PLUS: SOTU Recap + Economic Impact of the War in Ukraine
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Progress Report
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News, events, and must-read analysis from the Progressive Policy Institute.
Biden and Congress Can Fight Inflation Too
By Paul Weinstein Jr.
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Last month the Bureau of Labor Statistics released data showing that inflation is rising at the fastest pace in 40 years—7.5 percent over the past 12 months. This has led to speculation that the Federal Reserve will raise rates more aggressively at its March meeting, underscoring that everyone is looking to monetary policy as the key to bring down rising prices.
There is no doubt that the Fed must raise rates several times this year to protect the economy from rising inflation. But to keep Fed Chair Jerome Powell from having to slam the brakes too hard on the current economic recovery, it's important that the president and Congress can use fiscal policy to combat high inflation as well.
The Federal Reserve has taken some initial steps to pull back the reins on the monetary stimulus issued to help the economy rebound from the onset of COVID-19. The central bank has begun to taper back its policy of quantitative easing—purchasing Treasury bonds and mortgage-backed securities—that flooded the economy with liquidity. In addition, the Fed is forecasting multiple federal funds rate increases starting next month.
Meanwhile, the White House and Congress have focused on the transitory causes of inflation, such as bottlenecks in the supply chain and spikes in energy prices. While important, these efforts do not cancel all that two years of stimulus did to stoke inflation.
Biden and Congress Can Fight Inflation Too ([link removed])
By: Paul Weinstein Jr.
PPI Senior Fellow
READ MORE ([link removed])
[link removed]: https%3A%2F%2Fwww.newsweek.com%2Fbiden-congress-can-fight-inflation-too-opinion-1684114 Tweet ([link removed]: https%3A%2F%2Fwww.newsweek.com%2Fbiden-congress-can-fight-inflation-too-opinion-1684114)
[link removed] Forward ([link removed])
PPI's Paul Bledsoe on Russia and the Energy Crisis
White House reaches out to Venezuela, a longtime foe, amid Russia crisis
⮕ The Washington Post ([link removed])
Amid war, Biden reluctant to unleash clean energy rhetoric
⮕ E&E News ([link removed])
Ukraine war prompts European reappraisal of its energy supplies
⮕ The Guardian ([link removed])
Ukraine invasion triggers rhetoric for both sides in U.S. energy debate
⮕ Roll Call ([link removed])
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State of the Union Recap
Ben Ritz, Director of PPI's Center for Funding America's Future:
Democrats Need a Pivot on Inflation at the State of the Union
⮕ for Forbes ([link removed])
Paul Bledsoe, PPI's Strategic Advisor:
War Abroad and Politics at Home Push U.S. Climate Action Aside
⮕ The New York Times ([link removed])
All the energy takeaways from SOTU
⮕ E&E News ([link removed])
What Biden Said—and Didn’t Say—on Climate during the State of the Union
⮕ Scientific American ([link removed])
ICYMI: Tressa Pankovits and Will Marshall for PPI's Reinventing America's Schools Project: Biden Must Reclaim Democrats' Discarded Mantle of Education Reform in State of the Union Address
⮕ RealClearEducation ([link removed])
Tune In!
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In September 1989, the brand-new Progressive Policy Institute published The Politics of Evasion: Democrats and the Presidency ([link removed]) . Nearly 33 years later, this political study written by William Galston and Elaine Kamarck maintains more than just historical interest today as the Democratic Party once again must wrestle with basic questions of political outlook and electoral strategy.
In this episode of the Radically Pragmatic podcast, William and Elaine sit down with PPI President Will Marshall to unpack the contents of their new report ([link removed]) and discuss what changes Democrats need to make in order to stop Republicans from taking back control of Congress this November and the White House in 2024.
As countries around the world increase sanctions on the Russian economy, one crucial sector has not yet seen sanctions — oil and gas. Paul Bledsoe is a former advisor to the Clinton White House, Congress and the Department of the Interior on climate and energy policy and he joins the podcast to talk about how Europe is dependent on Russian natural gas and what can be done about it.
How badly does Europe need the fossil fuels that Russia exports? What alternatives exist, and how quickly could they be deployed? And what are the climate considerations in moving away from Russian natural gas? We discuss all this and more as Europe struggles to break up with their reliance on Russian fuel.
** ICYMI: How the U.S. Can Better Compete Globally on R&D
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On March 3, the Innovation Frontier Project at the Progressive Policy Institute held a virtual panel discussion for policymakers, staffers, and journalists titled “How the U.S. Can Better Compete Globally on R&D.”
Between the pandemic, supply chain snarls, and an increased economic competition with China, there is a growing recognition of the role that R&D plays in solving today’s pressing issues and building tomorrow’s economy. To address these concerns, the U.S. Innovation and Competition Act passed by the Senate in 2021 and the America COMPETES Act passed this year by the House include provisions to increase advanced manufacturing, initiatives for STEM education and workforce development, and measures to increase the resilience of supply chains.
The Innovation Frontier Project assembled a panel of leading experts with recently published papers on how reforms to government procurement could boost R&D spending by U.S. corporations ([link removed]) and how the U.S. can focus on manufacturing complex goods ([link removed]) to better compete globally. The panelists discussed how the U.S. can better compete with China on R&D and how proposed legislation currently under consideration by Congress can accomplish that goal.
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