The Power of The Purse
It’s time to have this conversation
Before I kick things off today, I just wanted to take a moment to remember the lives lost on September 11, 2001. It’s hard to sum up how much our world changed after that horrible day 23 years ago. I’m thinking of those who lost loved ones and sending so much love.
I’m nervous writing this newsletter. As an editor at CNBC and Fortune, I was not allowed to publicly share my political opinions or donate to political campaigns. The argument is that journalists are supposed to be unbiased, and the moment you declare support for a political candidate, you lose all credibility.
For better and worse, I couldn’t shout my opinions into the social media void from my personal accounts during the summer of 2020. Instead, I used the power of the huge CNBC platform and worked with my amazing team at Make It (and later at Fortune) to tell important stories. We regularly wrote about the many struggles facing Americans that politicians try to politicize, from student loans to the racial wealth gap to affordable childcare to Roe v. Wade. I’m incredibly proud of that work, and I do believe it’s made a difference.
Of course, no one is completely without bias and opinions and prejudice. And some media people argue that these rules are archaic and exclusionary. But this isn’t a newsletter about media criticism. It’s a newsletter about women and money. And there’s no denying that the 2024 presidential election could have a huge economic impact for women.
My platform might be smaller this year, but I also have more freedom to say what I want. Honestly, it’s probably not shocking to read that I’m excited to vote for Kamala Harris and Tim Walz this November. (Yes, I endorsed the Harris/Walz ticket the same day as Taylor Swift!) Perhaps more controversial is the fact that for the first time in a long time, I’m letting myself be hopeful. Maybe that’s foolish, but it also feels good.
Unfortunately, I also recognize that it’s not enough to just donate $20 to the Harris/Walz campaign and post an “I voted” Instagram Story on Election Day. There is a lot of work to be done.
Today, I’m excited to announce that I’m teaming up with
of to launch a Giving Circle via The States Project to support progressives in North Carolina.While the presidential campaign sucks much of the air out of the room, all elections—from president of the school board to the president of the United States—can influence our livelihoods. Which is why it is so important to me to do something with a focus on local elections.
Why North Carolina? I’m a Utah-born, Ohio-raised, Boston-educated (not Harvard, guys) Brooklyn mom with deep family roots in Texas. I can count on one hand the number of times I’ve set foot in the state of North Carolina. Arguably, I should be supporting local campaigns somewhere closer to home. But when Katherine reached out about teaming up together to launch a Giving Circle in her home state, I immediately jumped at the idea. I admire Katherine’s advocacy, and I knew our combined readership would rise to our challenge of raising $5,000.
As Katherine wrote in her newsletter today: “I’ve found a way to focus my resources where they can have real impact—in the states where shifting power in the legislature is within reach. The States Project does the research and the targeting and gives winnable candidates the support they need to win, all for a fraction of the cost that it takes to run a congressional or senate campaign.”
I’m grateful to Katherine for inviting me to participate in this campaign and for giving me a reason to talk about the 2024 election. I’ve been mulling for months about how to cover politics in The Purse. On one hand, news about the campaign is nearly relentless—perhaps even more so today, the day after the presidential debate. It’s impossible to escape, and there is something nice about making The Purse be a safe space, free from politics. And really, I kept asking myself, what more could I add to the conversation?
But I also didn’t feel like I could just sit this one out—it would be weird if I didn’t say something. I was inspired by
of and of , two writers whose wonderful newsletters have little to do with politics but who launched Giving Circles earlier this summer. I appreciated that Erin wrote that electoral politics aren’t her jam. I too, would “rather be reading a book in an inner tube” than thinking about this election. But there’s privilege in pulling the covers over your head and ignoring it, right?Maybe I’m shouting into an echo chamber. Maybe this post won’t change anyone’s mind. But as I’ve learned every step of the way building The Purse, you don’t know if you don’t try. And you readers haven’t let me down yet.
Ultimately, I decided to do something because fundamentally The Purse is political. Even in 2024, giving women the tools they need to be financially independent is controversial.
Still, dissecting how presidents impact national economics (as well as your wallet) is tricky. Despite public opinion, presidents arguably don’t really have that much control over the stock market, inflation, or the Fed (which is supposed to run without political and presidential pressure, though Harris’s opponent is threatening to change that). But the old adage “It’s the economy, stupid,” couldn’t be more true when it comes to who we vote for.
While a Harris presidency might not mean the price of cereal will stabilize, there are some huge ways her leadership could help the financial situations of everyday Americans. She’s talking about finally (FINALLY) raising the federal minimum wage, ending taxes on tips, rolling out tax breaks for new small businesses, and introducing a newborn tax credit and a first-time homebuyer credit. Not to mention, there’s the potential for federal programs supporting affordable childcare and paid family leave, as well as codifying abortion rights in this country.
Of course, you could also argue that many of these benefits are also states’ issues. I’m lucky to live in a city with paid family leave, free 3K and pre-K programs, and a $16-an-hour minimum wage. And in New York State, abortion is legal and protected. This is why we can’t just rely on the president to safeguard our livelihoods—we have to be involved with local elections as well.
Call me naive, but I deeply believe, despite its many issues (our gun control problem being at the top of my list), this country holds promise. It is so far from perfect that it hurts sometimes, but we can’t quit when things get tough. People risk their lives for a chance to raise their children here. We owe it to them—and our own families—to work hard to make it a better place. And in order to do that, we need to use the power of our words, our money, and our vote.
I hope you’ll join me and Katherine in donating to North Carolina progressives this election season via our Giving Circle. Or donate to a local election in your own state, city, or town. But it’s even more important to vote this fall, and in many places, it’s not too late to register.
Here’s a list of voter register deadlines. You’re just a few clicks away from registering to vote. It couldn’t be easier!
I expect to see you at the polls this fall. You’ll definitely see me proudly sharing my “I voted” sticker on Instagram.
Here are some additional resources if you do want to be more engaged this election season. (Perfectly okay if you just vote. But please, VOTE.)
KCRW’s podcast Left, Right, and Center does an amazing job at looking at all sides of the issues. I’m not a political junky, but I find this podcast fascinating.
This New York Times article does a good job explaining what’s at stake in North Carolina’s local elections.
The 19th* has a comprehensive look at where each presidential candidate stands on major issues.
I love Glamour’s whole election season package: “What’s at Stake for Women.”
- ’s recent newsletter about her patriotic parents is just beautiful, and it’s packed full of additional resources and ways to help.
Not quite as directly related to politics, but the Wall Street Journal story about the state of America’s wallet is very interesting.
Random Extras
Our paid subscriber giveaway is back this month! This month paid subscribers are automatically entered win a copy of Margo’s Got Money Troubles by Rufi Thorpe and the newly released paperback edition of A Healthy State of Panic by Farnoosh Torabi, along with some fun supplies to keep that back-to-school vibes going into October. And to make up for my failure to give anything away in August, I’m going to choose two winners this month! Also, a big THANK YOU to paid subscriber Karen Malone, who was the winner of the July wine sweepstakes!
Just a reminder that I’m always looking for new submissions to Home Economics (form here) and Division of Labor (form here). Feel free to reach out if you have any questions about the process!
I joined the PTA at my son’s school this year, and I especially appreciate
’s recent newsletter about the hatred lobbed at these parent-run organizations. We need to stop undervaluing this important volunteer work. (Also, more dads should sign up!)
So glad to see this, Lindsey! Off we go!
Thank you Lindsey for doing this! Donated.