Skip to main content

Economics Daily Digest by the Roosevelt Institute banner

By Rachel Goldfarb, originally posted on Next New Deal

Click here to receive the Daily Digest via email.

Why Forks in Your Office Kitchen Keep Disappearing (Marketplace)

Audrey Quinn speaks to Roosevelt Institute Fellow Mike Konczal about why office support positions are being cut in the recession. Mike says technology made some tasks, like booking travel, much simpler, but someone still needs to wash dirty coffee mugs.

Republican Staffer ‘Beats’ Food Stamp Challenge (MSNBC)

Ned Resnikoff reports that a Republican staffer claims to have "beaten" the challenge that 26 Democrats took on last week. Of course, he didn’t eat any fresh fruits or vegetables all week, which is probably not sustainable for people living this way.

GOPers Want to Keep Food Stamps From People Who Have a Cheap Car or $2,000 in Savings (MoJo)

Erika Eichelberger is angry at Republican congressmen who introduced assets tests as a federal requirement for SNAP. They are concerned that people become dependent on handouts, but it’s the inability to save for an emergency that keeps people in poverty.

RIP, American Dream? Why It's So Hard for the Poor to Get Ahead Today (The Atlantic)

Matthew O'Brien is concerned by data that shows that education cannot solve income inequality: a person born wealthy who does not go to college is 2.5 times as likely to end up wealthy as a person born poor with a degree.

U.S. Wages Fall Amid Overseas Pressure (Milwaukee Journal Sentinel)

John Schmid says that the Bureau of Labor and Statistics is reporting year-over-year declines in average weekly wages in the U.S. Some of his sources call this a "normal adjustment period," but that doesn't help people whose bills are rising.

The Capitalist’s Case for a $15 Minimum Wage (Bloomberg)

Nick Hanauer argues that entrepreneurs and businessmen like him should all support a higher minimum wage, because at the current minimum wage many people cannot buy their products. Accepting lower profits in the short-term would boost demand and sales over time.

This graph shows how bad the Fed is at predicting the future (WaPo)

Dylan Matthews examines five years of June forecasts from the Fed and finds that they are quite inaccurate. Despite revising the predictions down from year to year, the final growth rates consistently fall behind the projections.

What You Need to Know About Immigration and the Deficit (Slate)

Matt Yglesias explains why we can trust the CBO scoring of the Gang of 8 immigration bill, which says that immigration reform will reduce the deficit by nearly $200 billion over the next ten years.

Originally posted to Daily Kos Economics on Thu Jun 20, 2013 at 05:32 AM PDT.

Also republished by Daily Kos.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Yesterday on Morning Joe (5+ / 0-)

    they had some British entrepreneur who was bemoaning how much harder it is to start a small business in the US compared to the UK, and Germany, and Australia, and that there were more jobs being created over seas than here. He says we have too many regulations getting in the way. The biggest one he mentioned: Setting up health care, especially in Mass with 'Romneycare'. I was sitting here yelling at the TV that of course it's harder working with health care and health insurance in the US, and that he was only proving that we need universal health care like in the other countries he has businesses in! Also, Australia has a much higher minimum wage, and yet they are creating more jobs than the US.
    And yet, the 'point' they were trying to make according to Joe and this guy was that the government needs to get out of health care and minimum wage as well as other things. Anyone with an ounce of thought could see that the facts didn't support their 'points'.

    "Madness! Total and complete madness! This never would've happened if the humans hadn't started fighting one another!" Londo Mollari

    by FloridaSNMOM on Thu Jun 20, 2013 at 06:41:52 AM PDT

  •  Inability to save for an emergency, (4+ / 0-)

    and inability to put any distance between yourself and the cliff.

    If you are middle class, when you realize that your car makes a squeaking noise when you start driving or stop, you work out a way to share a car with your spouse, or plan to rent one, and you take your car in to get it fixed. You get it fixed, pay the bill, consider that hundred dollars well spent to avoid a major bill later, and go on with life.

    If you are poor, well, you put up with it. Try to put money aside, but that's liable to get swept away by another small crisis between now and then, and when you can only save ten bucks a week, that doesn't add up fast. You can't rent a car; you may not have a credit card, only a debit card. You may not have but one vehicle in your household; ours is needed by three households, because his mother depends on us for transportation, as does his father. So the squeak gets worse. And worse. And then it goes away.

    And one day your drive shaft rips the transmission out of your car, because the U-joint totally failed. If you're lucky, it happened at slow speeds, and no one else was involved in the accident. But either way you probably just lost your job.

    There's no room in the budget to do the preventative maintenance, to invest in the good stuff that lasts, the more energy-efficient upgrade. The things that keep the crises from happening, or keep them down to just a little annoyance.

    When you come to find how essential the comfort of a well-kept home is to the bodily strength and good conditions, to a sound mind and spirit, and useful days, you will reverence the good housekeeper as I do above artist or poet, beauty or genius.

    by Alexandra Lynch on Thu Jun 20, 2013 at 12:06:57 PM PDT

    •  Beginning 2008 I Reported Here Seeing Drive-In (3+ / 0-)
      Recommended by:
      Egalitare, Amber6541, Alexandra Lynch

      window shoppers at fast food including 1 or 2 a week who had to open their car doors to talk to the box because their windows don't roll down any more. My town is just about dead center middle income, maybe a hair below. Never is any car I see doing this --here-- a rolling wreck, they're all in ostensibly great condition.

      I'm still seeing it.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Thu Jun 20, 2013 at 08:14:56 PM PDT

      [ Parent ]

      •  I used to be middle to low class (1+ / 0-)
        Recommended by:

        and now would be considered by some to be middle-upper to upper class.

        I can very deffently relate to Alex's car , health and home  maintenance  very differently get less attention than they deserve.  

        I remeber many distinct issues, but one stands out for me.

        The first major thing I bought once I started earning money was energy efficient windows for my mother.

        It was obvious all along that we would have benefited from them. But there simply was no money.

        Once I started earning Money/full tuition  from an assistantsship , I dropped the $15k I earned as an intern into as many new windows as I could.  That investment has already paid itself off. But It would have saved us thousands more if had the money to do preventative care sooner.

  •  Most Americans (0+ / 0-)

    "Of course, he didn’t eat any fresh fruits or vegetables all week, which is probably not sustainable for people living this way."

    On food stamps or not most probably do not eat fresh fruits or vegetables all week.

    I am pro the democratic idea of giving more aid for food to the poor. However it needs to be mixed with the republican idea of removing control of their consumables from the users.

    I see on a weekly basis the frequently cost AND health ineffective choices that those on assistance make.  Do I make bad choices myself? Yes. The difference is when you rely on the government for both your health care and subsistence you forfeit your right to make obviously poor decisions with what others are supplying you.

    •  The Republican idea is to give money to grocery (1+ / 0-)
      Recommended by:

      stores, who sell crap to the poor and then complain
      about government handouts.
      What you fail to
      understand is that poor people have NO MONEY and are
      living hand to mouth.
      Even the Salvation Army at least gives the poor a meal before lecturing them as you do.
      The 'government' gives away billions in tax breaks to
      well-connected 'job creators' like Mitt Romney & Co. but you watch the pennies when it comes to people living
      paycheck to paycheck or the destitute.

      You DO have a problem with decision-making.

      "Blessed are the merciful: for they shall obtain mercy. Blessed are the pure in heart, for they will see God."
      Matthew 5:8

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site