4.8 • 1.5K Ratings
🗓️ 22 January 2021
⏱️ 12 minutes
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0:00.0 | I'm Annie Fadley. I'm a producer here. Welcome to the show. So the coolest thing about making |
0:11.6 | pitchfork economics is the people that we get to talk to and we've been really overjoyed to watch some of our past guests be appointed to positions in the Biden Harris administration. |
0:21.5 | So without further ado, here's what the new |
0:23.7 | administration sounds like through the years of Pitch Fork Economics. |
0:26.5 | Starting with the oldest conversation on this list, we spoke to |
0:34.2 | Jared Bernstein in March 2019 and at the time he was a senior fellow at the |
0:38.7 | Center on Budget and Policy Priorities, but now he's an incoming |
0:42.3 | member of Biden's Council of Economic Advisors. |
0:44.8 | Here's his thoughts on the role of power and monopolies. |
0:47.8 | It is commonly misunderstood. |
0:49.8 | The assumptions in economics are benign or they're mathematical or they sort of come out of a model that may or may not be right. |
0:58.0 | In fact, they come out of a model that isn't right, A, but B b these are very much politically motivated assumptions |
1:06.3 | that serve one class over another and it's that class that's been winning for a |
1:10.4 | long time if you go back 30 or 40 years there may have been some |
1:14.6 | monopsidistic parts of the labor market but I don't really see them in the data. |
1:19.6 | Now we have you know very scholarly and careful papers that look at the concentration by industry and |
1:27.4 | they correlate it with outcomes. |
1:30.4 | Chris Lou was the Deputy Secretary of Labor under Obama and Biden tapped him to lead |
1:38.8 | his transition review team for the Department of Labor. |
1:41.2 | Here's what he had to say about the importance of |
1:43.2 | restoring the overtime threshold. You could work 50, 60, 70 hours, 23,000 a year, which is a |
1:48.8 | low wage in this country. It's important to understand that there was a point at which that 23,000 |
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