19 Jul

Weekly Digest – The Economy

The Economy

Senate Strikes Student Loan Deal; Not Good Enough, says U.S. Student Association (USA Today)

Sean McMinn reports that the Senate has reached a deal on student loans, but the plan would allow rates to rise over time, even above the 6.8% that caused this fight. Roosevelt Institute | Campus Network’s partner on this issue, USSA, finds that to be an unacceptable compromise.

The Student Victims of Washington’s Deficit Obsession (The New Yorker)

James Surowiecki argues that the student loan fight is really about the differences in fiscal and monetary policy desires in the U.S.. The obsession with cutting the deficit calls for higher rates and lowers growth, while the Fed wants low interest rates that help pump money into the economy.

Get a Clue, McDonald’s: The Other Insult No One’s Talking About (Salon)

Paul Campos argues that the most offensive part of McDonald’s new budget website for their employees isn’t that it calls for two nearly full-time jobs, but that it even exists. Poor people, he claims, know how to budget better than anyone, because otherwise they cannot buy necessities.

The Lessons of Belle Glade (NYT)

Cindy Hahamovitch worries that Congress has forgotten lessons of the past regarding abuse of migrant farmworkers. The House Republican alternative to the Senate immigration bill is particularly concerning, because it entirely lacks protections for migrant workers.

Why the Gender Pay Gap Is Worse for Whites Than Blacks (National Journal)

Niraj Chokshi explains why the gender pay gap is so much smaller for blacks and Hispanics. They earn less overall, and the jobs at that end of the labor market have less room for men to pull ahead.

New Class Of Businesses Look To Boost Support For Pro-Worker Policies (ThinkProgress)

Katherine Richard looks at benefit corporations, a new corporate legal status that requires third party evaluation of social and environmental performance. This structure encourages worker-friendly policies, like flexible scheduling and paid sick leave.

Obamacare a Boon to Entrepreneurs (TAP)

David Callahan argues that the Affordable Care Act is great for small businesses. Reports from New York show that the law is bringing down insurance premiums in that state, so potential entrepreneurs and small business owners will have access to better, more affordable plans.

Detroit Just Filed for Bankruptcy. Here’s How It Got There. (WaPo)

Brad Plumer breaks down the problems the city faced that led to bankruptcy. Between population decline, high unemployment, and low tax revenue, it’s clear how Detroit reached this state, but solutions aren’t yet apparent.

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