Pitchfork Economics with Nick Hanauer

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We are living through a paradigm shift from trickle-down neoliberalism to middle-out economics — a new understanding of who gets what and why. Join zillionaire class-traitor Nick Hanauer and some of the world’s leading economic and political thinkers as they explore the latest thinking on how the economy actually works.

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323 episodes

Why Wages Are Growing From the Bottom Up and Middle Out (with Arin Dube)

Today, Arin Dube, Professor of Economics at the University of Massachusetts Amherst, joins us to discuss his latest research, which suggests that the American labor market is undergoing a remarkable transformation. The widespread wage inequality that rapidly expanded between 1980 and 2019 is finally reversing, and American paychecks are growing again—especially at the bottom end of the income scale. In this enlightening conversation, Dube explains how and why the labor market has changed, how that's affecting wages, and how it all contributes to a virtual cycle of middle-out economic growth. Arin Dube is a Professor of Economics at the University of Massachusetts Amherst, well-known for his expertise in labor economics and public policy and his groundbreaking empirical research on minimum wage. His work often involves empirical analysis and utilizes large-scale datasets to provide evidence-based insights into the effects of various policy interventions. Dube's research has been widely recognized and cited, contributing to the ongoing discussions among policymakers and economists around labor market dynamics and policy design. Twitter: @arindube The Unexpected Compression thread https://twitter.com/arindube/status/1724147807563477440  NBER Working Paper https://www.nber.org/system/files/working_papers/w31010/w31010.pdf  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

45m
Mar 26
The True Cost of Trump’s Tax Plan (with Samantha Jacoby)

In his State of the Union Address, President Biden made it clear that taxes and tax policy were his next big target for a middle-out makeover. However, we can't talk about the future of taxes without discussing the potential expiration of Trump’s’ 2017 tax law. Samantha Jacoby, a senior tax analyst at the Center on Budget and Policy Priorities, joins us today to help us understand the repercussions of Trump's tax policies and the opportunities ahead. Trump’s tax law was marketed as a boon for every working American, promising an average annual benefit of $4,000. But Jacoby unveils the true economic reality behind the Trump tax law: the primary beneficiaries were the wealthiest individuals and corporations; they did not pay for themselves as promised; and despite the trillions of tax giveaways to people at the top, most Americans saw no tangible economic benefit. Samantha Jacoby is a Senior Tax Analyst with the Center on Budget and Policy Priorities. Before joining the Center in 2018, she practiced tax law at two international law firms in New York and Washington, D.C. Previously, she worked as a policy and research analyst at the Solar Energy Industries Association, where she focused on the impact of tax incentives on the renewable energy industry.   Twitter: @jacsamoby The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver  IRS Funding thread by Samantha on Twitter https://x.com/jacsamoby/status/1752088112291807298?s=20 After Decades of Costly, Regressive, and Ineffective Tax Cuts, a New Course Is Needed Bipartisan Senate Action Passes Minimal Test for IRS Funding While Multiple House Republican Bills Fail  https://www.cbpp.org/research/federal-tax/after-decades-of-costly-regressive-and-ineffective-tax-cuts-a-new-course-is  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

34m
Mar 19
Middle Out to Mainstream

Eleven years ago, Democracy Journal released a special issue on "The Middle Out Moment" that explored the implications of what was then the brand-new theory of middle-out economics. The moment may not have fully arrived back in 2013, but no doubt it's here now. So this week, Democracy Journal is publishing a follow-up edition called "The Middle Out Moment Part Two," marking the fact that what was once a new idea has now gone mainstream. In this episode, we'll hear from several of the economists, researchers, and former administration officials who contributed to the special issue as they explore how middle-out economics has been put into practice — and discuss the work that lies ahead as middle-out economics becomes the new mainstream. Guests include: Felicia Wong, Bharat Ramamurti, Tara McGuinness, Sandeep Vaheesan, Todd Tucker, Ronnie Chatterji, Neale Mahoney, and Heidi Shierholz Twitter:  Michael Tomasky - @mtomasky Felicia Wong - @FeliciaWongRI Bharat Ramamurti - @BharatRamamurti Tara McGuinness - @taradmcguinness Sandeep Vaheesan - @sandeepvaheesan Todd Tucker - @toddntucker Ronnie Chatterji - @RonnieChatterji Neale Mahoney - @nealemahoney Heidi Shierholz - @hshierholz Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

55m
Mar 12
Why Americans are so displeased with the economy (with Aaron Sojourner)

The latest economic indicators show a historically strong economy. Over the past couple of years, the unemployment rate has consistently stayed below 4%, real wages have been growing faster than they have in decades, and economic growth has been strong. And yet, public opinion surveys consistently show dissatisfaction with economic conditions. Aaron Sojourner, a labor economist from the Upjohn Institute, joins us to discuss his research findings into why Americans are so displeased with the economy. Aaron helps us unpack the complicated relationship between news coverage of the economy and its effect on consumer sentiment. Aaron Sojourner is a labor economist and senior researcher at the Upjohn Institute for Employment Research. His research focuses on the effects of labor-market institutions, policies to promote efficient and equitable development of human capital, and behavioral economic approaches to consumer finance decisions. He’s also served as the senior economist for labor on the U.S. Council of Economic Advisers for Presidents Obama and Trump. Twitter: @aaronsojourner BlueSky: @aaronsojourner.bsky.social Threads: aaronsojourner Why are Americans so displeased with the economy? https://www.brookings.edu/articles/why-are-americans-so-displeased-with-the-economy Aaron’s thread on within-worker real wage growth on Threads: https://www.threads.net/@aaronsojourner/post/C3OVo8FrDgV/?igshid=NTc4MTIwNjQ2YQ==  Tax Subsidies for Journalism Are Only for Rich People: Perry Bacon Edition https://cepr.net/tax-subsidies-for-journalism-are-only-for-rich-people-perry-bacon-edition Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

37m
Mar 05
A Tale of Two Tax Systems (with David Cay Johnston)

While the average American worker is subject to a progressive income tax system where tax rates increase as income rises, the wealthy often exploit a range of loopholes and deductions that significantly reduce their tax burden—sometimes to the point where the biggest corporations and one-percenters pay nothing at all. David Cay Johnston, a tax policy expert and former investigative journalist for the New York Times, joins us today to help unravel the complexity of the American tax system, which has functionally created two different tax systems: One for the wealthy and powerful and one for everyone else. David Cay Johnston is an award-winning investigative journalist and author known for his expertise in tax policy and economic inequality. Johnston worked as a tax reporter for The New York Times for over a decade. At the Times, he won the Pulitzer Prize for Beat Reporting in 2001 for his coverage of tax loopholes and corporate tax evasion. Throughout his career, Johnston has authored several critically acclaimed books, including "Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else" and “Divided: The Perils of Our Growing Inequality.” Twitter: @DavidCayJ The Whiteness of Wealth: How the Tax System Impoverishes Black Americans--and How We Can Fix It by Dorothy Brown https://bookshop.org/a/101360/9780525577331  More from David Cay Johnston:  “Alvin Bragg’s roadmap to convict Donald Trump” https://www.nydailynews.com/2023/01/08/alvin-braggs-roadmap-to-convict-donald-trump/ Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else https://bookshop.org/a/101360/9781591840695  Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill) https://bookshop.org/a/101360/9781591842484  Divided: The Perils of Our Growing Inequality https://bookshop.org/a/101360/9781595589231  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

41m
Feb 27
Why Flying Is Miserable And How to Fix It (with Ganesh Sitaraman)

Ganesh Sitaraman joins us today to discuss his new book, Why Flying Is Miserable And How to Fix It. Air travel has become an increasingly frustrating experience, with countless horror stories of cancellations, delays, lost baggage, cramped seats, and poor service. For most of the 20th century flying was luxurious and fun, so it’s especially baffling that air travel is plagued by these problems in the 21st century. Sitaraman delves into the reasons behind this dismal state of affairs, tracing it back to a deliberate choice made by elected leaders in the 1970s to roll back regulations, supposedly in order to increase competition and improve the experience of flying for everyone. After enduring half a century of turbulence caused by deregulation, people are fed up with the state of air travel, and Sitaraman gives us some insight into how we can begin to fix it. Ganesh Sitaraman is a law professor and the director of the Vanderbilt Policy Accelerator for Political Economy and Regulation. He was previously a senior advisor to Senator Elizabeth Warren on her presidential campaign and is a member of the Administrative Conference of the United States and the FAA’s Commercial Space Transportation Advisory Committee. Sitaraman is the author of several influential books, including "The Crisis of the Middle-Class Constitution," "The Public Option: How to Expand Freedom, Increase Opportunity, and Promote Equality," and his most recent book, “Why Flying Is Miserable And How to Fix It.” Twitter: @GaneshSitaraman Why Flying Is Miserable And How to Fix It https://bookshop.org/a/101360/9798987053584  Book Website https://globalreports.columbia.edu/books/why-flying-is-miserable/ More from Ganesh Sitaraman:  The Atlantic - Airlines Are Just Banks Now https://www.theatlantic.com/ideas/archive/2023/09/airlines-banks-mileage-programs/675374/ The Crisis of the Middle-Class Constitution https://bookshop.org/a/101360/9781101973455 Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

55m
Feb 20
The Future of Bidenomics (with Jared Bernstein)

President Biden’s economic policies mark a paradigm shift away from the trickle-down economics that have held sway over Washington DC for the past 40 years. Bidenomics recognizes that a strong and inclusive economy grows from the middle class outwards, centering working Americans and their families rather than relying on a top-down approach that benefits the wealthy first and foremost. In this episode, President Biden’s chief economic advisor, Jared Bernstein, joins us to unpack the key ideas behind this middleout understanding of how the economy really works, and to explain how Bidenomics is reshaping the economy to truly work for all Americans—not just a wealthy few at the top. After helping to engineer a best-in-the-world economic recovery from the pandemic, Bernstein explains what's next for Bidenomics and the American economy. Jared Bernstein is a prominent economist and author who is widely recognized  for his expertise in labor economics and income inequality. As the chair of the United States Council of Economic Advisers, he serves as President Biden’s top economic adviser. From 2009 to 2011. From 2009 to 2011, he served as Chief Economist and Economic Advisor to then-Vice President Biden. Bernstein is a prolific writer and commentator whose work emphasizes the importance of addressing income inequality and promoting policies that benefit working families and the broader economy. Twitter: @econjared46 Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

40m
Feb 13
Making a case for the inheritance tax (with David Stasavage)

Over the next two decades, $30 trillion of wealth is expected to be transferred from Baby Boomers to their heirs. Journalists and financial experts have been referring to this event as the “Great Wealth Transfer,” and it's important that we understand the policies that make such a monumental transferral of generational wealth possible—not to mention the tremendous economic and societal implications of this unprecedented economic activity. In this episode, we have the privilege of speaking with David Stasavage, a renowned expert in taxation, inequality, and political economy, to help us unpack the origins and rationale behind the creation of the inheritance tax, and to explore the policies we can use to lessen economic inequality and put some of the Great Wealth Transfer to work for all Americans—not just the children of the wealthy few. David Stasavage is a prominent political scientist known for his expertise in taxation, inequality, and political economy. He is currently the Julius Silver Professor of Politics at New York University and a Fellow at the Center for Advanced Study in the Behavioral Sciences at Stanford University. He has conducted extensive research on taxation, particularly on the taxation of the wealthy and the role of inheritance taxes in addressing income inequality. His collaboration with Kenneth Scheve on inheritance taxes has shed light on public opinion and the potential effectiveness of these taxes in promoting economic fairness. He’s also the author of several books, including "States of Credit: Size, Power, and the Development of European Polities,” "Taxing the Rich: A History of Fiscal Fairness in the United States and Europe,” and “The Decline and Rise of Democracy.” Twitter: @stasavage Democracy, War, and Wealth: Lessons from Two Centuries of Inheritance Taxation https://kfscheve.files.wordpress.com/2020/09/schevestasavage_twocenturies_apsr_2012.pdf  States of Credit: Size, Power, and the Development of European Polities https://bookshop.org/book/9780691166735  Taxing the Rich: A History of Fiscal Fairness in the United States and Europe https://bookshop.org/book/9780691165455  The Decline and Rise of Democracy https://bookshop.org/book/9780691228976  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

41m
Feb 06
How a New Economics Went Mainstream (with Suzanne Kahn)

Over the past few decades, economists have gathered a lot of empirical evidence supporting the underlying truth of middle-out economics: that a thriving middle class is the cause of economic growth. Our friends at the Roosevelt Institute have produced a new report which outlines the events that led to our new understanding of how the economy really works. Suzanne Kahn, Vice President of the Think Tank at the Roosevelt Institute, joins us to talk about what's in the report and share how the progressive economic policies of the Biden Administration could mark a lasting shift away from neoliberal, trickle-down economics and toward a new era of middle-out economics. Suzanne Kahn serves as the Vice President of the Think Tank at the Roosevelt Institute, where she oversees and manages projects to develop critical research and policy to rebalance power in our society and economy. Previously, Suzanne was Roosevelt’s director of education, jobs, and worker power and the Great Democracy Initiative. Her research and writing focus on building a network of robust public goods—for example public higher education—and labor organizations that together can empower workers to counter corporate power in the labor market and public sphere. Suzanne Kahn @SuzMKahn Roosevelt Institute @rooseveltinst Think Tank at the Roosevelt Institute @RooseveltFwd   Sea Change: How a New Economics Went Mainstream https://rooseveltinstitute.org/publications/sea-change  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

37m
Jan 30
Revisiting the Child Tax Credit (with Wendy Bach)

A bipartisan group of lawmakers has agreed to expand the Child Tax Credit again, but it will be smaller than the pandemic-era credit was. If this version of the Child Tax Credit is passed by Congress and signed into law, it would benefit 16 million children in low-income families and lift at least half a million kids out of poverty. We thought it would be a good time to revisit this episode from 2021 with professor Wendy Bach, in which she explains everything you need to know about what the Child Tax Credit actually is, why it's a good policy, and how it impacts people's lives.  This episode originally aired on August 24, 2021. Wendy Bach is a legal scholar and professor specializing in poverty law, criminal justice, and social welfare policy. She is currently a professor of law at the University of Tennessee College of Law. Bach's work focuses on the intersection of poverty, race, and the criminal justice system, with a particular emphasis on the rights and experiences of low-income individuals. She is the author of the book Prosecuting Poverty, Criminalizing Care. She is a nationally recognized expert on poverty law and criminal justice issues. Twitter: @wendyabach Congress is close to expanding the child tax credit again − with a smaller boost for families this time https://theconversation.com/congress-is-close-to-expanding-the-child-tax-credit-again-with-a-smaller-boost-for-families-this-time-221382# What’s in the New Child Tax Credit Proposal https://newrepublic.com/article/178131/bipartisan-expanded-child-tax-credit Prosecuting Poverty, Criminalizing Care https://bookshop.org/p/books/prosecuting-poverty-criminalizing-care-wendy-a-bach/18739149?ean=9781108465533 Biden’s child tax credit is a step away from a discriminatory system https://qz.com/2034199/how-does-the-us-child-tax-credit-work Two-thirds of people now receive monthly benefit checks https://www.peoplespolicyproject.org/2021/07/19/two-thirds-of-people-now-receive-monthly-benefit-checks The time tax https://www.theatlantic.com/politics/archive/2021/07/how-government-learned-waste-your-time-tax/619568 Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

45m
Jan 23
Medicare Drug Price Negotiations with (Margarida Jorge)

The pharmaceutical industry is one of the most opaque industries in America, and they take advantage of this lack of transparency by setting ever-higher prices for lifesaving prescription drugs like insulin. But provisions in the Inflation Reduction Act are curtailing the exorbitant price-gouging strategies that the pharmaceutical industry uses to pump up their profit margins at the expense of seniors and people with disabilities who use Medicare. This week, we’re talking to Margarida Jorge, the Executive Director of Health Care for America Now, to help us understand more about drug pricing and the impact that drug price negotiations will have on Medicare and its recipients.  We apologize for the background noise you hear during this episode. We strive to provide you with the best possible audio quality, but sometimes external factors (like construction nearby) are beyond our control. Margarida Jorge is the Executive Director of Health Care for America Now. She has been a prominent advocate for affordable and accessible healthcare for three decades, and she was the chief architect of the 47-state field program that helped win the Affordable Care Act under President Obama. Margarida has played a key role in shaping healthcare policy and has been instrumental in shaping policy discussions, advocating for reforms that prioritize the needs of patients over the profits of pharmaceutical companies, lowering drug prices, and ensuring access to life-saving medications for all.  Twitter: @MargaridaJorg17 Health Care for America Now: https://www.healthcareforamericanow.org Lower Drug Prices Now: https://www.lowerdrugpricesnow.org Explaining the Prescription Drug Provisions in the Inflation Reduction Act: https://www.kff.org/medicare/issue-brief/explaining-the-prescription-drug-provisions-in-the-inflation-reduction-act/#bullet01 Big Drug Companies Are in Court to Stop Medicare Negotiation and Protect Their Sky-High Profits: https://www.protectourcare.org/big-drug-companies-are-in-court-to-stop-medicare-negotiation-and-protect-their-sky-high-profits How Prices for the First 10 Drugs Up for U.S. Medicare Price Negotiations Compare Internationally: https://www.commonwealthfund.org/publications/2024/jan/how-prices-first-10-drugs-medicare-negotiations-compare-internationally Drug Companies Continue To Hike Prices Above Inflation: https://www.americanprogress.org/article/drug-companies-continue-to-hike-prices-above-inflation  U.S. Prescription Drug Prices Are 2.56 Times Those in Other Countries: https://www.rand.org/pubs/research_reports/RR2956.html  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

44m
Jan 16
Three Economic Issues that Could Shape the 2024 Elections

National elections are won and lost on the economy. Of course they are: the state of the economy affects individuals' job security, income levels, access to healthcare, education, and overall quality of life, so it's not surprising that voters evaluate candidates based on their proposed economic policies and their ability to address pressing economic challenges. As we kick off a big year for elections and the economy, we take time in this episode to discuss the three most important economic issues that could shape the 2024 elections, especially at the presidential level. These are big challenges our country currently faces, and big challenges ought to be met with big transformative ideas that will improve people’s lives and grow the economy from the middle out.  Subscribe to Civic Ventures President Zach Silk’s Substack, The Pitch: civicventures.substack.com Dig into the biggest economic stories by visiting the Civic Ventures YouTube channel Who Gets What and Why: youtube.com/@WGWAW Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

34m
Jan 09
Seizing the Middle Out Moment

When Pitchfork Economics was started, our ideas about economic cause and effect were way outside the economic mainstream, and so much has changed in the last ten years. The economic world is shifting its thinking away from neoclassical ideas, and the primary middle-out economics messenger driving this paradigm shift is in the Oval Office. In this episode, Nick and Goldy explain how the podcast will sharpen our focus on how best to build the economy from the middle out. They’ll also distinguish the difference between Middle-Out Economics and Bidenomics and how Bidenomics is a departure from the trickle-down economics of Reaganism.  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

20m
Jan 02
Middle-Out Wins

2023 was a big year for middle-out policy and research, so we are recapping some of the biggest middle-out moments that are improving people's lives and helping us close the book on America’s neoliberal era. Today, Civic Ventures writer Paul Constant joins Goldy to help recap the biggest middle-out successes of 2023 that have benefited workers, and are changing the way people think about economic cause and effect. This episode shines a light on policies, movements, labor actions/strikes, groundbreaking reports, and research that have made a real difference in people's lives and is changing the way economists and policymakers should think about and manage economic policy. Voicemail: 731-388-9334 Email: pitch@pitchforkeconomics.com Bidenomics is Real Economics https://time.com/6343967/bidenomics-is-real-economics Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

25m
Dec 26, 2023
How the UAW strike benefits all workers (with Kate Bahn)

Business reporting on labor unions tends to focus on speculation about how much striking workers might hurt the economy. But the reality is that successful strikes have a long-term positive impact on economic growth because they raise wages for all workers. Economist and researcher Kate Bahn, Director of Research from WorkRise argues that strikes, especially historic strikes such as the recent UAW strike, benefit both unionized and non-union workers, and have much broader ripple effects across the whole economy because they increase worker power and competition for workers across various sectors and industries.  Kate Bahn is an economist and researcher, currently serving as the Director of Research for WorkRise, a research-to-action network hosted by the Urban Institute. Bahn's expertise lies in labor markets, gender economics, and income inequality. She has conducted extensive research on topics such as the gender wage gap, paid family leave, and the impact of automation on employment. Bahn's work combines rigorous analysis with a commitment to addressing the needs and challenges faced by marginalized communities. Twitter: @LipstickEcon How the UAW strike might benefit all workers: https://www.cnn.com/2023/09/15/opinions/union-member-negotiations-uaw-pay-bahn/index.html  Labor unions are good for workers, and here’s why they also make good business sense: https://www.marketwatch.com/story/labor-unions-are-good-for-workers-and-heres-why-they-also-make-good-business-sense-a39f3697  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

32m
Dec 19, 2023
How Economists Invented Austerity and Paved the Way to Fascism (with Clara Mattei)

We already know that many mainstream economists advocate against the economic interests of the majority of working Americans and for the benefit of a tiny handful of super-rich people and corporations. But Clara Mattei argues that economists are actually guilty of something even more insidious: By promoting austerity measures that destabilize working people and consolidate wealth and power at the very top of the income scale, economists have created the perfect conditions for fascism to take root around the world. Is it too late to rebuild our democratic institutions through a new economic understanding? Clara Mattei is a distinguished academic in the field of economics and an Associate Professor of Economics at The New School for Social Research in New York City. Her research examines the history of capitalism, exploring the critical relationship between economic ideas and technocratic policymaking. She’s the author of the book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism. Twitter: @claraemattei The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism https://press.uchicago.edu/ucp/books/book/chicago/C/bo181707138.html Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

47m
Dec 12, 2023
Revisiting the history of Middle-Out Economics (with Michael Tomasky)

We’ve lived in the shadow of trickle-down economics for over 40 years. During that time, our leaders unquestioningly embraced economic policies that prioritize the wealthiest and most powerful, with the idea that their wealth will eventually “trickle down” to everyone else.Of course, that wealth never has trickled down. Thankfully, our economic understanding has finally started to shift. This has been a landmark year in passing middle-out economic policies that prioritize the vast majority of working Americans over the wealthy few. In a future episode we’ll be discussing the middle-out research and policies that are making a real difference in people's lives, thereby changing the way we think about economic cause and effect. But before we look ahead to the glorious middle-out future, it’s important to revisit the history of middle-out economics via a conversation with journalist Michael Tomasky, author of a recent book detailing the rise of progressive economics in the United States. This episode originally aired on October 18, 2022 Michael Tomasky is a journalist and author. He’s top editor of The New Republic. He’s editor of Democracy: A Journal of Ideas, as well as a contributing opinion writer for The New York Times. Twitter: @mtomasky The Middle Out https://www.penguinrandomhouse.com/books/671443/the-middle-out-by-michael-tomasky  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

45m
Dec 05, 2023
Working Toward a Full Employment Economy (with Arnab Datta)

In its quest to combat inflation the Federal Reserve has seemingly done everything in its power to engineer a recession, which would throw millions of people out of work. Rather than question the Fed’s actions, mainstream economists cheered them on, claiming that we need multiple months of high unemployment to bring inflation down. But do we really need to immiserate America’s working class in order to save the economy? Today’s guest, Arnab Datta, and his colleagues at Employ America are producing research that suggests we should instead be using macroeconomic policies to steer the economy to high employment and robust wage growth—which would reduce inequity, spur economic development, and expand the availability of good-paying jobs for all Americans. Arnab Datta serves as the Senior Counsel for Employ America, which is an organization focused on economic policy research and advocacy that prioritizes full employment, wage growth, and economic stability. Employ America seeks to influence economic policy discussions and shape the narrative around employment and economic well-being. Twitter: @ArnabDatta321, @employamerica Website: www.employamerica.org The Fed Is Trying To Engineer A Recession https://www.employamerica.org/blog/the-fed-is-trying In The Right Context, Full Employment Can Support A Pickup In Productivity https://www.employamerica.org/blog/in-the-right-context-full-employment-can-support-a-pickup-in-productivity Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

37m
Nov 28, 2023
Understanding the Sahm Rule (with economist Claudia Sahm)

Mainstream economists have been predicting a recession on the horizon for over a year, with some doomsayers even making up something called “a non-recession recession” to characterize the state of the economy. There’s no better person to cut through all this bluster and nonsense than the creator of one of the most reliable economic indicators created in the last few decades: the Sahm Rule, which aims to predict and track recessions in real time. Former Federal Reserve economist Claudia Sahm joins the podcast to walk us through the Sahm Rule’s methodology and explains how it utilizes timely data to provide early warnings of economic downturns, offering policymakers, businesses, and individuals a valuable tool for proactive decision-making. Claudia Sahm is an esteemed economist and policy expert who has served as director of macroeconomic policy at the Washington Center for Equitable Growth, Senior Economist at the Federal Reserve, and economist for the White House Council of Economic Advisers under President Obama. She’s known for her contributions to macroeconomics and the development of the Sahm Rule, her research on monetary policy, labor markets, and macroeconomic stabilization has made her a trusted advisor and consultant to policymakers and organizations seeking evidence-based insights. Twitter: @Claudia_Sahm Claudia Sahm Substack: https://stayathomemacro.substack.com/  ‘We do not need a recession, but we may get one’: https://www.ft.com/content/3213f700-26a7-4d84-aca0-d7cc5bf11484  Nick's new book, Corporate Bullsh*t, is out now! https://www.corporatebsbook.com Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

42m
Nov 21, 2023
Exploring American Inequality (with Nobel Laureate Angus Deaton)

No matter which indicator you’re using, American inequality has been increasing in recent decades. Whether you’re measuring the growing wealth gap, the stagnant wages of the middle class, or the concentration of wealth and power among a small group of elites, every indicator unfailingly suggests that inequality is getting worse. Nobel Laureate Angus Deaton joins the podcast to talk about his recent book on the subject, Economics in America: An Immigrant Economist Explores the Land of Inequality, in which he explains how his own experience as an immigrant has shaped his understanding of American inequality and its impact on upward mobility. Angus Deaton is a renowned economist and author known for his groundbreaking work in the fields of poverty, inequality, and health. He is a 2015 Nobel Prize Laureate and is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Princeton School of Public and International Affairs at Princeton University. Twitter: @DeatonAngus Economics in America: An Immigrant Economist Explores the Land of Inequality https://bookshop.org/p/books/economics-in-america-an-immigrant-economist-explores-the-land-of-inequality-angus-deaton/19785471?ean=9780691247625  Nick's new book, Corporate Bullsh*t, is out now! https://www.corporatebsbook.com  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

44m
Nov 14, 2023
The return of child labor (with Nina Mast and Jennifer Sherer)

At a time when violations of child labor laws are on the rise nationally, state lawmakers around the country are successfully rolling back child labor protections. Jennifer Sherer and Nina Mast from the Economic Policy Institute have authored an article that insists lawmakers must act to strengthen standards, not erode the existing minimal standards designed to safeguard children from exploitation. They share insights into why weakening child labor protections could have detrimental effects on the middle class and the overall economy. Nina Mast is an economic analyst for the Economic Analysis and Research Network (EARN) at EPI. She also worked on issue campaigns at The Hub Project and efforts to advance a progressive economic worldview at the Groundwork Collaborative. Jennifer Sherer is the director of the Economic Analysis and Research Network (EARN) State Worker Power Initiative. Her work focuses on expanding the ability of working people to achieve racial, gender, and economic justice through organizing, collective bargaining, and public policies that promote worker voice. Twitter: @EconomicPolicy Florida legislature proposes dangerous rollback of child labor protections https://www.epi.org/blog/florida-legislature-proposes-dangerous-roll-back-of-child-labor-protections-at-least-16-states-have-introduced-bills-putting-children-at-risk Nick's new book, Corporate Bullsh*t, is out now! https://www.corporatebsbook.com  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

47m
Nov 07, 2023
The path of political disintegration (with Peter Turchin)

When Nick warned back in 2013 that the pitchforks were coming, he meant that if we continued immiserating the majority of citizens by enriching a wealthy few at the expense of everyone else, an uprising was inevitable. Unfortunately, this warning is still just as relevant ten years later. Peter Turchin joins the podcast to discuss his new book, End Times: Elites, Counter-Elites, and the Path of Political Disintegration, which looks to history (as well as the current turmoil in the United States) to better understand exactly what causes political communities to fall apart. Peter Turchin is Project Leader at the Complexity Science Hub in Vienna, Research Associate at University of Oxford, and Emeritus Professor at the University of Connecticut. End Times https://www.penguinrandomhouse.com/books/703238/end-times-by-peter-turchin  Nick's new book, Corporate Bullsh*t, is out now! https://www.corporatebsbook.com  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

45m
Oct 31, 2023
Corporate Bullsh*t (with Joan Walsh and Donald Cohen)

Politicians and business interests have lied to the American people for centuries in order to protect their power and profits—and they tell the exact same lies every single time. Nick has co-written a book titled Corporate Bullsh*t with Joan Walsh and Donald Cohen, which reveals this trickle-down duplicity as plain as day by placing egregious past quotes from corporate executives and politicians next to equally outrageous contemporary arguments—all of which justify outcomes that line the pockets of the wealthy and powerful while harming everyone else. Joan and Donald join the show to discuss why they wrote this book and to explain why it’s a must-read for anyone who's tired of getting conned, bamboozled, and ripped off. Joan Walsh is national affairs correspondent for The Nation, the co-producer of the Emmy-nominated documentary The Sit-In: Harry Belafonte Hosts the Tonight Show, and the author of What’s the Matter with White People? Donald Cohen is the founder and executive director of the research and policy center In the Public Interest and the co-author (with Allen Mikaelian) of The Privatization of Everything. Pre-Order Nick's new book, Corporate Bullsh*t https://www.corporatebsbook.com  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

35m
Oct 24, 2023
The economics of belonging (with john a. powell)

If you’re a long-time listener, you’ve definitely heard us discuss the golden rule of middle out economics: The more people you include in the economy, the faster and more prosperous it grows for everybody. The Director of the Othering & Belonging Institute, john a. powell, agrees that inclusion is the key to a thriving economy, and he joins us to explain why the concept of belonging is so important for a healthy community. This episode originally aired on May 24, 2022. 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 Pre-Order Nick's new book, Corporate Bullsh*t https://www.corporatebsbook.com Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

48m
Oct 17, 2023
How neoliberalism turned the work ethic against workers (with Elizabeth Anderson)

The majority of U.S. workers aren’t compensated anywhere near the value that they actually create for society, while the few who make the most money often work the least and contribute very little. Decades of neoliberal thinking has twisted one of the foundational American beliefs—the idea that hard work eventually reaps great rewards—into a celebration of greed and a dismissal of those of us who work the hardest. Returning guest Elizabeth Anderson explains how we can reclaim the American work ethic in order to once again center workers as the true heroes of the American economy. Professor Elizabeth Anderson specializes in moral, social and political philosophy, feminist theory, social epistemology, and the philosophy of economics and the social sciences. She is the author of several books including Private Government: How Employers Rule Our Lives and, most recently, Hijacked: How Neoliberalism Turned the Work Ethic against Workers and How Workers Can Take It Back. Hijacked: How Neoliberalism Turned the Work Ethic against Workers and How Workers Can Take It Back https://www.cambridge.org/core/books/hijacked/E7E4A7D850C1E7289BA7AAF910455136#fndtn-information Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

46m
Oct 10, 2023
Setting the record straight on inflation (with Mike Konczal)

There have been a lot of bad takes on inflation out there in the media, from wild speculation about its causes to absurd predictions about when and how the wave of price increases would finally come to an end. But now just about everyone agrees that after two years of rising prices, inflation has finally slowed down. And while there’s still a long way to go, the situation is dramatically better now than it was even six months ago. Mike Konczal from the Roosevelt Institute recently did some research into the disinflation we’ve been seeing, and he returns to the show to tell us what’s really bringing prices back down to earth. Mike Konczal is director of Macroeconomic Analysis at the Roosevelt Institute, where he focuses on full employment, inequality, and the role of public power in a democracy. Twitter: @mtkonczal Supply-Side Expansion Has Driven the Decline in Inflation https://rooseveltinstitute.org/publications/supply-side-expansion-has-driven-the-decline-in-inflation  How Goldilocks Came to the U.S. Economy https://www.nytimes.com/2023/09/11/opinion/inflation-unemployment-phillips-recession.html  Pre-Order Nick's new book, Corporate Bullsh*t https://www.corporatebsbook.com Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

50m
Oct 03, 2023
The Tyranny of Merit (with Michael Sandel)

In this wide-ranging conversation with one of our favorite authors, philosopher Michael Sandel explains how the concept of meritocracy has helped to create such a massive divide in American politics and culture.  Michael Sandel is a world-renowned philosopher who teaches political philosophy at Harvard University. His course “Justice” is the first Harvard course to be made freely available online and has been viewed by tens of millions of people around the world. Sandel’s books relate enduring themes of political philosophy to the most vexing moral and civic questions of our time. They include The Tyranny of Merit (2020), Democracy’s Discontent (2022), and more. The Tyranny of Merit: What's Become of the Common Good https://us.macmillan.com/books/9780374289980/thetyrannyofmerit Democracy’s Discontent: A New Edition for Our Perilous Times https://www.hup.harvard.edu/catalog.php?isbn=9780674270718  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

57m
Sep 26, 2023
What the new Draft Merger Guidelines could mean for the economy (with Maggie Goodlander)

Earlier this summer, the Justice Department and Federal Trade Commission (FTC) released a draft update of their Merger Guidelines, “which describe and guide the agencies’ review of mergers and acquisitions to determine compliance with federal antitrust laws.” Maggie Goodlander from the Justice Department joins the podcast to discuss why mergers can weaken competition and harm consumers and workers, and how these proposed guidelines can help bring competition back by making it harder for big corporations to swallow each other up. Maggie Goodlander is the Deputy Assistant Attorney General at the U.S. Department of Justice where she oversees the international, appellate, and policy work of the Antitrust Division. Twitter: @TheJusticeDept Justice Department And FTC Seek Comment on Draft Merger Guidelines https://www.justice.gov/opa/pr/justice-department-and-ftc-seek-comment-draft-merger-guidelines  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

37m
Sep 19, 2023
The CHIPS Act, explained (with Ronnie Chatterji)

It’s been a little over a year since President Biden signed the CHIPS and Science Act, which invested $231 billion into semiconductor manufacturing in the United States, into law. Despite the fact that those investments are already creating economic growth around the country, most Americans don’t recognize the impact that the CHIPS Act is already having on the national economy. Today, Ronnie Chatterji, the former CHIPS Coordinator at the White House, joins the pod to provide a better understanding of what the CHIPS Act really does and why it matters. Aaron Chatterji is the Duke University Professor of Business and Public Policy. He was previously the White House CHIPS Coordinator and Acting Deputy Director of the National Economic Council in the Biden Administration. Twitter: @RonnieChatterji CHIPS Act: National security is priority for funding, analyst says https://finance.yahoo.com/video/chips-act-national-security-priority-150516934.html  Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

37m
Sep 12, 2023
What labor shortage? (with Heidi Shierholz)

When employers say they can’t find workers, what they really mean is that they can’t find enough people willing to work for what they want to offer. The so-called “labor shortage” we’ve heard so much about these last few years is actually just a wage shortage. And the solution is simple: pay people more. Labor Day weekend felt like a good time to revisit this subject with EPI President, Heidi Shierholz. This episode originally aired on May 25, 2021. Heidi Shierholz is the president of the Economic Policy Institute, a nonprofit, nonpartisan think tank that uses the power of its research on economic trends and on the impact of economic policies to advance reforms that serve working people, deliver racial justice, and guarantee gender equity. Twitter: @hshierholz Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

30m
Sep 05, 2023