Public Still Wants a Raise
Minimum wage still backed, but job concerns loom. Bloomberg: "Sixty-nine percent of Americans, including 45 percent of Republicans, support the president’s call to raise the federal minimum wage to $10.10 over the next three years ... Asked about a Congressional Budget Office finding that raising the minimum wage [to $10.10] would lift the incomes of 16.5 million people while eliminating 500,000 jobs, a majority -- 57 percent -- said that tradeoff is unacceptable."
58% support candidates who will raise minimum wage in new NBC/WSJ poll.
Obama readies executive order to boost overtime pay. NYT: "... the president will direct the Labor Department to revamp its regulations to require overtime pay for several million additional fast-food managers, loan officers, computer technicians and others whom many businesses currently classify as 'executive or professional' employees to avoid paying them overtime ... Obama’s action is certain to anger the business lobby in Washington, which has long fought for maximum flexibility for companies in paying overtime."
Inequality likely to get worse, aruges NYT's Eduardo Porter: "Thomas Piketty of the Paris School of Economics [says] the belief that inequality will eventually stabilize and subside on its own ... is wrong ... During the Gilded Age — a period of enormous concentration of income and wealth — the stock of the world’s privately held capital amounted to some five years’ worth of global income, by Professor Piketty’s estimate. By 1950, it had fallen to below three, but by 2010, it was back at four. And by the end of this century, Mr. Piketty projects, it will amount to almost seven."
NYT's Thomas Edsall explores "How Democrats Can Compete for the White Working Class": "...outside the South, Democrats should be able to make significant inroads among working-class whites – and, in fact, they have ... White working-class voters outside the South are becoming more open to the Democratic Party because, as [polling] hows, they are coming to terms with the cultural transformations stemming from what sociologists call the 'second demographic transition.'"
Fannie/Freddie Wind-Down Backed
Bipartisan duo strikes housing finance reform deal. The Hill: "The bill from [Senators Tim] Johnson and [Mike] Crapo calls for the slow demolition of Fannie and Freddie, which were seized by the government during the financial crisis of 2008 ... and create a new agency called the Federal Mortgage Insurance Corp. It would also require private investors to take the first 10 percent of mortgage losses, before the government would step in to help ... Housing and mortgage industry officials said they were pleased that the Senate framework appeared to include many of their priorities, including preservation of government backing for the popular 30-year mortgage. The measure would also require underwriting standards mirroring those set out under the new qualified mortgage rules, which took effect this year. It would set down payment requirement at 5 percent for all homebuyers, except people taking out a mortgage for the first time, who would be required to put down 3.5 percent."
Difficult politics ahead. Bloomberg: "Johnson and Crapo have to navigate Democratic politics on the banking panel, which must give preliminary approval to the measure. Senate Democrats including Elizabeth Warren ofMassachusetts and Sherrod Brown of Ohio have said they won’t back a plan unless it guarantees affordable loans for most buyers and includes significant support for low-income rental housing ... In the House, a bill that would almost entirely privatize the mortgage market, written by Financial Services Committee Chairman Jeb Hensarling of Texas, hasn’t gained enough support for a vote of the full chamber. It is unclear whether the House would act this year even if the Senate passes a bill."
Obamacare Progress
Pace of Obamacare enrollment rises in February. ThinkProgress: "...more than 4.2 million Americans enrolled in private health plans through the Affordable Care Act’s state and federal marketplaces during the first five months ... February’s enrollment figure is slightly lower than January’s high-mark of 1.1 million signups ... enrollment by younger Americans aged 18 to 34 remained stable between January and February at 27 percent of all signups ... That number is also expected to spike in the final month ... Note that January’s enrollment report covered more days than the February report. The per-day enrollment actually increased in February."
Are enough youth signing up? McClatchy: "...the proportion of young adults ages 18 to 34 who bought coverage remained at 27 percent in January and February, far from the 35 percent to 40 percent level that experts suggest is needed to keep premium costs in check next year ... Health and Human Services Secretary Kathleen Sebelius was encouraged that young adults accounted for one-third of February enrollments. And even though more than a million young adults have enrolled so far, she said past enrollment patterns show 'that young adults tend to sign up later in the process.'"
