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FICO rolls out new credit scoring model

Consumers are getting turned down for all sorts of financial products, from personal and auto loans to credit cards. The Wall Street Journal, using Equifax data, reports that credit card approvals totaled 483,000 in the week ending May 10, down from 856,000 in the week ending March 22. To compare to the year prior, weekly…

Economic Impacts of a Moratorium on Consumer Credit Reporting

Two bills introduced in Congress, H.R. 6370 and S. 3508, ‘‘Disaster Protection for Workers’ Credit Act of 2020’’ would impose a moratorium on credit reporting of “adverse information” for the duration of the coronavirus crisis. Credit scores are an integral part of the consumer credit underwriting process as their power to predict the likelihood of…

Blog: Finally, It’s the Right Time for Infrastructure Week

As Congress passes its historic multi-trillion spending package, people across the country, as well as investors in our beleaguered financial markets, will breathe a sigh of relief. But the truth is, this “Phase 3” response to the pandemic-induced economic shutdown may just be the beginning of what we need to avert a savage recession or…

Blog: Policymakers Should Look to Accelerate the Spread of the App Economy

The failure of the app intended to collect results from the Democratic caucuses in Iowa wasn’t the best advertisement for the App Economy. But we have to remember that apps play a central role in the economy. As part of a global project measuring the size of the App Economy, we estimated the U.S. App…

Stangler for Medium: “The first Democratic debate of 2020 is next week: Guess what won’t be talked about?”

The Democratic presidential field continues to be in flux, with Julian Castro dropping out and Michael Bloomberg ramping up his campaign. Participation in the January 14th debate is, as of yesterday, limited to just five candidates. Those five — Joe Biden, Amy Klobuchar, Elizabeth Warren, Pete Buttigieg, and Bernie Sanders — have hit the polling and…

Stangler for Medium: “The Democrats Should Talk About This Tonight”

Here is how tonight’s Democratic debate should begin: The American economy has always been driven by entrepreneurial energy — the creation and growth of new businesses. Today, however, entrepreneurship in the United States is in trouble. Business creation has stalled; overall economic dynamism is faltering. We are experiencing what some researchers call a “startup deficit.”…

Gold for Medium: “Attention Democrats: UK Elections Not Only Cautionary Tale from Europe”

As Democratic presidential hopefuls gather in Los Angeles this week for the last debate of 2019, candidates should look across the Atlantic for a cautionary tale. No, I’m not just talking about last week’s UK elections, which saw Labour’s far left-wing leader, Jeremy Corbyn, get crushed by Brexiteer Boris Johnson. Democrats can also draw useful…

Stangler for Medium: “Announcing the New Urban Progress Initiative to Foster Metro Problem-Solving”

In its recently published The World in 2020, the editors of The Economist observe that the U.S. presidential race will “hog headlines” globally for the next year. One of the implications of this is that citizens everywhere — not just in America — will be inundated with debate and disagreement over large-scale national issues and policies. Immigration, Medicare-for-all, trade,…

On the Blog: Good News for Low Income Taxpayers

IRS Free File and VITA programs should be improved not discarded. According to the Internal Revenue Service (IRS), 90 percent of taxpayers hire paid tax preparers or utilize tax preparation software to file their taxes. For low-income families the cost of tax preparation can significantly reduce the value of their refunds. A 2016 study by…

On the Blog: UBI Is The Wrong Way To Fight Poverty

Critics say that UBI risks discouraging people from working, which would shrink our economy and thereby lower U.S. living standards. by PPI Summer Intern Avi Lipton In his long-shot bid for the presidency, Andrew Yang has brought fresh attention to an old idea: universal basic income. Yang’s UBI proposal, which he calls “Freedom Dividends,” would…