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Singapore's Lessons for an Unequal America (NYT)

Roosevelt Institute Chief Economist Joseph Stiglitz writes that despite a growing class divide in the U.S., other comparable nations have demonstrated that it's possible to combine social equity with strong economic growth. The key seems to be that you have to try.

In Cyprus, Europe Sets a New Standard for Stupidity (Bloomberg)

Clive Crook tries to decipher the logic behind the European Union's decision to work toward a unified banking system only to turn around and prove that it can't be trusted to insure anyone's bank deposits without taking the liberty of making its own withdrawals.

Lesson of JPMorgan's Whale Trade: Nothing Was Learned (ProPublica)

Jesse Eisinger argues that the Senate report on JPMorgan's London Whale fiasco and the subsequent cover-up shows that bankers are still up to the same old tricks that led to the financial crisis, and regulators are still happy to play the magician's assistant.

Progressives' budget merits a closer look (WaPo)

Katrina vanden Heuvel writes that the Congressional Progressive Caucus's budget, which contains ideas with strong popular support that could actually help the economy, deserves more media attention than a new edition of Paul Ryan's plan to avenge the makers.

Republicans Redefine "Left-Wing" as "Not Balancing the Budget Fast Enough" (Slate)

Dave Weigel notes that as part of the GOP's ongoing effort to message its way out of nonsensical policy positions, it's now claiming that proposing a budget with a slightly higher debt-to-GDP ratio is the start of a slippery slope toward seizing the means of production.

The economic plan to rob grandma's bread basket (Guardian)

Helaine Olen argues that switching Social Security to chained CPI would hurt retirees in general, who can't exactly shop around for a cheaper generic for hip surgery, and older women in particular, who'd be forced to go on a low-carb, low-everything-else-too diet.

This Week in Poverty: SEIU Hospital Workers Strike for Affordable Healthcare (The Nation)

Greg Kaufmann highlights a strike by 700 hospital workers in Washington whose own health insurance has become so expensive that they can no longer afford care, which is kind of like working as a cook or a waiter in a restaurant while suffering from starvation.

Forty Years Behind on Sick-Leave Policy, But Catching Up (Prospect)

Sharon Lerner notes that there's mounting pressure for the U.S. to join most of the rest of the world by guaranteeing paid sick time, but the idea still faces powerful opposition, like business owners who must enjoy having employees cough on their lunch.

If Pope Francis raises his voice on behalf of the poor, he could deal the final blow to austerity economics.

“Now faith is the substance of things hoped for, the evidence of things not seen.” That’s a quote from the New Testament, but it’s easy to imagine many in Europe expressing the same sentiment today, and I don’t just mean the crowd that gathered outside St. Peter’s Basilica last week to watch the newly elected Pope Francis make his first address. It applies just as much to austerity advocates throughout the European Union who continue to assure themselves that economic growth and recovery will come if they just keep cutting deeper. As Pope Francis leads the Church into a new era, he may also be able to help bring the age of austerity to a close.

The man formerly known as Cardinal Jorge Bergoglio has a lot of hopes pinned on him, not the least of which is that he’ll serve as an advocate for the poor and an opponent of the economic policies that are afflicting them. The left has been let down on this front before; Pope Benedict XVI spoke of the “scandal of glaring inequalities" and condemned “unregulated financial capitalism,” but most progressives wouldn’t exactly consider him a staunch ally given his rejection of just about everything else they believe in. Already, critics have highlighted Pope Francis’s condemnation of gay rights and rumored collaboration with Argentine’s dictatorship, and as Mother Jones’s Eric Kain writes, “If the cardinals had elected a pro-choice pope, that would have been real news.”

But there are reasons to believe progressive optimism about Pope Francis isn’t totally misplaced. E.J. Dionne notes that he’s “the first pope to take the name of the saint known for his devotion to humility and to the poor.” He’s also the first pope from Latin America, which brings a new perspective to the Vatican and suggests that he’s “likely to weigh in often on behalf of the world’s poorest regions.” And to top it all off, he’s a Jesuit, which even among Catholics makes him the equivalent of that guy from college who made you feel bad by telling you he spent his summer volunteering with Habitat for Humanity while you were busy doing tequila shots. (There are also anecdotes about the modest life he chose to lead, but that feels uncomfortably close to saying Scott Brown would make a good senator because he drove a truck.)

Still, even if the new pope does emerge as a progressive voice on these issues, some might be tempted (no pun or theological implications intended) to dismiss his influence on economic policy. Regardless of whether you believe he’s really infallible, he’s still just one man (albeit one with a whole lot of employees), and the architects of austerity won’t be swayed by the power of prayer alone. But even they may be starting to question their beliefs – with their citizens protesting in the streets and voting them out of office, they don’t have much choice. The Associated Press reports that European leaders “aren't backing away aggressively from budget cuts and higher taxes, but they are increasingly trying to temper these policies, which have stifled growth and made it harder for many countries to bring their deficits under control.” A strong and sustained condemnation from the Holy See would make their position even more tenuous, even if the Church’s power in Europe is greatly diminished from what it once was. It might even give pause to austerity sympathizers on this side of the Atlantic, like former altar boy Paul Ryan. Okay, maybe we can’t expect miracles.

In Europe, the U.S., and throughout the world, people are losing faith in their leaders. Policies that attempt to prop up the status quo of a broken financial system while ignoring and even exacerbating real human suffering have made us feel cynical, isolated, and angry. Pope Francis has been called on to lead the Catholic Church, but he has an opportunity to provide some much needed guidance to people of all faiths or none. The message that will make that possible is not a sectarian one, but a universal one. We are our brothers’ and sisters’ keepers, and caring for those in need, not supporting the rich and powerful, has to be the top priority of a healthy, sustainable society. In our holy texts and our constitutions, we’ve made that promise. Now it’s time to keep the faith.

Tim Price is Deputy Editor of Next New Deal. Follow him on Twitter @txprice.

Pope Francis image via Shutterstock.com.

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Paul Ryan vs. the Middle Class (Bloomberg)

Josh Barro writes that no matter how much soul-searching Republicans do, they won't win over the American people if they keep pushing an economic agenda that would ruin their lives -- especially not if the only rationale for doing so is "because Republicans."

The 2 Most Magical Numbers in Paul Ryan's Magical Budget (The Atlantic)

Derek Thompson notes that Ryan's the kind of visionary who won't compromise just because his goals seem politically and mathematically impossible, whether it's sequestering discretionary spending twice or achieving a revenue-neutral $6.7 trillion revenue cut.

The Press Has Turned on Paul Ryan (TNR)

Paul Ryan achieved his wonderboy status with the help of a press corps that fawned over his supposed wonkiness, but Noam Scheiber writes that they've fallen out of love now that they see he's just like all the other guys who only want them for their headlines.

After the Flimflam (NYT)

Paul Krugman notes that while Ryan is taking his snake oil salesman routine back on the road, the Senate Democrats and the Congressional Progressive Caucus have put forward two new alternative budget plans that are actually serious and not just "Serious."

Liberals to Dem leaders: Don't even think about touching Social Security benefits (WaPo)

Speaking of the Congressional Progressive Caucus, Greg Sargent writes that they're not pleased that both Nancy Pelosi and Harry Reid seem to be open to Chained CPI as part of a Grand Bargain. In exchange for what, exactly? Taxes? A first-round draft pick?

Younger Generations Lag Parents in Wealth-Building (NYT)

Annie Lowrey writes that retirement insecurity isn't just for retirees anymore. With younger workers earning little now and unable to save, they're worried they may wind up with nothing but burning stacks of student loan bills to keep them warm in their old age.

Senate investigation finds JP Morgan hid mistakes as trade losses grew (Guardian)

Heidi Moore reports that investigators say JP Morgan's attempts to cover up the London Whale fiasco were pretty much that scene in a sitcom where it looks like someone's cleaned up the apartment until a mountain of junk comes spilling out of the closet.

Hidden Numbers Make Big Banks Even Bigger (NYT)

Floyd Norris notes that as the "too big to fail" debate heats up, it's hard to tell how big banks actually are because so many of their assets are kept off the books -- even with the fool-proof requirement that they disclose how much stuff they're not disclosing.

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Above the law (WaPo)

Katrina vanden Heuvel argues that the combo of drone warfare and "too big to fail" contradicts the idea of the U.S. as a nation of laws, creating a system in which ordinary citizens may be blown up by remote control but criminal bankers are untouchable.

Ryan the Redistributionist (Robert Reich)

Reich notes that while the GOP claims Paul Ryan's budget aims to free the middle class from the financial burden President Obama has imposed on them, that's just to distract them while Ryan reaches into their pockets and collects their tributes to the rich.

What Paul Ryan's Budget Means for Women (The Nation)

NND Editor Bryce Covert writes that the latest version of the Ryan budget doesn't let up on the policies voters in general and women in particular rejected in the last election, and his cuts to the safety net and domestic spending show the rejection is mutual.

We Need a Shadow CBO (Harper's)

Roosevelt Institute Senior Fellow Jeff Madrick highlights a study that shows our long-term debt problem isn't as bad as the CBO's alarmist projections, and the need for an alternative source for predictions about the real world rather than the "neutral" one.

The Millennial Generation Can Lead Us Out of Gridlock (Time)

Eric Liu argues that while the rising Millennial generation has big goals and expectations for what an active government can achieve, its instinct is to go around or over the obstacles it faces rather than hurling itself face-first into them like current policymakers.

Budget war showcases sharp contrast in values and priorities (WaPo)

Greg Sargent notes that Senate Democrats, led by Patty Murray, will unveil their plan to replace the sequester with $100 billion in new stimulus spending today, which sounds like a pie in the face compared to the proposals of Very Serious Man Paul Ryan.

Blessings of Low Taxes Remain Unproved (NYT)

Eduardo Porter writes that despite the GOP's long-held belief that "lower thy tax rates" is the 11th commandment, most recently enshrined in the Ryan budget, three decades of experimentation have yet to produce the economic miracles they prophesied.

Research ties economic inequality to gap in life expectancy (WaPo)

Michael Fletcher compares life expectancy in two neighboring but economically disparate counties in Florida to show that when policymakers say we need to account for the fact that Americans are living longer than ever, there's a silent "rich" in there.