Pitchfork Economics with Nick Hanauer

What’s the next generation of access to credit? Why are home prices and rents so out-of-whack with each other? And how can we approach the discord between what liberals say they want for their community versus what housing and development policies they’ll actually support? Glenn Kelman, the CEO of real estate brokerage website Redfin, helps us examine the future of housing and the best ways that companies like his can contribute to solving the housing crisis. And if you’re wondering why this episode sounds so good, or why nobody mentions the pandemic… it’s because this conversation is from our archives of interviews that we recorded in-studio, just before the pandemic hit. But don’t let that discourage you—this is still just as relevant today as the day it was recorded. Enjoy! Glenn Kelman is the CEO of Redfin. Twitter: @glennkelman Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Is inflation bad? What’s the difference between a neoliberal and a conservative? If large corporations were held to higher labor standards than small employers, wouldn’t Walmart get all the talent? And more! Thanks to Mark from Nashville, David from Japan, Mike from Dallas-Fort Worth, Mary from Pennsylvania, Steve from Austin, and Pete from Boston, who left the great voicemails included in this episode! If you have any questions for a future AMA episode, leave us a voicemail at 731-388-9334. Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Workers at a Frito-Lay factory in Topeka, Kansas made national headlines when they went on strike to protest dismal labor conditions including forced overtime and 84-hour workweeks. (Frito-Lay's parent company, PepsiCo, made $10.5 billion in profit last year.) The strike ended after 19 days on July 26th, but it’s an important part of a national conversation about labor and corporate profits. Kansas state Representative Jason Probst joins the show to explain the details of the strike and how these insidious labor practices affect his state’s economy. Jason Probst serves in the Kansas House of Representatives. Twitter: @thatguyinhutch Substack: https://thatguyinhutch.substack.com/ Kansas Frito-Lay workers end strike: https://www.washingtonpost.com/business/2021/07/26/frito-lay-strike-topeka/ Striking information - what PepsiCo’s annual report tells us about the Frito Lay strike: https://thatguyinhutch.substack.com/p/striking-information The Backbreaking Work That Goes Into a Bag of Chips: https://nymag.com/intelligencer/2021/07/frito-lay-workers-on-their-strike.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Nick and Goldy answer your questions! If we had progressive taxation, would we still need means testing? Can we send ultra-rich people away to their own economy? What are the best economic indicators for the progressive economy? And more! Thanks to Lisa from Indianapolis, Rick from Baltimore, Jacob from Portland, Sean from Philadelphia, Linda from Seaside, and Frank from Georgia who left the great voicemails included in this episode! If you have any questions for a future AMA episode, leave us a voicemail at 731-388-9334. Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Can we create transformative climate outcomes by adopting new regulatory strategies? Financial regulation expert Sarah Bloom Raskin helps us explore what levers exist to steer fiscal and monetary policy toward lasting sustainability. Sarah Bloom Raskin is the former Deputy Secretary of the U.S. Department of the Treasury and a former Governor of the Federal Reserve Board. She served as the Commissioner of Financial Regulation for the State of Maryland from 2007 to 2010. She is currently a visiting professor and distinguished fellow at Duke Law School’s Global Financial Markets Center, and a member of President Biden’s Regenerative Crisis Response Committee, which recommends changes in fiscal, monetary, and financial regulatory policies that are likely to enable the U.S. to achieve net carbon neutrality before 2050. Twitter: @SBloomRaskin Learn more about the Regenerative Crisis Response Committee here: https://regenerativecrisisresponsecommittee.org/ Does environmental regulation kill or create jobs? https://policyintegrity.org/files/media/Jobs_and_Regulation_Factsheet.pdf Do regulations really kill jobs? https://www.theatlantic.com/business/archive/2017/01/regulations-jobs/513563/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Our friends at the Center for American Progress put on a great virtual event last week with Senator Sherrod Brown, discussing how the U.S. tax codes favors the wealthy and the tools Congress plans to use to rebalance the tax system. Twitter: @amprog You can watch video of the event here: https://www.americanprogress.org/events/2021/06/21/500822/billionaires-paying-no-taxes/ The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Contrary to fears that economic inclusion must come at the expense of economic growth, global management consulting firm McKinsey & Company's research and empirical evidence supports the idea that economic growth is at its best when it is most inclusive – but that equity needs to be embedded in systems from the start in order to be effective. What does ‘inclusion’ mean in the context of an economy that works for everyone? McKinsey's JP Julien explains how policymakers and companies can ensure that economic growth goes hand-in-hand with – and is enhanced by – reducing inequality. JP Julien is an Associate Partner at McKinsey & Company, where he serves US federal, state, and city governments on inclusive economic-development topics and supports private-, public-, and social-sector organizations in advancing racial equity. He is a leader of the McKinsey Institute for Black Economic Mobility, a global economic think tank focused on inclusive economic development and racial equity topics. Twitter: @McKinsey The case for inclusive growth: https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-case-for-inclusive-growth Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

It’s Nick and Goldy’s summer reading list! We want to know what you’re reading, too. Let us know on Instagram: @pitchforkeconomics. Remember to shop local and small when you can, or order from IndieBound or Bookshop.org—both of which support independent bookstores! All of these books are also likely available at your library. Every book mentioned in this episode: The WEIRDest People in the World: How the West Became Psychologically Peculiar and Particularly Prosperous by Joseph Henrich Escape from Rome: The Failure of Empire and the Road to Prosperity by Walter Scheidel The Tyranny of Merit: What’s Become of the Common Good? by Michael J. Sandel Success and Luck: Good Fortune and the Myth of Merit by Robert H. Frank The Black Swan and Fooled by Randomness by Nassim Nicholas Taleb Democracy, Race, and Justice: The Speeches and Writings of Sadie T. M. Alexander by Nina Banks Why Buddhism is True by Robert Wright Caste by Isabel Wilkerson His Truth Is Marching On: John Lewis and the Power of Hope by Jon Meacham The Sum of Us: What Racism Costs Everyone and How We Can Prosper Together by Heather McGhee 1491 by Charles C. Mann Nature’s God: The Heretical Origins of the American Republic by Matthew Stewart The Second World War by Winston Churchill Lafayette in the Somewhat United States by Sarah Vowell Debt by David Graeber Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Callum Williams from The Economist predicts what we can expect from the economy in the coming months based on past periods of massive non-financial disruption, including past pandemics and major world wars. Callum Williams is a senior economics writer at The Economist. Twitter: @econcallum What history tells you about post-pandemic booms: https://www.economist.com/finance-and-economics/2021/04/29/what-history-tells-you-about-post-pandemic-booms Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

You probably saw the news that Chipotle is raising its menu prices by 4 percent, and that leadership is blaming the price increase on the fact that they had to raise their starting pay to $15 per hour. It’s not at all surprising to see a large employer like Chipotle blame rising wages for everything, but what was disappointing was the media’s willingness to repeat Chipotle’s story without looking deeper into the numbers: namely, none of the stories covering the price increases mentioned that Chipotle gave its CEO a $24 million raise last year, and that the company is in the middle of enacting a $153 million stock buyback program to enrich a handful of shareholders. Around here, that type of trick will land you the title of Trickle-Down Clown! This week Goldy has a few choice words to say about Chipotle’s behavior, and then we thought it would be a good time to revisit our stock buybacks episode with Senator Cory Booker for an explanation of the pervasiveness and dangers of the practice. Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

We’re back to our favorite topic this week—TAX THE RICH! Beyond all the benefits that come from a well-funded social safety net, taxing the wealthy would lessen inequality, which would make most people—including the extravagantly wealthy—happier. Super-rich Danish entrepreneur Djaffar Shalchi shares the wisdom that Denmark understands: Inequality is bad for everyone. Djaffar Shalchi is an entrepreneur from Denmark and founder of Millionaires for Humanity, a network of wealthy people who advocate for raising taxes on wealthy people. He is also the founder and Executive Director of Move Humanity, a global initiative to mobilize at least one percent of the wealth of the world’s super-rich for the UN’s Sustainable Development Goals. Twitter: @djaffarshalchi OPINION: I’m a millionaire who wants to be taxed to pay for COVID-19: https://news.trust.org/item/20210329080742-gpnj6/ The American dream is now in Denmark: https://the.ink/p/the-american-dream-is-now-in-denmark Dear Mr. Deutsch: Come to “F***ing Denmark.”: https://medium.com/@humanact/dear-donny-deutsch-come-to-f-ing-denmark-ea6995bb684d Biden will seek tax increase on rich to fund child care and education: https://www.nytimes.com/2021/04/22/business/economy/biden-taxes.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Radical and rising economic inequality is no secret — and now, thanks to new research from the Economic Policy Institute, neither is its price tag nor its cause. There’s never been a study quite like this — one which places specific, real dollar amounts on every trickle-down policy American politicians have embraced. The study’s authors, Larry Mishel and Josh Bivens, explain how their work reveals that the massive upward redistribution of income our nation has suffered these past four decades can largely be attributed to policies intentionally designed to suppress the wages of American workers. Lawrence Mishel is a distinguished fellow at EPI after serving as president from 2002-2017. In the more than three decades he has been with EPI, Mishel has helped build it into the nation’s premier research organization focused on U.S. living standards and labor markets. Twitter: @LarryMishel Josh Bivens is the director of research at EPI. His areas of research include macroeconomics, fiscal and monetary policy, the economics of globalization, social insurance, and public investment. Twitter: @joshbivens_DC Middle-class pay lost pace. Is Washington to blame? https://www.nytimes.com/2021/05/13/business/economy/middle-class-pay.html Identifying the policy levers generating wage suppression and wage inequality: https://www.epi.org/unequalpower/publications/wage-suppression-inequality/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

You have no doubt seen the scary headlines warning of a “labor shortage” caused by the additional pandemic unemployment insurance payments. The coverage of this story is widespread, even though most economics reporters can find no credible evidence linking unemployment checks to a labor shortage. EPI economist Heidi Shierholz joins us to explain why UI and stimulus payments aren’t causing a “labor shortage”, and why the answer to this made-up problem is so clear: it’s the low wages, stupid. Heidi Shierholz is the Senior Economist and Director of Policy at the Economic Policy Institute. Twitter: @hshierholz Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Unemployment benefits are not creating a worker shortage: https://www.huffpost.com/entry/worker-shortage-unemployment-benefits_n_609056c3e4b09cce6c21a850 Is unemployment insurance behind the fast-food labor shortage? https://prospect.org/labor/is-unemployment-insurance-behind-fast-food-labor-shortage/ Restaurant labor shortages show little sign of going economywide: https://www.epi.org/blog/restaurant-labor-shortages-show-little-sign-of-going-economywide-policymakers-must-not-rein-in-stimulus-or-unemployment-benefits/ U.S. Labor Shortage? Unlikely. Here’s why: https://policydialogue.org/opinions/worker-shortages/ It’s not a ‘labor shortage’. It’s a great reassessment of work in America: https://www.washingtonpost.com/business/2021/05/07/jobs-report-labor-shortage-analysis/ The Myth of Labor Shortages: https://www.nytimes.com/2021/05/20/briefing/labor-shortages-covid-wages.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Non-compete clauses, and the lesser-known no-poach agreements between franchises, are shockingly common for low-wage workers. Although these contracts were originally intended to protect trade secrets among high-level executives, they have spiralled into an unfair labor practice that keeps wages low, limits employee mobility, and decreases competition. Washington state Attorney General Bob Ferguson explains how non-competes and no-poach agreements violate the law in many states, what his team did to get hundreds of huge employers across the country to cease and desist, and why you should tell your state’s Attorney General if you know of any low- or middle-income workers who are being forced into signing these agreements. Bob Ferguson is Washington State’s 18th Attorney General. As the state’s chief legal officer, Bob is committed to protecting the people of Washington against powerful interests that don’t play by the rules. Twitter: @BobFergusonAG Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Why aren’t paychecks growing? A burger-joint clause offers a clue: https://www.nytimes.com/2017/09/27/business/pay-growth-fast-food-hiring.html Workers in Washington state win big under new non-compete law: https://www.emeryreddy.com/2019/09/workers-in-washington-state-win-big-under-new-non-compete-law/ Attorney General Bob Ferguson stops King County coffee shop’s practice requiring baristas to sign unfair non-compete agreements: https://www.atg.wa.gov/news/news-releases/attorney-general-bob-ferguson-stops-king-county-coffee-shop-s-practice-requiring AG Report: Ferguson’s initiative ends no-poach practices nationally at 237 corporate franchise chains: https://www.atg.wa.gov/news/news-releases/ag-report-ferguson-s-initiative-ends-no-poach-practices-nationally-237-corporate Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

What do the internet and COVID vaccines have in common? Neither would be possible without the work of DARPA, a mission-focused federal agency responsible for funding research and development. Professor Mariana Mazzucato is with us this week to argue that our economy will be better off if more government agencies adopt DARPA’s mission-oriented approach. Mariana Mazzucato is a Professor in the Economics of Innovation and Public Value at University College London, where she is Founding Director of the UCL Institute for Innovation and Public Purpose. She is the author of three highly-acclaimed books: The Entrepreneurial State, The Value of Everything, and Mission Economy. Twitter: @MazzucatoM Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Mission Economy: https://marianamazzucato.com/books/mission-economy It’s 2023. Here’s how we fixed the global economy: https://time.com/collection/great-reset/5900739/fix-economy-by-2023/#new_tab DARPA’s early investment in COVID-19 antibody identification producing timely results: https://www.darpa.mil/news-events/2020-11-10 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Essayist Anusar Farooqui makes the case that we are witnessing the final break from neoliberalism in the United States. Anusar Farooqui writes on Substack as Policy Tensor. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics The Making of the Mother of All Economic Booms: https://policytensor.substack.com/p/the-making-of-the-mother-of-all-economic Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Can business leaders use their power and resources to make meaningful change? Should they? Ben Cohen and Jerry Greenfield, the founders behind iconic ice cream brand Ben & Jerry’s, help map the landscape between business and activism and introduce their new project, the Campaign to End Qualified Immunity. Ben Cohen and Jerry Greenfield are the co-founders of Ben & Jerry’s Ice Cream. Most recently, they are the leaders of the Campaign to End Qualified Immunity, a new police reform and criminal justice campaign. Ben’s twitter: @YoBenCohen Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics https://campaigntoendqualifiedimmunity.org/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

EPI economist Valerie Wilson joins us for a conversation about the economic costs of racism, and which policies could help further racial equality. Valerie Wilson is the Director of the Program on Race, Ethnicity, and the Economy at the Economic Policy Institute. Prior to joining EPI, she was an economist and vice president of research at the National Urban League Washington Bureau. Twitter: @ValerieRWilson Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Racism and the Economy: https://www.epi.org/blog/racism-and-the-economy-fed/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The latest monthly report from the Bureau of Labor Statistics showed massive gains in March—the strongest in seven months—indicating that economic growth is gaining speed. Economist Austan Goolsbee explains why he’s optimistic, what kind of numbers we need to keep seeing to realize a full recovery, and how the report proves that even though some think high unemployment insurance payments will disincentivize people from returning to work, a lack of jobs is actually what’s driving unemployment rates. Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business. He previously served as the Chairman of the Council of Economic Advisers and a member of President Obama’s Cabinet. Twitter: @Austan_Goolsbee Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Strong job growth in March as vaccine distribution expands and the American Rescue Plan ramps up: https://www.epi.org/blog/strong-job-growth-in-march-as-vaccine-distribution-expands-and-the-american-rescue-plan-ramps-up/ The soft underbelly to a looming economic boom: Millions will miss out: https://www.washingtonpost.com/business/2021/03/30/fed-inflation-bad-economy-low-wage/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The relationship between time, work, and freedom has always been a battleground in the American economy. Could our devotion to free-market fundamentalism in fact be making Americans less free? Author Mike Konczal joins the show to talk about positive versus negative freedom and the policies that would make us more free, in a real sense. Mike Konczal is the Director of Progressive Thought at the Roosevelt Institute. His latest book is Freedom from the Market: America’s Fight to Liberate Itself from the Grip of the Invisible Hand. Twitter: @rortybomb Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Freedom from the Market: https://bookshop.org/books/freedom-from-the-market-america-s-fight-to-liberate-itself-from-the-grip-of-the-invisible-hand/9781620975374 Time is the universal measure of freedom: http://bostonreview.net/class-inequality-law-justice/mike-konczal-time-universal-measure-freedom Our episode with Elizabeth Anderson: https://pitchforkeconomics.com/episode/coercion-in-the-workplace-with-elizabeth-anderson/ Our episode with Anu Partanen and Trevor Corson: https://pitchforkeconomics.com/episode/re-imagining-capitalism-with-anu-partanen-and-trevor-corson/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

On his podcast Yang Speaks, former Democratic presidential candidate Andrew Yang asks Nick about pervasive economic myths, the next big labor standards fight (the overtime threshold), and the early days of the Fight for $15. Plus, they debate whether a higher minimum wage or a universal basic income would be better for society. The episode from Yang Speaks: https://shows.cadence13.com/podcast/yang-speaks/episodes/f017e270-cc82-40ab-b4a2-6b90b1a564e0 Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

If you’re one of the many people who have asked us to take down the concepts in Atlas Shrugged, which argues that we’re a fundamentally selfish species, this episode is for you! If you’re not one of those people, well, this episode is ALSO for you! Evolutionary biologist David Sloan Wilson has infused the idea of prosociality (the desire to help others) into his new book, Atlas Hugged, and he joins us to explain why Atlas Hugged is a better predictor of how people act than Atlas Shrugged. David Sloan Wilson is an evolutionary biologist and SUNY Distinguished Professor of Biology and Anthropology at Binghamton University. His books include This View of Life: Completing the Darwinian Revolution and the recently published Atlas Hugged. Twitter: @David_S_Wilson Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Ayn Rand Meets Her Match: David Sloan Wilson Fights Fiction with Fiction: https://evonomics.com/rand-meets-david-sloan-wilson-atlas-hugged/ Get Atlas Hugged for free: https://atlashugged.world/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

When GameStop’s stock skyrocketed early this year, Wall Street was pissed. A group of Redditors had manipulated the stock market—and everyone knows only professional hedge fund managers are allowed to do that! We couldn’t ignore the market news that took the world by storm, so Nick and Goldy called up CA Congressman Ro Khanna to talk about what happened with GameStop, what it means for financial regulations, and what the government’s response signals about a changing tide in our country’s leadership. Congressman Ro Khanna is a Representative of California’s 17th District. Rep. Khanna sits on the House Committees on Agriculture, Armed Services, and Oversight and Reform. He is the Deputy Whip of the Congressional Progressive Caucus; serves as an Assistant Whip for the Democratic Caucus and is the Democratic Vice Chair of the House Caucus on India and Indian Americans. Twitter: @RoKhanna Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: A leading progressive Democrat slams Robinhood’s move to restrict trading on some stocks after Reddit-fueled surge: https://www.businessinsider.com/ro-khanna-slams-robinhood-trading-restriction-reddit-traders-amc-gamestop-2021-1 Lawmakers call for regulation after Robinhood halts trading: https://www.marketplace.org/shows/marketplace-tech/lawmakers-want-regulation-after-robinhood-halts-trading/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This weekend, the Senate passed the coronavirus relief bill—and the House is scheduled to debate the bill, and widely expected to pass it, on the day this episode is published (Tuesday, March 9th). While the Senate debated what would be the largest disaster-relief legislation in American history, moderate Democrats and ultra-conservative Republicans alike repeated one common criticism—that infusing so much money into the economy would cause inflation. Austan Goolsbee, past Chairman of the Council of Economic Advisers, explains why those fears are misplaced in this episode that will answer every question you’ve ever had about inflation, stimulus checks, and disaster relief. Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business. He previously served in Washington as the Chairman of the Council of Economic Advisers and a member of President Obama’s Cabinet. Twitter: @Austan_Goolsbee Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Biden and the Fed Leave 1970s Inflation Fears Behind: https://www.nytimes.com/2021/02/15/business/economy/biden-fed-inflation-covid.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Tackling existential threats to our future like climate change and economic inequality is a huge undertaking, and building the future is going to require massive public investment. Cornell Law Professor Saule Omarova calls for a National Investment Authority that would work inside private markets as a soup-to-nuts problem-solving operation. Saule Omarova is the Beth and Marc Goldberg Professor of Law at Cornell Law School. She specializes in financial sector regulation, banking law, international finance, and corporate finance. Twitter: @STOmarova Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Public Investment Reimagined: A National Investment Authority - https://prospect.org/economy/public-investment-reimagined-a-national-investment-authority/ Key benefits of a National Investment Authority: https://www.dataforprogress.org/a-national-investment-authority Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Over the last century, the velocity of money—the rate at which money changes hands through the economy—has declined. Today, money moves at one of the slowest rates on record, meaning every dollar today generates 70% less economic activity than a dollar did just ten years ago. That has big implications for our economy. Political economist Ann Pettifor joins Nick and Goldy to explain how the velocity of money is related to money creation, and why taxing the rich is ultimately pro-growth (it’s all related, we promise!). Ann Pettifor is a political economist, author, and public speaker, and the Director of PRIME (Policy Research in Macroeconomics). Her work focuses on the global financial system, sovereign debt restructuring, international finance, and sustainable development. She is the author of many books, including The Production of Money and The Case for the Green New Deal. Twitter: @AnnPettifor Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Want to expand the economy? Tax the rich! https://prospect.org/power/want-expand-economy-tax-rich/ A world awash in money: https://media.bain.com/Images/BAIN_REPORT_A_world_awash_in_money.pdf What does money velocity tell us about low inflation in the U.S.? https://www.stlouisfed.org/on-the-economy/2014/september/what-does-money-velocity-tell-us-about-low-inflation-in-the-us Vultures are circling our fragile economy… https://www.annpettifor.com/2020/06/vultures-are-circling-our-fragile-economy/ Decades of empirical research finds no inverse correlation between top tax rates and growth: https://archive.org/stream/R42111TaxRatesandEconomicGrowth-crs/R42111%20Tax%20Rates%20and%20Economic%20Growth_djvu.txt https://www.brookings.edu/wp-content/uploads/2016/06/09_Effects_Income_Tax_Changes_Economic_Growth_Gale_Samwick.pdf http://eprints.lse.ac.uk/107919/1/Hope_economic_consequences_of_major_tax_cuts_published.pdf https://www.washingtonpost.com/posteverything/wp/2016/04/20/a-graphical-assault-on-supply-side-tax-cuts/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The theory of marginal product of labor says that every worker is paid exactly what they’re worth—the value that their labor generates. Employers cite marginal productivity to legitimize paying the lowest wages possible, but that’s just another trickle-down scam. Economist Marshall Steinbaum and food labor expert Saru Jayaraman expose the lie of marginal productivity, and show how it’s been used to exploit workers for centuries. Marshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow of Higher Education Finance at the Jain Family Institute. He studies market power in labor markets and its policy implications. Twitter: @Econ_Marshall Saru Jayaraman is President of One Fair Wage and Director of the Food Labor Research Center at UC Berkeley. Twitter: @SaruJayaraman No, Productivity Does Not Explain Income: https://evonomics.com/no-productivity-does-not-explain-income/ ROC United Diners’ Guide App: https://rocunited.org/diners-guide/ Saru Jayaraman: How Restaurant Workers Are Inheriting a Legacy of Slavery in the U.S.: https://bioneers.org/saru-jayaraman-restaurant-workers-inheriting-legacy-slavery-u-s-ztvz1712/ Evidence and Analysis of Monopsony Power, Including But Not Limited To, In Labor Markets: https://www.ftc.gov/system/files/documents/public_comments/2018/08/ftc-2018-0054-d-0006-151013.pdf Antitrust and Labor Market Power: https://econfip.org/wp-content/uploads/2019/05/Antitrust-and-Labor-Market-Power.pdf Why Are Economists Giving Piketty the Cold Shoulder? http://bostonreview.net/class-inequality/marshall-steinbaum-why-are-economists-giving-piketty-cold-shoulder Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The big news in the minimum wage world this week is the brand new CBO report—which, among many benefits, also found that a $15 federal minimum wage would cost jobs, increase the deficit, and raise prices. How can that be, when most modern minimum wage studies suggest the opposite? Goldy and Paul explain how CBO arrived at their numbers. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: The CBO report: https://www.cbo.gov/system/files/2021-02/56975-Minimum-Wage.pdf General coverage and analysis - CBO report finds $15 minimum wage would cost jobs but lower poverty levels: https://www.washingtonpost.com/business/2021/02/08/minimum-wage-hike-15-an-hour-by-2025-would-result-14-million-unemployed-nonpartisan-congressional-budget-office-says/ CBO analysis confirms that a $15 minimum wage raises earnings of low-wage workers, reduces inequality, and has significant and direct fiscal effects: https://www.epi.org/blog/cbo-analysis-confirms-that-a-15-minimum-wage-raises-earnings-of-low-wage-workers-reduces-inequality-and-has-significant-and-direct-fiscal-effects-large-progressive-redistribution-of-income-caused/ Raising the federal minimum wage to $15 by 2024 would lift pay for nearly 40 million workers: https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2024-would-lift-pay-for-nearly-40-million-workers/ We still need stimulus: How the CBO’s new report captures the urgency of this moment: https://rooseveltinstitute.org/2021/02/01/still-need-stimulus-cbo-report-captures-urgency-of-moment/ Minimum wage and employment - Impacts of minimum wages: review of the international evidence: https://www.gov.uk/government/publications/impacts-of-minimum-wages-review-of-the-international-evidence The effect of minimum wage on low-wage jobs: https://academic.oup.com/qje/article/134/3/1405/5484905?login=true The new wave of local minimum wage policies: Evidence from six cities: https://irle.berkeley.edu/the-new-wave-of-local-minimum-wage-policies-evidence-from-six-cities/ They said Seattle’s higher base pay would hurt workers. Why did they flip? https://www.nytimes.com/2018/10/22/business/economy/seattle-minimum-wage-study.html Minimum wage shocks, employment flows, and labor market frictions: https://www.journals.uchicago.edu/doi/abs/10.1086/685449?journalCode=jole Myth or measurement: What does the new minimum wage research say about minimum wages and job loss in the United States? https://www.nber.org/papers/w28388 Minimum wage and prices - The impact of a city-level minimum wage policy on supermarket food prices by food quality metrics: A two-year follow up study: https://www.mdpi.com/1660-4601/16/1/102 Wages, minimum wages, and price pass-through: The case of McDonald’s Restaurants: https://dataspace.princeton.edu/bitstream/88435/dsp01sb397c318/4/646.pdf Minimum wage and the federal budget - Effects of a federal minimum wage increase to $15 by 2025 on the federal budget: https://irle.berkeley.edu/effect-of-a-federal-minimum-wage-increase-to-15-by-2025-on-the-federal-budget/ Raising the minimum wage would boost an economic recovery - and reduce taxpayer subsidization of low-wage work: https://www.americanprogress.org/issues/economy/news/2021/01/27/495163/raising-minimum-wage-boost-economic-recovery-reduce-taxpayer-subsidization-low-wage-work/ A $15 minimum wage would have significant and direct effects on the federal budget: https://www.epi.org/publication/a-15-minimum-wage-would-have-significant-and-direct-effects-on-the-federal-budget/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

You know the drill: Nick and Goldy answer your questions! Did we see ‘pitchforks’ at the Capitol insurrection? What should people who subscribe to the economic theories we talk about in this podcast call themselves? What are the smartest investments the average person can make for a stronger, more prosperous, more democratic America? And more! To ask Nick and Goldy a question for a future AMA, leave us a voicemail at (731) 388-9334. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics The Pitchforks are Coming… For Us Plutocrats: https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014 CORE Economics: https://www.core-econ.org/ Evonomics: https://evonomics.com/ Institute for New Economic Thinking: https://www.ineteconomics.org/ Rethinking Economics network: https://www.rethinkeconomics.org/ Raising the minimum wage leads to significant gains for workers, not to ‘benefits cliffs’: https://www.nelp.org/publication/raising-minimum-wage-leads-significant-gains-workers-not-benefits-cliffs/ Study finds increasing minimum wage does not cause loss of jobs: https://www.dailycal.org/2018/09/10/study-finds-increasing-minimum-wage-does-not-cause-loss-of-jobs/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Here’s another resource from the archive that will help you wade through the loud and often misleading coverage of the Raise the Wage Act. Not all minimum-wage studies are equal. Some of the most headline-grabbing negative reports on the effects of the minimum wage were commissioned and promoted by right-wing organizations looking to legitimize trickle-down policies that hurt workers. How can you spot studies that aren’t worth their salt? Economist Ben Zipperer joins Nick and Jasmin to reveal some of the tricks that economists pull, and to help us understand how some studies can conclude that raising wages will kill jobs—even though, as we know, the opposite is true. Ben Zipperer is an economist at the Economic Policy Institute. His areas of expertise include the minimum wage, inequality, and low-wage labor markets. He has published research in the Industrial and Labor Relations Review and has been quoted in outlets such as The New York Times, The Washington Post, Bloomberg, and the BBC. Twitter: @benzipperer, @EconomicPolicy Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Gradually raising the minimum wage to $15 would be good for workers, good for businesses, and good for the economy: https://www.epi.org/publication/minimum-wage-testimony-feb-2019/ Six reasons not to put too much weight on the new study of Seattle’s minimum wage: https://www.epi.org/blog/six-reasons-not-to-put-too-much-weight-on-the-new-study-of-seattles-minimum-wage/ Studies mentioned in the episode: New EPI study: The Effect of Minimum Wages on Low-Wage Jobs: Evidence from the United States Using a Bunching Estimator: https://www.nber.org/papers/w25434 Card and Krueger: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: http://davidcard.berkeley.edu/papers/njmin-aer.pdf University of Washington study - Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle: https://www.nber.org/papers/w23532 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Is the U.S. an oligarchy, or does it just have a bunch of super-rich people living in it? Is there a difference? Author Thom Hartmann joins Nick and Paul to explain the relationship between wealth and American political power and share some of the research that went into his latest book, ‘The Hidden History of American Oligarchy.’ Thom Hartmann is the #1 progressive radio talk show host in the US and a New York Times bestselling author. Twitter: @Thom_Hartmann Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics The Hidden History of American Oligarchy: https://bookshop.org/books/the-hidden-history-of-american-oligarchy-reclaiming-our-democracy-from-the-ruling-class/9781523091584 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

You may have noticed that the trickle-downers are out in full force again spouting bad ideas in response to the Raise the Wage Act, which will raise the federal minimum wage to $15/hour. To set the record straight, we’re reposting one of our first-ever episodes, from early 2019, that reveals what the research proves (no, raising the minimum wage doesn’t affect employment), and asks why changing public perception around the minimum wage has been so difficult. Eric Garcetti is the Mayor of LA, where he signed a $15 minimum wage ordinance into law in 2015. The late Alan Krueger was a leading labor economist best known for his work on the effects of the minimum wage. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Democrats used to win elections in rural areas, but that seems like a distant memory now. This week, Zach is joined by Bill Hogseth, a political organizer from rural Wisconsin, to talk about the difference between making promises and delivering change—and how Democrats can win rural America back again. Bill Hogseth is a political organizer from rural Wisconsin, where he works for the Wisconsin Farmers Union. He is the former Chair of the Dunn County Democrats. Twitter: @billhogseth Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Opinion: Why Democrats Keep Losing Rural Counties Like Mine: https://www.politico.com/news/magazine/2020/12/01/democrats-rural-vote-wisconsin-441458 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer Zach's twitter: @zachariahsilk

Celebrate the end of inauguration week with this compilation of fun soundbites from past guests who are now serving in the Biden Administration! Featuring: Jared Bernstein, from ‘What can a board game teach us about capitalism? https://pitchforkeconomics.com/episode/what-can-a-board-game-teach-us-about-capitalism/ Chris Lu, from ‘Whatever happened to overtime?’ https://pitchforkeconomics.com/episode/whatever-happened-to-overtime/ Felicia Wong, from ‘Why is getting out of poverty so hard?’ https://pitchforkeconomics.com/episode/why-is-getting-out-of-poverty-so-hard/ Lisa D. Cook, from ‘Economic Woman’: https://pitchforkeconomics.com/episode/economic-woman-with-katrine-marcal-lisa-d-cook-and-anna-gifty-opoku-agyeman/ Mehrsa Baradaran, from ‘The hidden costs of banking while poor’: https://pitchforkeconomics.com/episode/the-hidden-costs-of-banking-while-poor-with-mehrsa-baradaran-and-cate-blackford/ Ron Klain, from ‘Leadership failure made the U.S. pandemic worse’: https://pitchforkeconomics.com/episode/leadership-failure-made-the-u-s-pandemic-worse-with-ronald-klain/ Heather Boushey, from ‘Inequality and coronavirus’ and ‘Whatever happened to the middle class? https://pitchforkeconomics.com/episode/inequality-and-coronavirus-with-heather-boushey-and-michelle-holder/ https://pitchforkeconomics.com/episode/whatever-happened-to-the-middle-class/ Joelle Gamble, from ‘How Econ 101 upholds racist systems’: https://pitchforkeconomics.com/episode/how-econ-101-upholds-racist-systems-with-joelle-gamble/ Bharat Ramamurti, from ‘The case for a True New Deal’: https://pitchforkeconomics.com/episode/the-case-for-a-true-new-deal-with-bharat-ramamurti/ Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Idrees Kahloon from The Economist joins us for inauguration week to assess the daunting economic challenges that the Biden-Harris administration will face the second they take office. Idrees Kahloon is the Washington correspondent for The Economist. He covers US policy, poverty, and COVID-19 stimulus packages. Twitter: @imkahloon Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: President Joe Biden will face two extraordinary economic challenges: https://www.economist.com/leaders/2020/11/14/president-joe-biden-will-face-two-extraordinary-economic-challenges Joe Biden is taking office amid a poverty crisis: https://www.vox.com/future-perfect/21582005/joe-biden-poverty-covid Here’s a look at the economy Biden will inherit next month: https://www.nytimes.com/live/2020/12/17/us/joe-biden-trump#heres-a-look-at-the-economy-biden-will-inherit-next-month Joe Biden’s Four-Year Plan: https://prospect.org/day-one-agenda/joe-bidens-four-year-plan/ The three progressive policies voters seem to love: https://slate.com/business/2020/11/progressives-election-minimum-wage-marijuana-medicaid.amp Top charts of 2020: https://www.epi.org/publication/top-charts-of-2020-the-economic-fallout-of-covid-19/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

In a recent report, The Roosevelt Institute called for a new set of policies to mitigate the economic suffering caused by the pandemic. Taken all together, these policies are as sweeping as the New Deal was—but unlike the New Deal, they’re truly representative of America’s race, class, and gender diversity. Attorney Bharat Ramamurti, the incoming Deputy Director of the Biden administration’s National Economic Council and a co-author of the report, joins Nick and Goldy to make the case for a True New Deal. Bharat Ramamurti is the incoming Deputy Director of the National Economic Council. At the time of our interview, he was the managing director of the Corporate Power Program at the Roosevelt Institute and a member of the COVID-19 Congressional Oversight Commission. He was previously an economic advisor to Senator Elizabeth Warren. Twitter: @BharatRamamurti Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics A True New Deal: https://rooseveltinstitute.org/publications/true-new-deal-for-the-covid-19-era/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

No matter what some politicians may claim, there’s actually no such thing as ‘less regulation’ — there are only regulations that favor the powerful, and those that don’t. Stanford economist Anat Admati walks us through the deregulation of the banking industry and explains how she would overhaul financial regulations to make them work well for society, not just for the rich and powerful. Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author of ‘The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It’. Twitter: @anatadmati Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Making financial regulation work for society: https://www.ineteconomics.org/events/finance-society/agenda/making-financial-regulation-work-a-conversation-with-anat-admati-and-brooksley-born When she talks, banks shudder: https://www.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html Financial crises, corporate scandals and blind spots: who is responsible? https://blogs.lse.ac.uk/businessreview/2018/01/25/financial-crises-corporate-scandals-and-blind-spots-who-is-responsible/ The Bankers’ New Clothes: http://bankersnewclothes.com/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Trickle-down economics would have you believe that the rich are job creators. For decades we’ve been told that the more money the wealthy have to invest in creating jobs, the better the economy will be for everybody. This lie has had catastrophic effects: the top 0.1% of Americans now own more wealth than the bottom 90% of Americans combined. As debates rage among our leaders over stimulus bills and Americans battle their way through this economic crisis, the case for taxing the wealthy has never been as strong as it is now—so this week we’re re-surfacing this episode, originally published in 2019. Class traitor Abigail Disney and tax expert Chye-Ching Huang make the case for taxing the rich. And we highly recommend Abigail Disney’s podcast, All Ears: https://www.forkfilms.com/all-ears/ Abigail Disney is a documentary filmmaker, philanthropist, and social activist. She is the granddaughter of Roy Disney, the co-founder of the Walt Disney Company. Twitter: @abigaildisney Chye-Ching Huang is the Director of Federal Fiscal Policy at the Center on Budget Policy Priorities, where she focuses on the fiscal and economic effects of federal tax and budget policy. She rejoined the Center in 2011 after working as a Senior Lecturer at the University of Auckland, where she taught tax law and conducted research in tax law and policy. Twitter: @dashching @CenteronBudget Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The CARES Act delayed student loan payments as a form of stimulus, raising an important question: if forgiving student loan debt is good policy and broadly popular with Americans, should we just cancel student debt altogether? University of Wisconsin Madison Associate Professor Fenaba Addo, who researches debt and wealth inequality, helps us explore the merits and shortcomings of student debt cancellation. Fenaba Addo is the Lorna Jorgensen Wendt Associate Professor of Money, Relationships, and Equality at the University of Wisconsin Madison. Her research examines the role of debt and increasing wealth inequality over the past forty years within communities of color and among economically vulnerable populations in the U.S. Twitter: @FenabaAddo Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Six stupid arguments against forgiving student loan debt: https://prospect.org/day-one-agenda/six-stupid-arguments-against-forgiving-student-loan-debt/ The Racialization of the Student Debt Crisis: http://1xfsu31b52d33idlp13twtos-wpengine.netdna-ssl.com/wp-content/uploads/2020/11/Student-Debt_essay_individual.pdf I paid off all my student loans. I still support student loan forgiveness: https://www.vox.com/platform/amp/first-person/2019/5/2/18527036/biden-millennials-cancel-student-debt-forgiveness Forgiving student debt would boost economy, economists say: https://www.npr.org/2019/11/25/782070151/forgiving-student-debt-would-boost-economy Writing off student debt is one way biden can build black wealth: https://www.bloomberg.com/news/articles/2020-11-12/writing-off-student-debt-is-one-way-biden-can-build-black-wealth Student debt is hitting African Americans the hardest. These experts have a plan to fix it: https://www.washingtonpost.com/local/education/student-debt-is-hitting-african-americans-the-hardest-these-experts-have-a-plan-to-fix-it/2019/09/20/5f786e48-d0fb-11e9-b29b-a528dc82154a_story.html Constrained after College: Student Loans and Early Career Occupational Choices: https://www.nber.org/papers/w13117 Is student debt cancellation regressive? No. https://www.currentaffairs.org/2019/06/is-student-debt-cancellation-regressive-no Who owes all that student debt? And who’d benefit if it were forgiven? https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Six years after the beginning of the Fight for $15 movement, conventional wisdom is finally waking up to economic reality. How do we know? Because the New York Times recently published an editorial titled ‘Let’s Talk About Higher Wages’ calling on the incoming Biden administration to focus on higher wages for everyone. They couldn’t be more right on. Binyamin Appelbaum, the lead writer on business and economics for the Editorial Board, helps us understand the change in consensus on wages. Binyamin Appelbaum is the lead writer on business and economics for the Editorial Board of The New York Times. From 2010 to 2019, he was a Washington correspondent for the Times, covering economic policy. His book, ‘The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society’ is a Wall Street Journal Business Bestseller. Twitter: @BCAppelbaum Nick on Marketplace: https://www.marketplace.org/2020/12/08/new-rand-study-quantifies-cost-of-rising-us-inequality/ Binyamin has been a guest on our show before! Here’s our episode with him and George Monbiot, ‘How neoliberalism happened’, from October 2019: https://pitchforkeconomics.com/episode/how-neoliberalism-happened-with-george-monbiot-and-binyamin-appelbaum/ Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading/listening: Let’s talk about higher wages: https://www.nytimes.com/2020/11/28/opinion/wages-economic-growth.html Do higher wages kill jobs? (with Mayor Eric Garcetti and Alan Krueger): https://pitchforkeconomics.com/episode/do-higher-wages-kill-jobs/ The top 1% of Americans have taken $50 trillion from the bottom 90% - and that’s made the U.S. less secure: https://time.com/5888024/50-trillion-income-inequality-america/ And as promised by Annie and Ashley, you can find the last 100+ years of New York Times Editorial Board pieces on the minimum wage here: https://pitchforkeconomics.com/episode/why-conventional-wisdom-is-finally-pushing-for-higher-wages-with-binyamin-appelbaum Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Neoliberal economics says free trade is always good, and its followers try to lower trade barriers without discretion. Freedom is an essential ingredient for successful international trade—but that doesn’t mean all trade should be unregulated. Competition law expert Michelle Meagher joins Goldy to debunk common competition myths and talk about strategies to hold powerful monopolies accountable. Michelle Meagher is a Senior Policy Fellow at the University College London Centre for Law, Economics, and Society, and co-founder of the Inclusive Competition Forum, a think tank focused on democratizing corporate power and the enforcement of competition law. Twitter: @MichMeagher Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Competition is Killing Us: https://uk.bookshop.org/books/competition-is-killing-us-how-big-business-is-harming-our-society-and-planet-and-what-to-do-about-it/9780241423011 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

“Conservative economics” in the U.S. has become synonymous with libertarian principles. But that’s not what American conservatism was originally about. Oren Cass, the executive director of a new think tank called American Compass, is on a mission to restore conservative economics to its roots in family, community, and industry—and he joins Nick and Goldy to find common ground. Oren Cass is the executive director of American Compass, whose mission is to restore an economic orthodoxy that emphasizes the importance of faith, community, and industry to the nation’s liberty and prosperity. He is the author of ‘The Once and Future Worker: A Vision for the Renewal of Work in America’. Twitter: @oren_cass Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Workers of the World: https://americancompass.org/essays/workers-of-the-world/ The elite needs to give up its GDP fetish: https://www.nytimes.com/2020/08/27/opinion/us-gdp-coronavirus.html Oren Cass on the future of economics and society: https://www.manhattan-institute.org/economics-after-partisanship-markets-society Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

We’re continuing to celebrate our 100th episode this week with another compilation — the best of the benevolent dictator question. What would you do to fix the world’s most intractable problems if you had no restraints? Our guests from over the last two years weigh in. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

It’s our 100th episode! To celebrate, we pulled together some of our favorite answers to the question we love to ask our guests: Why do you do this work? Plus, Nick answers the question too. We’re thankful this week for the thoughts shared by these inspiring people, and for YOU — thanks for listening to the show. We’re excited for the next 100. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Right now, 26.3 million workers are either on unemployment or waiting to be approved for unemployment benefits. But for many of these jobless workers, the clock is running out on their eligibility to receive unemployment — and with no stimulus bill in sight, we could be entering a grim new phase of this recession. What will happen to the economy when unemployment insurance runs out? What will happen to the people who rely on those benefits? Economist Ioana Marinescu helps Nick and Goldy understand what the near-future of unemployment benefits looks like in the U.S. Ioana Marinescu is an assistant professor at the University of Pennsylvania School of Social Policy & Practice, and a Faculty Research Fellow at the National Bureau of Economic Research. She studies the labor market to craft policies that can enhance employment, productivity, and economic security. Twitter: @mioana Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Emergency unemployment programs will expire at year’s end, putting millions at risk: https://www.nytimes.com/2020/11/11/business/emergency-unemployment-programs-will-expire-at-years-end-putting-millions-at-risk.html Policy Basics: How many weeks of unemployment compensation are available?: https://www.cbpp.org/research/economy/policy-basics-how-many-weeks-of-unemployment-compensation-are-available 30 weeks into the COVID-19 pandemic and workers desperately need stimulus: https://www.epi.org/blog/30-weeks-in-to-the-covid-19-pandemic-and-workers-desperately-need-stimulus/ Unemployment insurance and job search behavior: http://www.marinescu.eu/publication/marinescu-unemployment-2020/ You can’t afford to live anywhere in the United States solely on unemployment insurance: https://www.americanprogress.org/issues/economy/news/2020/09/10/490265/cant-afford-live-anywhere-united-states-solely-unemployment-insurance/ With millions of people out of work, the Senate’s inaction is not only cruel, it’s bad economics: https://www.epi.org/blog/with-millions-of-people-out-of-work-the-senates-inaction-is-not-only-cruel-its-bad-economics/ Scraping by on benefits and part-time work, but a cutoff looms at year’s end: https://www.nytimes.com/2020/10/29/business/scraping-by-on-benefits-and-part-time-work-but-a-cutoff-looms-at-years-end.html How America gave up on fighting the pandemic and saving the economy: https://www.vox.com/21523204/coronavirus-unemployment-stimulus-economy 8 million have slipped into poverty since May as federal aid has dried up: https://www.nytimes.com/2020/10/15/us/politics/federal-aid-poverty-levels.html Pelosi sends letter to Secretary Mnuchin on areas still awaiting responses from White House: https://www.speaker.gov/newsroom/102920 Slowdown in jobs added means we could be years away from a full recovery: https://www.epi.org/press/slowdown-in-jobs-added-means-we-could-be-years-away-from-a-full-recovery/ Exclusive: America’s true unemployment rate: https://www.axios.com/americas-true-unemployment-rate-6e34decb-c274-4feb-a4af-ffac8cf5840d.html Young workers hit hard by the Covid-19 economy: https://www.epi.org/publication/young-workers-covid-recession/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

In the first major staffing announcement of his incoming administration, President-elect Biden named Ron Klain, Obama’s ebola czar, as his chief of staff. We had a great conversation with Klain back in April, in which he argued that leadership failure and government unpreparedness made the pandemic much worse in the U.S. Now’s a great time to refresh yourself on this episode if you’re wondering how the Biden-Harris administration will respond to the coronavirus and approach wide-spread economic recovery. Ronald Klain is a lawyer who served as the White House Ebola response coordinator for President Obama. He has held a wide variety of legal and policy positions in government, including his service as chief of staff to VPs Biden and Gore, chief of staff to the attorney general, associate counsel to the president, and chief counsel to the Senate Judiciary Committee. After serving as an advisor to the Biden 2020 campaign, he was named chief of staff for the incoming Biden administration. Twitter: @RonaldKlain Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Confronting the Pandemic Threat: https://democracyjournal.org/magazine/40/confronting-the-pandemic-threat/ Biden Names Ron Klain as White House Chief of Staff: https://www.nytimes.com/2020/11/11/us/politics/ron-klain-biden.html We’re past ‘if’ on the coronavirus. We’re on to ‘how bad will it be?’: https://www.washingtonpost.com/opinions/the-coronavirus-has-landed-in-the-us-heres-how-we-can-reduce-the-risk/2020/01/22/afebe9ee-3d53-11ea-baca-eb7ace0a3455_story.html Trump says US has coronavirus ‘completely under control’ as Washington state confirms first case outside of Asia: https://www.independent.co.uk/news/world/americas/trump-coronavirus-china-wuhan-disease-outbreak-airport-screening-travel-a9296926.html Obama’s ebola czar on what strong federal response looks like: https://www.wired.com/story/ebola-czar-ron-klain-federal-coronavirus-response/ The huge cost of waiting to contain the pandemic: https://www.nytimes.com/2020/04/14/opinion/covid-social-distancing.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This September, New Jersey Governor Phil Murphy enacted a budget deal with his legislature that increased state taxes on incomes over $1 million. As the country’s second-richest state, this is a big win for progressive taxation. Governor Murphy explains what the tax revenue will go to, how it won’t hurt businesses or cause wealthy people to leave the state, and why it’s the right thing to do in the midst of a national economic crisis . Phil Murphy is the Governor of New Jersey. He was the U.S. Ambassador to Germany from 2009 to 2013. Twitter: @PhilMurphyNJ and @GovMurphy Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Deal reached in N.J. for ‘Millionaires Tax’ to address fiscal crisis: https://www.nytimes.com/2020/09/17/nyregion/nj-millionaires-tax.html Why these millionaires are staying put despite a new tax on them: https://www.nytimes.com/2020/10/02/your-money/wealthy-millionaires-tax-states.html Who pays? A distributional analysis of the tax systems in all 50 states: https://itep.sfo2.digitaloceanspaces.com/whopays-ITEP-2018.pdf Do millionaires migrate when taxes are raised? https://inequality.stanford.edu/sites/default/files/media/_media/pdf/pathways/summer_2014/Pathways_Summer_2014_YoungVarner.pdf N.J. will borrow $4.5 billion as pandemic pain hits states: https://www.nytimes.com/2020/09/24/nyregion/new-jersey-coronavirus-budget.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

When are we going to know the results of this election? What can we do about voter suppression? And are Democrats finally giving up on trickle-down economics? Zach and political strategist Cristina Uribe answer these questions and more as they discuss what this election means for our economy and the health of our democracy. It’s not too late to vote! If you’re unsure how, go to vote.org. And if you already voted by mail, track your ballot and make sure it was accepted! Cristina Uribe is a veteran political strategist and manager working at the intersection of advocacy and politics. She has held senior management roles at several organizations, including California Director of the Ballot Initiative Strategy Center (BISC), Senior Advisor for Strategic Initiatives at the National Education Association (NEA), and Western Regional Director at EMILY’s List. She has led campaigns and civic engagement efforts in dozens of states across the country. Twitter: @curibeca Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This strange Halloween, we bring to you the harrowing tale of two young trick-or-treaters who dare to stop at James Buchanan’s house. To learn more about the real-life horrors of Buchanan, read Jane Mayer’s ‘Dark Money’ — the spooky real-life story of the right-wing trickle-down machine. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The real looting in America is the looting of the wages and savings of the bottom 90% by the wealthiest 1%. And although it’s not in the news nearly as much as other types of looting recently, our rigged economic system causes far more harm to our society. Former Secretary of Labor Robert Reich joins Nick and Jessyn to explain who rigged the system, and what it will take to stop the real looting. To contact your elected leaders about the transfer of $50 trillion over the past 45 years from working Americans to the top 1%, text RAND to 67076 or go to www.civicaction.com/rand. Robert Reich is Chancellor’s Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center. He served as Secretary of Labor in the Clinton administration, for which Time Magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. He has written 18 books, the latest of which is “THE SYSTEM: Who Rigged It, and How To Fix It.” He is a founding editor of the American Prospect magazine, founder of Inequality Media, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentaries “Inequality for All” and “Saving Capitalism,” both now streaming on Netflix. Twitter: @RBReich Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Protesters criticized for looting businesses without forming private equity firms first: https://www.theonion.com/protestors-criticized-for-looting-businesses-without-fo-1843735351 Banks gave richest clients ‘concierge treatment’ for pandemic aid: https://www.nytimes.com/2020/04/22/business/sba-loans-ppp-coronavirus.html Who is really “looting” America? https://www.refinery29.com/en-us/2020/06/9852642/billionaires-rich-looting-america-tax-law-money The top 1% have taken $50 trillion from the bottom 90%, and that’s made the U.S. less secure: https://time.com/5888024/50-trillion-income-inequality-america/ The golden age of white collar crime: https://www.huffpost.com/highline/article/white-collar-crime/ Some companies seeking bailouts had piles of cash, then spent it: https://www.nytimes.com/2020/04/24/business/coronavirus-bailouts-buybacks-cash.html U.S. billionaires got $845 billion richer since the start of the pandemic: https://www.fastcompany.com/90551712/u-s-billionaires-got-845-billion-richer-since-the-start-of-the-pandemic The rich really do pay lower taxes than you: https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html What is private equity, and why is it killing everything you love? https://www.vox.com/the-goods/2020/1/6/21024740/private-equity-taylor-swift-toys-r-us-elizabeth-warren When Wall Street is your landlord: https://www.theatlantic.com/technology/archive/2019/02/single-family-landlords-wall-street/582394/ Many companies pay nothing in taxes. The public has a right to know how they pull it off: https://www.washingtonpost.com/opinions/2020/10/22/many-companies-pay-nothing-taxes-public-has-right-know-how-they-pull-it-off/ Purdue Pharma admits to crimes for its OxyContin marketing. But no one is going to prison: https://www.vox.com/2020/10/21/21526868/purdue-pharma-oxycontin-opioid-epidemic-department-of-justice Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer