Over ten years ago, activists and civic leaders ignited the Fight for $15, a movement that was once seen as radical—even Forbes labeled Nick's support for a $15 minimum wage as “near-insane.” Today, the movement's achievements are undeniable: Higher wages for millions of workers, increased union membership, reducing the racial wealth gap, and now raising the federal minimum wage to $15/ hr is one of the central issues in the 2024 presidential campaign, with two-thirds of voters in support. We thought it would be a good time to revisit this episode from 2023, where Yannet Lathrop and Dr. T. William Lester discuss their report from the National Economic Law Project examining the legacy of the movement and all it has accomplished over the last decade.  This episode originally aired on January 24, 2023. Yannet Lathrop is a Senior Researcher and Policy Analyst for the National Employment Law Project. Dr. T. William Lester is Professor and Acting Chair of Urban and Regional Planning at San José State University and Research Professor at UNC Chapel Hill. Twitter: @NELPnews Further reading: Ten-Year Legacy of the Fight for $15 and a Union Movement  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon, @NickHanauer, @civicaction Instagram: @pitchforkeconomics Threads: pitchforkeconomics YouTube: @pitchforkeconomics Substack: The Pitch

Martin Wolf, chief economics commentator at the Financial Times, joins Nick and Goldy to discuss his new book, "The Crisis of Democratic Capitalism." They explore the important-yet-fragile connection between capitalism and democracy, particularly in the context of rising inequality and political instability. Wolf articulates how the perceived success of democratic capitalism has begun to falter under the onslaught of economic policies favoring the wealthy and eroding the middle class. Ultimately, Wolf advocates for stronger social safety nets to ensure that democratic systems, as well as working and middle-class families, can thrive in an era dominated by economic upheaval. Martin Wolf is the chief economics commentator at the Financial Times, known for his incisive analyses and authoritative perspectives on global economics and policy. With a distinguished career spanning several decades, Wolf has shaped public discourse on economic matters through his insightful columns and books. His latest book, "The Crisis of Democratic Capitalism," details how and why the marriage between democracy and capitalism is coming undone and what can be done to reverse this terrifying dynamic. Twitter: @martinwolf_ Further reading: The Crisis of Democratic Capitalism Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon, @NickHanauer, @civicaction Instagram: @pitchforkeconomics Threads: pitchforkeconomics YouTube: @pitchforkeconomics Substack: The Pitch

This week, Nick and Goldy are joined by political scientist Brian Judge, author of "Democracy in Default: Finance and the Rise of Neoliberalism in America." They delve into the historical roots of our current democratic crisis, exploring the role of liberalism in depoliticizing distributive conflicts and paving the way for the rise of neoliberalism. Judge sheds light on the impact of neoliberal ideologies on American policymaking and how liberalism's attempts to manage distributive conflict through the market have shaped our economic and political landscape—which gave leaders the opportunity to use the economic slowdown of the 1970s to install neoliberal policies that enriched the wealthy few for decades.  Brian Judge is an author and policy fellow at the Center for Human-Compatible Artificial Intelligence and the Berkeley Roundtable on the International Economy at the University of California, Berkeley. He is recognized for his recently published book, "Democracy in Default: Finance and the Rise of Neoliberalism in America," which delves into the intricate relationship between finance and politics in shaping the neoliberal economic landscape in the United States Twitter: @realbrianjudge Further reading:  Democracy in Default: Finance and the Rise of Neoliberalism in America Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

President Biden recently announced his plan for student loan forgiveness. It’s a policy that helps build the economy from the middle out by erasing some of the 1.7 trillion dollars in debt that’s holding Americans back. Economist Marshall Steinbaum, who has spent most of his career researching student debt, explains why this forgiveness plan is a great start—and why Biden can, and should, do more. Marshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow in Higher Education Finance at Jain Family Institute. Twitter: @Econ_Marshall The Student Debt Crisis is a Crisis of Non-Repayment https://www.phenomenalworld.org/analysis/crisis-of-non-repayment A Middle-Out Education https://civicventures.substack.com/p/a-middle-out-education  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Millions of Americans are being kept out of the workforce due to the lingering effects of Covid, resulting in billions of dollars in lost wages and productivity. How is this affecting our economy? Returning guest Katie Bach shares the findings from her new report which outlines just how severe the labor market effects of long Covid have become. Kathryn Bach is a Nonresident Senior Fellow at the Brookings Institute and the CBO of &pizza. Twitter: @kathrynsbach New data shows long Covid is keeping as many as 4 million people out of work https://www.brookings.edu/research/new-data-shows-long-covid-is-keeping-as-many-as-4-million-people-out-of-work Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

If you're a salaried worker, chances are you're no longer eligible for the overtime pay that you would have received 40 years ago. A robust federal overtime standard used to serve as a kind of minimum wage for the middle class, providing both a valuable source of extra income and a shield of protection for the 40-hour workweek. When he interviewed workers around the country, Journalist Marcus Baram learned firsthand why we must raise the overtime threshold and restore overtime protections for American workers.  Marcus Baram is a journalist and author who has written for The New Yorker, The WSJ, Capital & Main, and more Twitter: @mbaram (Full disclosure: Civic Ventures is a partial funder of Capital & Main's inequality reporting project.) Who Killed Overtime Pay? https://capitalandmain.com/latest-news/the-50-100-pay-gap/who-killed-overtime-pay-the-50-100-pay-gap  America Gave Up on Overtime https://time.com/6168310/overtime-pay-history Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The Inflation Reduction Act may be smaller than the original Build Back Better plan, but it still represents a huge leap forward in middle-out economic thinking. The IRA addresses out-of-control healthcare costs, it helps build a fairer tax code, and it combats the climate crisis. It’s a huge win for the Biden administration and, more importantly, for the middle class. Economist Rose Khattar breaks down the many benefits of the IRA on our first episode back from summer break. Rose Khattar is the Associate Director of Economic Analysis at the Center for American Progress.  Twitter: @rose_khattar Top 11 Benefits of the Inflation Reduction Act https://www.americanprogress.org/article/top-11-benefits-of-the-inflation-reduction-act I Helped Coin the Phrase “Middle-Out Economics”, Biden is Making It a Reality https://newrepublic.com/article/167506/biden-middle-out-economics  How the Inflation Reduction Act could help normal Americans fight rising costs https://www.businessinsider.com/democratic-budget-bill-inflation-reduction-act-could-fight-intrest-rates-2022-8 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

One of the central theories of classical economics is that markets respond quickly and efficiently to changes in demand. But the supply chain disruptions that left store shelves empty for much of the pandemic demonstrate that the markets aren’t the efficient adapters that classic economists believe them to be. Nobel laureate economist Joseph Stiglitz explains why the tendency to believe in the market is one of the most deeply rooted trickle-down myths, and why government intervention is the best way to respond to economic downturns. This episode was originally released in May 2020. Joseph Stiglitz is a Nobel laureate economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. Twitter: @JosephEStiglitz People, Power, and Profits: Progressive Capitalism for an Age of Discontent: https://www.indiebound.org/book/9781324004219 Four Priorities for Pandemic Relief Efforts: https://rooseveltinstitute.org/four-priorities-for-covid19-pandemic-relief-efforts/ Why Our Affluent Society Is Facing Shortages in the Face of the Coronavirus Pandemic: https://time.com/5811505/affluent-society-shortages-coronavirus-pandemic Deficit Lessons for the Pandemic From the 2008 Crisis: https://prospect.org/economy/deficit-lessons-pandemic-2008-crisis/ How the Economy Will Look After the Coronavirus Pandemic: https://foreignpolicy.com/2020/04/15/how-the-economy-will-look-after-the-coronavirus-pandemic/ Top economist: US coronavirus response is like ‘third world’ country: https://www.theguardian.com/business/2020/apr/22/top-economist-us-coronavirus-response-like-third-world-country-joseph-stiglitz-donald-trump Website: https://pitchforkeconomics.com  Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

What became known as “essential work” during the pandemic was really just forced labor, according to labor market economist Suresh Naidu. He shares employers' secret tricks for manipulating the labor market and explains how powerless most workers have become as a result. This episode was originally released in September 2020. Suresh Naidu is a professor of economics and international and public affairs at Columbia University as well as a fellow at the Roosevelt Institute, external faculty at the Santa Fe Institute, and a research fellow at the National Bureau of Economic Research. Twitter: @snaidunl ‘Essential’ workers are just forced laborers: https://www.washingtonpost.com/outlook/2020/05/21/essential-workers-pay-wages-safety-unemployment  Website: https://pitchforkeconomics.com  Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Did you know that since 1975 a staggering $50 trillion has been diverted from the paychecks of working Americans to the pockets of the wealthiest 1%? That shocking number was discovered in a groundbreaking study done by the RAND Corporation that finally put a price tag on the massive inequality we’ve seen in America over the last 40 years. This episode was originally released in September 2020. Carter C. Price is a senior mathematician at the RAND Corporation. Twitter: @CarterCPrice 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/ “We were shocked”: RAND study uncovers massive income shift to the top 1%: https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1 Website: https://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

These days "conservative economics" can mean anything from strict libertarianism to formless Trumpism. But what were the foundations of American conservatism? According to Oren Cass, the executive director of a think tank called American Compass, the answer is simple: family, community, and industry. He shares his mission to reclaim American conservatism and joins Nick and Goldy in a search for some common ground. This episode was originally released in December 2020. 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 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: https://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 explains that our economy would be better off if more government agencies adopted DARPA’s mission-oriented approach. This episode was originally released in May 2021. You can find the show notes and transcript for that episode here. 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 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 DARPA’s early investment in COVID-19 antibody identification producing timely results: https://www.darpa.mil/news-events/2020-11-10 Website: https://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick's twitter: @NickHanauer

While most Americans know that our tax system advantages wealthy white families, not as many people realize how much it also actively disadvantages Black families. Tax law professor Dorothy Brown breaks down how racial inequality is built into U.S. tax policy and how we can try to fix it. This episode was originally released in November 2021. Dorothy A. Brown is professor of law at Emory University School of Law. She is a nationally recognized scholar in tax policy, race, and class and has published extensively on the racial implications of federal tax policy. She is the author of The Whiteness of Wealth: How the Tax System Impoverishes Black Americans — And How We Can Fix It. Twitter: @DorothyABrown The Whiteness of Wealth: https://bookshop.org/books/the-whiteness-of-wealth-how-the-tax-system-impoverishes-black-americans-and-how-we-can-fix-it/9780525577324 Black families pay significantly higher property taxes than white families, new analysis shows: https://www.washingtonpost.com/business/2020/07/02/black-property-tax/ Website: https://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

After decades of slow and cautious movement, the Federal Trade Commission has suddenly kicked into overdrive. You’ve likely seen headlines about the FTC challenging corporate mergers and monopolies, loosening Big Tech’s chokehold on our digital lives, and fighting power imbalances that favor big corporations over American consumers. Elizabeth Wilkins, former Chief of Staff and Director of the Office of Policy and Planning at the FTC, joins Nick and Goldy to give a status update on the FTC's renewed focus on competition and broader antitrust enforcement, and to explain how the historical evolution of the agency has led to a lack of regulation and oversight in maintaining fair competition and consumer protection.  Elizabeth Wilkins is an expert in consumer protection and competition policy and a newly minted Senior Fellow at the American Economic Liberties Project. Previously, she was the Chief of Staff to the Chair and Director of the Office of Policy and Planning at the Federal Trade Commission. Before joining the FTC, Wilkins served as Senior Advisor to White House Chief of Staff Ron Klain.  Twitter: @ewwilkins Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

What are the ethical limits of the market? How do we shift the balances of power back towards workers? What does true freedom really look like? Nick and Goldy explore these questions and more in a fascinating conversation with Philosophy Professor, Elizabeth Anderson. This episode was originally released in September 2020. Elizabeth Anderson is the Arthur F. Thurnau Professor and John Dewey Distinguished University Professor of Philosophy and Women’s Studies at the University of Michigan. She is the author of Private Government: How Employers Rule Our Lives (and Why We Don’t Talk About It), and a recipient of the 2019 MacArthur Fellowship. Private Government: https://press.princeton.edu/books/hardcover/9780691176512/private-government The philosopher redefining equality: https://www.newyorker.com/magazine/2019/01/07/the-philosopher-redefining-equality Website: https://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Business leaders can use their power and resources to make meaningful change, but should they? Ben Cohen and Jerry Greenfield, the founders of iconic ice cream brand Ben & Jerry’s, have navigated the landscape between business and activism since the 1970’s. They share their thoughts and experiences as well as their latest mission: ending qualified immunity.  This episode was originally recorded and released in April 2021. Ben Cohen and Jerry Greenfield are the co-founders of Ben & Jerry’s Ice Cream. They’re also leaders of the Campaign to End Qualified Immunity, a police reform and criminal justice campaign. Ben’s twitter: @YoBenCohen https://campaigntoendqualifiedimmunity.org Website: https://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Nick and Goldy answer more of your questions! What’s the deal with cryptocurrency? How are people still saying that inflation was caused by the stimulus? Is capitalism better than market socialism? Plus some summer reading recommendations and an important podcast announcement. If you have questions for a future AMA episode, leave us a voicemail at 731-388-9334. Why This Computer Scientist Says All Cryptocurrency Should “Die in a Fire” https://www.currentaffairs.org/2022/05/why-this-computer-scientist-says-all-cryptocurrency-should-die-in-a-fire  Consumers deserve an inflation rebate (with Congressman Ro Khanna) https://pitchforkeconomics.com/episode/consumers-deserve-an-inflation-rebate-with-congressman-ro-khanna/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Chile has a proud tradition of protests, but the unrest of 2019 was different. More than a million people took to the streets to protest their nation’s vast inequality. The uprising made international news, unseated a neoliberal dictatorship, and led to the election of a new president—but did it also create lasting change? Chilean historian Marcelo Casals catches us up on the latest developments in Chile’s battle against neoliberalism. Marcelo Casals is an independent scholar based in Santiago. He holds a PhD in Latin American history from the University of Wisconsin-Madison, and recently wrote an article for Dissent Magazine titled, ‘The End of Neoliberalism in Chile?’ Twitter: @Palquelea The End of Neoliberalism in Chile? https://www.dissentmagazine.org/online_articles/the-end-of-neoliberalism-in-chile  Gabriel Boric: From student protest leader to Chile’s president: https://www.bbc.com/news/world-latin-america-59694056 ‘Chile Woke Up’: Dictatorship’s Legacy of Inequality Triggers Mass Protests: https://www.nytimes.com/2019/11/03/world/americas/chile-protests.html  The texture piece is from 2019 and is courtesy of Gustavo de la Piedra, a listener from Santiago, Chile. The news clips are sourced from the news station France 24.  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Millions of Americans lost their jobs because of the pandemic. While men have returned to their pre-pandemic level of employment, a million women are still missing from the workforce. Without access to paid maternity leave and affordable child care, women are choosing to stay home – or being forced to. It’s time for a more inclusive economic recovery. Reshma Saujani, the Founder of Girls Who Code and the Marshall Plan for Moms, has a plan to get us there. Reshma Saujani is the founder of Girls Who Code and the Marshall Plan for Moms. She’s also an author of several books, her latest is called Pay Up: The Future of Women and Work (and Why It's Different Than You Think) Twitter: @reshmasaujani McKinsey - Meeting the challenge of moms’ ‘double double shift’ at home and work: https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/future-of-america/meeting-the-challenge-of-moms-double-double-shift-at-home-and-work  The Business Case for Child Care: https://marshallplanformoms.com/childcare-report/  Marshall Plan for Moms https://marshallplanformoms.com  Pay Up https://www.simonandschuster.com/books/Pay-Up/Reshma-Saujani/9781982191573  House Resolution 121 https://www.congress.gov/bill/117th-congress/house-resolution/121   Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

What can the history of human progress teach us about modern inequality? In his new book, ‘The Journey of Humanity: The Origins of Wealth and Inequality,’ economist Oded Galor explores that question, as well as why human progress was stagnant for so much of history, if growth is still possible without ruining the planet, and what this all means for our future.  Oded Galor is a Professor of Economics at Brown University and the founding thinker behind Unified Growth Theory. He’s also the author of The Journey of Humanity: The Origins of Wealth and Inequality. Twitter: @GalorOded The Journey of Humanity https://www.penguinrandomhouse.com/books/679024/the-journey-of-humanity-by-oded-galor/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

When it comes to crafting economic policy, cost-effectiveness, efficiency, choice, and competition have reigned supreme among policymakers for decades. Sociologist Elizabeth Popp Berman says that this style of economic reasoning—prioritizing efficiency above all else—makes good ideas seem like bad policy. She walks us through how that short-sighted style of thinking took hold in DC and explains when policymakers are right to lean on purely economic thinking—and when they should reject it in favor of prioritizing more fundamental values.  Elizabeth Popp Berman is a sociologist at the University of Michigan and the author of “Thinking Like an Economist: How Efficiency Replaced Equality in U.S. Public Policy”.  Twitter: @epopppp Economics: Looking Back to Move Forward https://democracyjournal.org/magazine/64/economics-looking-back-to-move-forward  Thinking Like an Economist: How Efficiency Replaced Equality in U.S. Public Policy https://press.princeton.edu/books/hardcover/9780691167381/thinking-like-an-economist  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Reducing inequality is not only possible, but it’s actually happening all across the globe. Faiza Shaheen, the Inequality Program Lead at NYU, has been researching the conditions and policies that can lower inequality for years. She shares which countries have successfully done so, and speculates about whether the United States has a shot at joining them. Dr. Faiza Shaheen is the Program Head for the Inequality and Exclusion Grand Challenge of the Pathfinders for Peaceful, Just and Inclusive Societies. Twitter: @faizashaheen Solutions to inequality https://medium.com/sdg16plus/solutions-to-inequality-962306388018  From Rhetoric to Action: Delivering Equality & Inclusion https://www.sdg16.plus/delivering-equality-and-inclusion  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

john a. powell, the Director of the Othering & Belonging Institute, explains why the concept of belonging is so important for a healthy community and why inclusion is the key to a thriving economy.  john a. powell is the Director of the Othering & Belonging Institute at the University of California, Berkeley. Twitter: @profjohnapowell Targeted universalism: a solution for inequality? https://www.cbs8.com/article/news/local/california/targeted-universalism/509-2127090b-7f50-4a91-91e7-04c47acf3309  Othering & Belonging Institute https://belonging.berkeley.edu/john-powell  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Gas prices have reached record highs in the United States. Is inflation actually to blame, or is it the greed of Big Oil, which is enjoying record profits? Congressman Ro Khanna walks us through his proposal for a Big Oil Windfall Profits Tax, which he says will help curb profiteering while reducing gas prices.  Congressman Ro Khanna represents California’s 17th Congressional District. He’s the author of Dignity in a Digital Age: Making Tech Work for All of Us. Twitter: @RoKhanna  Big Oil Windfall Profits Tax would protect consumers from giant oil companies taking advantage of world events to jack up prices https://khanna.house.gov/media/press-releases/release-gasoline-prices-sky-high-khanna-whitehouse-announce-curb-big-oil Dignity in a Digital Age https://www.simonandschuster.com/books/Dignity-in-a-Digital-Age/Ro-Khanna/9781982163341 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This week, Nick and Goldy are joined by Pulitzer Prize-winning columnist David Leonhardt to discuss his latest book, Ours Was the Shining Future: The Story of the American Dream. They discuss the relationship between academic economics and the forces that sought to dismantle the mid-century consensus that promoted shared economic growth in the post-World War II era. Leonhardt shares anecdotes from his extensive research, highlighting what lessons from the past could guide us toward a more equitable future. David Leonhardt is a Pulitzer Prize-winning journalist and columnist for The New York Times, where he writes its flagship newsletter, “The Morning.” He has also been the newspaper’s Washington bureau chief, an op-ed columnist, a staff writer for The New York Times Magazine, and the founding editor of “The Upshot.” Twitter: @DLeonhardt Further reading:  Ours Was the Shining Future: The Story of the American Dream New York Times: Why Are Republican Presidents So Bad for the Economy? The Great Exception: The New Deal and the Limits of American Politics Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The Biden Administration’s 2023 budget proposal includes a Billionaire Minimum Income Tax and a rewrite of stock buyback practices. Will these changes actually take effect? If so, will they do enough to curb runaway corporate power? Niko Lusiani from the Roosevelt Institute breaks down what’s inside Biden’s budget. Niko Lusiani is the Director of Corporate Power at the Roosevelt Institute.  Twitter: @NikoLusiani Budget of the U.S. Government https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf  Roosevelt Institute Responds to Billionaire Minimum Income Tax Proposal in Biden Administration FY 2023 Budget https://rooseveltinstitute.org/2022/03/28/statement-roosevelt-institute-responds-to-billionaire-minimum-income-tax-proposal/  Starbucks Halts Stock Buybacks as Schultz Returns https://www.usnews.com/news/business/articles/2022-04-04/starbucks-halts-stock-buybacks-as-schultz-pivots-to-workers#:~:text=Starbucks%20announced%20late%20last%20year,the%20company%20announced%20in%202018 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The idea behind private equity firms—to buy failing companies and turn them around for a profit—is not inherently bad. So why is private equity such a major driver of economic inequality? Jim Baker, the Executive Director for the Private Equity Stakeholder Project, explains these Wall Street pirates’ risky business practices and shows how workers are paying the price.  Jim Baker is the Executive Director for the Private Equity Stakeholder Project  Twitter: @PEstakeholder Pirate Equity: How Wall Street Firms are Pillaging American Retail https://pestakeholder.org/wp-content/uploads/2019/08/Pirate-Equity-How-Wall-Street-Firms-are-Pillaging-American-Retail-July-2019.pdf    Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

In 2019, a group of business leaders signed a high-profile pledge promising that they would voluntarily move toward a more inclusive stakeholder-focused version of capitalism. But throughout the pandemic, those same companies reported record profits while workers were left behind. Brookings Institute Senior Fellow Katie Bach walks us through her new report examining the pandemic labor practices of 22 companies, spanning nearly every sector, and employing more than 7 million frontline workers.  Katie Bach is a Nonresident Senior Fellow at the Brookings Institute and the CBO of &pizza. Twitter: @kathrynsbach As shareholder wealth soared, workers were left behind https://www.brookings.edu/research/profits-and-the-pandemic-as-shareholder-wealth-soared-workers-were-left-behind  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 spiraled 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.  This episode was originally recorded and released in May 2021. 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 Noncompete agreements have pushed U.S. wages even lower, says a new Biden administration report: https://www.fastcompany.com/90729820/noncompete-agreements-have-pushed-u-s-wages-even-lower-says-a-new-biden-administration-report  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

It’s trendy to mock the malicious pervasiveness of neoliberalism now, but have you ever wondered what its origins are? This week, George Monbiot and Binyamin Appelbaum join the show to uncover just where the dominant economic theory of our time came from and how it took hold. This episode was originally recorded and released in October 2019. George Monbiot writes a weekly column for The Guardian and is the author of a number of books, most recently ‘Out of the Wreckage: A New Politics for an Age of Crisis’. As an investigative journalist and self-described “professional troublemaker,” George uncovers the complicated truths behind the world’s most persistent problems.  Twitter: @GeorgeMonbiot Binyamin Appelbaum writes about economics and business for the editorial page of The New York Times. From 2010 to 2019, he was a Washington correspondent for the Times, covering economic policy in the aftermath of the 2008 crisis. His new book, ‘The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society’ is a Wall Street Journal Business Bestseller.  Twitter: @BCAppelbaum Further reading:  Out of the Wreckage: https://www.indiebound.org/book/9781786632890 The Economists’ Hour: https://www.indiebound.org/book/9780316512329 Neoliberalism - the ideology at the root of all our problems: https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot Games Economists Play: http://bostonreview.net/class-inequality/marshall-steinbaum-games-economists-play Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

What role does the criminal justice system play in economic inequality? How does economic inequality cause mass incarceration? And how do we tease those two questions apart? Robynn Cox, an expert in the economics of mass incarceration, talks about her research uncovering the links between economic inequality and the criminal justice system.  Robynn Cox is an assistant professor at the University of Southern California School of Social Work. She is an economist and inequality researcher, and her work focuses on understanding the social and economic consequences of mass incarceration.  Twitter: @RobynnCox Overcoming social exclusion: Addressing race and criminal justice policy in the United States https://equitablegrowth.org/wp-content/uploads/2020/02/Cox.pdf  The Impact of Mass Incarceration on the Lives of African American Women https://journals.sagepub.com/doi/10.1007/s12114-011-9114-2  Identifying the Link Between Food Security and Incarceration https://onlinelibrary.wiley.com/doi/10.1002/soej.12080 www.robynncox.com  https://onlinelibrary.wiley.com/doi/abs/10.1002/pam.22277 https://www.tandfonline.com/doi/abs/10.1080/07418825.2019.1709883 http://www.jameinpcunningham.com/uploads/1/1/2/0/112070441/black_lives_ccow.pdf Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Ever wondered what the minimum wage would be if it had kept pace with inflation and productivity like it used to? Here’s a hint: $7.25, and even $15.00, don’t come close. Economist Dean Baker has been crunching the numbers on the minimum wage for years. He joins the podcast this week to share what he’s found and why it matters. Since the publication of this episode, the Center for Economic and Policy Research issued a correction to Dean Baker’s August 2021 report that a minimum wage that kept up with productivity would be $26 per hour. In fact, it would be $23 per hour.  Dean Baker is a Senior Economist at the Center for Economic and Policy Research. Twitter: @DeanBaker13 Further reading:  This is What Minimum Wage Would Be If It Kept Pace with Productivity https://cepr.net/this-is-what-minimum-wage-would-be-if-it-kept-pace-with-productivity/  Work Should Pay: A $15 an Hour Minimum Wage Is a Start https://cepr.net/work-should-pay-a-15-an-hour-minimum-wage-is-a-start/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

While many Americans struggle to make ends meet, corporate America’s 2021 profits were higher than ever. So why are corporations making more money while supply chain issues are still driving up inflation for the rest of us? The Groundwork Collaborative’s Chief Economist, Rakeen Mabud, wants you to know that the supply chain is working exactly as it was designed: for maximum profit, rather than reliably getting goods to people. And that’s the problem. Rakeen Mabud is the Chief Economist and Managing Director of Policy and Research at the Groundwork Collaborative. Twitter: @rakeen_mabud How We Broke the Supply Chain https://prospect.org/economy/how-we-broke-the-supply-chain-intro/  Corporations Raise Prices as Consumers Spend ‘With a Vengeance’ https://www.nytimes.com/2022/02/27/business/economy/price-increases-inflation.html Opinion: Larry Summers Shares the Blame for Inflation https://www.nytimes.com/2022/02/28/opinion/larry-summers-inflation.html  Inflation causing financial strain for nearly half of U.S. households, poll finds https://www.washingtonpost.com/business/2021/12/02/inflation-gallup-financial-hardship/ Stock Buybacks Beat Capital Spending for Many Big Companies https://www.wsj.com/articles/stock-buybacks-beat-capital-spending-for-many-big-companies-11631611802 The stock market is punishing Walmart and Target for keeping costs low while the rest of the corporate sector prioritizes profits and makes inflation worse https://www.businessinsider.com/walmart-target-keep-prices-low-corporations-prioritize-profits-inflation-worse-2021-11 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Investigative financial analyst Tom Bergin cut his teeth investigating corporate wrongdoing. When he turned his attention to the economics profession, he learned that eight major economic theories—used by experts to shape policy across the globe—entirely lack factual basis. He joins the pod to explain how those theories wormed their way into dominant economic thinking, the evidence against them, and why he believes economists are finally starting to shift toward studying the world as it actually is.  Tom Bergin is an Investigative Financial Journalist for Reuters and the Author of Free Lunch Thinking: How Economics Ruins the Economy Twitter: @tombergin_News Further reading:  Economics is Once Again Becoming a Worldly Science https://aeon.co/essays/economics-is-once-again-becoming-a-worldly-science Free Lunch Thinking https://www.penguin.co.uk/books/111/1118880/free-lunch-thinking/9781847942739.html  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The Congressional Budget Office, the institution that furnishes cost-benefit analyses for federal legislation under consideration by Congress, has a really hard job. But some of the assumptions they rely on to predict economic consequences are just plain weird. Economist Mark Paul leads us through the strangest practices at the CBO, including their (untrue) claim that public investment is only half as productive as private investment and the complete lack of peer-reviewing of reports that can signal the death knell for a bill.   Mark Paul is an Economist at the New College of Florida and a Fellow at the Berggruen Institute. Twitter: @MarkVinPaul Further reading:  The Pitch: Economic Update for February 10th, 2022 https://civicventures.substack.com/p/bidens-big-union-push  Mark’s tweet about the CBO: https://twitter.com/MarkVinPaul/status/1491165138288005121   The Macroeconomic and Budgetary Effects of Federal Investment https://www.cbo.gov/publication/51628 CBO issues score on how much Build Back Better would cost if programs were permanent https://www.cnn.com/2021/12/10/politics/build-back-better-cbo-score/index.html  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This week, Nick and Goldy have a wide-ranging conversation with Jason Furman, who served as Chairman of the Council of Economic Advisers under President Obama. Furman brings a wealth of experience to the discussion, which covers America’s post-pandemic recovery, the global inflation crisis, and reviving industrial policy. He also provides insight into the overall impact of President Biden's policies on the broader economic landscape.  Jason Furman is a prominent economist who served as the Chairman of the Council of Economic Advisers under President Obama from 2013 to 2017. He is currently a Professor of the Practice of Economic Policy at the Harvard Kennedy School and a Senior Fellow at the Peterson Institute for International Economics. Furman is known for his expertise in economic policy, particularly in the areas of tax policy, healthcare, and labor markets. Twitter: @jasonfurman Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Billionaires have looted economies, hidden from tax bills, and destabilized democracies for decades. But the subset of billionaires who make a show of pretending to be good citizens have to be the worst among them. They’re called “Davos Man'' and according to New York Times Global Economics Correspondent Peter Goodman, they’re devouring the world we live in.  Peter S. Goodman is the Global Economics Correspondent at the New York Times. He is a two-time winner of the Gerald Loeb Award for Distinguished Business and Financial Journalism. His new book Davos Man: How the Billionaires Devoured the World is available now. Twitter: @petersgoodman Further reading:  Davos Man: How the Billionaires Devoured the World https://www.harpercollins.com/products/davos-man-peter-s-goodman?variant=39325320282146 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

We often discuss abortion as an issue of bodily autonomy, personal rights, and reproductive justice. Of course it’s all of those things, but it’s also an economic issue. Access (or lack thereof) to an abortion profoundly affects women’s lives by determining if, when, and under what circumstances they become mothers. Whether or not women have access to abortion can change the direction of their lives, affecting educational attainment, labor force participation, and overall earnings. Economist Caitlin Myers breaks down her research into the subject and provides examples of the causal link between abortion access and economic outcomes in women’s lives.  Caitlin Knowles Myers is the John G. McCullough professor of economics at Middlebury College and Co-Director of the Middlebury Initiative for Data and Digital Methods. She’s known for her recent research on the impact of contraception and abortion policies in the United States. Twitter: @Caitlin_K_Myers Opinion: Economists can tell you that restricting abortion access restricts women’s lives https://www.washingtonpost.com/opinions/2021/11/29/abortion-economics-supreme-court  Lack of abortion access will set US women back, economists warn https://www.ft.com/content/61251b31-0041-461c-bd33-aacf2f13fe10 What can economic research tell us about the effect of abortion access on women’s lives? https://www.brookings.edu/research/what-can-economic-research-tell-us-about-the-effect-of-abortion-access-on-womens-lives  The economic reality behind a Mississippi anti-abortion argument https://www.nytimes.com/2021/12/02/business/mississippi-abortion-law-economy.html The Economic Consequences of Being Denied an Abortion https://www.nber.org/papers/w26662  The Turnaway Study https://www.ansirh.org/research/ongoing/turnaway-study  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Nick and Goldy answer your questions! How is any form of union busting legal? Why can’t America be more like the Nordic countries? Is taxing unrealized capital gains a good idea? And more! Thanks to Brad from Pennsylvania, Larry from Boston, Julie from Arizona, Duncan from California, Zach from Minnesota, and Dave from Illinois 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. Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: The Velocity of Money https://pitchforkeconomics.com/episode/the-velocity-of-money-with-ann-pettifor Two new studies published about the Seattle minimum wage ordinance https://www.washington.edu/news/2019/02/06/two-new-studies-published-about-the-seattle-minimum-wage-ordinance U.S. employers are charged with violating federal law in 41.5% of all union election campaigns https://www.epi.org/publication/unlawful-employer-opposition-to-union-election-campaigns   Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Modern Monetary Theory is an attempt to accurately describe how government debt and complex financial systems actually work and it can help us responsibly use our resources. No one is more knowledgeable on the subject than returning guest, Professor Stephanie Kelton. On this episode, originally released in 2020, Kelton explains the myths surrounding MMT and what a new understanding of the budget could do for our economy.  Stephanie Kelton is a Professor of Economics and Public Policy at Stony Brook University. She is the leading expert on Modern Monetary Theory. Her book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, shows how to break free of flawed deficit thinking. Twitter: @StephanieKelton The Deficit Myth: https://www.indiebound.org/book/9781541736184 Learn To Love Trillion-Dollar Deficits: https://www.nytimes.com/2020/06/09/opinion/us-deficit-coronavirus.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The United States spends far more on healthcare costs than other industrialized countries, yet we continue to have wider gaps of coverage and report worse health outcomes. California Assemblymember Ash Kalra is paving the way for a better system in his state through the California Guaranteed Health Care for All Act, which at the time of recording had been advancing through the state legislature for nearly a year. The night before this episode posted, the Bill died in the Assembly — but Assemblymember Kalra's thoughts on how a state-based single payer system would work, the hurdles it faces, and how such a program could become the blueprint for national health care reform can still inspire future lawmakers and activists to find new paths forward for health care in America.  Ash Kalra represents California’s 27th District. In 2016 he became the first Indian American to serve in the California Legislature in state history and was re-elected to his third term in 2020. Twitter: @Ash_Kalra Single-payer healthcare proposal fizzles in California Assembly: https://www.latimes.com/california/story/2022-01-31/single-payer-healthcare-proposal-fizzles-in-california-assembly Assemblymember Ash Kalra, Author of AB 1400 CA Guaranteed Health Care for All Act, Releases Statement: https://a27.asmdc.org/press-releases/20220131-assemblymember-ash-kalra-author-ab-1400-ca-guaranteed-health-care-all-act  Universal health care bill advances in California Assembly: https://www.kpbs.org/news/local/2022/01/12/universal-health-care-bill-advances-california-assembly  ‘CalCare’ begins its long crawl to passage: https://www.politico.com/newsletters/california-playbook/2022/01/12/calcare-begins-its-long-crawl-to-passage-495692  California Democrats Revive Universal Health Care Bill, Paid For By Tax Increase: https://sanfrancisco.cbslocal.com/2022/01/06/universal-health-bill-california-democrats-tax-increase/  Fundamental health reform like ‘Medicare for All’ would help the labor market: https://www.epi.org/publication/medicare-for-all-would-help-the-labor-market/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Even in the middle of a pandemic, trickle-down politicians still love to claim that the free market is the best way to resolve human problems and that the government can't be trusted to serve the public good. But when we privatize public health, utilities, and other shared necessities, we hand over control of those public goods—the things that we all need and that we need everyone to have— to for-profit entities that don’t answer to the public. Donald Cohen, an expert on privatization, shares examples and talks about the consequences of privatization in America. Donald Cohen is the founder and executive director of In The Public Interest, a national resource and policy center on privatization and responsible contracting. He's also co-author of the new book The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back. Twitter: @donaldrcohen12 The Privatization of Everything: https://bookshop.org/books/the-privatization-of-everything-how-the-plunder-of-public-goods-transformed-america-and-how-we-can-fight-back/9781620976531  Why Privatization is Worse Than You Know: https://publicseminar.org/2022/01/why-privatization-is-worse-than-you-know/ Opinion: The pandemic proved that privatization can’t provide enough public goods—like vaccines, education, justice, and a sustainable planet: https://www.marketwatch.com/story/the-pandemic-proved-that-privatization-cant-provide-enough-public-goodslike-vaccines-education-justice-and-a-sustainable-planet-11640027547  The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back: https://nextbigideaclub.com/magazine/privatization-everything-plunder-public-goods-transformed-america-can-fight-back-bookbite/31594/  A Conversation With Donald Cohen, Author of ‘The Privatization of Everything’: https://capitalandmain.com/a-conversation-with-donald-cohen-author-of-the-privatization-of-everything  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s Twitter: @NickHanauer

In most states, tipped workers are not subject to the minimum wage. Why? Because it’s legal to pay tipped workers a subminimum wage as low as the federal minimum of $2.13 per hour. As long as any worker in the country can be paid less than the minimum wage, the minimum wage is meaningless. Saru Jayaraman, a leader in the national fight for one fair wage, lays out the path forward.  Saru Jayaraman is the President of One Fair Wage, an organization that fights to raise wages and working conditions for all tipped and service workers She is also the Director of the UC Berkeley Food Labor Research Center and the author of One Fair Wage: Ending Subminimum Pay in America.  Twitter: @SaruJayaraman New Year to bring higher minimum wages in record number of states and cities: https://www.cbsnews.com/news/higher-minimum-wages-2022-in-record-number-of-states/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiospm&stream=top  Arkansas waitress fired after $4,400 tip shows why tipping at restaurants has to stop: https://www.nbcnews.com/think/opinion/arkansas-waitress-fired-after-4-400-tip-shows-why-tipping-ncna1286076  When the minimum wage isn’t enough: https://commonwealthmagazine.org/economy/when-the-minimum-wage-isnt-enough/  Seven facts about tipped workers and the tipped minimum wage: https://www.epi.org/blog/seven-facts-about-tipped-workers-and-the-tipped-minimum-wage/    Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

When the Federal Reserve makes money, where does it go? Turns out, the Fed’s hands are tied—it can’t do anything other than assume that the new money will trickle down into the hands of ordinary Americans through Wall Street’s coffers. And according to journalist Christopher Leonard, that’s put the United States’ economic stability at risk and accelerated income inequality.  Christopher Leonard is a business reporter and executive director of the Watchdog Writers Group at the University of Missouri School of Journalism. He is the author of Kochland: The Secret History of the Koch Industries and Corporate Power in America. His new book is The Lords of Easy Money: How the Federal Reserve Broke the American Economy.  Twitter: @CLeonardNews The Lords of Easy Money: https://bookshop.org/books/the-lords-of-easy-money-how-the-federal-reserve-broke-the-american-economy/9781982166632  How Nov. 2, 2010 Made the Rich So Much Richer: https://time.com/6112931/federal-reserve-wealth-inequality-recession/  The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed: https://www.politico.com/news/magazine/2021/12/28/inflation-interest-rates-thomas-hoenig-federal-reserve-526177  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

If it seems to you like the ultimate goal of the most extreme conservatives is to undermine democracy and cripple democratic institutions—well, according to historian Nancy MacLean, you’re right. This week, MacLean unpacks the meteoric rise in popularity of the radical right’s ideas, and offers a way forward for progressives, based on lessons from successful social movements throughout American history. This episode was originally released in July 2020. Nancy MacLean is an award-winning scholar of the twentieth-century U.S. and the William H. Chafe Distinguished Professor of History and Public Policy at Duke University. Her book, Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan for America, was a New York Times bestseller and finalist for the National Book Award, and The Nation magazine named it the “Most Valuable Book” of the year. Twitter: @NancyMacLean5 Democracy in Chains: https://www.indiebound.org/book/9781101980965 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The 2017 Tax Cuts & Jobs Act included a little-known provision establishing something called opportunity zones. The plan, which was lauded as a way to direct investments into under-developed communities in the U.S., created 8,764 tax havens that were almost immediately exploited by the wealthy to gobble up capital gains tax breaks. Pulitzer Prize-winning journalist David Wessel explains how opportunity zones came to be, who is profiting off of them, and why it’s so difficult to tweak the tax code without creating windfalls for the rich.  David Wessel is a senior fellow in Economic Studies at Brookings and director of the Hutchins Center on Fiscal and Monetary Policy. He is the author of two New York Times bestsellers: “In Fed We Trust: Ben Bernanke’s War on the Great Panic” (2009)  and “Red Ink: Inside the High Stakes Politics of the Federal Budget” (2012). His most recent book is “Only the Rich Can Play: How Washington Works in the New Gilded Age” (2021). He has shared two Pulitzer Prizes, one in 1984 for a Boston Globe series on the persistence of racism in Boston and the other in 2003 for Wall Street Journal stories on corporate scandals. Twitter: @davidmwessel The Rich Have Found Another Way to Pay Less Tax: https://www.nytimes.com/2021/10/10/opinion/opportunity-zones-tax-loopholes.html?referringSource=articleShare Only the Rich Can Play: https://bookshop.org/books/only-the-rich-can-play-how-washington-works-in-the-new-gilded-age/9781541757196 Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

This week, Nick and Goldy are joined by Whitney Airgood-Obrycki from the Joint Center for Housing Studies at Harvard University to discuss the urgent issue of housing affordability in the United States. Despite its status as the wealthiest country in the world, America is grappling with a housing crisis, marked by record-high levels of homelessness and a growing number of individuals spending between 30% to 50% or more of their income on rent. Together, they unpack the housing affordability crisis, discuss how it contributes to the perception of a struggling economy, and explore the innovative solutions local governments are proposing to address it. Whitney Airgood-Obrycki is a Senior Research Associate at the Joint Center for Housing Studies at Harvard University. She conducts research on affordable rental housing for low-income households and served as the project manager and lead author of their recent report on America’s Rental Housing. Dr. Airgood-Obrycki's latest research includes affordable housing policy, housing affordability measures, rental housing markets, and suburban neighborhood change. Twitter: @airbrycki, @Harvard_JCHS America’s Rental Housing 2024  Montgomery County has found a way to reinvigorate public housing in America What if public housing were for everyone? Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

In the U.S., inequality is often framed as the 99% versus the wealthiest 1%. But that’s not quite the right matchup. While the bottom 90% has done dramatically worse over the last several decades and the top 0.1% has done dramatically better, the 9.9% in between those groups still controls more than half of the wealth in the United States. Author and philosopher Matthew Stewart thinks that the 9.9% are not innocent bystanders, and he joins Nick and Goldy to discuss how this group is entrenching inequality and warping our culture.  Matthew Stewart is an author and philosopher. He is the author, among other books, of Nature’s God and The 9.9 Percent.  The 9.9 Percent: https://bookshop.org/books/the-9-9-percent-the-new-aristocracy-that-is-entrenching-inequality-and-warping-our-culture/9781982114183  The 9.9 percent is the new American aristocracy: https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new-american-aristocracy/559130/  Who are the 9.9% A closer look at the math of American inequality: https://lithub.com/who-are-the-9-9-percent-a-closer-look-at-the-math-of-american-inequality/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

How can we center the role of race in our economic policy and in our politics in a way that will drive real change? Kyle Strickland, the deputy director of race and democracy at the Roosevelt Institute, explains how our leaders have fallen under the sway of racial liberalism, which focuses solely on disavowing personal bigotry and overt discrimination. In order to realize true racial and economic justice, he argues we should move beyond racial liberalism and toward a greater understanding of the systemic injustices built into our political and economic systems. Kyle Strickland is the Deputy Director of Race and Democracy at the Roosevelt Institute. He is also the Senior Legal Analyst at the Kirwan Institute for the Study of Race & Ethnicity and the Director of My Brother’s Keeper Ohio.  Twitter: @kstrickland_ A New Paradigm for Justice and Democracy: https://rooseveltinstitute.org/wp-content/uploads/2021/11/RI_A-New-Paradigm-for-Justice-and-Democracy_Report_202111-1.pdf  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

The average family earning $25,000 a year in the U.S. spends about $2,400 on financial transactions. Whether it’s the astronomical interest rates of a payday loan or the costs that come with being unbanked, the extractive practices of the financial services industry are effectively keeping the poor in poverty. Lawyer and author Mehrsa Baradaran and economic mobility expert Cate Blackford join Nick and Steph this week to explain why banking while poor is so expensive, and what states can do to rein in the people who profit from it. This episode was originally released in February 2020. Mehrsa Baradaran is a professor of law at UC Irvine. She writes about banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books How the Other Half Banks and The Color of Money: Black Banks and the Racial Wealth Gap.  Twitter: @MehrsaBaradaran Cate Blackford was the Director of Outreach and Donor Development at the Bell Policy Center when we recorded this episode, but she is now the Public Policy Director at Maine People’s Alliance. She was the Co-Chair of the 2018 Proposition 111 campaign in CO to limit the interest lenders could charge on payday loans and eliminate fees from payday lending products, which passed with 75% of the vote.  Twitter: @catetiller  Further reading:  Capitol One to end overdraft penalties as CFPB takes aim at ‘exploitative junk fees’: https://www.washingtonpost.com/business/2021/12/01/capital-one-overdraft-fees/  How the Other Half Banks: https://www.hup.harvard.edu/catalog.php?isbn=9780674983960 The Color of Money: https://www.hup.harvard.edu/catalog.php?isbn=9780674237476 If the U.S. Government Treated Poor People as Well as It Treats Banks: https://www.theatlantic.com/business/archive/2015/10/if-the-us-government-treated-poor-people-as-well-as-it-treats-banks/410614/ CO’s Prop 111 explained: https://coloradosun.com/2018/10/22/proposition-111-colorado-2018-explained/ Briefed by the Bell - Predatory Economy: https://www.bellpolicy.org/2018/09/10/predatory-economy/ How Do Payday Loans Work? https://www.incharge.org/debt-relief/how-payday-loans-work/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer