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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.
The rich have a cheat code: "Buy, Borrow, Die." They leverage their paper wealth to avoid taxes by borrowing against it while hardworking Americans pay what they owe. Congress needs to close these loopholes so the rich can stop gaming the system at our expense.
The wealthy are borrowing more than ever, using low-interest loans backed by their investments in a strategy known as “buy, borrow, die.”
This month, America's billionaires hit a new milestone—their wealth crossed $6 trillion for the first time. Billionaire wealth has more than doubled since the 2017 Trump-GOP tax law, which was heavily slanted toward the rich. These 800 billionaires make up only 0.0002% of the population, yet their wealth has increased ninefold since 2000. Meanwhile, the bottom half of American society has seen their net worth grow nearly five times slower than billionaires this century.
The nation's 800 billionaires now hold roughly 3.8% of the entire nation's wealth, while 66 million American families in the bottom half control just 2.5%. The Trump tax scheme accelerated the transfer of wealth to the rich, but the tax code has favored them for decades. Trickle-down tax policies have enriched the wealthy and powerful at the expense of everyone else. The wealth in the hands of a few hundred billionaires is the very same wealth that grew the paychecks of working Americans, creating a strong economy. The money that used to go to American workers' paychecks has been transferred to a small group of billionaires, leading to economic struggles for many working people. The wealth gap continues to widen, leaving many struggling to make ends meet.
It's time to reevaluate our economic policies and ensure that wealth is distributed more fairly. Trickle-down economics has failed to benefit most Americans, instead concentrating wealth in the hands of a few. As we reflect on this economic milestone, let's consider how we can create a more equitable economy that benefits all Americans, not just a select few. It's time to prioritize the well-being of working families and address the growing wealth inequality in our country.
After 24 Years of a Tax Code Rigged in Their Favor, U.S. Billionaires Are Now Worth a Record $6 Trillion America’s roughly 800 billionaires are collectively worth a record $6 trillion as of July 11, the most money ever amassed by the nation’s ultra wealthy, and nine times more than the billionai...
This week, Nick and Goldy are joined by Lindsay Owens, Executive Director of the Groundwork Collaborative, to discuss Groundwork’s recent reports on corporate profiteering and price gouging during and after the pandemic. Owens attributes the record increases in corporate profits over the last few years to growing corporate concentration and lack of competition. She argues that these two factors gave companies an unprecedented level of market power and, therefore, pricing power, which allowed them to exploit the supply chain crisis caused by COVID to drastically raise prices. Owens stresses the need for policy interventions to promote competition, transparency, and fair pricing in the market to ensure a more competitive and consumer-friendly economy.
🎧Listen at the following link or wherever you get your podcasts: https://bit.ly/OwensLindsay
The IRS crackdown on wealthy tax dodgers has collected over a billion dollars. Proof that when you invest in enforcement, the rich and wealthy finally pay what they owe.
The beefed-up enforcement is part of the agency’s modernization initiative aimed at improving customer service and catching wealthy tax evaders.
Communities that trickle-down economic policies have hollowed out are seeing a resurgence in economic growth and vitality thanks to investments in infrastructure, semiconductor manufacturing, and clean energy.
Ted Cruz’s "No Tax on Tips" Act = a new tax dodge for the wealthy disguised as help for workers. Put simply, it’s just another trickle-down scam.
This legislation may sound like pro-worker tax reform, but it’s just more of the 2017 tax law’s empty promises for workers and giveaways for the wealthy.
This is the type of result we achieve when we build an economy from the middle out.
Big Pharma strikes again! Teva's "junk patents" = higher prices for life-saving meds. Teva's manipulation of the patent system is a blatant example of corporate greed at the expense of our health. It's about time the stepped in to stop this abuse.
Democrats have accused drug companies of “junk patent listings,” arguing that the industry is blocking generic competition and inflating patients’ costs.
Trickle-downers will tell you that public investment crowds out private investment, but the Inflation Reduction Act is doing exactly the opposite—it’s crowding in private investment.
The fight for fair housing in California is heating up! Advocates are working to overturn the rent control ban to curb skyrocketing rents and protect tenants. It’s time to stand up for renters and make housing affordable again.
The housing crisis puts the Costa-Hawkins Act under the microscope for the third time in six years.
The Biden Administration’s industrial strategy is aimed at answering and addressing the market’s key concerns about renewable energy—and the investments being made by the Inflation Reduction Act promote equitable growth and strengthen the economy from the middle out.
President Biden's presidency is leaving a mark. His historic investments in infrastructure, manufacturing, and climate action have set the stage for a better, more prosperous future. Here, Noah Smith summarizes the key achievements that are defining his presidency.
Why the best President of my lifetime might get misremembered as a bumbling caretaker.
The Biden administration has made massive investments in infrastructure and clean energy in a relatively short amount of time.
Listen to Heather Boushey, Chief Economist for President Biden's Invest in America Cabinet, tick off the billions of dollars being invested in communities all across the country. 👇
Happy 15th Birthday to the Federal Minimum Wage! 🎂
It's old enough to get a job... but not to live on it.
In inflation-adjusted terms, the federal minimum wage is worth less now than at any time since 1949.
This week, Nick & Goldy are joined by Heather Boushey, Chief Economist for President Biden's Invest in America Cabinet, for a deep dive into the transformative economic policies of the Biden administration. Boushey discusses the paradigm shift towards a middle-out economic approach to crafting economic policy and the impact of legislation like the American Rescue Plan, CHIPS Act, Bipartisan Infrastructure Law, and Inflation Reduction Act. Their conversation explores the importance of investing in infrastructure, clean energy, and manufacturing to drive growth and create good jobs. They also discuss the challenges of implementation, the success of the administration’s industrial policy, and its remarkable economic outcomes, including record-low Black unemployment, high new business applications, and equitable wage growth.
🎧 Listen at the following link or wherever you get your podcasts: https://bit.ly/HeatherBoushey
Freedom is about having choices. When people have more resources, they have more choices—and thus more freedom.
The idea of free and unfettered markets sounds good until you think about the things it actually produces: monopolies, exploitation of workers, environmental degradation, and massive income inequality.
Adam Smith’s assertion that “the pursuit of self-interest leads as if by an invisible hand to the wellbeing of society” just isn’t true—in reality, it undermines democracy and leads to authoritarianism.
Last month, the economy added 206,000 jobs, marking 42 months of consecutive job growth in the US. Wages are also on the rise, with average hourly earnings up 3.9% from a year earlier, exceeding inflation. However, the job market hasn't reached the peak levels seen in 2022 and 2023 post-Covid. While job security has improved, job creation is slowing. Firing rates are at record lows, indicating a strong but not overheated market. Federal Reserve Chair Jerome Powell notes that labor market conditions have cooled compared to two years ago. Most jobs created in June were in government, social work, and health care, while manufacturing and retail jobs declined. Despite low firing rates, job loss duration has increased. However, wage growth for non-managerial workers has been strong. The net worth of the bottom 50% of the population has doubled since the pandemic, a significant improvement. While challenges remain, the recent job growth and wage increases are positive signs for the economy. The focus now is on sustaining this momentum and ensuring equitable opportunities for all workers.
A gain of 206,000 in June exceeded forecasts. Hiring was concentrated in a few parts of the economy, however, and unemployment rose to 4.1 percent.
Listen to Nobel Prize-winning economist Joseph Stiglitz explain the core thesis of his new book, "The Road to Freedom: Economics and the Good Society,” on this week’s pod.
Check out the full episode at the following link or wherever you get your podcasts: https://bit.ly/NewStiglitz
The fight for better wages is paying off. Oxfam's 2024 wage report shows real progress has been made in boosting wages for low-income workers. Even accounting for inflation, wages are on the rise, lifting millions of hardworking Americans out of poverty.
According to new data from Oxfam, there are more than 39 million low wage workers in the United States, defined here as any worke
Nobel Prize-winning economist Joseph Stiglitz joins Nick and Goldy to discuss his new book, "The Road to Freedom: Economics and the Good Society.” Stiglitz challenges the orthodox economic theories that have shaped our understanding of capitalism and argues for a new approach called progressive capitalism. Stiglitz also discusses the flaws of neoliberalism, popular misconceptions about freedom, and the widespread benefits of addressing issues like climate change and inequality. Their discussion sheds light on the evolving landscape of economic thought and the hope for a more equitable and sustainable future.
🎧Listen at the following link or wherever you get your podcasts: https://bit.ly/NewStiglitz
The IRS is stepping up audits on wealthy tax dodgers. No more hiding behind loopholes and shady practices.
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting."
We believe in lower taxes—just not for the rich, wealthy, and corporations. Here’s why.
Who looted Red Lobster?
Check out our latest video explaining the downfall of the casual dining chain.👇
https://www.youtube.com/watch?v=ILwKbS8zpoU
One sure way for policymakers to improve economic outcomes: develop models that more realistically simulate the economy.
Tipping: a relic of racism that still shortchanges workers today. A new report from the Economic Policy Institute: "Rooted in Racism: Tipping Point," reveals the racist origins of tipping and outlines how racial discrimination has cost the US economy $16 trillion.
Summary: This spotlight details the racist history of tipping, federal and state policy governing tipped work, and the experience of tipped workers in the economy—both nationwide and in the South. Across the country, tipped workers are more likely to be people of color, women, women of color, or s...
All mainstream economic models work exactly the same way—and that's a problem. Listen to physicist and mathematician Doyne Farrmer explain why in under 60 seconds on this week’s podcast.
If the Biden Administration is looking to lower drug costs even more for consumers, the New York Times offers a great example of how giant pharmacy chains have killed competition and are driving up the cost of prescriptions for hundreds of millions of Americans.
Pharmacy benefit managers are driving up drug costs for millions of people, employers and the government.
This week, Nick and Goldy talk to Doyne Farmer, a renowned physicist and mathematician, to discuss his new book, "Making Sense of Chaos: A Better Economics for a Better World." Farmer, a professor at the Institute for New Economic Thinking, challenges traditional economic frameworks by applying complex systems theory—by applying complex systems theory to get a fuller understanding of how economies really function. Their conversation explores the limitations of mainstream economic models, the importance of incorporating uncertainty into economic thinking, and the potential for complexity economics to provide better guidance for policymakers in addressing pressing issues like climate change and inequality. It’s a thoughtful discussion that explores more effective approaches to understanding and managing complex economic systems.
🎧Listen at the following link or wherever you get your podcasts: https://bit.ly/DoyneFarmer
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Communities that trickle-down economic policies have hollowed out are seeing a resurgence in economic growth and vitality thanks to investments in infrastructure, semiconductor manufacturing, and clean energy.
This is the type of result we achieve when we build an economy from the middle out.
Trickle-downers will tell you that public investment crowds out private investment, but the Inflation Reduction Act is doing exactly the opposite—it’s crowding in private investment.
The Biden Administration’s industrial strategy is aimed at answering and addressing the market’s key concerns about renewable energy—and the investments being made by the Inflation Reduction Act promote equitable growth and strengthen the economy from the middle out.
The Biden administration has made massive investments in infrastructure and clean energy in a relatively short amount of time. Listen to Heather Boushey, Chief Economist for President Biden's Invest in America Cabinet, tick off the billions of dollars being invested in communities all across the country. 👇
Freedom is about having choices. When people have more resources, they have more choices—and thus more freedom.
The idea of free and unfettered markets sounds good until you think about the things it actually produces: monopolies, exploitation of workers, environmental degradation, and massive income inequality.
Adam Smith’s assertion that “the pursuit of self-interest leads as if by an invisible hand to the wellbeing of society” just isn’t true—in reality, it undermines democracy and leads to authoritarianism.
Listen to Nobel Prize-winning economist Joseph Stiglitz explain the core thesis of his new book, "The Road to Freedom: Economics and the Good Society,” on this week’s pod. Check out the full episode at the following link or wherever you get your podcasts: https://bit.ly/NewStiglitz
We believe in lower taxes—just not for the rich, wealthy, and corporations. Here’s why.
Who looted Red Lobster? Check out our latest video explaining the downfall of the casual dining chain.👇 https://www.youtube.com/watch?v=ILwKbS8zpoU
One sure way for policymakers to improve economic outcomes: develop models that more realistically simulate the economy.
All mainstream economic models work exactly the same way—and that's a problem. Listen to physicist and mathematician Doyne Farrmer explain why in under 60 seconds on this week’s podcast.
Did you know that some southern states have no state-level minimum wage? If there were no federal minimum wage, the existing social and economic inequalities in these states would get worse, perpetuating a cycle of poverty and exploitation for many workers.
The Southern economic development model is harming workers at every step of the way.
On this week’s pod, Chandra Childers, a senior policy and economic analyst at the Economic Policy Institute, shared the defining characteristics of the Southern economic development model, which sounded eerily like another type of economics we talk about a lot.
America’s antitrust laws date all the way back to our founding. 🎧 Listen to former FTC chief of staff Elizabeth Wilkins explain on last week’s podcast.
Just like enforcing civil rights laws, antitrust laws should prioritize what's right, not just what's economically efficient.
The Federal Trade Commission has been in the news a lot lately, and our latest guest, Elizabeth Wilkins, told Nick and Goldy that this little-known agency is as American as apple pie—and she’s right!
In this week’s pod episode, we had the pleasure of chatting with Elizabeth Wilkins about the FTC's renewed fight against corporate power. Elizabeth shared some incredible insights into how the FTC is working to hold big corporations accountable and protect consumers. One of the most fascinating parts of our conversation was when Wilkins listed the core values she believes should inform the regulatory rules needed in various markets to serve and support American workers and consumers. 🎧 Listen at the following link or wherever you get your podcasts: https://buff.ly/3XjdPxW
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