What SCOTUS should know about Biden v. Nebraska.
The Roosevelt Rundown features our top stories of the week.
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** The Flawed Supreme Court Case against Student Debt Cancellation
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Last August, President Biden announced his plan to relieve more than 43 million borrowers of up to $20,000 in student debt.
In a case that’s gone straight to the Supreme Court—Biden v. Nebraska—six Republican attorneys general have sued to block this cancellation based on the claim that Missouri’s loan servicing company, the Higher Education Loan Authority of the State of Missouri (MOHELA), would suffer financial revenue losses if enacted.
That’s not true, new analysis from the Roosevelt Institute and the Debt Collective ([link removed]) reveals.
As authors Thomas Gokey, Eleni Schirmer, Braxton Brewington, and Louise Seamster find, MOHELA would actually see a substantial increase in its direct loan revenue for 2023, should the cancellation proposal be enacted—a fact that MOHELA’s internal documents confirm.
“This should have never come to court, and it did make it to court and yet didn’t actually have a fair day in court,” Brewington said in a New Republic exclusive ([link removed]) about the brief.
“It is critical that the Supreme Court understands the true facts of this case and its potential impacts on borrowers, our broader economy, and our democracy,” said ([link removed]) Seamster.
The outcome, they write, could threaten the financial survival of millions and further threaten the legitimacy of the court.
Read the full brief ([link removed]) , and coverage of the bombshell findings in The Guardian ([link removed]) , The American Prospect ([link removed]) , and Essence ([link removed]) .
** The Era of Industrial Policy
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“Last week, the Biden administration announced the death of global economic governance as we’ve known it,” New York Magazine’s Eric Levitz wrote ([link removed]) on Wednesday.
The spark for that declaration: National Security Advisor Jake Sullivan’s speech ([link removed]) at a Brookings Institution event ([link removed]) , where he laid out the administration’s economic agenda: “pursuing a modern industrial and innovation strategy—both at home and with partners around the world.”
It’s a direction Roosevelt experts like Todd N. Tucker have championed for years, including in last week’s Industrial Policy Synergies report ([link removed]) and forum ([link removed]) .
And that fact wasn’t lost on Levitz.
“Anyone familiar with the ascendant economic thinking in the progressive nonprofit world, or with the NSC’s recent personnel ([link removed]) , will see the fingerprints of the Roosevelt Institute and Hewlett Foundation all over Sullivan’s speech,” he wrote.
“Ideas that were once the exclusive property of iconoclastic academics and think-tank staffers are now official US policy.”
** The Neoliberal Order Is Over. What Comes Next?
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Historian Gary Gerstle has documented the rise and demise of the New Deal ([link removed]) and neoliberal ([link removed]) orders in his books.
On a new episode of How to Save a Country ([link removed]) , he joins hosts Felicia Wong and Michael Tomasky to give a guided tour of that history—and predictions for what might come next.
One possibility, Gary explains, is a revived progressive political order—one that “harks back to successful elements of the New Deal while also guiding us in new directions, with the ability to take into consideration those issues that the New Deal either ignored or repressed.”
Listen now, and follow for new podcast episodes every Thursday ([link removed]) .
** Jobs Day Takeaways
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** What We’re Reading
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Eyeing China, Biden Official Floats a New “Washington Consensus” [feat. Roosevelt fellow Sameera Fazili] ([link removed]) - Washington Post
Why the Fed’s Latest Interest Rate Hike Is Controversial [feat. Mike Konczal] ([link removed]) - Vox
Wage Gains after Changing Jobs Were Lower in April [feat. Roosevelt’s Alí Bustamante] ([link removed]) - Marketplace
Lina Khan: We Must Regulate AI. Here’s How ([link removed]) . - New York Times
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