Daily Digest - December 19: It's a Whole New Economic Policy-Making World

Dec 18, 2014Rachel Goldfarb

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Uncharted Interest Rate Territory (U.S. News & World Report)

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Uncharted Interest Rate Territory (U.S. News & World Report)

Jason Gold points out that since interest rates have been declining for 33 years, none of today's lawmakers know quite what they're in for when the Fed begins to raise rates in 2015.

  • Roosevelt Take: Roosevelt Institute Fellow Mike Konczal says that raising interest rates is not the way to fight "financial instability."

The Greatest Tax Story Ever Told (Bloomberg Businessweek)

Zachary R. Mider shares the story of the very first corporate tax inversion, in which a company incorporates abroad to avoid paying U.S. taxes. The idea was invented by a liberal tax lawyer in 1982.

A Big Safety Net and Strong Job Market Can Coexist. Just Ask Scandinavia. (NYT)

The strong safety net programs in Scandinavian countries, which include far more direct aid, might be more effective at getting people to work than the U.S. tax subsidy model, writes Neil Irwin.

How ALEC Helped Undermine Public Unions (WaPo)

Alex Hertel-Fernandez explains that ALEC's attacks on public sector unions aren't new: ALEC-backed anti-union laws were enacted in some states a decade before the Great Recession.

Pro-Warren Protesters Take Their Fight to Wall Street (MSNBC)

Zachary Roth reports on yesterday's protest at Citigroup's New York City headquarters, where protesters denounced the Citigroup-crafted measure weakening Dodd-Frank in the spending bill.

From the E.R. to the Courtroom: How Nonprofit Hospitals Are Seizing Patients’ Wages (ProPublica)

Paul Kiel and Chris Arnold profile the Missouri hospital that sues the most patients in the state. Nonprofit hospitals are required to offer low-cost charity care, but that isn't particularly regulated.

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Daily Digest - December 18: Can Subprime Lending Really Be Safe?

Dec 18, 2014Rachel Goldfarb

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The Return of Subprime Lending (AJAM)

Matt Birkbeck says a new wave of subprime mortgages appear to be following much stricter rules and have far less usurious interest rates, but regulators are still watching closely.

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The Return of Subprime Lending (AJAM)

Matt Birkbeck says a new wave of subprime mortgages appear to be following much stricter rules and have far less usurious interest rates, but regulators are still watching closely.

Paid Maternity Leave Is Good for Business (WSJ)

Susan Wojcicki says that the United States is behind the rest of the world in not offering paid maternity leave to all mothers, and that such a policy makes good sense socially and economically.

Federal Reserve Says It Will Be ‘Patient’ on Interest Rate Timing (NYT)

Binyamin Appelbaum reports on the latest comments from Federal Reserve Chair Janet Yellen about when the Fed will start raising interest rates. The process won't begin before April.

Fired Walmart Worker Says She Had to Choose Between a Paycheck and a Child (The Guardian)

Lauren Gambino and Jessica Glenza profile one former Walmart employee who was still asked to work with dangerous chemicals after her doctor said they would endanger her pregnancy.

What Was the Job? (Pacific Standard)

Kyle Chayka says the gig economy brought with it a massive reinterpretation of what it means to have a job, leaving behind a disenfranchised workforce without any of the benefits it once enjoyed.

New on Next New Deal

Ten Years: Students Moving the Country Forward

Roosevelt Institute Vice President of Networks Taylor Jo Isenberg reflects on the Campus Network's tenth anniversary, and how Roosevelters can continuing pushing for a better country for all of us.

Two Contradictory Arguments That Dodd-Frank is Crony Capitalism

Roosevelt Institute Fellow Mike Konczal compares two mutually exclusive conservative analyses of what crony capitalism means and how to fix it, which suggest this isn't a useful concept in policy debates.

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Daily Digest - December 17: Who Takes the Biggest Share of the Sharing Economy?

Dec 17, 2014Rachel Goldfarb

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The Bloomberg Advantage: Konczal on Uber (Bloomberg)

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The Bloomberg Advantage: Konczal on Uber (Bloomberg)

Roosevelt Institute Fellow Mike Konczal says that since most of the capital in Uber is in the cars, it's hard to justify the software developers getting such a large chunk of profits.

Senate Democrats Tell the SEC to Get Moving on CEO Pay Rule (HuffPo)

The public comment period for the CEO pay ratio rule expired a year ago, and some Senate Democrats are tired of waiting for it to be implemented, reports Zach Carter.

  • Roosevelt Take: Roosevelt Institute Fellow Susan Holmberg explains the CEO pay debate in this recent primer.

Unions Sue to Stop Chicago Pension Overhaul (Chicago Sun-Times)

Fran Spielman explains why a dozen retirees and their four unions are suing the city: they say the changes are against the state constitution, which guarantees government pensions.

Some Investors Still Heart Big Banks, No Matter What Elizabeth Warren Says (The Guardian)

Suzanne McGee considers why some investors are putting their money with the big banks, despite the continued question of whether regulators will try to break them up.

Are the Democrats Allowing Social Security to Twist in the Wind? (LA Times)

Failing to vote on a Social Security commissioner is just another examples of Democrats' failure to provide this essential program with strong enough support, writes Michael Hiltzik.

The Great Budget Sellout of 2014: Do We Even Have a Second Party? (TAP)

Robert Kuttner characterizes the new spending bill as proof that our two major parties are fundamentally the same: willing to gut Dodd-Frank, defund the EPA, and cut Pell grants.

The U.S. Middle Class Has Faced a Huge “Inequality Tax” in Recent Decades (EPI)

Josh Bivens shows how U.S. middle-class income could have grown if it had matched the average growth rate over that time, as occurred following World War II.

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Daily Digest - December 16: Inequality Hurts our Children Most

Dec 16, 2014Rachel Goldfarb

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Inequality and the American Child (Project Syndicate)

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Inequality and the American Child (Project Syndicate)

Roosevelt Institute Chief Economist Joseph Stiglitz says the impact of economic inequality in the U.S. is even stronger on its children, who could be protected through the right policy changes.

Taxpayers Could be Liable Again for Bank Blunders (CBS News)

Erik Sherman speaks to Roosevelt Institute Fellow Mike Konczal about the modification to Dodd-Frank built into the spending bill. Mike says the changes come straight from the banks.

Progressives Just Lost a Fight on the Budget. So Why Are They So Happy? (TAP)

Paul Waldman suggests that GOP control of Congress is liberating to the more progressive Democrats, because they no longer have to compromise to pass Democratic legislation.

The Year in Inequality: Racial Disparity Can No Longer Be Ignored (AJAM)

Ned Resnikoff says solving American economic inequality will prove impossible without acknowledging the racial disparities brought on largely by inheritance and homeownership.

Economic Recovery Spreads to the Middle Class (NYT)

Nelson D. Schwartz says the U.S. economy is showing its very first signs of the wage gains that will be needed for the economic recovery to reach the middle class.

Even With a GOP Congress, Obama Could Still Defend American Workers. Here’s How. (In These Times)

David Moberg puts together a list of ten items that the president could accomplish using the Department of Labor, in particular by strongly enforcing the Fair Labor Standards Act.

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Daily Digest - December 15: An Uber That Really Is Sharing

Dec 15, 2014Rachel Goldfarb

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Socialize Uber (The Nation)

Roosevelt Institute Fellow Mike Konczal and Bryce Covert present a way to transform Uber into a company that would truly be part of a "sharing economy": make it a worker cooperative.

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Socialize Uber (The Nation)

Roosevelt Institute Fellow Mike Konczal and Bryce Covert present a way to transform Uber into a company that would truly be part of a "sharing economy": make it a worker cooperative.

My Talk to the Roosevelt Institute Campus Network (On The Economy)

Jared Bernstein gave the keynote at the Campus Network's 10th anniversary party. He's published his talk, which was on the need to combine head and heart in economic policy-making.

Wall Street’s Revenge (NYT)

Paul Krugman says that Wall Street has so heavily funded the Republican party in order to get back on Democrats for Dodd-Frank financial reform, and this spending bill is only the first step.

  • Roosevelt Take: Roosevelt Institute Senior Fellow Richard Kirsch and Fellow Mike Konczal each wrote about the rollback of Dodd-Frank in the cromnibus last week.

Pension Bill Seen as Model for Further Cuts (WSJ)

John D. McKinnon says some on the left worry that the pension-cutting measure in the spending bill could create precedent for even more pension cuts, possibly even to Social Security.

Obama's Left-Side Headache (Bloomberg Politics)

Margaret Talev and Michael C. Binder suggest that one of the biggest challenges the president will face from the incoming Congress will be from progressives like Senator Warren.

The Devalued American Worker (WaPo)

Jim Tankersley explains how the past three recessions, by breaking previous patterns of post-recession job growth, have cut middle-skill jobs and lowered wages for many.

Thanks to Labor Board Ruling, You Can Now Use Company Email to Organize a Union (In These Times)

Overriding a 2007 decision, the National Labor Relations Board has decided that email functions more like the water cooler than as high-cost company equipment, reports Moshe Z. Marvit.

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Daily Digest - December 12: What Progressives Lost in the Cromnibus Showdown

Dec 12, 2014Tim Price

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Why D.C. Is Up in Arms About Derivatives... Again (Marketplace)

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Why D.C. Is Up in Arms About Derivatives... Again (Marketplace)

Roosevelt Institute Fellow Mike Konczal tells Stan Alcorn that the financial regulation repealed in the budget deal had already been scaled back to include only the riskiest types of derivatives trading.

What's Next for the Minimum Wage Movement? (MSNBC)

Roosevelt Institute Fellow Dorian Warren moderates a discussion about the grassroots political power that's pushing the minimum wage fight forward despite gridlock at the federal level.

Why Elizabeth Warren Is Going to War With Obama Over Antonio Weiss (Vox)

Senator Warren sees the President's pick for Undersecretary of Treasury for Domestic Finance as more evidence that the administration is too friendly to Wall Street, writes Matt Yglesias.

Misreading the Lessons From Financial Crises (NYT)

Alan Greenspan's response to the 1987 stock market crash trained both regulators and investors to expect the Fed to prop up markets instead of addressing the underlying problems, writes Floyd Norris.

Banking Lobbyists Block Transparency Bill, Advocates Say (IBT)

A bill to reform the Freedom of Information Act is stalled in the House, reports Matthew Cunningham-Cook, as Wall Street seeks to maintain a veil of secrecy about its deals with public agencies.

New on Next New Deal

The Budget Fight Was the First Skirmish in the War for the Soul of the Democratic Party

Democrats had the leverage to block a deal that opens the door to more Wall Street bailouts, writes Roosevelt Institute Senior Fellow Richard Kirsch, but instead they gave in to Republican blackmail.

The Bipartisan Policy Center Gets It Wrong: The Lincoln Amendment Is Critical to Financial Reform

Roosevelt Institute Fellow Mike Konczal joins with The Other 98's Alexis Goldstein and Better Markets' Caitlin Kline to debunk the claim that the regulation repealed by the budget deal is redundant.

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Daily Digest - December 11: We Don't Need Weakened Financial Regulations in the Spending Bill

Dec 11, 2014Rachel Goldfarb

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Democrats Revolt Against 'Wall Street Giveaway' In Deal To Prevent Government Shutdown (HuffPo)

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Democrats Revolt Against 'Wall Street Giveaway' In Deal To Prevent Government Shutdown (HuffPo)

Zach Carter and Sabrina Siddiqui quote Roosevelt Institute Chief Economist Joseph Stiglitz on why a provision that will bring risky derivative trades under FDIC protection is a disaster.

Warren Leads Liberal Democrats’ Rebellion Over Provisions in $1 Trillion Spending Bill (WaPo)

Senator Warren is calling on House Democrats to withhold support of the spending bill unless this derivatives provision is removed, report Lori Montgomery and Sean Sullivan.

Congress' Backroom Pension-Cutting Deal is Even Worse Than Expected (LA Times)

Michael Hiltzik details the pension-cutting measure attached to the omnibus spending bill, which he says has far fewer protections for older retirees than originally implied.

The Wall Street Takeover of Charity (ProPublica)

Donor-advised charitable funds, which are run by financial firms, aren't increasing charitable giving as much as they're making money for the firms, writes Jesse Eisinger.

Walmart Illegally Punished Workers, Judge Rules (NYT)

Steven Greenhouse reports on a National Labor Relations Board decision in California, which found that Walmart managers had illegally intimidated workers for supporting unionizing efforts.

The Economic Threat to Cities Isn't Gentrification; It's the Opposite (Vox)

With gentrification comes a higher concentration of poverty, writes Danielle Kurtzleben, and increased economic segregation comes with less economic mobility.

New on Next New Deal

The Financial Regulation Congress Is Quietly Trying to Destroy in the Budget

Roosevelt Institute Fellow Mike Konczal explains why Section 716 of Dodd-Frank was implemented in the first place, and why weakening it today would put the economy and taxpayers at risk.

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Daily Digest - December 10: Young People Want Political Engagement Across the Calendar

Dec 10, 2014Rachel Goldfarb

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Millennials Need to Turnout Every Day, Not Just Election Day (Huffington Post)

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Millennials Need to Turnout Every Day, Not Just Election Day (Huffington Post)

Joelle Gamble, National Director of the Roosevelt Institute | Campus Network, argues that young people want to be asked not just to show up to the polls, but to be engaged in the political process year-round.

New York's Signature College Aid Program Turns 40, But Falls Short of Meeting Needs (Gotham Gazette)

Roosevelt Institute | Campus Network Leadership Director Kevin Stump proposes ways to update New York State's Tuition Assistance Program, which he argues is woefully out of date after 40 years.

Elizabeth Warren's Latest Wall Street Attack Was Her Boldest Yet (TNR)

David Dayen reports on Senator Warren's speech at yesterday's "Managing the Economy" conference, co-sponsored by the Roosevelt Institute. The senator directly attacked Wall Street's influence on financial policy.

Workers at Amazon Warehouses Won't Get Paid for Waiting in Security Lines (Bloomberg Businessweek)

Josh Eidelson reports on the Supreme Court's decision in Integrity Staffing Solutions, Inc. vs. Busk. The Court held that workers do not have to be paid for time spent waiting for security checks.

Congressional Leaders Hammer Out Deal to Allow Pension Plans to Cut Retiree Benefits (WaPo)

Michael A. Fletcher says retirees on the plans that will be permitted to make unprecedented cuts feel betrayed by this speedy congressional decision.

How Income Inequality Holds Back Economic Growth (AJAM)

A new report examines the significant link between income inequality and slowed economic growth, which cost the U.S. as much as 7 percent of GDP from 1990 to 2010, writes Ned Resnikoff.

New on Next New Deal

Let the Fed Lend Directly to Cities and States to Save Taxpayers Billions

Roosevelt Institute Fellow Saqib Bhatti suggests that allowing the Fed to make long-term loans to municipalities would protect cities from economic crises and promote fair and sustainable development.

The Universal Declaration of Human Rights at 66: How Do We Make the Promise a Reality?

Ariel Smilowitz, Northeast Regional Policy Coordinator for the Campus Network, and Monika Johnson, a member of the Alumni Advisory Committee, call for an expanded approach to human rights, including non-state actors like corporations accepting responsibility.

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Daily Digest - December 9: One Strong Voice Against the Mega Cable Company

Dec 9, 2014Rachel Goldfarb

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Blows Against the Empire (Medium)

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Blows Against the Empire (Medium)

Roosevelt Institute Fellow Susan Crawford praises the new "Stop Mega-Comcast Coalition" for uniting the voices of those who view the Comcast-Time Warner Cable merger as monopolistic.

Fed’s Lockhart Still Favors Mid-2015 for First Fed Rate Increase (WSJ)

Lockhart, President of the Atlanta Fed, calls for patience regarding raising interest rates, writes Michael S. Derby, who describes Lockhart as "a bellwether of policy makers’ consensus outlook."

Congress Races to Reach Spending Deal Before Shutdown Deadline (MSNBC)

With a potential shutdown approaching at midnight on Thursday, Benjy Sarlin says Congress is working through disagreements on issues like environmental regulation and financial reform.

Are West Coast Longshoremen Spoiling Christmas? (Politico)

As their union continues to negotiate wages and benefits, Mike Elk reports that the longshoremen are accused of slowing holiday season shipping by sticking exactly to company rules.

The Lame-Duck Congress Plots to Undermine Retiree Pensions (LA Times)

A proposed change – which has no public language only days before Congress goes on vacation – would decrease the pensions of already-retired workers on certain plans, writes Michael Hiltzik.

U.S. States' Revenue Growth Picks Up But Still 'lackluster' (Reuters)

Lisa Lambert reports on a new survey on state revenues and budgets, which says that stagnant wages are keeping revenues from growing as well.

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Daily Digest - December 8: What Changes When China is the Largest Economy?

Dec 8, 2014Rachel Goldfarb

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The Chinese Century (Vanity Fair)

Roosevelt Institute Chief Economist Joseph Stiglitz considers the implications of China becoming the world's largest economy, particularly as the U.S. system perpetuates so much inequality.

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The Chinese Century (Vanity Fair)

Roosevelt Institute Chief Economist Joseph Stiglitz considers the implications of China becoming the world's largest economy, particularly as the U.S. system perpetuates so much inequality.

U.S. Jobs Report Beats Forecasts as 321,000 Positions Added in November (The Guardian)

Heidi Moore looks at the November jobs report, which surprised many economists with its strength. She emphasizes that many of the jobs created are low-wage.

Even at 321,000 Jobs a Month, It Will Be Nearly Two Years Before the Economy Looks Like 2007 (Working Economics)

Charting out scenarios for catching up with the jobs shortfall, Elise Gould points out that even a "good" jobs report like this one isn't indicative of a speedy recovery.

Recovery at Last? (NYT)

Paul Krugman considers what recent positive economic news means for our understanding of this recession. He thinks it's proof that government paralysis slowed the recovery.

Wall Street to Workers: Give Us Your Retirement Savings and Stop Asking Questions (In These Times)

David Sirota looks at current cases in which public officials have refused to release information about the fees paid to investment firms by public pension funds.

  • Roosevelt Take: Roosevelt Institute Fellow Saqib Bhatti explains how predatory municipal finance deals are harming taxpayers in his recent report.

Labor's New Reality -- It's Easier to Raise Wages for 100,000 Than to Unionize 4,000 (LA Times)

Harold Meyerson looks at the labor movement's shift toward focusing on issues that impact many workers who are not members, a project in which Los Angeles is at the center.

Elizabeth Warren Doesn't Like This Treasury Nominee. Here's Why. (Mother Jones)

Erika Eichelberger explains Senator Warren's opposition to Antonio Weiss's nomination, which is based on his lack of experience in banking regulation and coziness with the financial sector.

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