Pitchfork Economics with Nick Hanauer

The midterms have given Democrats new congressional majorities. Now comes the challenge: Can they articulate and fight for an economic agenda that delivers for working and middle-class Americans? Middle-out economics offers a roadmap. Instead of relying on wealth to trickle down from the top, it starts with a simple idea: a thriving middle class is what drives economic growth. This week, we’re revisiting a special 2024 episode featuring leading economists and policymakers advancing middle-out economics. From raising wages and strengthening unions to investing in American industries and taking on corporate monopolies, they explore policies that offer Democrats something they urgently need: a coherent economic agenda that tackles the affordability crisis, improves people’s lives, and demonstrates that they’re on the side of working and middle-class Americans. This episode originally aired on March 12, 2024.  Felicia Wong is a principal at the Roosevelt Institute, where she previously served as president and CEO from 2012 to 2025. Her research focuses on economic inequality, post-neoliberal economic policy, and building a more inclusive economy. Bharat Ramamurti is executive director and partner of Ground Truth at Keystone and a former deputy director of the White House National Economic Council under President Biden. He previously advised Senator Elizabeth Warren on banking and economic policy. Tara McGuinness is the founder and executive director of the New Practice Lab at New America, where she works to improve economic security for families through more effective government programs. She previously served as a senior adviser in the Obama White House. Sandeep Vaheesan is the legal director at the Open Markets Institute, where he leads research and advocacy on antitrust law and corporate power. He is the author of Democracy in Power: A History of Electrification in the United States. Todd N. Tucker is the director of industrial policy and trade at the Roosevelt Institute. His research focuses on industrial policy, international trade, and the role of government in shaping economic development. Ronnie Chatterji is the chief economist at OpenAI and a distinguished professor of business and public policy at Duke University. He previously served as the White House coordinator for implementing the CHIPS and Science Act. Neale Mahoney is the Trione Director of the Stanford Institute for Economic Policy Research and the TG Wijaya Professor of Economics at Stanford University. He previously served as a special policy adviser on the White House National Economic Council. Heidi Shierholz is the president of the Economic Policy Institute and a former chief economist at the U.S. Department of Labor. Her work focuses on wages, labor markets, and policies that strengthen workers' economic power. Further reading:  Democracy Journal Symposium: The Middle-Out Moment Is Here A New Economics Takes Hold by Nick Hanauer & David Goldstein Industrial Policy’s Triumphant Return by Felicia Wong  Moving Past Global Neoliberalism by Todd N. Tucker Keep Empowering Workers by Heidi Shierholz Finally, a Public Investment Boom by Neale Mahoney & Ronnie Chatterji  The Fruits of the American Rescue Plan by Bharat Ramamurti  Seeds of an Antitrust Revival by Sandeep Vaheesan  The IRA’s Promises—and Pitfalls by Jennifer Harris  An Economy with Ethics by Tara McGuinness Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

The morning after a historic midterm, Richard and Zach ask what Democrats actually learned. Their answer is bigger than a blue tsunami: working- and middle-class voters moved sharply, cost-of-living proved powerful, and candidates who connected economic policy to everyday life broke through. But, as Republicans just learned the hard way, winning those voters once is not the same as owning them. The harder governing question is whether Democrats can turn affordability into durable gains in voter trust through paychecks, worker power, and broadly shared prosperity. What was mentioned in this episode:  Civic Ventures Middle Out Center The Washington Post, 2026 Election Trends CBS News, 2026 Exit Polls What’s the Matter with Kansas? by Thomas Frank Pitchfork Economics with Nick Hanauer The Pitch: Zach Silk’s newsletter/Substack, promoted at the close.  Pitchfork Politics Substack New York Times election maps  Main Street Alliance

If you steal from your employer, you could end up in jail. But what happens when your employer steals from you? Every year, employers steal billions of dollars from American workers through unpaid wages, overtime violations, and other illegal practices. Yet the consequences for employers are often little more than the cost of doing business. On Election Day, we're revisiting our 2024 conversation with labor law enforcement expert Terri Gerstein about one of the most widespread and overlooked crimes in the American economy. Why is wage theft so common? Why are employers so rarely held criminally accountable? And what would it take to change that? Because building an economy that works for working people isn't just about passing better laws. It's about having a government willing to enforce them. This episode originally aired April 9, 2024 Terri Gerstein is the director of the NYU Wagner Labor Initiative and a leading expert on wage theft and workers’ rights enforcement. She previously served as Labor Bureau Chief in the New York Attorney General’s Office and Deputy Commissioner of the New York State Department of Labor. Social Media: @terrigerstein.bsky.social @TerriGerstein Further reading:  The Regulatory Review - A Resilient Web of State and Local Enforcers More than $1.5 billion in stolen wages recovered for workers between 2021 and 2023 How district attorneys and state attorneys general are fighting workplace abuses How to File a Wage Complaint Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

We're bringing you something new from the Pitchfork universe! Today, we're sharing the debut episode of Pitchfork Politics, a new podcast hosted by Civic Ventures President Zach Silk and Middle Out Center Executive Director Richard Trent, exploring how to run and win on the economy. In this first episode, Zach and Richard ask a question that could reshape how we think about American elections: Who are the new swing voters? Today's most politically volatile voters are increasingly working-class Americans who want to know whether their paychecks can keep up with the cost of living. From Alaska and Texas to Kansas and Maine, Zach and Richard explore what decades of political realignment can tell us about the coming election, why economic dissatisfaction keeps reshaping the electorate, and what it takes to turn electoral victories into lasting political power. Enjoy this special preview, and be sure to follow Pitchfork Politics wherever you get your podcasts for more conversations about the economic ideas, messages, and campaigns shaping American politics.

You got a raise. So why does it feel like you’re still struggling? New research finds that rising debt payments have swallowed more than half of real income gains for a typical one-earner household since late 2022. Angela Hanks of The Century Foundation joins Goldy and Paul to explain how debt is deepening America's affordability crisis, trapping workers in bad jobs, and weakening their bargaining power. And why fixing the problem requires more than just getting people out of debt. Angela Hanks is Chief of Policy Programs at The Century Foundation and a coauthor of the report: Half of Every Dollar: How Household Debt Eats Into Workers’ Income Gains. Social Media: @angelanhanks.bsky.social @AngelaHanks @TCFdotorg @tcfdotorg.bsky.social Further reading:  Half of Every Dollar: How Household Debt Eats Into Workers’ Income Gains Men at Arms by Terry Pratchett Sam Vimes ‘Boots’ Theory of Socio-Economic Unfairness Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

What happens to democracy when people can no longer afford the basics of everyday life? Economist Isabella Weber argues that the affordability crisis isn't just an economic problem—it's a threat to democracy itself. Drawing on her new book, Anti-Fascist Economics, she joins Nick and Goldy to explore how inflation, austerity, and corporate profiteering fuel the rise of the far right, and why protecting democracy requires more than defending its institutions. From housing and groceries to energy and healthcare, Weber makes the case for an economy that puts people's livelihoods, dignity, and democratic power ahead of corporate profits. Isabella Weber is an associate professor of economics at the University of Massachusetts Amherst and founding director of Essential Economics. Her research focuses on inflation, corporate pricing power, and economic policy. She is the author of Anti-Fascist Economics: In Defense of Affordability, Dignity, and Democracy and How China Escaped Shock Therapy. Social Media: @isabellamweber.bsky.social @isabella_m_weber @IsabellaMWeber www.isabellaweber.com Further reading:  Anti-Fascist Economics: In Defense of Affordability, Dignity, and Democracy Best of Times, Worst of Times: Record Fossil-Fuel Profits, Inflation and Inequality How China Escaped Shock Therapy The Wall Street Journal - America Made Me Very Rich. There's a Pro-Market Way to Give Back. Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

Housing is still ridiculously expensive, and building more housing is absolutely part of the solution. But supply alone won’t fix a system where landlords have the power to jack up rents with the assistance of algorithms, and developers make more money building for the wealthiest in the market, rather than building homes a typical family can afford.  In this 2024 conversation, Brian Callaci and Sandeep Vaheesan join Nick and Goldy to explain why America’s housing crisis is about more than a shortage of homes. They dig into landlord power, RealPage and algorithmic rent-setting, tenant protections, rent stabilization, and why relying on private developers alone won’t produce enough housing that working- and middle-class families can actually afford. They also make the case for a bigger public role in housing—including social housing and other public options that can create affordable homes without requiring every project to maximize private returns. This episode originally aired December 10, 2024. Brian Callaci is the Campaigns Director at the Strategic Organizing Center and the former chief economist at the Open Markets Institute. He is also the author of Chains of Command: The Rise and Cruel Reign of the Franchise Economy. Sandeep Vaheesan is Legal Director at the Open Markets Institute, where he leads the organization’s legal advocacy and research, including its amicus program. His work focuses on antitrust, monopoly power, labor markets, and fair competition. Further reading:  “The Market Alone Can’t Fix the U.S. Housing Crisis”  “Deconstructing Housing” “Supply and the Housing Crisis: A Debate” U.S. v. RealPage Social Media: @briancallaci.bsky.social @brian_callaci @sandeepvaheesan Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

Industrial policy is back at the center of the economic debate. But tariffs, factories, and reshoring are only part of the story. In this 2023 conversation, development economist Isabel Estevez joins Nick and Goldy to argue that industrial policy is ultimately about choices: what we produce, how we produce it, and who benefits. She explains why a smart industrial strategy has to look beyond manufacturing output to workers, communities, climate, public investment, and the broader public good. Because the real debate isn’t whether the government shapes markets. It already does. The question is what—and who—we’re shaping them for. This episode originally aired August 1, 2023. Isabel Estevez is an institutional and development economist and Co-Executive Director of i3T—Industry, Infrastructures and Innovation for Strategic Transformation. She previously served as Deputy Director of Industrial Policy and Trade at the Roosevelt Institute and as a Senior Policy Advisor at the Sierra Club. Further reading:  Using Industrial Policy for Productive Transformation: Three Lessons from Development Economics for US Industrial Strategy  How Can (Green) Industrial Policy Serve Human and Natural Flourishing? Global Green Industrial Policy: Navigating Power Dynamics for a Pro-Working-Class, Pro-Development Green Transformation The New Economics of Industrial Policy Social Media: @isabel_estevez_ isaestevez.com Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

We like to think that if a company cheats us, steals our wages, or breaks the law, we can take them to court. Unfortunately, there’s a good chance you’ve already signed that right away. This week, Brendan Ballou returns to the podcast to explain how forced arbitration created what he calls America’s secret justice system—and why this is as much an economic story as a legal one. He joins Paul and Goldy to unpack how corporations use economic power to weaken workers’ and consumers’ legal power, why the myth of the “voluntary contract” falls apart when every option comes with the same fine print, and how making corporate misconduct harder to challenge changes the incentives that shape the entire market. Brendan Ballou is the founder of the Public Integrity Project, a nonprofit anti-corruption law firm, and the author of When Companies Run the Courts: How Forced Arbitration Became America’s Secret Justice System. Further reading:  When Companies Run the Courts: How Forced Arbitration Became America’s Secret Justice System  Plunder: Private Equity’s Plan to Pillage America Pitchfork Economics: Stop the Steal: Revisiting Private Equity’s Plan to Pillage America (with Brendan Ballou) Public Integrity Project  Social Media: @brendanballou.bsky.social Instagram: @brendanballou Substack: @brendanballou @brendanballou Ask Pitchfork: Have a question for Nick, Goldy, or the show? Leave it in the comments on YouTube or Spotify with #askpitchfork. Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com

For 150 years, the price tag made a simple and universal promise: the price you saw was the price everyone saw. Now, that promise is disappearing. This week, Lindsay Owens, President and CEO of the Groundwork Collaborative returns to discuss her new book, Gouged: The End of a Fair Price — And What That Means for Your Wallet. She explains how corporations are using algorithms, personal data, and AI to figure out not what something costs, but how much you personally are willing to pay. From Instacart’s grocery experiments to the coming world of AI shopping agents, the conversation asks a basic question: If nobody knows what the real price is, can markets actually work the way we’re told they do?  Lindsay Owens, PhD, is the President and CEO of Groundwork Collaborative, an economic policy think tank focused on corporate power, prices, and an economy that works for workers and families. She is also the author of Gouged: The End of a Fair Price — And What That Means for Your Wallet. Social Media: @lindsayowens.bsky.social @groundwork.bsky.social @lindsayowensphd  @groundworkcollab @owenslindsay1 @Groundwork Further reading:  Gouged: The End of a Fair Price—and What That Means for Your Wallet “Same Cart, Different Price: Instacart’s Price Experiments Cost Families at Checkout” When the Invisible Hand Becomes An Algorithm with Lindsay Owens How Outsized Corporate Profits Raised Prices with Lindsay Owens Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: The Pitch Nick’s Substack: NickHanauer.Substack.com