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Now That’s Rich (NYT)
With so much wealth now concentrated among a small financial elite, writes Paul Krugman, we should set aside fears that higher taxes would punish workers and job creators.
- Roosevelt Take: Roosevelt Institute Chief Economist Joseph Stiglitz spoke to the Senate Budget Committee about how policy, like higher taxes, could address inequality. His testimony was based on a forthcoming Roosevelt Institute paper.
People Don’t Vote With Their Feet When it Comes to Taxes, Report Finds (WaPo)
Niraj Chokshi reports on a Center on Budget and Policy Priorities study, which found that interstate moves, which are rare to begin with, have almost nothing to do with income taxes.
Warren and Allies Said to Reject Fannie Mae Overhaul Bill (Bloomberg Businessweek)
Six Democratic senators have decided this plan to replace government-owned mortgage firms is unworkable, reports Cheyenne Hopkins, and without them it’s unlikely to pass.
Unions Warn Obama on Walmart Visit (WSJ)
Jeffrey Sparshott reports that labor groups are unhappy with the president’s planned talk about energy efficiency at a Walmart. They suggest another topic: income inequality.
Janet Yellen’s Favorite Phrase, Explained (Vox)
Danielle Kurtzleben notes that Yellen often refers to labor market “slack,” which means people want work but can’t find jobs. Yellen’s concern is how the Fed can address that problem.
Rand Paul Clearly Doesn’t Understand Why the Economy’s Still Struggling (TNR)
Danny Vinik writes that the real problem in the economy is low demand for goods and services. Cutting spending won’t solve that problem, but full employment would.
New on Next New Deal
Alan Smith, Roosevelt Institute Associate Director of Networked Initiatives, writes that students across the country are asking how their schools can better support local communities.