa Harris-Perry)

As guest host on Melissa Harris-Perry, Roosevelt Institute Fellow Dorian Warren examines the president's comments about a Staples policy that prevents workers from obtaining insurance.

The State Where Even Republicans Have a Problem With Busting Unions (The Nation)

John Nichols says that Illinois Governor Bruce Rauner is having trouble maintaining support for his plans to weaken public sector unions, with his Republican Comptroller refusing to cooperate.

The Rich Own Our Democracy, New Evidence Suggests (AJAM)

New studies show that Congress votes closest to the desires of its donors, writes Sean McElwee, and donors' ideological extremism has probably produced our dramatic polarization.

States Consider Increasing Taxes for the Poor and Cutting Them for the Affluent (NYT)

Shaila Dewan explains that shifting from income taxes to consumption-based taxes in the states increases the burden on the poor, and has led to huge budget shortfalls in Kansas and North Carolina.

The Tall Task of Unifying Part-Time Professors (The Atlantic)

Kate Jenkin looks at the challenges of organizing a group of workers who are part-time and shift from campus to campus each semester in light of the upcoming National Adjunct Walkout Day.

The War on the War on Poverty (TNR)

Michael A. Cooper Jr. looks at Republicans' efforts to shut down the Center on Poverty, Work, and Opportunity at UNC Law. These same politicians try to argue that poverty isn't a problem.

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Daily Digest - February 13: Campus Network Award Has Local Benefits

Feb 12, 2015Rachel Goldfarb

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Cornell Roosevelt Institute to Benefit From Grant (Cornell Daily Sun)

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Cornell Roosevelt Institute to Benefit From Grant (Cornell Daily Sun)

Stephanie Yan reports on how the Roosevelt Institute | Campus Network's MacArthur Award will impact the Cornell chapter, which will benefit from new national training programs.

Philadelphia Joins the Growing Ranks of Cities Requiring Paid Sick Days (ThinkProgress)

Bryce Covert reports on Philadelphia's new paid sick leave law, which makes it the 17th U.S. city with such a law. Paid sick leave is expected to save businesses money due to reduced turnover.

These Motel Rooms Are the Last Resort for Families Without Homes (The Nation)

Leighton Akio Woodhouse profiles two families who are living in motels long-term because they cannot afford the upfront costs of an apartment, accompanied by photos by Elizabeth Lloyd Fladung.

At My Oil Refinery, My Life is Worth the Price of a Pie (The Guardian)

Butch Cleve, an oil refinery worker, explains why 5,000 oil and chemical workers have gone on strike for safer labor conditions. He shares stories of terrible – and preventable – accidents.

GOP Governors Want Higher Education Cuts to Recoup Budget Shortfalls (MSNBC)

Suzy Khimm points out four Republican governors whose states are still experiencing budget shortfalls, at least in part due to recent tax cuts, and are cutting education funding to close to the gap.

Jails Have Become Warehouses for the Poor, Ill and Addicted, a Report Says (NYT)

Timothy Williams reports on a new study from the Vera Institute of Justice, which shows how local jails imprison people for extended periods when they are unable to pay their relatively minor fines.

Obama Blasts Staples, and Reveals Larger Partisan Divide Over Workplace (WaPo)

Paul Waldman analyzes the president's statements about Staples limiting part-time workers' hours, noting that Democrats don't just aim to create jobs, but also try to improve workplaces.

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