Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Rebecca Zisser/Axios

What should a Democratic presidential candidate's economic policy look like? The field is now up to 20 candidates, with Joe Biden the latest big name to declare that he's running.

The state of play: While Elizabeth Warren and Andrew Yang have carved out a niche for themselves as the wonks of the race, most of the rest are light on detail, especially when it comes to fiscal policy.

Enter Joe Stiglitz, whose new book, "People, Power, and Profits: Progressive Capitalism for an Age of Discontent," presents itself as "a platform that can serve as a consensus for a renewed Democratic Party." Stiglitz, a Nobel laureate who worked in the Clinton administration, has written a coherent manifesto that could quite easily be adopted by a majority of the Democratic candidates.

  • The book avoids labels. While a lot of its prescriptions can be seen as socialist, Stiglitz goes no further than to say that he's a "progressive capitalist." And while he says that the government should spend as much money as it takes to bring the economy to full employment, he nowhere deviates from economic orthodoxy. Nor does he even so much as mention modern monetary theory.
  • A much stronger antitrust regime is at the top of Stiglitz's agenda. He calls for breaking up Facebook and aggressively regulating all monopolists, however they arrived at their position. (That includes pharmaceutical companies with patented drugs.) He also wants to limit the degree to which companies can use and agglomerate data; even after it's broken up, he says, Facebook should probably be regulated as a public utility.
  • A guaranteed job for all who are willing to work is also on the list. Stiglitz opposes a universal basic income, saying it's too expensive and doesn't place sufficient value on employment. The jobs guarantee would not explicitly be a form of reparations, he says, but by its nature it would disproportionately benefit African-Americans.
  • Public options should be introduced in many areas of American life, says Stiglitz. Americans should have the option to sign on to Medicare — just like they should have the option to pay extra money into their Social Security accounts, rather than relying on Wall Street for their pensions. They should also have the option to obtain a mortgage directly from the government.
  • College should be paid for through an Australian-style graduate tax. Graduates earning more than $30,000 might pay 1% of their income toward repaying their student loans; those on seven-figure salaries might pay 4%. After 25 years, the loans are forgiven.

Why it matters: Stiglitz is a critic of what he sees as the incrementalist approach of Presidents Clinton and Obama. "Our polity has slid so far that we are now compelled to turn to fundamental issues in order to cure what ails us," he writes. "Minor tweaks of current arrangements won't get us to where we need to be." Whether or not his specific ideas are adopted, you can expect such maximalism to be a theme coming from most of the Democratic field.

Go deeper

Updated 5 mins ago - Sports

Olympics dashboard

The U.S. women's team celebrates during a game against the Netherlands on July 30, 2021 in Yokohama, Japan. Photo: Logan Beerman/ISI Photos/Getty Images

⚽: U.S. women's soccer team beats Australia, wins bronze

🥇: Ryan Crouser breaks his own Olympic shot put record to win gold for U.S.

🛶: U.S. teenager Nevin Harrison wins first Olympic women's canoe 200m

🏐: U.S. Olympic beach volleyball duo one step away from realizing gold medal dream

📷: In photos: Tokyo Olympics day 13 highlights

Go deeper: Full Axios coverage

17 mins ago - Sports

U.S. women's soccer team beats Australia, wins Olympic bronze

The U.S. women's team celebrates during a game against the Netherlands on July 30, 2021 in Yokohama, Japan. Photo: Logan Beerman/ISI Photos/Getty Images

The U.S. women's soccer team won the bronze medal on Thursday after beating ninth-ranked Australia 4-3.

Why it matters: Thursday's victory marks the U.S. team's first bronze in Olympic history, handing the team a medal after it failed to earn one during the Rio Games in 2016.

Scoop: Inside the Harris SOS dinner

Vice President Harris boards Air Force Two in Mexico City in June. Photo: Hector Vivas/Getty Images

A group of the Democratic Party's most influential women met for dinner at a home in the nation’s capital last month to game out how to defend Vice President Kamala Harris and her chief of staff, Tina Flournoy, against a torrent of bad press.

Why it matters: It's telling that so early in the Biden-Harris administration, such powerful operatives felt compelled to try to right the vice president's ship.