Consider statistics from the Economic Policy Institute, a Washington-based think tank focused on economic issues facing low and middle-income Americans. The data show white middle-income households — earning between $37,201 and $61,328 per year — own an average $86,100 in assets.
- By contrast, assets average $11,000 for black families and $8,600 for Latino families in the same income range.
- A 2015 survey by Ariel asked Americans with household income of at least $50,000 whether they owned stocks or stock mutual funds. Eighty-six percent of whites said they did. For African-Americans, the number was 67%.
Axios
June 1, 2020
What proponents of the Heroes Act say: Since the middle of March, more than 38 million US workers who have lost their jobs have filed for unemployment. The actual number of those unemployed could be millions higher, according to the Economic Policy Institute, because many people who are eligible were unable to file a jobless claim. With the job losses, the nation’s unemployment rate reached 17.2% (PDF), according to the US Department of Labor. Newly unemployed people, along with others taking an economic hit from the pandemic, would benefit from having more money to spend right now.
CNET
June 1, 2020
For many families, finding adequate and affordable child care before the pandemic was already difficult. The average cost of infant child care exceeds college tuition in more than 30 states, according to findings from the Economic Policy Institute.
The Hechinger Report
June 1, 2020
What it means: Heidi Shierholz, director of policy at the Economic Policy Institute, notes that 19.1 million workers were on continued claims as of May 16, and 4.1 million more have filed initial state unemployment claims since then.
- Add those to the PUA numbers for initial and continued claims and it equals a total of “34.2 million workers who are either on unemployment benefits, or have applied very recently and are waiting to get approved,” she says on Twitter.
Axios
June 1, 2020
Different decisions will affect different populations and economic sectors in varying ways. Some Illinois residents have been hit with a double whammy: they are vulnerable both to the virus itself and to the economic fallout. An analysis of U.S. Bureau of Labor Statistics from the Economic Policy Institute found that African American and Latino workers are much less likely to have jobs that allow them to work from home. Under the current conditions, these individuals are bearing more risk — either to being infected while at work or to economic hardship from losing their jobs. In Illinois and across the nation, African American and Latino populations have been disproportionately affected by the virus.
NPR Illinois
June 1, 2020
With Tor working a steady 11:30 a.m. to 9 p.m. shift as a restaurant supervisor Monday through Thursday, Bree handles the pickups after she gets off work at 5:10, getting Gabby first. Bree then rushes across town to collect her older children at their school after-care before 6:00 or she’ll be charged a $1-perminute late fee—something Bree can’t risk, considering that her family already spends a whopping 55 percent of their monthly household income on child care. Altogether, the pickups take 45 minutes, and Bree doesn’t get home with her kids until 6:30, so dinner and bedtime are later than she’d like. Bree handles some evenings with the kids alone, while Tor works a second nighttime shift. She sums up their life in one word: chaotic. “As I’m running around, trying to be where I need to be, it’s anxiety-inducing. I don’t ever allow myself to stop and think about it all,” says Bree. “Otherwise, I’d be paralyzed by fear.” Unfortunately, the weekend doesn’t offer any respite from the juggle. Since Tor’s home, Bree picks up additional shifts at her old job, clocking in some Friday nights and most Sundays at McDonald’s. In total, Bree pays $768 a month in child care, compared with her monthly rent of $650—a situation that reflects a national trend: Child care for two children now costs more than rent in most parts of the United States, according to the Economic Policy Institute, an independent, nonprofit think tank in Washington, D.C. Says Bree, “I usually finish out the month with 60 bucks left over, if I’m lucky.”
Parents Magazine
June 1, 2020
“There’s going to be pent up demand when the economy reopens. People have less of a debt overhang right now and the stock market is already rebounding,” says Monique Morrissey, an economist at the Economic Policy Institute. “All of that would lead me to believe people will start spending again.”
Money
June 1, 2020
The Economic Policy Institute reports that “state and local governments are currently forecast to be facing revenue shortfalls as large as $1 trillion over the coming years. If no help is forthcoming from the federal government to close these shortfalls, the result will be an economic disaster — one that is not confined to these governments. (epi.org, May 19)
“Besides the obvious loss of valuable public services, cuts of this size would quickly ripple out from the public sector and destroy private-sector jobs.” (epi.org, May 19)
Mundo Obrero Workers World
June 1, 2020
“First responders would fit that—they have some sort of schedule but then they end up having to stay because of some extended emergency,” said Heidi Shierholz, a senior economist and policy director at the left-leaning Economic Policy Institute.
Bloomberg
June 1, 2020