To avoid market collapse, we must address climate risk. View this in your browser and share with your friends. <[link removed]>



<[link removed]>







Preventing a Climate-Induced Housing Crash



This week brought two major climate developments in the presidential race: a Trump administration rule absolving federal agencies <[link removed]> from having to internalize climate risk in infrastructure projects and presumptive Democratic nominee Joe Biden’s $2 trillion plan <[link removed]> for a clean energy economy. A report released this week by the Great Democracy Initiative tackles another climate problem: risk in the housing market. In “Soaked: A Policy Agenda to Prepare for a Climate-Triggered Housing Crash,” GDI Fellow Lindsay Owens proposes how government can act now to rewrite the rules of the housing market, redistribute equity, and manage coastal retreat: “The challenge that lies ahead for policymakers is to use the regulatory apparatus (and legislation, where required) to incorporate climate risk into residential real estate markets to encourage adaptation and transition, without forcing existing homeowners, particularly those in frontline communities, to bear all of the risk.”Read more. <[link removed]>

- An untenable risk: As Roosevelt Chief Economist Joseph Stiglitz writes for the New York Times Book Review, “the whole multibillion-dollar insurance industry is predicated on risk aversion. If there were another planet we could all move to, that would be one thing. But there isn’t. So that means we have to be cautious. And caution is especially warranted once we realize how bad things could get.”Read on. <[link removed]>













COVID-19 Relief That Works for All



While Kanye West, Jeff Koons, and otherhigh-profile Paycheck Protection Program (PPP) recipients <[link removed]>have garnered headlines, the real scandal is who didn’t receive help, as Roosevelt Vice President of Research Julie Margetta Morgan and Managing Director of Corporate Power Bharat Ramamurti argue in a CNN Business op-ed. “We can improve upon the PPP and stop thousands of small businesses from failing and millions more workers from being left behind,” they write. “To do this, the government should step in and directly take over payroll obligations for companies that have been hard hit by our current economic crisis . . . Second, we should provide specific, targeted grants to Black- and Latinx-owned small businesses, which have done particularly poorly with PPP. Finally, we should provide grants (or, at worst, low-interest loans) to small businesses to help cover non-payroll costs, like rent, that might be driving them out of business.”Read more. <[link removed]> - Extend unemployment insurance: With the expanded unemployment benefits of the CARES Act set to expire this month, experts argue that economic recovery—and the financial security of millions—could be imperiled. “You will get into a downward spiral as people lose their income to pay their bills, which will affect the people who collect income on those bills as well,” Roosevelt Fellow Darrick Hamiltontells the Washington Post <[link removed]>. “The way to prevent depression and recession is to keep aggregate demand up . . .  We also need to stop people’s suffering and pain.” Next week, Bharat Ramamurti and Lindsay Owens will detail theirfair wage guarantee <[link removed]>proposal in a new Roosevelt issue brief.





- Americans want a job guarantee: Per a Hill-HarrisX poll,79 percent of voters <[link removed]>support—and almost half strongly support—a federal jobs guarantee. As Roosevelt President & CEO Felicia Wongtells Hill.TV <[link removed]>, “This actually says a lot about what the presidential candidates should be doing and should be thinking about with respect to their overall economic program.”







What the Nation Owes Black People



This week, the city council of Asheville, North Carolina, unanimously approved a measure apologizing for the city’s participation in slavery and calling for reparations for its Black residents. As the council defines it, that would include funding directed at increasing home ownership, mobility, and wealth—but not direct payments, as Roosevelt Senior Fellow Sandy Darityhas proposed <[link removed]>. In an emailto the New York Times <[link removed]>, Darity wrote that he was “deeply skeptical about local or piecemeal actions to address various forms of racial inequality being labeled ‘reparations,’” and that “piecemeal reparations taken singly or collectively at those levels of government cannot meet the debt for American racial injustice.” - Other angles: On thelatest episode of Pitchfork Economics <[link removed]>, Omidyar Network principal and Roosevelt board member Joelle Gamble explains how econ 101 upholds racist systems.For PBS NewsHour <[link removed]>, Michigan State University economist and Roosevelt board member Lisa Cook discusses the economics behind COVID-19’s racially disparate effects. Andon Amanpour & Co. <[link removed]>,Roosevelt Fellow Mehrsa Baradaran joins Michel Martin for a conversation about her bookThe Color of Money: Black Banks and the Racial Wealth Gap <[link removed].>and the systemic exclusion of Black people from banking. For more from Baradaran, read her latest Roosevelt report, “Rethinking Financial Inclusion: Designing an Equitable Financial System with Public Policy.” <[link removed]>







What We’re Reading

Economics Journals Faulted for Neglecting Studies on Race and Discrimination [feat. Roosevelt’s Sandy Darity] <[link removed]> - Wall Street Journal



The States We're in: Can “Laboratories of Democracy” Conquer COVID-19? [feat. Roosevelt’s Alexander Hertel-Fernandez] <[link removed]> - The Guardian



The PPP Worked How It Was Supposed To. That’s the Problem. <[link removed]> [feat. Roosevelt’s Felicia Wong] <[link removed]>- Vox 



How Trump Is Helping Tycoons Exploit the Pandemic <[link removed]> - The New Yorker



America’s Child Care Problem Is an Economic Problem <[link removed]> - Vox



The Terrifying Next Phase of the Coronavirus Recession <[link removed]> - The Atlantic



Biden’s New Climate Plan Is Also His Stimulus Plan <[link removed]> - New York Magazine



Can We Create All the Money We Need? [by Roosevelt’s J.W. Mason] <[link removed]> - TheAmerican Prospect











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