This week, Nick and Goldy sit down with Rohit Chopra, the Director of the Consumer Financial Protection Bureau, to explore the agency's efforts to lower financial costs for working Americans. From cracking down on credit card late fees to tackling medical debt on credit reports and regulating bank overdraft charges, Director Chopra sheds light on the CFPB's various initiatives to promote transparency and competition in financial products and services. Chopra argues that by advocating for consumer rights and protections, the CFPB is shaping a more equitable economic landscape for all Americans.

UPDATE: This episode was recorded before yesterday’s breaking news that a Texas judge issued a last-minute order temporarily blocking the CFPB’s plan to cap credit card late fees. Find more information about the injunction, and the Chamber of Commerce’s case against the cap, here: https://www.cnn.com/2024/05/11/business/credit-card-late-fees-regulation-cfpb/index.html

Rohit Chopra is the Director of the Consumer Financial Protection Bureau (CFPB), a federal agency dedicated to protecting consumers in the financial marketplace. Prior to leading the CFPB, he served as a Commissioner at the Federal Trade Commission, where he focused on promoting fair competition and protecting consumers from deceptive practices.

Twitter: @chopracfpb, @CFPB

Further reading: 

www.consumerfinance.gov 

Submit a complaint about a financial product or service

CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Even though the American labor market is currently stronger than it has been in decades, earlier this year Big Tech companies were laying off workers at an alarming pace. Economists struggled to understand why some 25,000 tech workers were losing their jobs, even as the media panicked about whether those layoffs were a warning sign of an oncoming recession. University of Washington Professor Jeff Shulman joins us to uncover the real reasons behind Big Tech’s layoffs, and to explain their implications for workers. 

Jeffrey Shulman is a professor at the Foster School of Business at the University of Washington. He’s also a podcaster and filmmaker with a diverse range of expertise in pricing, entrepreneurial marketing, and product management. As a professor, he is known for his innovative research and teaching methods that delve into the intricacies of economic principles and their practical applications in the business world. Recently, Shulman has gained recognition for his insightful commentary on the highly publicized layoffs in the tech industry.  

More from Professor Shulman:

Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that?

Why widespread tech layoffs keep happening despite a strong U.S. economy

How To Succeed In Product Management on Apple Podcasts

How To Succeed In Product Management on Spotify

Seattle Growth Podcast on Apple Podcasts

On The Brink: A Film via PBS

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Journalist Nick Romeo joins us to discuss his new book "The Alternative: How to Build a Just Economy." Romeo argues that the conventional economic wisdom has fostered political and economic instability, resulting in widening inequality, environmental degradation, and the exploitation of workers. He also highlights innovative solutions and success stories—including worker cooperatives, public-option marketplaces, and job guarantee programs— that paint a picture of how we can design systems in a market economy that truly work for everyone.

Nick Romeo is a journalist, critic, and essayist who has spent years covering policy and ideas for The New Yorker magazine. He also teaches at the Graduate School of Journalism at UC Berkeley.

The Alternative: How to Build a Just Economy

The New Yorker: Nick Romeo

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

This week, Nick and Goldy sit down with ethics professor Ingrid Robeyns to discuss her groundbreaking new book, Limitarianism: The Case Against Extreme Wealth. Robeyns challenges the idea that it’s acceptable to allow extreme wealth concentration and inequality to persist, advocating instead for a hard cap on wealth accumulation. Nick and Goldy navigate the moral and practical implications of wealth limits on society, democracy, and ecological sustainability.

Ingrid Robeyns is a distinguished scholar and Professor of Ethics of Institutions at Utrecht University, and author of the new book, Limitarianism: The Case Against Extreme Wealth. Professor Robeyns’ research in the field of Ethics and Political Philosophy focuses on issues of justice, inequality, well-being, and the ethical dimensions of societal structures and policies.

Twitter: @IngridRobeyns

Limitarianism: The Case Against Extreme Wealth

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

This special episode of Pitchfork Economics features a live conversation from the "Redefining the Center: How to Make Middle-Out Economics the New Mainstream" conference hosted by Democracy Journal in Washington, D.C. Heather Boushey, a member of the White House Council of Economic Advisors, joins Nick for a wide-ranging discussion moderated by Michael Tomasky, editor of Democracy Journal. Hanauer & Boushey explore the policy initiatives being pursued by the Biden administration that prioritize working families and promote economic growth from the middle out and discuss the crucial role of the middle out as a paradigm shift in how people think about economic cause and effect. This dynamic and thought-provoking discussion was a great start to an outstanding conference.

Heather Boushey is an economist and policy advisor who serves as a key member of President Biden's White House Council of Economic Advisors and Chief Economist for the President’s Invest in America Cabinet. Prior to joining the Biden administration, she was the President and CEO of the Washington Center for Equitable Growth, a think tank focused on advancing evidence-based policies to reduce inequality. In her role in the White House, she plays a crucial role in shaping economic policy and advising the President on issues related to labor, income inequality, and economic opportunity.

Twitter: @hboushey46

Further reading: The Middle-Out Moment Is Here

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

In the shadows of corporate greed and exploitation lies a sinister crime that is silently perpetrated, leaving countless victims in its wake—a crime that affects millions of hardworking Americans every year and sucks billions out of our economy —Wage Theft. No industry is immune to this insidious crime, from restaurant workers to construction laborers. On this episode of Pitchfork Economics, we are joined by Terri Gerstein, Director of the Labor Initiative at NYU Robert F. Wagner Graduate School of Public Service, to unpack the chilling truth behind these workplace crimes, learn who the perpetrators are, and uncover how they get away with it. Most importantly, what can be done to stop them?

Terri Gerstein is the Director of the NYU Wagner Labor Initiative, at NYU’s Robert F. Wagner Graduate School of Public Service, which explores and helps activate the often-untapped potential of government in safeguarding and advancing workers' rights. Previously, Terri enforced labor laws in New York for 17 years, including as Labor Bureau Chief in the New York State Attorney General’s Office.

Crime music bed by Power Music Factory

News clips from CBS News, CBS Miami, and CBS Philadelphia

Twitter: @TerriGerstein 

NYU Wagner Labor Initiative

Further reading: 

Prosecute Bad Bosses: More district attorneys are cracking down on abusive employers. It's about time

Report mentioned in the episode from the National Coalition Against Insurance Fraud: The Costly Crime and Impact of Workers’ Comp Premium Fraud

The Role of State Attorneys General in Protecting Workers’ Rights

Report: How district attorneys and state attorneys general are fighting workplace abuses

More states should follow new Colorado policy on wage theft

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Preston Mui, Senior Economist at Employ America, recently authored a report titled "The Dream of the 90s is Alive in 2024: How Policy Can Revive Productivity Growth." The report offers a blueprint for policymakers seeking to emulate the successes of an unparalleled period of productivity in the United States. Mui joins us to examine and reflect on the policy decisions which drove the strong productivity growth of the 1990s, and he also identifies dynamic new strategies for revitalizing American production in the present. 

Preston Mui is a Senior Economist at Employ America, a macroeconomic policy research and advocacy organization committed to achieving and sustaining full employment outcomes.

Twitter: @PrestonMui

Three Motivations for Interest Rate Normalization: A Playbook for Fed Policy in 2024

The Dream of the 90's is Alive in 2024: How Policy Can Revive Productivity Growth

Preston Mui's thread on the “Dream of the 90's” series and report by Employ America 

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Today, Arin Dube, Professor of Economics at the University of Massachusetts Amherst, joins us to discuss his latest research, which suggests that the American labor market is undergoing a remarkable transformation. The widespread wage inequality that rapidly expanded between 1980 and 2019 is finally reversing, and American paychecks are growing again—especially at the bottom end of the income scale. In this enlightening conversation, Dube explains how and why the labor market has changed, how that's affecting wages, and how it all contributes to a virtual cycle of middle-out economic growth.

Arin Dube is a Professor of Economics at the University of Massachusetts Amherst, well-known for his expertise in labor economics and public policy and his groundbreaking empirical research on minimum wage. His work often involves empirical analysis and utilizes large-scale datasets to provide evidence-based insights into the effects of various policy interventions. Dube's research has been widely recognized and cited, contributing to the ongoing discussions among policymakers and economists around labor market dynamics and policy design.

Twitter: @arindube

The Unexpected Compression thread https://twitter.com/arindube/status/1724147807563477440 

NBER Working Paper https://www.nber.org/system/files/working_papers/w31010/w31010.pdf 

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

In his State of the Union Address, President Biden made it clear that taxes and tax policy were his next big target for a middle-out makeover. However, we can't talk about the future of taxes without discussing the potential expiration of Trump’s’ 2017 tax law. Samantha Jacoby, a senior tax analyst at the Center on Budget and Policy Priorities, joins us today to help us understand the repercussions of Trump's tax policies and the opportunities ahead. Trump’s tax law was marketed as a boon for every working American, promising an average annual benefit of $4,000. But Jacoby unveils the true economic reality behind the Trump tax law: the primary beneficiaries were the wealthiest individuals and corporations; they did not pay for themselves as promised; and despite the trillions of tax giveaways to people at the top, most Americans saw no tangible economic benefit.

Samantha Jacoby is a Senior Tax Analyst with the Center on Budget and Policy Priorities. Before joining the Center in 2018, she practiced tax law at two international law firms in New York and Washington, D.C. Previously, she worked as a policy and research analyst at the Solar Energy Industries Association, where she focused on the impact of tax incentives on the renewable energy industry.

Twitter: @jacsamoby

The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver 

IRS Funding thread by Samantha on Twitter

https://x.com/jacsamoby/status/1752088112291807298?s=20

After Decades of Costly, Regressive, and Ineffective Tax Cuts, a New Course Is Needed Bipartisan Senate Action Passes Minimal Test for IRS Funding While Multiple House Republican Bills Fail 

https://www.cbpp.org/research/federal-tax/after-decades-of-costly-regressive-and-ineffective-tax-cuts-a-new-course-is 

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Eleven years ago, Democracy Journal released a special issue on "The Middle Out Moment" that explored the implications of what was then the brand-new theory of middle-out economics. The moment may not have fully arrived back in 2013, but no doubt it's here now. So this week, Democracy Journal is publishing a follow-up edition called "The Middle Out Moment Part Two," marking the fact that what was once a new idea has now gone mainstream. In this episode, we'll hear from several of the economists, researchers, and former administration officials who contributed to the special issue as they explore how middle-out economics has been put into practice — and discuss the work that lies ahead as middle-out economics becomes the new mainstream.

Guests include: Felicia Wong, Bharat Ramamurti, Tara McGuinness, Sandeep Vaheesan, Todd Tucker, Ronnie Chatterji, Neale Mahoney, and Heidi Shierholz

The Middle-Out Moment is Here: https://democracyjournal.org/category/magazine/72

Twitter: 

Michael Tomasky - @mtomasky

Felicia Wong - @FeliciaWongRI

Bharat Ramamurti - @BharatRamamurti

Tara McGuinness - @taradmcguinness

Sandeep Vaheesan - @sandeepvaheesan

Todd Tucker - @toddntucker

Ronnie Chatterji - @RonnieChatterji

Neale Mahoney - @nealemahoney

Heidi Shierholz - @hshierholz

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

The latest economic indicators show a historically strong economy. Over the past couple of years, the unemployment rate has consistently stayed below 4%, real wages have been growing faster than they have in decades, and economic growth has been strong. And yet, public opinion surveys consistently show dissatisfaction with economic conditions. Aaron Sojourner, a labor economist from the Upjohn Institute, joins us to discuss his research findings into why Americans are so displeased with the economy. Aaron helps us unpack the complicated relationship between news coverage of the economy and its effect on consumer sentiment.

Aaron Sojourner is a labor economist and senior researcher at the Upjohn Institute for Employment Research. His research focuses on the effects of labor-market institutions, policies to promote efficient and equitable development of human capital, and behavioral economic approaches to consumer finance decisions. He’s also served as the senior economist for labor on the U.S. Council of Economic Advisers for Presidents Obama and Trump.

Twitter: @aaronsojourner

BlueSky: @aaronsojourner.bsky.social

Threads: aaronsojourner

Why are Americans so displeased with the economy?

https://www.brookings.edu/articles/why-are-americans-so-displeased-with-the-economy

Aaron’s thread on within-worker real wage growth on Threads:

https://www.threads.net/@aaronsojourner/post/C3OVo8FrDgV/?igshid=NTc4MTIwNjQ2YQ== 

Tax Subsidies for Journalism Are Only for Rich People: Perry Bacon Edition

https://cepr.net/tax-subsidies-for-journalism-are-only-for-rich-people-perry-bacon-edition

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer