Connecticut is poised to undo a signature accomplishment—the Citizens Election Program. Facing budget cuts, some legislators in Connecticut have proposed allowing wealthy donors to, once again, dominate the state’s elections.
Yesterday, voters from coast to coast fought back against big-money politics. Voters in Maine and Seattle resoundingly approved ballot measures aimed at empowering the voices of ordinary citizens in the political process.
Discussion about the working class, who make up the majority of American families and would benefit most from such a raise, has all but disappeared from popular conversation.
How has the rise of big donors affected our policies? In a recent post, political scientist Seth Masket, whose work I deeply respect and have read for years, argues that “what's not happening here is the superdonors skewing American politics rightward.”
His argument is that so far in the 2016 election, superdonors have tended to be Republican, because that’s where the interesting contest is. Here, I have no qualms.
Clinton supports raising the federal minimum wage to $12 per hour. Despite minimum wage hikes by many state and local governments, and by high-profile employers like Walmart and Target, the federal minimum wage remains stuck at $7.25 per hour, the same rate it has been at since 2009. Many advocates of a higher minimum wage, including Clinton competitor Bernie Sanders, want a federal minimum wage of $15 per hour nationwide.
“The financial crisis and the Great Recession and its aftermath are hopefully the most significant economic calamity that this generation will experience,” said labor economist and policy analyst Catherine Ruetschlin, a visiting professor at the University of Missouri-Kansas City [and Demos fellow].
Robert Hiltonsmith, senior policy analyst at Demos, a progressive think tank, expects the positive trends to continue -- even if Tuesday’s survey suggests employers overall aren’t relenting on tough and irregular scheduling demands. “I think it’s a slow burn, but the pressure’s mounting,” he says.
Adam Lioz, Demos Counsel and Senior Advisor, Policy & Outreach, issued the following statement in response to Governor O'Malley's plan to address the role of big money in politics:
The demonized banking industry must make the case it is morally noble. That may jar some ears, but surely enabling retirees to earn a return on their savings and funding business expansion creating jobs and wealth, improving Americans’ quality of and opportunities in life is morally noble. — Eric Glover, the Washington Times, September 24, 2015
The hyperactivity of the presidential election has raised the level of discussion of financial regulation, at least in terms of noise if not enlightenment. Mr.
But, rising rents may shift that balance—making widows or single senior women particularly susceptible to market trends. And, as one Federal Reserve Bank of Boston report notes, 84% of single senior households—mostly senior women—are financially vulnerable.
That figure is derived from the Senior Financial Stability Index, administered jointly by the public policy think-tank Demos and Brandeis University. The most recent data, from 2011, notes that among single senior women only, 47% were deemed “insecure” in 2011, up from 35% in 2008.
Among mortgage professionals, it is widely held that owning a home is how many Americans build wealth. As the private mortgage market has failed to make loans available to Black homebuyers, our community suffers from a limited ability to create wealth through this reliable and proven method.
I propose a far-reaching agenda to fix Quarterly Capitalism, equal to the task of shifting traderscorporate America away from an obsession with short-termism and toward creating shared productivity. These proposals are complementary and non-exclusive, but the problem of Quarterly Capitalism and short-termism is so embedded in the economy that a layered approach is needed.
But praise for Clinton fades to disappointment because her solution to quarterly capitalism, an adjustment to capital gains tax rates, holds little promise of getting the job done. What’s needed are new restrictions on Wall Street and changes to how corporations do business, territory occupied so far by Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA). The fact is that we have all knuckled under to Wall Street so that we have an economy that increasingly is based on finance without even asking whether Wall Street is investing in us.
Wal-Mart recentlymadeheadlines for increasing the starting salary of workers from $9 to $10 an hour, which would boost the wages of 500,000 employees, along with other boosts in specialized sections.
Heather McGhee, President of Demos, said: "Incredibly, working a full-time job is no longer a guarantee that you will be able to afford basic necessities—much less provide for your family. We applaud Governor Cuomo’s leadership in calling for a $15 minimum wage, and the community and labor groups who have worked tirelessly to make this a reality. This proposal will lift the living standards for the many families who have been struggling to stay afloat and will bring us one large step closer to a more equitable New York.”
Nevertheless, Walmart has had to make concessions to the pressure upon the business, mostly from OUR Walmart. It is in the process of enacting a series of wage hikes, starting with boosts to $9 an hour this year and $10 next year for a half-million of its lowest paid workers (out of 1.4 million), changes in scheduling policy, more accommodating pregnancy policies (after OUR Walmart’s “Respect the Bump” campaign).
Walmart's raises to $9 an hour in 2015 and then to $10 an hour in 2016 is a positive step forward, but it still falls short of giving workers the wages they need.