What you need to know to navigate today’s most critical debates.
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The Recovery Is Really Good at Creating Bad Jobs (The Nation)
NND Editor Bryce Covert notes that rebuilding the economy on the foundation of the low-wage temp jobs being generated by this recovery is like building a house on top of a pit of quicksand, except the house is more likely to pass inspection.
SEC Keeps Ratings Game Rigged (ProPublica)
Jesse Eisinger writes that while the SEC is winning its footrace against the one-legged man that is the Justice Department, its decision to crack down on a tiny ratings firm known for criticizing the big three doesn’t make for a profile in courage.
Progress Is Seen in Advancing a Final Volcker Rule (NYT)
Ben Protess and Peter Eavis report that regulators could have a final draft of the Volcker Rule ready by September, raising hopes that bank lobbyists’ comment letters have had their biggest impact when hitting the bottom of various waste baskets.
Europe Still Slouching Toward Catastrophe (MoJo)
Kevin Drum laments that the slow-motion implosion of the eurozone is a textbook example of collective action problems, though at least with the textbook we would be able to skim through this section and flip to the answer key at the back.
Saving the Euro Is Pretty Easy (Slate)
Matthew Yglesias writes that other big economic units are held together by transfer programs that balance out regional inequality, but the European Union’s problem is that its members still aren’t sure what it means to be European or a Union.
It’s not easy being a Wall Street gazillionaire these days (WaPo)
Greg Sargent notes that bankers want Obama to make a big speech condemning class warfare like the one he gave on race in 2008, because centuries of racial oppression is basically the same as calling for an end to the carried interest rule.
Retirement, Slipping Farther and Farther Away (NYT)
Catherine Rampell writes that expected retirement age has risen from 60 to 67 since the ’90s, but older Americans are having trouble finding work and becoming more reliant on Social Security. 75’s not too late to become a tech entrepreneur, grandpa!
Debt inequality is the new income inequality (CNN)
Tami Luhby notes that the top 5 percent have seen their debt-to-income ratio fall in the last 20 years while the bottom 95 percent have buried themselves in debt to keep up. Lucky for us, we also still get to experience the old income inequality.
Comparing Romney and Bush: Has Republican economic thinking changed since 2000? (WaPo)
Eza Klein compares Mitt Romney’s economic platform to George W. Bush’s and finds that after over a decade of financial crisis, multiple recessions, and skyrocketing inequality, the GOP is still rocking the freshest ideas of the last millennium.
Foreclosure Victims Aim to Take Over County Courthouses (HuffPo)
Ryan Grim and Arthur Delaney report that Florida foreclosure victims-turned-activists have decided that if no one else will stand up for them, they’ll represent themselves in court — not as lawyers, but by running for local office.