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Pitchfork Economics with Nick Hanauer

You can’t starve your way out of a recession (with Kitty Richards)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 14 August 2020

⏱️ 28 minutes

🧾️ Download transcript

Summary

We know that state budget cuts and other austerity policies worsened the 2008 recession and led to a prolonged, uneven recovery. With state and local leaders already clamoring to meet the impending revenue shortfall caused by the COVID crisis, what have we learned, and what can we do differently? In this bonus episode, Paul talks to Groundwork Collaborative strategic advisor Kitty Richards about how states can act now to invest in their residents, bolster their economies, and push back against skyrocketing inequality. Kitty Richards is a freelance policy consultant and strategic advisor to the Groundwork Collaborative. She has previously worked on federal budget and tax policy at several think tanks, including the Center on Budget and Policy Priorities and the Center for American Progress, and has served as an economic policy staffer on Capitol Hill and in the White House. Twitter: @KittyRichardsDC Bolstering state economies by raising progressive taxes: https://rooseveltinstitute.org/wp-content/uploads/2020/07/RI_BolsteringStateEconomies_IssueBrief_072020.pdf Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

Hi, I'm Paul Constant. I am a writer at Civic Ventures. Today I'm going to be talking to Kitty Richards.

0:12.0

Kitty is the Policy Consultant and Strategic Advisor for Groundwork Collaborative.

0:16.7

And we are going to be talking about an exciting report that she recently authored for the Roosevelt Institute.

0:23.0

It's titled bolstering state economies by raising progressive taxes,

0:27.0

and it explains that the only way out of the recession that has been brought on by coronavirus is by keeping essential spending rather than cutting budgets and raising taxes on the rich to pay for it.

0:44.0

Might sound simple and straightforward to listeners of this podcast,

0:48.5

but I can assure you that I know some Republicans

0:52.3

and some Democrats who haven't quite gotten this literal memo.

0:57.1

We were all very excited when this report came up because it really thinks through an appropriate response to help the most people and to create the

1:07.1

speediest recovery from this recession.

1:09.6

And so I was really excited to have a chance to talk to Kitty about that and sort of expand on the ideas in the report. And so here's our conversation.

1:21.0

My name's Kitty Richards. I am a Senior Strategic Advisor with the Groundwork Collaborative and a fellow at the Roosevelt Institute.

1:29.0

So you recently published an issue brief with the Roosevelt Institute about the unprecedented

1:34.3

revenue shortfall state and local governments are facing and how and how not

1:38.1

to mitigate this crisis. It's kind of like austerity versus pro-growth investments writ large.

1:45.0

Could I ask you to sort of briefly summarize the report and the takeaways so that our

1:49.6

listeners are up to speed before we start digging into it?

1:52.8

Absolutely.

1:53.9

So as you said, state and local governments are facing really unprecedented

1:58.5

revenue shortfalls as the economy has collapsed along with the pandemic,

2:03.2

so have tax collections at both the state and local level.

2:07.9

And states and localities are responsible

...

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