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Progress Report
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News, events, and must-read analysis from the Progressive Policy Institute.
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** Democrats must limit oil shocks along with climate risk
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By Paul Bledsoe, PPI's Strategic Advisor
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Energy issues are defining U.S. consumer, economic and security challenges more profoundly than any time since the oil embargoes of the 1970s. Russia’s invasion of Ukraine has placed enormous pressure on global oil and natural gas supplies, driving up prices around the world ([link removed]) , and exacerbating already high domestic inflation, with U.S. consumers facing new record gasoline prices of more than $4.50 a gallon in part due to the new EU embargo on Russian oil ([link removed]) this week.
Yet, the crisis comes with real opportunity. Consumer anger over energy costs and new concerns about U.S. energy security are together providing key Democrats, especially perpetual swing vote Sen. Joe Manchin (D-W.Va.), with fresh political motivations to enact a sweeping package of clean energy tax incentives that can also limit future oil shocks.
Late last week, Manchin indicated ([link removed]) that renewed talks with Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Finance Chair Ron Wyden (D-Ore.) may yet yield a deal ([link removed]) on clean energy, as part of a scaled back Democratic-only budget reconciliation bill also focused on deficit reduction and Medicare prescription drug price cuts. And while Manchin has said reducing inflation is his chief policy concern, he and other Democrats have been slow to acknowledge that a revolution in domestic clean energy innovation and commercialization through tax incentives can help insulate America from future global oil shocks, improving U.S. energy security ([link removed]) , along with addressing climate change.
Gaining long-term benefits of cheaper energy and insulation from fossil fuel commodity price shocks, however, will require a period of time where certain technologies need pending tax incentives to gain market share, help balance the electrical grid and lower prices. The costs of wind and solar power has fallen by more than 80 percent ([link removed]) in just the last decade, making it cheaper than fossil energy in many markets, but due to it’s intermittency these climate-friendly renewable energy sources will require greater deployment of electricity storage and smart grid technologies ([link removed]) encouraged through the tax code and federal innovation incentives.
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NEW IFP REPORT:
Is Inflation Still Low In The Digital Economy?
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A new report ([link removed]) from the Progressive Policy Institute (PPI)’s Innovation Frontier Project finds inflation in the digital sector is still low, despite rapid price increases in much of the rest of the economy. Moreover, the deflationary influence of the digital economy has not been fully captured in official measures of inflation
The report is authored by world-renowned economist Marshall Reinsdorf, and is titled “Is Inflation Still Low in the Digital Economy?” ([link removed]) . Prior to opening his own independent research consultancy, Mr. Reinsdorf was senior economist at the International Monetary Fund and president of the International Association for Research in Income and Wealth. Prior to joining the IMF, he was chief of the National Accounts Research Group at the U.S. Bureau of Economic Analysis.
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** Putin sets the stage for NATO's second act
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By Will Marshall, President of the Progressive Policy Institute
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The North Atlantic Treaty Organization (NATO) – the most successful and enduring mutual security pact in history – is about to start its second act. In Act 1, the United States played the leading role in deterring Russian aggression and keeping the peace in Europe. In Act 2, Europeans will take center stage.
With longtime neutrals Sweden and Finland knocking on its door, NATO likely will grow to 32 members. For the transatlantic allies, however, the wise course isn’t merely to expand NATO, but to reinvent it.
How to seize that opportunity – which goes well beyond hackneyed calls for greater “burden-sharing” – should be the focal point of NATO’s Madrid summit later this month.
NATO should be fundamentally reconfigured to reflect three geopolitical realities. First, since its creation in 1949, the alliance has expanded dramatically as many of Europe’s ancient feuds and rivalries have been subsumed within pan-European values and institutions.
Second, NATO’s 27 European members (excluding Turkey) vastly exceed Russia in economic clout, population and military spending. Third, America inexorably is turning its strategic gaze to China and the balance of power in Asia.
All three developments point toward the same conclusion: It’s time for Europe to cast aside the crutch of dependence on U.S. military might and assume primary responsibility for defending itself.
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** The Latest from PPI's Policy Experts
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Ed Gresser, PPI's Vice President and Director for Trade and Global Markets: There are no Shortages of Infant Formula in New Zealand, Europe, Canada, or Australia
⮕ PPI's Trade Fact of the Week ([link removed])
Paul Weinstein Jr., PPI's Senior Fellow: We Need to Address the Rising Epidemic of Violence on our Children
⮕ PPI's Blog ([link removed])
Jeremiah Johnson, Policy Director of the Center for New Liberalism: To Reject Bigotry, Libertarians Should Become Neoliberals
⮕ Liberal Currents ([link removed])
Arielle Kane, PPI's Director of Health Care: Senate panel exploring loosening telehealth rules for Medicare recipients
⮕ Washington Examiner ([link removed])
Lindsay Mark Lewis, PPI's Executive Director: Hassan's Support for Big Tech Antitrust Bill In Doubt, Sources Say
⮕ NH Journal ([link removed])
Why stop with insulin? The case for more out-of-pocket medication by Dr. Howard Dean feat. PPI's Vice President and Chief Economist Michael Mandel:
⮕ NY Daily News ([link removed])
Michael Mandel, PPI's Vice President and Chief Economist: Wrong Timing for Tech Antitrust Bills?
⮕ PPI's Blog ([link removed])
Listen Up
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THE NEOLIBERAL PODCAST:
What's wrong with the Libertarian Party? ft. Joseph Bishop-Henchman & Andy Craig
The Libertarian Party has been taken over by a white nationalist group — how did this happen? Former LNC chairman Joseph Bishop-Henchman and Andy Craig of the CATO Institute join the show to discuss what's gone wrong with the Libertarian Party. We talk about how this takeover happened, the history of racism in the libertarian movement, and what principled libertarians should do now that the alt-right has control of the nation's biggest libertarian organization.
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