Roosevelt Institute

🌊 Policymaking over the past four years has clearly demonstrated a #SeaChange in economic thinking—A shift away from decades of neoliberalism toward a new approach that rebalances power in our economy. In "Sea Change: How a New Economics Went Mainstream," authors Felicia Wong (president & CEO), Suzanne Kahn (vice president, think tank), Mike Konczal (former director of macroeconomic analysis), and Matt Hughes (director, editorial & narrative strategy) seek to offer an analysis of the people, institutions, and history that brought us to this moment in economic policymaking. They discuss three elements of the past 3-4 years of policymaking that demonstrate the shift that’s underway: ▶️ Empower and educate workers ▶️ Invest in America ▶️ Promote competition The authors then explore how to ensure the full realization of this new post-neoliberal order ⬇️ https://lnkd.in/gc5mTdfy

At last week's Federal Reserve Jackson Hole Economic Symposium, discussions on climate were notably—an unacceptably—absent. In his remarks, Fed Chair Jerome Powell focused on crediting his monetary tightening for returning inflation to target levels and hinted at upcoming interest rate cuts. He pointed to supply constraints as one of the drivers of the inflation we saw over the past four years, yet failed to mention how extreme weather and volatile energy markets contributed to those constraints. Climate was also ignored in the second segment of the conference, wherein macroeconomic researchers presented papers aimed at influencing the Fed's strategy. In their new blog, Sarah Bloom Raskin (Senior Fellow) and Kristina Karlsson (deputy director, climate) highlight several articles that would have benefitted discussion at Jackson Hole and could motivate improvements to Fed policy: 💠 "The Impact of Global Warming on Inflation: Averages, Seasonality and Extremes,” by authors at the European Central Bank (Maximilian Kotz, Friderike K., Eliza Lis, and Christiane Nickel) 💠 "Inflation in times of overlapping emergencies: Systemically significant prices from an input-output perspective," by authors from the University of Massachusetts, Amherst (Isabella Weber, Jesus Lara Jauregui, Lucas Teixeira, Luiza Nassif Pires) 💠 “The impact of Climate Transition Risks on Financial Stability. A Systemic Risk Approach,” by authors from the Joint Research Centre of the European Commission (Javier Ojea-Ferreiro, Juan C. Reboredo, Andrea Ugolini) ➡️ Acknowledging the reality of climate and transition risks is critical to upholding the Fed's mandate. It's time the agency starts acting accordingly. #federalreserve #climaterisk #energytransition #monetarypolicy #jacksonhole https://lnkd.in/gHJCmxYD

Sci-fi 🤝Public policy In “Parable of the Sower,” Octavia Butler once wrote: “The only lasting truth is change.” The book, written in 1993, is set in a dystopian 2024 where the planet has been destroyed by climate change and the country is undergoing massive civil unrest. What we do in the real 2024 will help decide whether we can avoid the kind of collapses she was warning about in the novel. Progressives must fight for the *kind* of change we want and need, which is what the Roosevelt Network’s Emerging Fellows aim to do by developing around-the-corner policy ideas that could transform their communities. These ideas “are affirmatively trying to steer us away from that dystopia and toward a future where people thrive and communities are safe and inclusive of all,” write the Network’s leader, Katie Kirchner, and deputy director, Eric A. Paul Check out their full blog reflecting on the 2024 Emerging Fellows Journal ⤵️ https://lnkd.in/grEtqePP

Join our team and build a rewarding career in the progressive movement! At the Roosevelt Institute, you can help make our economy and democracy work for the many and not the few, while finding the support, coaching, and training you need to advance your career. 💯 Whether you're just starting off or are far along in your journey, we have positions for you. Explore our open positions and apply or share with a friend today ⤵️ https://lnkd.in/gXt56tgz

Keeping interest rates high is likely to stifle economic growth, weaken worker power, restrict investments—namely in housing & clean energy—and harm emerging economies around the world. As Ira Regmi (program manager, macroeconomics analysis) lays out in their new blog, here are the reasons why the Fed needs to cut interest rates: ✅ Inflation is largely under control. ✅ Labor market gains are dissipating and must be preserved. ✅ Housing supply needs to grow. ✅ Investments in physical infrastructure and the climate transition need a boost. ✅ Emerging economies are suffering from higher interest rates set by the US. As Regmi reminds us: Monetary policy alone cannot precisely manage economic outcomes. While the time to cut is now, caution is warranted. The Fed must recognize that while lowering rates is necessary to support the labor market and stimulate growth, cuts have delayed effects and can lead to economic distortions, such as inflated asset bubbles and increased inequality. Learn more about the progressive case for lowering interest rates at this moment ⬇️ #federalreserve #macroeconomics #inflation #interestrates https://lnkd.in/guZEWQip

I am so excited to join this team! Lots of cool work coming your way from me and some fantastic colleagues soon (like, VERY soon)!

🎉 We are excited to welcome Michael Madowitz as our principal economist! In this critical moment when progressive economic ideas are starting to take root, we are pleased to have Madowitz lead our economic research in this new role at the organization. ➡️ As principal economist, Madowitz will work with Roosevelt’s issue-area experts to develop research and strategy with the goal of driving a long-term paradigm change in our economy. ➡️ Madowitz focuses his research on macroeconomics, climate economics, energy markets, tax policy, and the impact of motherhood and child care on the economy. ➡️ In addition to his role with Roosevelt, Madowitz currently serves on the Data Users Advisory Committee for the US Bureau of Labor Statistics. 👏 “Michael is an incredible addition to our team. His background positions him to strengthen Roosevelt’s efforts to strategically make the economic case for the high-care, low-carbon economy we are working toward,” said Suzanne Kahn, Roosevelt's think tank vice president. https://lnkd.in/gEQukzHv

The SCOTUS Chevron ruling could make it difficult for agencies to: 💊 Regulate the health insurance industry 💵 Set & enforce wage and labor standards 🙅♀️ Enforce rules under the Clean Air and Water Acts Read more from Suzanne Kahn: https://lnkd.in/g-ia9a-H

ICYMI❗Our top stories of the week ⤵️ ✅ On the 2-year anniversary of the Inflation Reduction Act, Dr. Alí Bustamante reflects on how the legislation has begun reorienting the economy, improving public health, and catalyzing renewable energy production—and how policymakers can maximize its full potential. ✅ There is no reason to keep interest rates as high as 5.5%. Inflation is quite largely under control, and it's time for the Fed to cut the rates. Read more in this week's #RooseveltRundown: https://lnkd.in/gEEug4qA

Two years after President Biden signed the #InflationReductionAct into law, the legislation has had a profound impact on our economy, public health, and environment. 🍃 By funding renewable energy projects, the IRA is spurring job growth and fostering green technology innovation. 💊 By capping the monthly costs of insulin and empowering the federal government to negotiate prices with drug companies, the IRA has lowered health-care costs. 💲 By implementing revenue-raising measures, the IRA ensures its long-term viability. 💸 By increasing funding for the IRS, the IRA is improving tax compliance, holding corporations and the wealthy accountable for their fair share. ⚖️ By creating jobs in renewable energy and infrastructure and supporting workforce development, the IRA is addressing economic inequality and fostering inclusive growth in marginalized communities. Our Director of Worker Power Dr. Ali Bustamante highlights how policymakers can maximize the legislation's benefits well into the future: https://lnkd.in/gsbvrKSY