Tim Price

Deputy Editor

Recent Posts by Tim Price

  • Daily Digest - August 28: The Marchers Change, But the March Continues

    Aug 28, 2013Tim Price

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    The link between civil and economic rights (WaPo)

    Click here to receive the Daily Digest via e-mail.

    The link between civil and economic rights (WaPo)

    Fifty years after the March on Washington for Jobs and Freedom, Harold Meyerson argues that the struggle for economic justice continues with striking fast food workers and their demands for better pay. With any luck, we won't have the same sense of deja vu when 2063 rolls around.

    The Great Lesson from the Great Recession (Fiscal Times)

    Mark Thoma writes that automatic stabilizers and the Federal Reserve's rescue efforts helped prevent another Great Depression, but to get the economy back on track, Congress needs to be willing to spend a lot more money instead of actively poking holes in the safety net.

    Back to School with Budget Cuts Thanks to Sequestration (Think Progress)

    Bryce Covert notes that every public school district in the U.S. will feel the pinch from sequestration this school year thanks to an across-the-board 5 percent cut to Department of Education programs, which will mean less support for both students and teachers.

    New Census Numbers Show Recession's Effect on Families (NYT)

    Sam Roberts writes that an analysis shows more Americans going it alone rather than starting a family in this economy, while existing families have experienced more poverty, joblessness, and divorce. But some families are also being kept together by their kids' inability to move out.

    The debt ceiling: Is Boehner just blustering? (MSNBC)

    Suzy Khimm argues that despite the debt ceiling once again looming over us, the GOP's threats to hold the economy hostage don't carry as much weight this time around, since they've already proved they'll strike a deal when needed and aren't quite sure what their demands are.

    Here's where middle-class jobs are vanishing the fastest (WaPo)

    Brad Plumer highlights two graphs that demonstrate the polarization of the labor market, with high-paying jobs, low-paying jobs, and an empty space in the middle where all the teachers and construction workers used to be before the steady erosion of unions and the minimum wage.

    FHFA Said to Seek $6 Billion Minimum in JPMorgan Talks (Bloomberg)

    Dawn Kopecki reports that JPMorgan may pay a hefty sum to settle civil claims that the bank, along with WaMu and Bear Stearns, which it acquired in 2008, sold low-quality mortgage bonds to Fannie and Freddie. But it's no worse than a bad day at the office for the London Whale.

    Bank CEO Admits to Using Bailout Money to Buy a Luxury Condo in Florida (Business Insider)

    Missouri bank CEO Darryl Layne Woods used more than $381,000 of TARP funds to buy himself a vacation home. Some may call it a blatant misuse of taxpayers' money, but he would have remembered their sacrifice every time he looked out over that waterfront view.

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  • Daily Digest - July 26: The Trouble with Summers's Silence

    Jul 26, 2013Tim Price

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    Should Obama pick Larry Summers to head the Fed? (Politico)

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    Should Obama pick Larry Summers to head the Fed? (Politico)

    Roosevelt Institute Fellow Mike Konczal writes that while Ben Bernanke led the Fed through a crisis, his successor will need to build consensus and establish the central bank's new normal. That's a problem given that Summers hasn't said a word about the biggest debates he'll have to settle.

    Even as economy rebounds, income inequality festers (MoneyWatch)

    Charles Wilbanks notes that most American remain deeply dissatisfied with an economy in which workers at the bottom see their wages fall while those at the top are making money hand over fist. And to add insult to injury, taxpayers are forced to subsidize their bosses' raises.

    The day the right lost the economic argument (Salon)

    Michael Lind argues that President Obama's Knox College speech offered a strong and broadly appealing summary of progressive economic theory focused on manufacturing, innovation, infrastructure, and education, while the House Republicans' alternative plan offered nothing in particular.

    Some Democrats Look to Push Party Away from Center (NYT)

    Jonathan Martin writes that as Democrats contemplate their future post-Obama, many are advocating for a populist approach to economic policy, financial reform, and rising inequality rather than the murky middle ground that the party's leaders have settled for since the '90s.

    White House hardens stance on budget cuts ahead of showdown with Republicans (WaPo)

    Zachary Goldfarb and Paul Kane report that the Obama administration may force a government shutdown come September if Republicans in Congress refuse to undo sequestration and continue to demand deeper cuts to a budget they've already carved to the bone.

    Congress to Fed: End Too-Big-to-Fail Already! (MoJo)

    Erika Eichelberger notes that Dodd-Frank requires the Fed to implement rules to scale back its emergency lending powers, but three years since the law was passed, the central bank still just says it's working on it. Things like this don't happen overnight. Or even over 1,095 nights.

    Why 17 liberal senators voted against the student loan "deal" (MSNBC)

    Suzy Khimm writes that while the Senate finally passed legislation to address the doubling of federal student loan interest rates, progressives weren't willing to swallow a compromise that lowered students' rates now while guaranteeing they'll have to pay even more in the future.

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  • Daily Digest - June 28: Crossing the Border to a Better Economy

    Jun 28, 2013Tim Price

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    Will Immigration Reform Work for the U.S. Economy? (HuffPo)

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    Will Immigration Reform Work for the U.S. Economy? (HuffPo)

    Roosevelt Institute Fellow Annette Bernhardt and Haeyoung Yoon argue that comprehensive immigration reform is not only the right thing to do, but a road to citizenship, worker protections, and smart integration of future immigrants would also provide huge economic benefits.

    Cyprus Fiasco Could Undermine the Euro Zone (INET)

    Roosevelt Institute Senior Fellow Rob Johnson writes that the "bail-in" that rescued Cyprus proved the euro zone nations still suffer from a fear of commitment, and it showed depositors across Europe that when their countries are in trouble, so are their bank accounts.

    The Supreme Court: Corporate America's Employees of the Month (Businessweek)

    Most Americans might have mixed feelings about the Supreme Court after recent rulings that gutted voting rights but advanced gay rights, but Paul Barrett notes that when it comes to cases that involve corporate liability, the good news for CEOs just keeps on coming.

    Mandatory Federal Cuts Hurt Private Sector, Too (NYT)

    Catherine Rampell reports that the $85 billion gouged out of the economy by sequestration has led to tough times for private sector companies that rely on federal funds, ranging from military suppliers to custodial services. Maybe Congress will fix it once the plumbing goes.

    Time is running out before student loan rates double (MSNBC)

    Suzy Khimm writes that the July 1 deadline for Congress to act on Stafford loans is just around the corner, but even though the House, Senate, and White House all agree the interest rates shouldn't spike, none of them can agree on a plan to keep that from happening.

    Forced to Work Sick? That's Fine With Disney, Red Lobster, and Their Friends at ALEC (MoJo)

    Stephanie Mencimer points out that the U.S. is one of the few industrialized nations that doesn't provide mandatory paid sick leave, and notorious corporate front group ALEC is pushing state-level laws to ensure that your ailing co-workers keep coughing all over you.

    The Expendables: How the Temps Who Power Corporate Giants Are Getting Crushed (ProPublica)

    Michael Grabell writes that the June jobs report showed that the U.S. economy includes more temp workers than ever before, but while the work they're doing may be temporary, the poverty and bad working conditions they experience have proved to be anything but.

    When Fed Transparency Fails, Go Zen (NYT)

    Jared Bernstein argues that since the Federal Reserve's attempts at clearer communications have led confused investors to overreact and left Ben Bernanke tongue-tied over what it is he actually plans to do, this may be a case where less is more.

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  • Daily Digest - May 20: Why the Internet Moves at the Speed of Indifference

    May 20, 2013Tim Price

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    Telecom's Big Players Hold Back the Future (NYT)

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    Telecom's Big Players Hold Back the Future (NYT)

    David Carr profiles Roosevelt Institute Fellow Susan Crawford and explores her crusade against the telecom monopolies that offer high fees instead of high speeds. Every time you wait for a video to buffer, you're experiencing the magic of the market at work.

    Sheila Bair: Dodd-Frank really did end taxpayer bailouts (WaPo)

    Roosevelt Institute Fellow Mike Konczal talks to the former director of the FDIC about why skeptics are wrong to doubt the agency's commitment to winding down failed banks and why it's important to raise leverage requirements so it doesn't have to prove it.

    Obama Urged to Make Economy a Bigger, Bolder Topic (AP)

    Jim Kuhnhenn reports that with the CBO projecting a lower deficit and the GOP scrounging for scandals in the couch cushions, Obama advisers and critics are asking the president to change the conversation by laying out a real second-term economic agenda.

    The 1 Percent Are Only Half the Problem (NYT)

    Timothy Noah argues that while runaway wealth at the top contributes to rising inequality in the U.S., there's also the growing educational divide and resulting skills-based gap. But if the left and right discuss both problems, they risk an agreement breaking out.

    Boom or Bubble? (New Yorker)

    James Surowiecki has good news (1) and bad news (2) for analysts who think stock prices are overinflated because GDP isn't keeping up with corporate profits: (1) corporate profits are only barely connected to the real American economy these days, and (2) see (1).

    Global Capital and the Nation State (Robert Reich)

    Reich notes that big corporations are hiding their money from tax collectors while extorting sweetheart deals from national and local governments, but right-wing nationalist parties are convincing more and more voters that cooperation is the new exploitation.

    Food Stamps Get Licked by Cuts (Prospect)

    Monica Potts writes that the House and Senate farm bills would make food stamp funding less generous and kick millions off the rolls even as more Americans are going hungry. In other words, let them eat cake, just as long as they're paying for it out of pocket.

    This Week in Poverty: Fighting Poverty Through Wall Street Accountability (The Nation)

    Organizer and activist Stephen Lerner tells Greg Kaufmann that one of the challenges in fighting poverty is that there are so many different root causes, but one advantage of focusing on Wall Street is that behind most of these big problems there's a big bank.

    Note: After three years writing the Daily Digest, I'll be handing the reins to Rachel Goldfarb, a talented new addition to the Roosevelt Institute communications team, starting tomorrow. While I will continue to provide editorial oversight and support, I'm confident Rachel will make the Digest her own and ensure that it remains a fresh and engaging resource for progressive economics news and analysis over the next three years and beyond. Thanks for reading!

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  • Daily Digest - May 17: It's Gatsby's World, They're Just Working In It

    May 17, 2013Tim Price

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    Gatsby and the McJobs Rebellion (KC Star)

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    Gatsby and the McJobs Rebellion (KC Star)

    Roosevelt Institute Fellow Dorian Warren notes that the new adaptation of The Great Gatsby is timed nicely with fast food and retail workers' push for fairer wages. The story of unbridled greed keeps being retold, but this time they plan to write their own ending.

    Millennials reject 'lazy, entitled' label: 'Who are they talking about?' (Today)

    Roosevelt Institute | Pipeline Fellow Nona Willis Aronowitz writes that while pundits sneer at Millennials, members of the generation that came of age during the Great Recession are too busy working to improve the bad hand they've been dealt to have time for haters.

    84 Percent of NYC Fast Food Workers Report Wage Theft in a New Survey (The Nation)

    Josh Eidelson highlights a new report that finds many fast food restaurants are pulling a fast one on their workers, who are forced to work without pay or denied breaks and overtime. Even the Hamburglar himself would never have stooped to this kind of petty thievery.

    That's a 'Depression': Europe's Double-Dip Is Officially Longer Than Its Great Recession (The Atlantic)

    Matthew O'Brien notes that GDP data prove Europe's response to the recession has been worse than the recession itself, but polls still show widespread support for the euro and austerity, so the continent may just have an unusually large population of masochists.

    Surprise! Inflation is too low almost everywhere on earth (WaPo)

    Neil Irwin writes that in contrast to inflationistas' repeated warnings that quantitative easing would lead to a grim, dark future in which there is only Bitcoin, none of the leading central banks have even been able to hit the 2 percent inflation rate they were aiming for.

    Foreclosure Crisis Cost U.S. $192.6 Billion in Lost Wealth Last Year, Study Finds (HuffPo)

    Jillian Berman writes that even as the housing market rebounds, millions continue to lose their homes or struggle in vain to save them, with minority borrowers hit particularly hard. Is there no "moral hazard" in leaving enough people underwater to re-settle Atlantis?

    The real IRS scandal: Targeting by class (Salon)

    David Dayen points out that unfairly scrutinizing one group over another isn't new behavior for the IRS. That's why the working poor get audited while big corporations get away with just about anything as long as they employ a sufficiently intimidating number of lawyers.

    Billionaires Unchained (TomDispatch)

    Andy Kroll argues that you can't measure the impact of money in politics by simply chalking up big donors' wins and losses and calculating the score. The point is that something's off when one person can spend more in one election than most voters will ever make.

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