Daily Digest - November 25: Wall Street's Deals Hit Every Taxpayer

Nov 25, 2014Rachel Goldfarb

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Wall Street’s Taxpayer Scam: How Local Governments Get Fleeced — and So Do You (Salon)

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Wall Street’s Taxpayer Scam: How Local Governments Get Fleeced — and So Do You (Salon)

Elias Isquith interviews Roosevelt Institute Fellow Saqib Bhatti about his new report on how governments can push back against Wall Street's predatory deals.

Food Pantries Stretched to Breaking Point by Food Stamp Cuts (AJAM)

Ned Resnikoff reports on the crisis facing food pantries in NYC, where one-third of food banks and soup kitchens had to turn people away in September.

Corporate America Is Using the Sharing Economy to Turn Us Into Temps (TNR)

Noam Scheiber says the sharing economy's expansion into temp work is part of a trend of workforce restructuring from hiring staff for peak loads to hiring the absolute minimum.

This Is the Next Big Fight Between Progressives and the Wall Street Dems (The Nation)

Senator Warren and others are protesting the nomination of Antonio Weiss to a major role in Treasury, citing his work on tax-avoiding practices like corporate inversions, writes Zoë Carpenter.

Let Old Labor Die (In These Times)

Jeremy Gantz reviews Tom Geoghegan's new book, which prescribes new models of labor organizing that are more democratic, outside of the bounds of the National Labor Relations Board.

New on Next New Deal

Artisanal Millennials and the Resurrection of Free Labor Ideology

Roosevelt Institute | Campus Network Senior Fellow for Economic Development Brit Byrd says growing preferences for artisanal products cannot be allowed to erase the importance of wage labor in our economy.

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Daily Digest - November 24: How to Win Minimum Wage Fights

Nov 23, 2014Rachel Goldfarb

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The Fight for $15.37 an Hour (NYT)

Steven Greenhouse explains how the Los Angeles Alliance for a New Economy won its campaign to get hotel workers in L.A. a significantly higher minimum wage.

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The Fight for $15.37 an Hour (NYT)

Steven Greenhouse explains how the Los Angeles Alliance for a New Economy won its campaign to get hotel workers in L.A. a significantly higher minimum wage.

Elizabeth Warren Tells NY Fed President: Fix Your Problems, Or We’ll Find Someone Who Will (Buzzfeed)

At the Senate Banking Committee on Friday, the four senators in attendance – all Democrats – pushed back hard on William Dudley's framing of his work as a "fire warden," reports Matthew Zeitlin.

What’s a CEO Really Worth? Too Many Companies Simply Don’t Know (WSJ)

Paul Vigna writes about a new report examining how executive compensation lines up with company performance. It turns out that most companies don't measure success very accurately.

  • Roosevelt Take: In her primer on the CEO pay debate, Roosevelt Institute Fellow Susan Holmberg lays out the main theories for the skyrocketing in executive pay and potential policy solutions.

Obama's Executive Action Is About Labor Policy, Not Just Immigration (AJAM)

E. Tammy Kim explains how work authorization will transform opportunities for many undocumented workers, who will have new opportunities to organize or fight wage theft without fear.

The Antitax Push Has Done Harm to State and Local Government (WaPo)

Catherine Rampell says the piecemeal way that state and local governments create new revenue sources are far worse for the economy and inequality than raising taxes would be.

  • Roosevelt Take: Roosevelt Institute Fellow Saqib Bhatti explains the impact of predatory financial deals taken on by state and local governments struggling to fund public services.

The GOP Controls Congress So Now It Can Change How Math Works (MoJo)

The Republicans' preferred method of calculating budget projections uses impossible predictions about economic growth, writes Erika Eichelberger, making tax cuts appear less costly.

New on Next New Deal

Bigger Health Care Providers Mean Bigger Profits, But Not Always Better Care

Roosevelt Institute | Campus Network Senior Fellow for Health Care Emily Cerciello calls on state attorneys general to consider whether hospitals that buy up physicians' practices are violating anti-trust laws.

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Daily Digest - November 21: Costly, Risky Deals Can Be Undone

Nov 21, 2014Rachel Goldfarb

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Teachers Union, Advocates Protest and Ask CPS to Act on Costly Borrowing (Chicago Tribune)

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Teachers Union, Advocates Protest and Ask CPS to Act on Costly Borrowing (Chicago Tribune)

Heather Gillers reports on a rally led by the Chicago Teachers Union, where Roosevelt Institute Fellow Saqib Bhatti urged the mayor to push hard on banks to recoup losses from too-risky deals.

  • Roosevelt Take: For more on this issue, read Bhatti's new report, "Dirty Deals: How Wall Street’s Predatory Deals Hurt Taxpayers and What We Can Do About It."

From Phone Booths to Hot Spots (Medium)

Roosevelt Institute Fellow Susan Crawford praises a new plan to convert New York City's pay phones into high-speed wireless hotspots, which she says would help local businesses immensely.

Facebook’s Shuttle Bus Drivers Seek to Unionize (NYT)

Steven Greenhouse reports on the drivers' reasons for unionizing, which center around their very difficult split-shift schedule and wages that are insufficient for housing near work.

Wall Street is Taking Over America's Pension Plans (The Intercept)

Murtaza Hussain calls Wall Street's funding campaigns in hopes of shifting public pensions to investments that build their profits "the biggest financial story of our generation that you’ve never heard of."

Congress Must Not Let Wind Energy Jobs Blow Away (The Hill)

Michael Brune and Leo W. Gerard call for the renewal of the Wind Production Tax Credit, arguing that wind power isn't just better for the environment, but also has the potential to create thousands of jobs.

Fed’s Dudley Sees Loss of Trust in Banks as Threat to Stability (WSJ)

Senate testimony from the President of the New York Federal Reserve argues that there is a case to be made for splitting up the big banks even now, writes Pedro da Costa.

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Daily Digest - November 20: From the Banks to the Fed and Back Again

Nov 20, 2014Rachel Goldfarb

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New Scrutiny of Goldman’s Ties to the New York Fed After a Leak (NYT)

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New Scrutiny of Goldman’s Ties to the New York Fed After a Leak (NYT)

The leak has led to questions regarding the conflict of interest that arises when people advise the same banks they used to regulate, write Jessica Silver-Greenberg, Ben Protess, and Peter Eavis.

Are Financial Whistleblowers Worth It? Study Says Yes – to the Tune of $21.27bn (The Guardian)

Jana Kasperkevic reports on a new study that proves the value of financial whistleblowers. Rewards encourage whistleblowers to step up, and companies in such cases pay heavier penalties.

Loan Servicer Busted for Backdating, But Foreclosure Victims Say Shenanigans Haven’t Stopped (In These Times)

Ocwen Financial has admitted to a "glitch" involving back-dated loan modification letters, but Joel Sucher says the slow work to fix the problem follows familiar patterns.

Lenders Shift to Help Struggling Student Borrowers (WSJ)

Annamaria Andriotis reports on the plans of two major private student loan providers to lower interest rates, extend repayment periods, and modify loans.

Why It's So Hard for Millennials to Find a Place to Live and Work (The Atlantic)

Derek Thompson explains that cities that provide the best opportunity for economic mobility and cities that have affordable housing hardly overlap at all today.

New on Next New Deal

A Dem Who Can Explain that Fairness is Prosperity Will Sweep in 2016

Roosevelt Institute Senior Fellow Richard Kirsch argues that Democrats who focus on economic policies that emphasize fairness (which are the best ones for economic growth) will succeed.

Leadership Wanted: Governor Cuomo, Homeless Students Need College Support

Roosevelt Institute | Campus Network Leadership Director Kevin Stump proposes a new program to support homeless youth in achieving their college goals.

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Daily Digest - November 19: Why Do So Few Workers Get Overtime Pay Today?

Nov 19, 2014Rachel Goldfarb

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Whatever Happened to Overtime? (Politico Magazine)

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Whatever Happened to Overtime? (Politico Magazine)

Nick Hanauer says that raising the earnings threshold for mandatory overtime pay would kickstart the economy by either ensuring workers have more money or forcing companies to hire more workers.

Can Republicans Shut Down the Government Without Actually Shutting Down the Government? (WaPo)

Paul Waldman explains the GOP plan to stop any executive action on immigration without shutting down the government. The strategy: to pass spending bills that exclude the offices that would work on that issue.

Over Bentley's Objections, Golden Dragon Plant Votes for Union (Montgomery Advisor)

The Republican governor of Alabama urged workers at a copper plant to vote against unionizing with a letter distributed directly to the plant workers shortly before they voted in favor of their union.

Republicans Sure Love to Hate Unions (NYT)

Thomas Edsall points out that while Republicans demonize unions, and public sector unions in particular, the Democrats aren't doing much of anything to push back on labor's behalf.

When Mega Corporations Get Mega Tax Breaks, We All Pay (The Nation)

Katrina vanden Heuvel, a member of the Roosevelt Institute's board of directors, says that closing corporate income tax loopholes could fund incredible projects, like national universal pre-K.

Here's Why Conservatives Will Never Give Up Their War on Obamacare (TNR)

The "partisan incomprehension" that follows the Affordable Care Act around in the news is primarily based in the fact that Republicans lost a highly partisan fight, writes Brian Beutler.

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Daily Digest - November 18: Rotten Bank Deals in the Windy City and Beyond

Nov 18, 2014Rachel Goldfarb

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How the Banks Bamboozled Chicago (Chicago Sun Times)

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How the Banks Bamboozled Chicago (Chicago Sun Times)

Roosevelt Institute Fellow Saqib Bhatti explains how banks broke their contracts with the city of Chicago, and how Mayor Emanuel should respond to get that money back.

  • Roosevelt Take: Today, Bhatti releases a new report, "Dirty Deals: How Wall Street’s Predatory Deals Hurt Taxpayers and What We Can Do About It," which examines this issue on a broader scale.

Good Data Make Better Cities (Boston Globe)

Roosevelt Institute Fellow Susan Crawford and Stephen Goldsmith argue in favor of a revamping of data-sharing laws within government, so they protect without limiting collaboration.

Long-Term Unemployment a Sign of Slack, NY Fed Economists Say (WSJ)

The New York Federal Reserve is calling on policymakers to account for the long-term unemployed in their assessment of the economy, writes Pedro da Costa.

That Silence You Hear Is the Sound of Healthcare.gov Working Just Fine (TNR)

Jonathan Cohn says the disparate headlines about how Obamacare is working are all correct: in general, premiums are increasing slowly, but what that means for individual plans will vary.

Number of Homeless Children in America Surges to All-Time High: Report (HuffPo)

A new report calculates that nearly 2.5 million children were homeless at some point in 2013. Lack of affordable housing plays a major role, report David Crary and Lisa Leff.

How Badly Do Republicans Want Tax Reform? (Maybe Not That Badly) (TAP)

Paul Waldman says that if Republicans – or their campaign funders – really wanted tax reform, they'd start writing a proposal regardless of the president's actions on other issues.

And Now the Richest .01 Percent (Robert Reich)

The richest .01 percent of the U.S. now hold a higher percentage of the country's wealth than in 1929, and Robert Reich says they've used it to buy off American democracy.

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Daily Digest - November 17: Getting Married Won't Solve Inequality

Nov 17, 2014Rachel Goldfarb

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Why You Shouldn’t Marry for Money (The Nation)

Roosevelt Institute Fellow Mike Konczal and Bryce Covert explain why the conservative idea of reducing poverty and inequality by promoting marriage won't actually work.

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Why You Shouldn’t Marry for Money (The Nation)

Roosevelt Institute Fellow Mike Konczal and Bryce Covert explain why the conservative idea of reducing poverty and inequality by promoting marriage won't actually work.

Nobel Prize-Winning Economist Reveals Why Robots Really Are Coming For Your Job (Business Insider)

Tomas Hirst reports on a new paper by Roosevelt Institute Chief Economist Joseph Stiglitz, which argues that left unchecked, innovation can create market failures that increase inequality.

Why Screwing Unions Screws the Entire Middle Class (MoJo)

Kevin Drum argues that the Democrats' split from organized labor in the 1960s and labor's subsequent loss of power helped to create the pro-business political climate we have today.

Kansas Revenues Will Fall $1 Billion Short of 2015 and 2016 Expenses, Fiscal Experts Say (Kansas City Star)

Following massive income tax cuts, Kansas faces severe shortages, and critics of the tax cuts worry the results will be cuts for schools, roads, and social services, writes Brad Cooper.

Inequality, Unbelievably, Gets Worse (NYT)

Steven Rattner points to new data from the Federal Reserve showing increased inequality. He emphasizes government transfer programs as a way to ease the problem.

Arkansas’s Blue Collar Social Conservatives Don’t Know What’s Coming (Daily Beast)

200,000 Akansans gained health insurance through a hybrid "private option," but Monica Potts writes that with newly elected officials focused on money over people, that could disappear.

The Real Winner of the Midterms: Wall Street (In These Times)

David Sirota ties Wall Street's funding of gubernatorial campaigns to its profits: many of these candidates support "pension reform" that will increase Wall Street's fees.

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Daily Digest - November 14: Strikes on Capitol Hill, the Post Office, and Walmart

Nov 13, 2014Rachel Goldfarb

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Take 5: CTU's Fight Against Risky Financial Deals, Ed Policy Under Rauner (Catalyst Chicago)

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Take 5: CTU's Fight Against Risky Financial Deals, Ed Policy Under Rauner (Catalyst Chicago)

Roosevelt Institute Fellow Saqib Bhatti criticizes the Chicago Public Schools for diving deeper into overly risky financial deals, which he says were misrepresented by the banks.

Capitol Workers Ask Obama for Pay 'More Like Costco and Less Like Walmart' (The Guardian)

Workers who serve meals in the Capitol's dining facilities went on strike Wednesday to protest their poverty-level wages, writes Jana Kasperkevic. This is the first strike of federally contracted workers to include Capitol workers.

Postal Workers to Address Service Cuts at National Rallies (AJAM)

Ned Resnikoff reports on the demonstrations planned for Friday by the American Postal Workers Union, which is protesting cuts that would eliminate jobs and lead to slower delivery.

Walmart Workers Stage Sit-In At California Store Ahead Of Black Friday (Buzzfeed)

Yesterday's first-of-it's-kind protest involved about 25 Walmart workers in Southern California, reports Claudia Koemer, who draws parallels to retail strikes of the 1930s.

The Number of Unemployed Exceeds the Number of Available Jobs Across All Sectors (Working Economics)

Elise Gould says that since unemployed workers outnumber job openings across all sectors, the problem in the labor market must be a broad lack of demand, not a skills gap.

Great News: Lots of Americans Just Quit Their Jobs (Vox)

Danielle Kurtzleben says the sharp increase in the quits rate in September is a sign of economic health, since people don't leave jobs without expecting to find another.

Why Women Should Get the Rest of the Year Off (The Nation)

Bryce Covert quips that since women make only 78 percent of what men make, it's time for women to take a vacation – not just from their jobs, but from the second shift at home as well.

New on Next New Deal

The UNC Coup and the Second Limit of Economic Liberalism

Roosevelt Institute Fellow Mike Konczal says the University of North Carolina's financial aid rules demonstrate how current liberal policy pits the middle class against the poor for access to goods and services.

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Daily Digest - November 13: When Government Intervention is the Best Remedy for a Health Crisis?

Nov 12, 2014Rachel Goldfarb

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Ebola and Inequality (Liberian Observer)

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Ebola and Inequality (Liberian Observer)

Roosevelt Institute Chief Economist Joseph Stiglitz says the Ebola crisis reveals the absolute need for a government role in health care. Drug companies aren't creating cures for diseases that primarily impact the poor.

Don't Forget the Kinda Unemployed (U.S. News & World Report)

Mike Cassidy points out the workers who are missed by the traditional unemployment rate: involuntary part-timers and marginally attached workers. While unemployment has improved, underemployment is still elevated.

Is Wage Stagnation Killing the Democratic Party? (Vox)

While Ezra Klein agrees that wage stagnation is a major issue today, he doesn't think it impacted the midterms as much as the difference between midterm and presidential year electorates.

VW to Allow Labor Groups to Represent Workers at Chattanooga Plant (NYT)

Steven Greenhouse reports on Volkswagen's new policy, which will create formal structures for groups representing at least 15 percent of plant workers to meet with company officials.

If Democrats Want to be the Party of the People, They Need to Go Full Populist (The Week)

It's time to reject neoliberal commitment to markets and convince the American people of the power of economic populism and income transfer programs, writes Ryan Cooper.

  • Roosevelt Take: Roosevelt Institute Senior Fellow Richard Kirsch points out that the populist narrative was key in Democratic midterm wins.

Did Obama Shoot Himself in the Foot on Net Neutrality? (MoJo)

Erika Eichelberger suggests that the president may have lost the fight on net neutrality back in 2013, by appointing a Federal Communication Commission chairman who is so friendly to the industry.

Study: Social Welfare Programs Help Fight Poverty in America (The Guardian)

Jana Kasperkevic looks at a new study showing just how important social safety net programs are in reducing poverty; without food stamps, another 8 million Americans would be in poverty.

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Daily Digest - November 12: Cyclical History for Public Service Careers

Nov 12, 2014Rachel Goldfarb

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Selling Fast (Boston Review)

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Selling Fast (Boston Review)

Roosevelt Institute Fellow Mike Konczal reviews three books, using the first, a history of the shift from commission-based public service to salaries, as background for the later two, on recent changes to policing and teaching.

Obama's Net Neutrality Statement Will Start a War on K Street (TNR)

John B. Judis quotes Roosevelt Institute Fellow Susan Crawford, who said the administration had avoided net neutrality for fear of "World War III," but apparently those fears are no more.

More Transparency, More Pay for C.E.O.s (NYT)

Andrew Ross Sorkin reports on a new study proving that compensation consultants, hired by companies to "benchmark" CEO pay to that of their peers, are used to justify higher pay.

  • Roosevelt Take: William Lazonick noted compensation consultants' role in skyrocketing executive pay in his recent white paper.

Voter Suppression Laws are Already Deciding Elections (WaPo)

Catherine Rampell looks at a few close races where the margin of victory lines up with the margin of disenfranchisement. Even if that changed outcomes, there's no real recourse available.

New on Next New Deal

News Flash: Progressives Have a Winning Economic Narrative -- and Democrats Who Used It Won

Roosevelt Institute Senior Fellow Richard Kirsch says Democrats need to focus on a message of an economy that will work for "all of us" in order to win elections.

Expand Registration Efforts on Campus to Increase Youth Turnout

Roosevelt Institute | Campus Network Senior Fellow for Education Megan Ernst looks at how a little-known provision requiring colleges to provide voter registration forms could improve youth turnout.

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