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By Rachel Goldfarb, originally published on Next New Deal

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Join Roosevelt Institute Associate Director of Networked Initiatives Alan Smith for a Twitter discussion this afternoon at 2pm EST to discuss the Roosevelt Institute | Campus Network's new project examining how anchor institutions can promote local economic development. Follow the discussion at #RethinkingCommunities.

House Passes Compromise $1.1 Trillion Budget for 2014 (CNN)

Deirdre Walsh and Lisa Desjardins report on the omnibus spending bill that will now move to the Senate. Earlier this week, the President signed a three-day extension on the current continuing resolution, which gives the Senate until Saturday to pass the new budget.

Reid Vows to Try UI Again (The Hill)

Ramsey Cox writes that despite the Republicans blocking the vote on extended unemployment insurance this week, Senator Reid wants to try again after the Senate passes the budget. It's been nearly three weeks since 1.3 million people lost their long-term unemployment benefits.

Seeking Ways to Help the Poor and Childless (NYT)

Eduardo Porter looks at an experiment in earned income tax credit-style support for workers without children. The test considers whether the labor market is doing enough to support the needs of all workers, and what government can do to make up the difference.

Workers At Food Court Owned By Federal Government Allege They’ve Been Cheated Out Of $3 Million (ThinkProgress)

Alan Pyke reports that Good Jobs Nation has filed a complaint with the Department of Labor, alleging that service workers in Washington, DC's Union Station have been subject to chronic wage theft. The complaint claims losses averaging $10,000 per worker per year.

Push Set to Wrest Minimum-Wage Control From Albany (Crain's New York)

Chris Bragg writes that liberal groups are launching a campaign to allow municipalities in New York to pass higher local minimum wages. New York City politicians are supporting this proposal, but it's unclear how the state legislature feels about giving up control of the minimum wage.

Why Banks Aren’t Lending to Homebuyers (Reuters)

Felix Salmon explains the drop in mortgage availability as a simple matter of profits. At current rates, a 30-year fixed rate mortgage won't make much money for a bank, and the possible solutions aren't very good for potential homeowners.

Regions Bank To Discontinue Payday Loan Program (NPR)

Robert Benincasa reports that the Alabama-based bank is discontinuing its payday loan offerings, likely in response to increased regulations that don't apply to this bank. This shows that sometimes, even the threat of regulation will eliminate the worst banking practices.

New on Next New Deal

Move Over, Shareholders: Let Workers Have a Say in Corporate Governance

Roosevelt Institute | Campus Network Senior Fellow for Economic Development Azi Hussain argues that we could change corporations so that they wouldn't have to put shareholder profits above all. A stakeholder corporate governance model would bring new priorities to the board room.


Originally posted to Daily Kos Economics on Thu Jan 16, 2014 at 07:56 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  What next? (1+ / 0-)
    Recommended by:
    Roger Fox

    The budget for Fiscal Year 2015. According to the Budget Act of 1974 timetable, we can expect:

    1st Monday in Feb President submits budget
    February 15 CBO budget and economic outlook report
    Within 6 weeks of President's budget Committees submit estimates to the Budget Committees
    April 1 Senate Budget Committee reports resolution
    April 15 Congress completes budget resolution.
    It went like clockwork last year, remember?

    There is no existence without doubt.

    by Mark Lippman on Thu Jan 16, 2014 at 08:38:56 AM PST

  •  A budget is not an appropriations bill and an (1+ / 0-)
    Recommended by:
    Roger Fox

    appropriations bill is not a budget. They are distinct critters on the federal level, which is why it was possible to operate the last three years without a budget.
    The budget is a planning document. Congress has fallen into the habit of making a big to do over the budget and then slinking into committees to craft appropriations bills that may or may not have any resemblance to what the budget promised. Think of the budget as the wish list kids send to Santa Claus. Loving parents try to fill it; stingy ones like the folks in Congress say "screw it."

    The other thing that's different about Congress, compared to the states, is that Congress is in charge of printing our money. Our states, on the other hand, are like those countries in Europe that just signed on to a common currency, except there the control doesn't rest with the European parliament, but with the bankers. How does that compare with our Federal Reserve? Well, our version of a central bank is semi-independent. Not only can it be terminated by an act of Congress, but the President selects and the Senate approves who runs that organization. The Fed's mission is not to insure the banks stay rich and get richer.
    Since the framers of the Constitution had the model of the Dutch banking system for reference (close up in New Amsterdam, no doubt), that they designated the Congress with responsibility over the currency is telling. They didn't trust the banks.

    Obamacare at your fingertips: 1-800-318-2596; TTY: 1-855-889-4325

    by hannah on Thu Jan 16, 2014 at 08:43:35 AM PST

  •  I keep seeing that 1.3 million people number... (0+ / 0-)

    ... Isn't that how many people lost access their unemployment insurance payments immediately?

    Aren't there something like an additional 70,000 people losing access to those payments each week?

    Wouldn't that mean the actual number of people the Republicans are screwing, simply because they can, is significantly higher by now?

  •  It's not just mortgages that aren't... (0+ / 0-)

    ..."working" for the bankers. It's pretty much all of our mundane, ordinary, low profit margin oriented lives. And as long as the really big Private Capital is only going to "move" when it sees a high profit, low risk, and (this is important) short term opportunity, we're going to continue to wait for that money to come off the sidelines.

    Change does not roll in on the wheels of inevitability, but comes through continuous struggle. --Martin Luther King Jr.

    by Egalitare on Fri Jan 17, 2014 at 04:19:18 AM PST

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