Never heard of the Fair Labor Standards Act of 1938? It’s why there’s a minimum wage, overtime pay, and 12-year-olds can’t legally have a job. It’s also due for a 21st-century update. What would these “New Work Standards” include? Let’s start with the right to request remote work, part-time schedules, or non-traditional hours. This shift would be a game-changer for folks with disabilities, parents juggling young kids, or anyone going through tough personal times. This is also a way to grow the economy by keeping people attached to the workforce. Consider this part one of – if Kathryn has her way – a 63-part series on how to update the FLSA.

Read More:

• Fair Labor Standards Act of 1938 [U.S. Dept of Labor history page]
• Civil Disobedience by Henry David Thoreau [PDF]
• The TurboTax Trap [ProPublica]
• The 988 Lifeline

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The United States is more than 20 years into a tax experiment – an era of a cumulative $7 trillion in tax cuts. So, asks economist Kathryn Edwards, how’s that working out? Well, we have worsening income inequality and public faith in the tax system is cratering. Meanwhile every social policy is conceptualized as some kind of tax cut/credit. The question for our optimistic future is, are you ready for tax fairness if that means you don't get that deduction?

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What’s with the persistent narrative of Social Security's impending doom? Are the baby boomers draining the trust fund? Are Americans living too long? No and no. There are just two of the many misunderstandings people have about what economist Kathryn Edwards will tell you (for hours if you let her) is, truly, the most popular and effective public program in U.S. history. She’s also optimistic that Congress will make necessary reforms just before the trust fund is depleted in 2035. Which is good. Because Robin does want to be able to retire.

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Read More:

• A Young Person’s Guide to Social Security
• Ten Years Since Hurricane Katrina | SSA

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Wouldn’t it be funny if we launched a podcast called “Optimist Economy” at the very moment the economy started to slide? Nice timing, us! In this bonus episode we dive into the data that has folks spooked. We also talk about if willy-nilly tariff policy (technical economic term there) is to blame, whether a recession is more like a wildfire or a hurricane, and how a recession might affect you. Also, who gets to declare, “Recession on!” Can we squeeze an ounce of optimism out of a recession episode? We try. You be the judge.

Some of the stuff we talk about:

• GDP Now
• The NBER’s Business Cycle Dating Committee
• Economic News Releases from the Bureau of Labor Statistics
• WSJ: The U.S. Economy Depends More Than Ever on Rich People

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Rapidly changed government and corporate policies mean the era of DEI is coming to a screeching halt. But gross racial discrimination in the U.S. labor market persists. Just one example: The black unemployment rate is almost always double the white unemployment rate. In this episode we muddle through what can be said about DEI now at its funeral that wasn’t said during its lifespan.

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Who are we and what in the world is an “optimist economy?”

For our first show, we (economist Kathryn Edwards and editor Robin Rauzi) introduce ourselves, explain how we met, and lay out our goals for our new podcast.

We want Optimist Economy to empower listeners to understand the economy we have, but also the one we can have so they feel good about the future. The truth is, America’s best economic era is yet to come. It has to be, because there are so many good solutions out there that U.S. policymakers have never tried.

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Here at Optimist Economy, we recognize that today’s economy isn’t great for a lot of Americans. That is exactly why now’s the time to talk about how it could be so much better — whether you’re hunting for a first job or worried about the future of Social Security.

Co-hosts Kathryn Edwards (a labor economist) and Robin Rauzi (an editor) decided to make Optimist Economy because everyone deserves an economy worth looking forward to. Join us here every week as we work through what that is, one problem and solution at a time.

New episodes every Tuesday wherever you listen to podcasts.

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Music from #Uppbeat

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