Pitchfork Economics with Nick Hanauer

Suzanne Kahn, Vice President of the Think Tank at the Roosevelt Institute, discusses the shift towards middle-out economics and its potential impact on economic inequality, democracy, and the climate crisis. They also explore the need to address corporate power, the influence of events like the financial collapse and the pandemic on economic thinking, and the emergence of new economic ideas and paradigms.

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: @wendyabachCongress 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-creditProsecuting Poverty, Criminalizing Care https://bookshop.org/p/books/prosecuting-poverty-criminalizing-care-wendy-a-bach/18739149?ean=9781108465533Biden’s child tax credit is a step away from a discriminatory system https://qz.com/2034199/how-does-the-us-child-tax-credit-workTwo-thirds of people now receive monthly benefit checks https://www.peoplespolicyproject.org/2021/07/19/two-thirds-of-people-now-receive-monthly-benefit-checksThe time tax https://www.theatlantic.com/politics/archive/2021/07/how-government-learned-waste-your-time-tax/619568Website: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

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: @MargaridaJorg17Health Care for America Now: https://www.healthcareforamericanow.orgLower Drug Prices Now: https://www.lowerdrugpricesnow.orgExplaining 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/#bullet01Big 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-profitsHow 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-internationallyDrug 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.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

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.comDig into the biggest economic stories by visiting the Civic Ventures YouTube channel Who Gets What and Why: youtube.com/@WGWAWWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

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.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

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 think about and manage economic policy.Voicemail: 731-388-9334Email: pitch@pitchforkeconomics.comBidenomics is Real Economics https://time.com/6343967/bidenomics-is-real-economicsThe Transformation at the Heart of Biden’s Middle-Out Economic Agenda https://prospect.org/economy/2023-02-09-biden-middle-out-agendaMinimum Wage Effects and Monopsony Explanations https://justinwiltshire.com/minimum-wage-effects-and-monopsony-explanationsWebsite: http://pitchforkeconomics.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

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: @LipstickEconHow 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.comTwitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Clara Mattei, an economist promoting austerity measures, discusses the connection between austerity and fascism. Topics include the negative impact of austerity on working people, the historical evidence and power dynamics of austerity, the need for democratic participation in economic systems, perspectives on work and capitalism, and the connection between austerity and capitalism.

Journalist Michael Tomasky joins the show to discuss the origins of middle-out economics, its contrast with trickle-down economics, and the importance of inclusivity in the economy. They explore the power of storytelling in shaping public perception, the lack of economic literacy in journalism, and the flaws of neoclassical economic theory. They also dive into the theory of middle-out economics, which prioritizes including more people and leveraging their knowledge as the main economic resource.

The podcast discusses the Federal Reserve's approach in combatting inflation and its potential negative impact on employment. It explores the concept of a full employment economy and highlights the benefits of high employment and robust wage growth. The role of fiscal policies in managing recessions and prioritizing workers' outcomes is also examined. The podcast touches upon geothermal energy, policy measures, and the advantages of a full employment economy including increased worker bargaining power and improved wages. It concludes with a discussion on the benefits of equal competition between workers and capital.