And protect unemployed and self-employed Americans. View this in your browser and share with your friends. <[link removed]>

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Preserving Payrolls and Supporting Unemployed People

This week’s economic news has been sobering beyond precedent:10 million Americans <[link removed]>filed unemployment claims in the last two weeks alone, and Oxford economists project that 20 million more will do so in the next few weeks. With lives and livelihoods at risk, experts are calling on government to support those both with and without jobs—andAmericans agree <[link removed]>. “The American public is very concerned that the money [of stimulus relief] be used to support workers, to keep employees on payroll and that it not be used for things like stock buybacks or excessive CEO pay," Roosevelt President & CEO Felicia Wongtold Hill.TV <[link removed]>this week.
- The coronavirus economic crisis: “Fundamentally, this needs to be a government solution. Individual acts of charity or trying to keep the economy afloat are not sufficient at this moment,” Roosevelt Director of Progressive Thought Mike Konczal tells Vox in a new explainer. “The recession is ultimately a collective problem, and the government will be the one who determines what happens to small business, self-employed people, and so on down the line.” As Roosevelt Fellow Darrick Hamilton adds, this unprecedented economic shock will disproportionately harm workers of color: “We know that Black, Latinx, and Native people . . . have lower levels of reserves, and we also know that their employment is more precarious than that of white people.”Read on. <[link removed]>


- Another angle: “This dramatic spike in jobless claims is an American peculiarity. In almost no other country are jobs being destroyed so fast. Why? Because throughout the world, governments are protecting employment,” University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman writein a New York Times op-ed <[link removed]>. “. . . government should pay not only wages of idled workers, but also essential business maintenance costs, like rents, utilities, interest on debt, health insurance premiums, and other costs that are vital for the survival of businesses in locked down sectors.”


- Moving forward: The CARES Act passed by Congress last week is an essential, if imperfect, leap forward. It’s also a springboard for policymakers to invest more in worker and health care security in future relief packages. Citing recent polling, Wong argues for the blog that “the popular support is there for building on the momentum of the CARES Act to create a more resilient economy for all.”Read more. <[link removed]>



Ending Shareholder Primacy Once and for All


“Corporate greed did not cause the coronavirus, but it did create an economy extremely vulnerable to crisis—one that will only make it harder to fight the economic consequences of this pandemic,” Roosevelt Fellow Lenore Palladino writes for Boston Review. “Working families do not have safety nets because they have been underpaid for years, and are now relying on the federal government to come through with guarantees for paid sick leave and income support . . . We must put an end to shareholder primacy now, both to improve business resiliency and to distribute economic gains more fairly.”Read on. <[link removed]>
- An unequal playing field: "For the bigger players, it will be easier to go back to business as normal of late last year,”Mike Konzcal tells HuffPost <[link removed]>. “This could present a perfect opportunity for big businesses to swoop in and consolidate their market power since even the small businesses that survive a recession are likely to come out of it with considerable debt."




The Double Wage Gap and the Bottom Line


“As the American economy currently grapples with the onslaught of the coronavirus, the main work-related challenges currently confronting Black women are reductions in work hours or job loss. But if and when the US economy recovers, African American women will once again face the double gap,” Michelle Holder (assistant professor of economics at John Jay College, City University of New York) writes in a new Roosevelt report about the confluence of race and gender income gaps. Based on three quantitative methodologies, Holder estimates that Black women lost approximately $50 billion in involuntarily forfeited wages in the US in 2017 alone—systemic undercompensation with generational consequences for wealth-building in the Black community.Read more. <[link removed]> - Why this matters: “Like most of our problems today, the double gap is a structural issue that requires a rebalance of power,” Roosevelt Managing Director of Communications Kendra Bozarth writes for the blog. “Expecting US companies to pay workers, especially Black women, what they’re worth ignores the reality of who our economy is working for and who it is working against. Until Black women are made whole, none of us are.”Read on. <[link removed]>

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Rewriting the Rules—During the Pandemic and Beyond


Roosevelt is covering all angles of the coronavirus economic crisis and response efforts in a new blog series:
- “COVID-19 and the Economy: Industrial Planning and Policy in This Moment <[link removed]>” by Roosevelt Director of Governance Studies Todd Tucker and Director of Advocacy and Policy Michelle Sternthal;
- “A Generational Crisis: Restructuring America’s Social Insurance System to Better Protect Young People <[link removed]>” by Suzanne Kahn, deputy director of the Great Democracy Initiative and a Roosevelt education expert;
- “The Lost Opportunity in Buyback Spending <[link removed]>” by Lenore Palladino;
- “Seeds of Progressive Change: Rethinking Our Market-Based Medicines System <[link removed]>” by Roosevelt Vice President for Advocacy and Policy Steph Sterling and Director of Advocacy and Policy Katy Milani; and
- “We Need to Protect Abortion Access Now More Than Ever <[link removed]>” by Roosevelt Director for Health Equity Andrea Flynn and Roosevelt Network National Director Katie Kirchner.




What We’re Reading
The Four Rules of Pandemic Economics <[link removed]> - The Atlantic

Unsanitized: A Crisis to End All Crises <[link removed]> - American Prospect

The “All-Consuming” Emotional Labor Caused by Coronavirus—and Shouldered by Women <[link removed]> - Ms.

Pandemic's New Victim? Free College <[link removed]> - Inside Higher Ed

A Wave of State Layoffs Is Coming. The Fed Could Help Turn Back the Tide. <[link removed]> - Barron’s

We Can Finally See the Real Source of Washington Gridlock <[link removed]>  - The Atlantic

Trump Is Failing at Wartime Leadership <[link removed]> - Washington Post

It’s Time for a Massive Wartime Mobilization to Save the Economy <[link removed]> - Vox





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