“That’s a very significant loss and I think unfortunately that could just be the tip of the iceberg because a lot of these budget crunches haven’t fully manifested yet,” said economist David Cooper of the Economic Policy Institute, a left-leaning think-tank. “There’s a lot of loss of jobs that are potentially going to fall very heavily on workers of colour.”
Financial Times
November 23, 2020
With regard to Chris Gentilviso’s recent editorial “Amazon HQ2: A higher calling,” I agree that the Amazon HQ2 project will bring many jobs to Virginians. But I disagree with the assertion that HQ2 will bring prosperity to locally owned businesses during the pandemic. Current trends show that rich companies will continue to get richer and struggling businesses will continue to struggle. According to a 2019 Economic Policy Institute report, CEO income has increased by 940% in the same period that worker income has increased by just 12%. Amazon is profiting during the pandemic while local businesses struggle to stay afloat, as seen by the 26 COVID-19-related local shop closures that have occurred as of Sept. 25.
Richmond Times-Dispatch
November 23, 2020
The evaporation of the assistance will hurt the economy as jobless Americans sharply rein in their spending, said Heidi Shierholz, senior economist at the left-leaning Economic Policy Institute. That would reduce first-quarter economic growth by 1.2 percentage points, Bank of America estimated.
USA Today
November 23, 2020
“It’s everything on stimulus,” Heidi Schierholz, policy director of the left-leaning Economic Policy Institute, told Business Insider. “It’s everything because if there is a Democratic-controlled Senate, they will be able to get a sizable package through reconciliation.”
She continued: “Without that, it will come down to Senate Republicans on what a relief package, if any, looks like. They’ve given plenty of signals where they are on that.”
Markets Insider
November 23, 2020
“Prop 22 showed that companies and big corporations can buy their way out of providing protections for workers under the law,” said Margaret Poydock, a policy associate for the Economic Policy Institute, a pro-labor think tank.
The Washington Post
November 23, 2020
Thea Lee, the president of the Economic Policy Institute, said Yellen’s work on unemployment as chair of the Federal Reserve helped “tilt the balance of priorities at the Fed” away from just controlling inflation.
“[Brainard and Yellen] have been through the political ringer a lot,” Lee said. “They both have a good shot at confirmation.”
Government Executive
November 23, 2020
Economists say other relief policies have proved more effective at boosting the economy. For instance, an extra $600 in weekly unemployment pay helped bolster households that had suffered job or income losses — until it expired in July. In May alone, the program boosted personal income by $842 billion, according to the Economic Policy Institute. That money helped support local businesses, keeping the economy from collapsing under the impact of lockdowns.
CBS News
November 23, 2020
When the coronavirus pandemic started spreading across the country in the spring, nearly a quarter of all young workers — defined as ages 16 to 24 — lost their jobs, according to the Economic Policy Institute. One in four young people just starting out in the workforce had their futures put on hold indefinitely. And they’re not alone: Axios in October reported that the “true unemployment rate” for Americans of all ages is over 26%.
Business Insider
November 23, 2020
Those deferrals add up. In 2014, the Joint Committee on Taxation projected the revenue loss from deferrals at $83.5 billion, and the nonpartisan Economic Policy Institute estimated in 2017 that deferred taxes on offshore profits will cost the U.S. $1.3 trillion over the next decade, or about $126 billion a year.
Salon
November 23, 2020