While it’s true that businesses are reopening across the country (however irresponsible that is from a public health perspective), it’s also the case that, as Federal Reserve chair Jerome H. Powell said earlier this month, there will be “a significant chunk . . . who don’t get to go back to their old job, and there may not be a job in that industry for them for some time.” The Economic Policy Institute reports that nearly 11 percent of the workforce is out of work and has no reasonable chance of getting called back to a prior job.
Jacobin
July 1, 2020
‘While many advisors have their retirement clients’ best interests in mind, unethical ones have put their own profit motives ahead of their retirement clients’ interests. According to the Economic Policy Institute, ‘every year, retirement savers lose $17 billion acting on advice from financial advisors who have conflicts of interest.’ The Obama administration sought to address this problem by issuing a sensible rule that closed these loopholes and prohibited advisors from ripping off their retirement clients.
Public
July 1, 2020
On the other hand, an increase in the minimum wage — particularly during this pandemic — could help consumer demand recover, the Economic Policy Institute (EPI) argued.
“If anything, current conditions make it even more important for governments to strengthen pay standards, especially those that help low-income households’” wrote EPI’s Senior Economic Analyst David Cooper in a recent report.
Yahoo Finance
July 1, 2020
However, it’s important to remember that the world has changed a lot since then. The Economic Policy Institute reported in 2019 that about 1 in 20 young college graduates is unemployed, and 1 in 10 is underemployed, working at a job that doesn’t require a college degree. Dr. Gene Beresin, a staff child and adolescent psychiatrist at Massachusetts General Hospital, and Rand Spero, president of Street Smart Financial, writing for The Clay Center for Young Healthy Minds, stress that in today’s economy, it’s quite common for college graduates to spend some time living with their parents.
Money Crashers
July 1, 2020
That surprised some observers, who thought the Democrat’s support was assured. “I would have expected him to sign the bill with pleasure,” says Dave Cooper with the Economic Policy Institute, a left-leaning think tank that supports a higher minimum wage. “I was disappointed.”
DCist
July 1, 2020
About 11.9 million Americans who are unemployed as a result of the pandemic, or about 7.2% of the workforce, have no hope of returning to their old jobs, while 5.7 million workers, or 3.5% of people, expect to get called back to work but probably won’t, writes Heidi Shierholz, senior economist and director of policy at EPI. That puts the share of the workforce currently out of work with no reasonable chance of returning to their jobs at roughly 11%, or about 17.6 million people.
CNBC
July 1, 2020
The CARES Act, signed by President Trump on March 27 in response to the coronavirus outbreak, has been criticized as insufficient to help state and local governments deal with the economic and social fallout. The Economic Policy Institute, a D.C.-based think tank, said in a March report, “The aid is both too stingy and too restrictive.”
New Haven Independent
July 1, 2020
San Francisco Chronicle
July 1, 2020
A wide range of tech companies use the H-1B program to bring in workers, including Microsoft, Google, Facebook, Apple, Amazon, IBM, Intel, and others. The top five US companies using the program are Cognizant Technology with 13,466 workers; Deloitte Consulting with 7,690 workers; Tata Consultancy with 7,620 workers; Amazon.com services with 7,337 workers; and Google with 6,054 workers, according to a May report by the Economic Policy Institute.
Tech Republic
July 1, 2020