A 2016 report from the Economic Policy Institute, for instance, found that nearly half of prime working-age households (that is, households headed by someone between the ages of 32 and 61) lacked a retirement savings account like a 401(k). According to one estimate last year from the U.S. Federal Reserve, a quarter of all Americans—including 13 percent of people over 60—had nothing saved for retirement whatsoever.
New Republic
May 20, 2020
“Media firms live in a Lake Wobegon world,” says Lawrence Mishel, distinguished fellow at the Economic Policy Institute, referencing the fictional town created by Garrison Keillor where all of the children are exceptional. “Everyone believes their executives are above average and that their pay should be above average.”
Variety
May 20, 2020
Figure 1 shows the minimum wage in 31 cities, including nearly all of the nation’s largest, regardless of whether they are subject to state pre-emption or whether the minimum applies locally or statewide.4 The highest minimums are $16.39 in Seattle; $15.59 in San Francisco; $15.25 in San Jose, California; and $15 in New York. The rate is $14 in Washington, D.C.; $12.75 in Boston; and $11 in Baltimore. Nearly all of the highest minimums are local rates; Washington state has the highest state minimum, at $13.50.
Pew Charitable Trust
May 20, 2020
“It is dire, and it is going to continue being really dire,” says Heidi Shierholz, a senior economist and director of policy at the Economic Policy Institute. “The loss of jobs amongst low-wage workers has gotten a lot of attention because those have been some of the hardest hit jobs out of the gate.” But the industries that have most visibly suffered losses don’t just employ workers from low-income households. The pandemic has also made clear that many middle-class Americans are just barely holding on. There are credit card bills and rent and student loans to pay off. Another recession could knock many right out of the middle class.
Fast Company
May 20, 2020
Not surprisingly, given the size of the economic contraction, unemployment has also exploded. According to the Economic Policy Institute, “In the past six weeks, nearly 28 million, or one in six, workers applied for unemployment insurance benefits across the country.” More than a quarter of the workforce in the following states have filed for benefits: Hawaii, Kentucky, Georgia, Rhode Island, Michigan, and Nevada. And tragically, millions of other workers have been prevented from applying because of outdated state computer systems and punitive regulations as well as overworked employment department staff. Even at its best, the U.S. unemployment system, established in 1935 as part of the New Deal reforms, was problematic, paying too little, for too short a time period, and with too many eligibility restrictions. Now, it is collapsing under the weight of the crisis.
MR Online
May 20, 2020
While he doesn’t attempt to describe it as a perfect solution, Economic Policy Institute Director of Research Josh Bivens has created a compelling new two-minute video that busts several myths about what would happen if the U.S. moved toward a Medicare for All-like program.
The Progressive Pulse
May 20, 2020
That would require a more complex calculation by state unemployment insurance agencies — one they might be unwilling or unable to implement. “In a perfect world, I would prefer to give people a percentage of their income,” said Heidi Shierholz, a senior economist at the left-leaning Economic Policy Institute. “But we might not be set up to do it.” . . . And Daniel Zeitlin, the director of policy at Washington state’s unemployment office, said that while he didn’t think it was impossible, any change would be difficult for a system already under tremendous stress.
The National Review
May 20, 2020