Daily Digest - October 24: Redefining Corporate Goals Could Rein in CEO Pay

Oct 24, 2014Rachel Goldfarb

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Understanding the CEO Pay Debate: A Primer on America's Ongoing C-Suite Conversation (Roosevelt Institute)

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Understanding the CEO Pay Debate: A Primer on America's Ongoing C-Suite Conversation (Roosevelt Institute)

In their primer, Roosevelt Institute Fellow Susan Holmberg and Campus Network member Michael Umbrecht suggest a shift away from shareholder primacy to reduce incentives for high CEO pay. 

One-Third of Top Websites Restrict Customers’ Right to Sue (NYT)

Jeremy B. Merrill reports on major consumer websites that restrict customers' ability to take legal action, even when the companies engage in harmful activity like conspiring to fix hotel room prices.

Majority of Bank Risk Managers Are Worried About the Wealth Gap (WSJ)

Nick Timiraos looks at a new study on bank risk managers' concerns regarding the health of our financial system. Only 14 percent think inequality doesn't pose any threat at all.

This City Came Up With a Simple Solution to Homelessness: Housing (The Nation)

Kara Dansky profiles Salt Lake City's shift to a Housing First model, which recognizes that long-term housing for the homeless is cheaper than standard interventions like shelters and emergency services.

The Terrifying Idea That the Economy Might Stay Stuck Forever Just Got More Terrifying (WaPo)

Matt O'Brien lays out a new study's model for secular stagnation -- i.e., a potentially never-ending economic slump -- in the U.S., and explains what will be needed to break the cycle.

Fed’s Loan Scrutiny Leaves Banks Passing on Buyout Deals (Bloomberg News)

Christine Idzelis and Alex Sherman report that the big banks' decision to pass on high-scrutiny deals is opening up opportunities for their smaller competitors.

New on Next New Deal

The Phenomenology of Google's Self-Driving Cars

Roosevelt Institute Fellow Mike Konczal says that driving requires some unconscious and reflexive learning that artificial intelligence just can't duplicate, and that will create an obstacle for driverless cars.

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Daily Digest - October 23: A Complex Financial System Begets Complex Regulations

Oct 23, 2014Rachel Goldfarb

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Dodd-Frank Spawns Software to Comprehend Dodd-Frank (Marketplace)

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Dodd-Frank Spawns Software to Comprehend Dodd-Frank (Marketplace)

Sabri Ben-Achour speaks to Roosevelt Institute Fellow Mike Konczal and others about the complexity of the Volcker Rule. Mike says the scrutiny of the courts has made some rules clunkier than necessary.

Unions Keep Pushing Emanuel to Challenge Interest Rate Hedges (Crain's Chicago Business)

Roosevelt Institute Senior Fellow Brad Miller has joined the push to convince the Chicago Board of Education to seek legal remedies for some bad financial transactions, writes Greg Hinz.

The Big Bank Backlash Begins (ProPublica)

Jesse Eisinger reports on the banks' take on current regulatory practices, after attending a conference where their lawyers discussed strategies for dealing with tough regulators.

Should the Poor Be Allowed to Vote? (The Atlantic)

Peter Beinart says voter ID laws are part of a long and unfortunate American tradition of distrusting poor people's ability to make reasoned political choices.

America's Middle Class Knows It Faces a Grim Retirement (LA Times)

Michael Hiltzik looks at a scary set of survey results from Wells Fargo, and says that expanding Social Security is the best option to ensure that retirement is possible for the middle class.

The Sharing Economy’s ‘First Strike’: Uber Drivers Turn Off the App (In These Times)

In what some are calling the first labor strike in the sharing economy, Uber drivers in five cities stopped picking up rides yesterday, reports Rebecca Burns.

Can Student Credit Unions Solve the College Affordability Problem? (The Nation)

Helene Barthelemy reports on a Columbia University group's attempt to open a fully student-run credit union on campus, with broad goals that include offering lower rate student loans.

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Daily Digest - October 22: Taking Organized Labor Beyond Collective Bargaining

Oct 22, 2014Rachel Goldfarb

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The Seeds of a New Labor Movement (TAP)

Harold Meyerson profiles David Rolf of SEIU and his work to push labor organizations beyond collective bargaining to incorporate minimum wage fights and other organizing work.

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The Seeds of a New Labor Movement (TAP)

Harold Meyerson profiles David Rolf of SEIU and his work to push labor organizations beyond collective bargaining to incorporate minimum wage fights and other organizing work.

  • Roosevelt Take: Roosevelt Institute Senior Fellow Richard Kirsch's report lays out policy ideas for reinvigorating the labor movement.

Holiday Shopping Season Kicks Off With Temp Workers Who Have No Rights (The Guardian)

Siri Srinivas says Amazon's annual hiring of thousands of temp workers to staff its warehouses during the busy holiday season highlights the lack of protections for U.S. workers.

States Ease Laws That Protected Poor Borrowers (NYT)

Michael Corkery reports on recent efforts by the consumer loan lobby to permit higher interest rates on riskier loans. These changes are opposed by many, including military leaders.

America’s Ugly Economic Truth: Why Austerity is Generating Another Slowdown (Salon)

David Dayen says that our economic October surprise, which includes stock market slumps and interest rate drops, is indicative of a larger global problem caused by austerity politics.

Ebola Galvanizes Workers Battling to Join Unions, Improve Safety (Reuters)

For workers exposed to bodily fluids, like those who clean airplane bathrooms, lack of clarity around Ebola safety has kicked union organizers into overdrive, writes Mica Rosenberg.

Republicans Trying to Woo, or at Least Suppress, Minority Vote (NY Mag)

Jonathan Chait looks at the Republican Party's split strategy, which simultaneously attempts to convince minority voters to vote for them while pushing laws that make it more difficult to vote.

Federal Reserve Officials Scold Bankers, Again (Buzzfeed)

Matthew Zeitlin reports on statements by the New York Federal Reserve president at a conference on Monday, where he questioned whether large banks can be managed effectively.

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Daily Digest - October 21: Pregnancy Is Not a Performance Issue

Oct 21, 2014Rachel Goldfarb

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Baby on Way, Worker Gets Her Job Back (NYT)

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Baby on Way, Worker Gets Her Job Back (NYT)

Angelica Valencia was fired when doctor's orders limited her from overtime during her pregnancy, but was helped by New York City's Pregnant Workers Fairness Act, writes Rachel Swarns.

Work-Sharing: A Socialist Alternative to Layoffs? (The Nation)

Michelle Chen looks at government-supported work-sharing, in which many workers' hours are cut and the government subsidizes their lost wages, as a fix for underemployment.

Can Homeless People Move Into Baltimore's Abandoned Houses? (The Atlantic)

Alana Semuels reports on activists' push to create affordable housing for Baltimore's homeless. Their plan involves buying abandoned properties with a community land trust.

Yes, the Federal Reserve Can Reduce Inequality. (WaPo)

Jared Bernstein says that by doing its job right -- which means fighting unemployment, reducing bubbles and busts, and initiating important research -- the Fed will reduce inequality.

Republicans Say Minimum Wage Hikes Hurt Job Growth. Here's What the Evidence Says. (TNR)

A new study on job growth among low-wage workers shows that states that increased their minimum wage saw very slightly stronger job growth, writes Danny Vinik.

Good Jobs No Longer an Afterthought in Awarding Lavish Transit Contracts (AJAM)

Haya El Nasser explains a new coalition's efforts to ensure companies competing for transit contracts hire American workers, with a goal of rewarding better employers.

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Daily Digest - October 20: Charity Never Helped Every Person in Need

Oct 20, 2014Rachel Goldfarb

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Iowa’s Tea Party Disaster: Joni Ernst’s Shocking Ideas About the Welfare State (Salon)

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Iowa’s Tea Party Disaster: Joni Ernst’s Shocking Ideas About the Welfare State (Salon)

Elias Isquith references Roosevelt Institute Fellow Mike Konczal's Democracy Journal article on voluntarism to explain why Ernst is so wrong about the place of charity in the social safety net.

Policymakers Slowly Acknowledge What Marketers Have Known for Years: Millennials Exist (Fusion)

Emily DeRuy reports on Millennials Rising, quoting Roosevelt Institute Vice President of Networks Taylor Jo Isenberg on why Millennials feel disconnected from policymaking.

Amity Shlaes: If Being Wrong About the Economy Is Wrong, I Don’t Wanna Be Right (NY Mag)

Jonathan Chait responds to Amity Shlaes's defense of a 2010 letter warning the Fed about inflation that never came. He points out the need to balance that risk with the reality of unemployment.

Rising Inequality: Janet Yellen Tells It Like It Is (New Yorker)

John Cassidy discusses the importance of the Federal Reserve Chair's Friday speech, which questioned whether rising inequality threatens American values of opportunity.

Amazon’s Monopsony Is Not O.K. (NYT)

The current fight between Amazon and Hachette proves that Amazon is abusing its power, writes Paul Krugman, who compares Amazon's business practices to Standard Oil.

The Epic Struggle Over Retirement (AJAM)

Susan Greenbaum says that allowing Wall Street to attempt to fix pensions by turning them into defined contribution plans managed by Wall Street would be disastrous.

Workers Bring $15 Hourly Wage Challenge to Walmart (The Nation)

Michelle Chen reports on recent demonstrations by Walmart workers fighting for a better workplace. Walmart's willingness to "end minimum-wage pay" isn't enough to bring workers out of poverty.

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Daily Digest - October 17: The False Prophets of the Invisible Hand

Oct 17, 2014Tim Price

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What Markets Will (NYT)

Many economic analysts talk about the market as a kind of divine force, writes Paul Krugman, but they're only using it as an excuse to justify their own desire for more human sacrifice.

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What Markets Will (NYT)

Many economic analysts talk about the market as a kind of divine force, writes Paul Krugman, but they're only using it as an excuse to justify their own desire for more human sacrifice.

AbbVie Board Ditches Planned $55 Billion Shire Acquisition (Reuters)

The pharmaceutical company has abandoned plans to shift its tax base to the U.K., reports Ben Hirschler, because new rules make it harder to dodge U.S. taxes through such inversion schemes.

How the Fed Is Trying to Fill in the Gaps of Monetary Policy (WaPo)

Janet Yellen met with nonprofits and community developers in Chelsea, MA yesterday to discuss how Federal Reserve policy can better support working-class cities, reports Ylan Q. Mui.

Even Red-State Voters Want to Raise the Minimum Wage (The Nation)

Minimum wage increases will be on the ballot this fall in some states that lean heavily Republican, writes John Nichols, despite opposition from the top leadership of the party.

$10.10 Minimum Wage Would Save The U.S. Government $7.6 Billion A Year (HuffPost)

A new study from the Economic Policy Institute shows that a higher minimum wage would allow 1.7 million workers to stop relying on public assistance programs, reports Kevin Short.

Companies Warn That Income Inequality Is Hurting Their Business (ThinkProgress)

An analysis of corporate filings finds that many of the largest U.S. retail companies are concerned that their customers are not earning enough money to support sales, writes Alan Pyke.

The Volcker Rule: How a Simple Idea to Rein In Banks Got Supersized (Bloomberg View)

A straightforward proposal to ban proprietary trading has ballooned to hundreds of pages, leading some to call for the return of Glass-Steagall as an alternative, writes Yalman Onaran.

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Daily Digest - October 16: Can a Nobel Change the FCC's Tactics?

Oct 16, 2014Rachel Goldfarb

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Nobel-Winning Message for the FCC (Bloomberg View)

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Nobel-Winning Message for the FCC (Bloomberg View)

Roosevelt Institute Fellow Susan Crawford asks whether Jean Tirole's new Nobel Prize might convince the Federal Communications Commission to reconsider his work on regulating communications utilities.

Retail Group's Report Aims to Counter Wage 'Misperceptions' (Chicago Tribune)

Roosevelt Institute Fellow Annette Bernhardt tells Alexia Elejalde-Ruiz that the National Retail Federation's report is "an astonishing exercise in tautology" that ignores the industry's bad jobs.

Nurses Union: ‘We’ve Been Lied To’ About Ebola Preparedness (MSNBC)

National Nurses United is accusing the Centers for Disease Control of insufficiently training nurses for the front-line work needed to fight this potential epidemic, reports Ned Resnikoff.

Wall Street Might Know Something the Rest of Us Don’t (NYT)

Neil Irwin suggests that current drops in the stock market need not be seen as a sign of another crisis brewing: more likely, the market is falling back in line with the rest of the economy.

When the Workday Never Really Ends (The Nation)

Michelle Chen looks at new research on how so-called flexible scheduling disrupts the lives of low-income workers with "normal unpredictability" in already-precarious industries.

What’s the Punishment for Ripping Off Consumers? (Medium)

The typical regulatory response to large financial institutions lying to customers is a fine, and Felix Salmon says these fines aren't high enough to be an actual punishment or force change.

Gar Alperovitz on Why the New Economy Movement Needs to Think Big (Yes Magazine)

Scott Gast reviews Alperovitz's new book, What Then Must We Do?, in which he lays out the possibility of a new economic system built up from worker cooperatives.

New on Next New Deal

Threat of Ebola Highlights Problems in the U.S. Public Health System

Roosevelt Institute | Campus Network Senior Fellow for Health Care Emily Cerciello says the two cases of Ebola transmitted in the U.S. prove the need for improved public health infrastructure and guidelines.

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Daily Digest - October 15: "Fifteen and a Union" Goes Beyond Fast Food

Oct 15, 2014Rachel Goldfarb

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America’s Fastest-Growing Profession is Joining a Very Public Fight for Higher Wages (WaPo)

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America’s Fastest-Growing Profession is Joining a Very Public Fight for Higher Wages (WaPo)

Lydia DePillis looks at the differences in home health aides' fight for "15 and a union" when compared to fast food workers. For one, most home health aides are paid by Medicaid.

Gov. Scott Walker on the Minimum Wage: "I Don't Think It Serves a Purpose" (MoJo)

Andy Kroll places the Wisconsin governor's comments in context with his other remarks opposing the minimum wage, and his state's strong support for an increase.

Can Rehabilitating Prisoners Repair Wall Street’s Broken Reputation? (Buzzfeed)

Matthew Zeitlin questions whether financial products that fund social services are more than just a charm offensive meant to make Wall Street look nicer to the public.

Americans Face Post-Foreclosure Hell as Wages Garnished, Assets Seized (Reuters)

An uptick in "deficiency judgements," in which banks go after debt that wasn't covered by a foreclosure sale, is preventing people from moving forward after the Recession, writes Michelle Conlin.

When the Guy Making Your Sandwich Has a Noncompete Clause (NYT)

Neil Irwin says the noncompete clauses for "sandwich artists" at Jimmy John's typify the trend toward practices and procedures that leave low-wage workers even worse off.

Walmart’s Cuts to Worker Compensation Are Self-Defeating (AJAM)

By raising workers' share of insurance premiums, David Cay Johnston says that Walmart and other companies are only ensuring their own customers have less to spend.

The Real World of Reality TV: Worker Exploitation (In These Times)

David Dayen explains the difficult working conditions of the writers and editors who create "unscripted" reality television in light of one staff's recent push for unionization.

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Daily Digest - October 14: Americans Are Too Vulnerable to Downward Mobility

Oct 14, 2014Rachel Goldfarb

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The Age of Vulnerability (Project Syndicate)

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The Age of Vulnerability (Project Syndicate)

Roosevelt Institute Chief Economist Joseph Stiglitz points out that inequality isn't just about lack of upward mobility, but also risk of downward mobility, and the U.S. economy has made people particularly vulnerable.

The Score: Does the Minimum Wage Kill Jobs? (The Nation)

Roosevelt Institute Fellow Mike Konczal and Bryce Covert say the answer is probably no; for one, the states that have raised their minimum wage this year are experiencing higher employment growth.

In Texas and Across the Nation, Abortion Access is a Sign of Women's Well-Being (The Hill)

Roosevelt Institute Fellow Andrea Flynn and Shulie Eisen connect access to abortion with the larger picture of women's health and economics. States that limit abortion don't do well on related issues either.

Youth Convention Gathers Crowds, Pols Over Brutality, Employment, Immigration, Ed and Transport (The Youth Project)

Jason Mast reports on the NextGen Illinois conference, profiling a few of the student organizers who are pursuing political change in their state now instead of waiting until they're older.

Revenge of the Unforgiven (NYT)

Paul Krugman says an excess of virtue surrounding debt is killing economic growth. Forgiving more debt would increase the other spending needed to kick-start the economy.

Them That's Got Shall Get (TAP)

Nathalie Baptiste follows up on the impact of the foreclosure crisis on black family wealth, focusing on the wealthiest black community in the country: Prince George's County, Maryland.

‘Citizens United’ is Turning More Americans into Bystanders (WaPo)

E.J. Dionne argues that massive independent political spending is turning voters off, as it deepens our divisions and the sense that no one will work together after the election.

New on Next New Deal

Does the USA Really Soak the Rich?

Roosevelt Institute Fellow Mike Konczal says that recent arguments against more progressive taxation use a nonsensical definition in which inequality drives up tax progressivity.

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Daily Digest - October 10: Feminists Leading the Charge in Global Development

Oct 10, 2014Rachel Goldfarb

Please note: There will not be a new Daily Digest on Monday, October 13, in observance of Indigenous People's Day. The Daily Digest will return on Tuesday, October 14.

Click here to subscribe to Roosevelt First, our weekday morning email featuring the Daily Digest.

Please note: There will not be a new Daily Digest on Monday, October 13, in observance of Indigenous People's Day. The Daily Digest will return on Tuesday, October 14.

Click here to subscribe to Roosevelt First, our weekday morning email featuring the Daily Digest.

Connected Feminism Shows A Muscular Commitment To Change - And Civil Rights (Forbes)

Tom Watson reflects on the Women and Girls Rising conference, praising it for demonstrating the power of feminism in the development world today.

Change in Derivatives Doesn’t Resolve Question of Safe Harbors (NYT)

Stephen J. Lubben says that a change in bankruptcy laws so that other investors can be pulled into proceedings when one goes bankrupt doesn't go far enough.

  • Roosevelt Take: Lubben wrote a chapter in An Unfinished Mission, the Roosevelt Institute and Americans for Financial Reform's report on the questions that remain in financial reform post-Dodd-Frank.

After Huge Tax Incentive Package, Boeing Still Ships Jobs out of Washington (WaPo)

Boeing's tax incentive package was the largest any state had ever offered any one company, writes Reid Wilson, but that has not prevented Boeing from relocating a few thousand jobs.

  • Roosevelt Take: Washington's Boeing workers are largely unionized, and Roosevelt Institute Senior Fellow Richard Kirsch praised them for rejecting a contract that harmed newer and younger workers last year.

From Lagging 'Job Creation' to Lower Charity Giving, the Wealthy Give Less Back to Society (The Guardian)

Suzanne McGee questions why the wealthiest Americans give the lowest percentage of their income to charity, when presumably they have enough funds to do more.

Voter ID Laws Cut Turnout By Blacks, Young (HuffPo)

Alan Fram reports on a new study by the Government Accountability Office, which shows steep drops in turnout in states with new voter ID laws.

Supreme Court Blocks Wisconsin's Voter ID Law (USA Today)

With this emergency stay and a related decision by a district court judge in Texas, some of the most restrictive voter ID laws will not be in effect this November, says Richard Wolf.

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