PLUS: New reports, Will Marshall on CBS, and more!

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Progress Report
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News, events, and must-read analysis from the Progressive Policy Institute.


** NEW REPORT: PPI on MMT
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A new report ([link removed]) from the Progressive Policy Institute’s Center for Funding America’s Future ([link removed]) dives into the economic and political debate around Modern Monetary Theory (MMT), looking closely at the challenges MMT advocates would have in delivering on their goals without drastically harming our economy. The report, authored by Dr. Eric Leeper of the University of Virginia, is titled “Modern Monetary Theory: The End of Policy Norms as We Know Them?” ([link removed]) .

“Dynamic democracies should periodically reconsider existing policy norms to evaluate if they continue to serve policy goals well. If MMT seeks to change long-standing policy norms, the onus is on its advocates to persuade us that old norms do not serve us well and to communicate precisely what new norms will prevail and how they will affect the economy’s performance,” writes Eric Leeper in the report. “Until MMTers are ready to take these steps, their ideas must remain in the realm of guess and conjecture. In the meantime, we should apply to economic policy the basic principle we apply to health policy: follow the science. Economic science, such as it is, provides no support for MMT’s central claims."

This report breaks down several flaws in the economic thought behind MMT, including the constraints that ultimately finite resources place on governments, the inability of MMT to explain the relationship between inflation and demand when an economy is operating below its resource constraint, how it would overcome the structural and political challenges that prevent elected lawmakers from responsively managing inflation, and the indiscriminate approach it takes to the impact of different tax and spending policies, among others.

By Dr. Eric Leeper
Contributing Author
for the Progressive Policy Institute (PPI) ([link removed])
READ THE FULL REPORT ([link removed])
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New from the Experts

PPI Director of Health Care Arielle Kane: Telehealth helps low-income individuals access care, but disparities persist with video use
⮕ PPI Blog ([link removed])

New from PPI: PPI Applauds Passage of America COMPETES Act
⮕ PPI ([link removed])

Mosaic Economic Project's Jasmine Stoughton: PPI's Mosaic Economic Project Statement on Biden's Federal Reserve Nominations
⮕ PPI ([link removed])

PPI's Malena Dailey: Targeting app stores reduces consumer choice in the market for mobile devices
⮕ PPI Blog ([link removed])
Hot Off the Press

CBS News: Red and Blue ([link removed])

PPI President Will Marshall joins CBS News' Red and Blue to discuss how the Democrats can correct course and the path forward for the Biden Administration on the economy.
⮕ CBS ([link removed])

The Washington Post: E.U. - U.S. meeting today has big implications for climate, energy ([link removed])

“The council's immediate task is to line up additional natural gas and other electricity supplies in case Russian gas is cut off,” Paul Bledsoe, a strategic adviser at the Progressive Policy Institute, said in an email to The Climate 202.
⮕ The Washington Post ([link removed])

WLS-AM 890: John Howell Show ([link removed])

Will Marshall: "It’s better for [President Biden] to be out there and showing the country what he’s doing to break those log jams up at the ports, and to try to get more truck drivers, to get goods flowing again, and do the kinds of things that are going to get prices down sooner rather than later.”
⮕ Listen: 🎧 ([link removed])

E&E Daily: Will climate action this year matter in the midterms? ([link removed])

Paul Bledsoe, a former White House climate aide who is now a strategic adviser for the Progressive Policy Institute, said the job creation benefits of the clean energy provisions contained in the bill are also “an incredibly powerful message that Democrats should be confident will be valuable in the midterm election.”
⮕ E&E Daily ([link removed])
NEW: Breaking Up Big Tech Will Not Prevent Algorithmic Harm to Society
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A new report ([link removed]) from PPI explains how the ubiquity of algorithms and their ever-expanding sophistication often come at a cost to consumers and the public at large. And Congressional proposals to break up Big Tech companies, rather than address the root causes of “algorithmic harm,” represent a solution in search of a problem — not a sober assessment of this highly problematic phenomenon.

Check out the full report by Dr. Kalinda Ukanwa, Assistant Professor of Marketing at the University of Southern California's Marshall School of Business, here ([link removed]) .
Don't Miss These PPI Podcasts
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In this week's episode of RAS Reports, Tressa Pankovits and Curtis Valentine, Co-Directors of PPI's Reinventing America's Schools Project, celebrate National School Choice Week by discussing new developments in the movement to provide access to affordable, quality education to all of America's youth. The hosts highlight Innovation Schools in Indianapolis, Ind., which serve as a prime example of the benefits of granting schools the flexibility to make decisions tailored to the specific needs of their student body. Curtis and Tressa discuss how these "schools of choice" attract high-quality teachers, produce higher learning outcomes, and gives parents more power to decide what educational environment is best for their student.

What's going on with the tech antitrust bill being debated in the Senate? PPI's Michael Mandel and Malena Dailey join the show to discuss tech platforms, the consumer welfare standard, all things antitrust. Does Big Tech need to be more regulated, and if so how? Are there other industries more deserving of antitrust enforcement?


** New IFP Report Argues U.S. Faces New "Sputnik Moment"
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Ongoing geopolitical pressures, primarily the modern rise of China, have brought American technological superiority back to the fore as a central political objective. By revitalizing corporate science and economic innovation through government procurement, policymakers can promote U.S. scientific leadership while protecting our national security, argues a new report from the Progressive Policy Institute (PPI)’s Innovation Frontier Project.

The report, authored by Sharon Belenzon and Larisa C. Cioaca of Duke University’s Fuqua School of Business, is titled “Government Procurement: A Policy Lever to Revitalize Corporate Scientific Research.”

Read the full report here ([link removed]) .
Don't Miss This PPI Report
Don't Miss This PPI Event
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