Pitchfork Economics with Nick Hanauer

Latest Episodes:

Post-pandemic booms (with Callum Williams) Jun 22, 2021

Show notes

Callum Williams from The Economist predicts what we can expect from the economy in the coming months based on past periods of massive non-financial disruption, including past pandemics and major world wars.

Callum Williams is a senior economics writer at The Economist.

Twitter: @econcallum

What history tells you about post-pandemic booms: https://www.economist.com/finance-and-economics/2021/04/29/what-history-tells-you-about-post-pandemic-booms

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Chipotle CEO Brian Niccol is a trickle-down clown Jun 15, 2021

Show notes

You probably saw the news that Chipotle is raising its menu prices by 4 percent, and that leadership is blaming the price increase on the fact that they had to raise their starting pay to $15 per hour. It’s not at all surprising to see a large employer like Chipotle blame rising wages for everything, but what was disappointing was the media’s willingness to repeat Chipotle’s story without looking deeper into the numbers: namely, none of the stories covering the price increases mentioned that Chipotle gave its CEO a $24 million raise last year, and that the company is in the middle of enacting a $153 million stock buyback program to enrich a handful of shareholders. Around here, that type of trick will land you the title of Trickle-Down Clown! This week Goldy has a few choice words to say about Chipotle’s behavior, and then we thought it would be a good time to revisit our stock buybacks episode with Senator Cory Booker for an explanation of the pervasiveness and dangers of the practice.

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Inequality is bad for everyone (with Djaffar Shalchi) Jun 09, 2021

Show notes

We’re back to our favorite topic this week—TAX THE RICH! Beyond all the benefits that come from a well-funded social safety net, taxing the wealthy would lessen inequality, which would make most people—including the extravagantly wealthy—happier. Super-rich Danish entrepreneur Djaffar Shalchi shares the wisdom that Denmark understands: Inequality is bad for everyone.

Djaffar Shalchi is an entrepreneur from Denmark and founder of Millionaires for Humanity, a network of wealthy people who advocate for raising taxes on wealthy people. He is also the founder and Executive Director of Move Humanity, a global initiative to mobilize at least one percent of the wealth of the world’s super-rich for the UN’s Sustainable Development Goals.

Twitter: @djaffarshalchi

OPINION: I’m a millionaire who wants to be taxed to pay for COVID-19: https://news.trust.org/item/20210329080742-gpnj6/

The American dream is now in Denmark: https://the.ink/p/the-american-dream-is-now-in-denmark

Dear Mr. Deutsch: Come to “F***ing Denmark.”: https://medium.com/@humanact/dear-donny-deutsch-come-to-f-ing-denmark-ea6995bb684d

Biden will seek tax increase on rich to fund child care and education: https://www.nytimes.com/2021/04/22/business/economy/biden-taxes.html

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

How U.S. policy was designed to suppress wages (with Larry Mishel and Josh Bivens) Jun 01, 2021

Show notes

Radical and rising economic inequality is no secret — and now, thanks to new research from the Economic Policy Institute, neither is its price tag nor its cause. There’s never been a study quite like this — one which places specific, real dollar amounts on every trickle-down policy American politicians have embraced. The study’s authors, Larry Mishel and Josh Bivens, explain how their work reveals that the massive upward redistribution of income our nation has suffered these past four decades can largely be attributed to policies intentionally designed to suppress the wages of American workers.

Lawrence Mishel is a distinguished fellow at EPI after serving as president from 2002-2017. In the more than three decades he has been with EPI, Mishel has helped build it into the nation’s premier research organization focused on U.S. living standards and labor markets.

Twitter: @LarryMishel

Josh Bivens is the director of research at EPI. His areas of research include macroeconomics, fiscal and monetary policy, the economics of globalization, social insurance, and public investment.

Twitter: @joshbivens_DC

Middle-class pay lost pace. Is Washington to blame? https://www.nytimes.com/2021/05/13/business/economy/middle-class-pay.html

Identifying the policy levers generating wage suppression and wage inequality: https://www.epi.org/unequalpower/publications/wage-suppression-inequality/

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

It’s not a labor shortage, it’s a wage shortage (with Heidi Shierholz) May 25, 2021

Show notes

You have no doubt seen the scary headlines warning of a “labor shortage” caused by the additional pandemic unemployment insurance payments. The coverage of this story is widespread, even though most economics reporters can find no credible evidence linking unemployment checks to a labor shortage. EPI economist Heidi Shierholz joins us to explain why UI and stimulus payments aren’t causing a “labor shortage”, and why the answer to this made-up problem is so clear: it’s the low wages, stupid.

Heidi Shierholz is the Senior Economist and Director of Policy at the Economic Policy Institute.

Twitter: @hshierholz

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Unemployment benefits are not creating a worker shortage: https://www.huffpost.com/entry/worker-shortage-unemployment-benefits_n_609056c3e4b09cce6c21a850

Is unemployment insurance behind the fast-food labor shortage? https://prospect.org/labor/is-unemployment-insurance-behind-fast-food-labor-shortage/

Restaurant labor shortages show little sign of going economywide: https://www.epi.org/blog/restaurant-labor-shortages-show-little-sign-of-going-economywide-policymakers-must-not-rein-in-stimulus-or-unemployment-benefits/

U.S. Labor Shortage? Unlikely. Here’s why: https://policydialogue.org/opinions/worker-shortages/

It’s not a ‘labor shortage’. It’s a great reassessment of work in America: https://www.washingtonpost.com/business/2021/05/07/jobs-report-labor-shortage-analysis/

The Myth of Labor Shortages: https://www.nytimes.com/2021/05/20/briefing/labor-shortages-covid-wages.html

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Your non-compete clause is probably illegal (with WA Attorney General Bob Ferguson) May 18, 2021

Show notes

Non-compete clauses, and the lesser-known no-poach agreements between franchises, are shockingly common for low-wage workers. Although these contracts were originally intended to protect trade secrets among high-level executives, they have spiralled into an unfair labor practice that keeps wages low, limits employee mobility, and decreases competition. Washington state Attorney General Bob Ferguson explains how non-competes and no-poach agreements violate the law in many states, what his team did to get hundreds of huge employers across the country to cease and desist, and why you should tell your state’s Attorney General if you know of any low- or middle-income workers who are being forced into signing these agreements.

Bob Ferguson is Washington State’s 18th Attorney General. As the state’s chief legal officer, Bob is committed to protecting the people of Washington against powerful interests that don’t play by the rules.

Twitter: @BobFergusonAG

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Why aren’t paychecks growing? A burger-joint clause offers a clue: https://www.nytimes.com/2017/09/27/business/pay-growth-fast-food-hiring.html

Workers in Washington state win big under new non-compete law: https://www.emeryreddy.com/2019/09/workers-in-washington-state-win-big-under-new-non-compete-law/

Attorney General Bob Ferguson stops King County coffee shop’s practice requiring baristas to sign unfair non-compete agreements: https://www.atg.wa.gov/news/news-releases/attorney-general-bob-ferguson-stops-king-county-coffee-shop-s-practice-requiring

AG Report: Ferguson’s initiative ends no-poach practices nationally at 237 corporate franchise chains: https://www.atg.wa.gov/news/news-releases/ag-report-ferguson-s-initiative-ends-no-poach-practices-nationally-237-corporate

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Why we need a mission-driven economy (with Mariana Mazzucato) May 11, 2021

Show notes

What do the internet and COVID vaccines have in common? Neither would be possible without the work of DARPA, a mission-focused federal agency responsible for funding research and development. Professor Mariana Mazzucato is with us this week to argue that our economy will be better off if more government agencies adopt DARPA’s mission-oriented approach.

Mariana Mazzucato is a Professor in the Economics of Innovation and Public Value at University College London, where she is Founding Director of the UCL Institute for Innovation and Public Purpose. She is the author of three highly-acclaimed books: The Entrepreneurial State, The Value of Everything, and Mission Economy.

Twitter: @MazzucatoM

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Mission Economy: https://marianamazzucato.com/books/mission-economy

It’s 2023. Here’s how we fixed the global economy: https://time.com/collection/great-reset/5900739/fix-economy-by-2023/#new_tab

DARPA’s early investment in COVID-19 antibody identification producing timely results: https://www.darpa.mil/news-events/2020-11-10

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Is the economy at a turning point? (with Anusar Farooqui) May 04, 2021

Show notes

Essayist Anusar Farooqui makes the case that we are witnessing the final break from neoliberalism in the United States.

Anusar Farooqui writes on Substack as Policy Tensor.

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The Making of the Mother of All Economic Booms: https://policytensor.substack.com/p/the-making-of-the-mother-of-all-economic

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

Can businesses help repair society? (with Ben & Jerry) Apr 27, 2021

Show notes

Can business leaders use their power and resources to make meaningful change? Should they? Ben Cohen and Jerry Greenfield, the founders behind iconic ice cream brand Ben & Jerry’s, help map the landscape between business and activism and introduce their new project, the Campaign to End Qualified Immunity.

Ben Cohen and Jerry Greenfield are the co-founders of Ben & Jerry’s Ice Cream. Most recently, they are the leaders of the Campaign to End Qualified Immunity, a new police reform and criminal justice campaign.

Ben’s twitter: @YoBenCohen

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https://campaigntoendqualifiedimmunity.org/

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

There’s no such thing as a race-neutral policy (with Valerie Wilson) Apr 20, 2021

Show notes

EPI economist Valerie Wilson joins us for a conversation about the economic costs of racism, and which policies could help further racial equality.

Valerie Wilson is the Director of the Program on Race, Ethnicity, and the Economy at the Economic Policy Institute. Prior to joining EPI, she was an economist and vice president of research at the National Urban League Washington Bureau.

Twitter: @ValerieRWilson

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Racism and the Economy: https://www.epi.org/blog/racism-and-the-economy-fed/

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer