Pitchfork Economics with Nick Hanauer

How bad will this recession be? Why is Congress bailing out big corporations that had record profits last year? What would happen if stock buybacks were permanently eliminated? This week, Nick and Goldy answer your questions about the economy in the time of COVID-19. Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

In his latest book, Nobel Prize-winning economist and New York Times columnist Paul Krugman argues that economics has been eaten from within by bad assumptions he calls “zombie ideas.” You’ve encountered these zombies before: the idea that cutting taxes creates growth, or that providing healthcare for an entire country is too expensive. This week, Krugman joins Nick and Goldy in the fight to win economic models back from the neoclassical undead.Paul Krugman is a professor of economics and international affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times. In 2008, he was the recipient of the Nobel Memorial Prize in Economic Sciences for his work on international trade theory. He is the author or editor of 23 books, including the recently published Arguing with Zombies: Economics, Politics, and the Fight for a Better Future.Twitter: @paulkrugmanArguing with Zombies: https://www.penguinrandomhouse.ca/books/625526/arguing-with-zombies-by-paul-krugman/9781324005018Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

As the world shelters in place from the coronavirus pandemic, an economic crisis is growing. This week, Nick and Goldy pull the curtain back on why trickle-down has made us extra vulnerable to disasters like COVID-19. Our focus always, but especially now, should be on building a more resilient and inclusive economy that can actively protect people from ruin and tragedy. The only limit to our ability to address this crisis is our imagination and our willingness to act. Further reading: Hurricanes hit the poor the hardest: https://www.brookings.edu/blog/social-mobility-memos/2017/09/18/hurricanes-hit-the-poor-the-hardest/Insult to Injury: Natural Disasters and Residents’ Financial Health: https://www.urban.org/research/publication/insult-injury-natural-disasters-and-residents-financial-healthHow natural disasters can increase inequality: https://www.pbs.org/newshour/economy/making-sense/how-natural-disasters-can-increase-inequalityPoverty and Death: Disaster and Mortality 1996-2015: https://reliefweb.int/report/world/poverty-death-disaster-and-mortality-1996-2015Poll: Nearly 1 in 5 Households Have Lost Work Because of Pandemic: https://www.npr.org/2020/03/17/817158521/poll-nearly-1-in-5-households-have-lost-work-because-of-pandemicMnuchin warns senators of 20% US unemployment without coronavirus rescue, source says: https://www.cnbc.com/2020/03/18/mnuchin-warns-senators-of-20percent-us-unemployment-without-coronavirus-rescue-source-says.htmlCoronavirus shock will likely claim 3 million jobs by summer: https://www.epi.org/blog/coronavirus-shock-will-likely-claim-3-million-jobs-by-summer/News clips from CBS News and ABC NewsWebsite: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

A budget is a moral document that reflects what we value and prioritize. But to most people, the budget-making process is convoluted and confusing. Budget expert Bob Greenstein joins Nick and Jasmin this week to explain how a budget is made, and how these mind-bogglingly huge numbers impact everyday life. Bob Greenstein is the Founder and President of the Center of Budget and Policy Priorities, a nonpartisan research and policy institute that analyzes federal budget priorities. Greenstein is considered an expert on the federal budget and a range of domestic policy issues, including anti-poverty programs and various aspects of tax and health care policy. Twitter: @GreensteinCBPP@CenterOnBudgetFurther reading: Trump’s budget will wreak havoc on the American economy: https://www.cnn.com/2020/02/20/perspectives/trump-budget-economy/index.html2021 Trump Budget Would Increase Hardship and Inequality: https://www.cbpp.org/research/federal-budget/2021-trump-budget-would-increase-hardship-and-inequalityNews clips from PBS NewsHour and Bloomberg Politics. Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Why is right now the easiest time in modern history for the wealthy to get away with whatever they want? HuffPost reporter and fellow Seattleite Michael Hobbes joins Zach in the studio for a deep dive into his most recent article about white collar crime. Michael Hobbes covers the new economy for HuffPost and is the co-host of the podcast “You’re Wrong About”.  Twitter: @RottenInDenmark@HuffPostFurther reading: The Golden Age of White Collar Crime: https://www.huffpost.com/highline/article/white-collar-crime/Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Pretend every economic problem we’ve ever discussed on this podcast has magically been solved. What’s next? What are the economic problems that we’ll face a decade from now? This week, Nick and Goldy are joined by futurist Kevin Kelly for a conversation based on a voicemail left by Pitchfork Economics listener Cody from Florida. Thanks, Cody!You can call and leave us a voicemail, too—in fact, we would love it if you did! Our number is (731) 388-9334. Kevin Kelly is Senior Maverick and co-founder at Wired. He has written for The New York Times, The Economist, Science, Time, and The Wall Street Journal among many other publications. His most recent book, The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future, is a New York Times Bestseller. Twitter: @kevin2kellyFurther reading: The Inevitable: https://www.indiebound.org/book/9780525428084Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

You can’t talk about philanthropy without mentioning Darren Walker. As the president of the Ford Foundation, Walker has been charged with reimagining one of the largest philanthropic endowments in the world. This week he joins Nick and Jessyn in a conversation about transforming philanthropy to meet the challenges of structural inequality.Darren Walker is president of the Ford Foundation. He chaired the philanthropy committee that brought a resolution to the city of Detroit’s historic bankruptcy and is co-founder and chair of the US Impact Investing Alliance. Before joining Ford, Darren was vice president at the Rockefeller Foundation. Twitter: @darrenwalker @FordFoundationFurther reading: From Generosity to Justice: https://www.fordfoundation.org/ideas/ford-forum/the-future-of-philanthropy/from-generosity-to-justice/Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

Democracy in Chains is required reading around the Civic Ventures office, and Paul is happy to explain why it’s earned must-read status. Listen, be convinced, go read! Democracy in Chains: https://www.indiebound.org/book/9781101980965Paul’s twitter: @paulconstantWebsite: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

We’re continuing the conversation about reimagining capitalism this week with Professor Steve Keen, one of the biggest names in alternative economics. What would society look like if we stopped believing in long-held economic fictions like meritocracy and the equilibrium system? Steve Keen has spent his career working to develop an alternative, realistic economics. He is the author of Debunking Economics and the designer of Minsky, an open source dynamic modelling program that makes it possible for anyone to build and understand monetary models of the economy. He was one of the first economists to correctly predict the 2008 financial crisis and its causes. Twitter: @ProfSteveKeenSteve Keen’s work is funded through Patreon: https://www.patreon.com/ProfSteveKeenMake sure you check out Majority.FM’s AM Quickie, the morning news podcast for progressives in the know: amquickie.comFurther reading: Debunking Economics: https://www.goodreads.com/book/show/10303367-debunking-economics---revised-and-expanded-editionMinsky download: https://sourceforge.net/projects/minsky/Inequality, Debt, and Credit Stagnation: https://www.debtdeflation.com/blogs/2016/07/05/inequality-debt-and-credit-stagnation/Website: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer

On Tuesday’s episode, Anu Partanen mentioned the Finnish civil war, which divided the country between elite land-owners and the working class. That’s right up our pitchforks alley - so we called an expert, Finnish professor Tuomas Tepora, for a history lesson. Tuomas Tepora is a lecturer in history at the University of Helsinki. His research deals with a wide variety of topics related to the cultural history of war and the history of emotions. Twitter: @TTeporaWebsite: http://pitchforkeconomics.com/Twitter: @PitchforkEconInstagram: @pitchforkeconomicsNick’s twitter: @NickHanauer