Media clips

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• Washington, The week ahead, June 1-5, 2020

  At 10:00 AM the Senate Banking, Housing, and Urban Affairs Committee will hold a hearing entitled “Implementation of Title IV of the CARES Act.” The hearing will be held remotely and the following witnesses are scheduled to testify: Thomas Quaadman, EVP, U.S. Chamber, Center for Capital Markets Competitiveness; Douglas Holtz-Eaken, President, American Action Forum; and Heidi Shierholz, Senior Economist and Director of Policy, Economic Policy Institute.

  The Risk Management Association June 2, 2020
• An undercurrent of the protests: African Americans are struggling more economically from this pandemic

  “Black workers are less able to weather such a storm because they have fewer earners in their families, lower incomes, and lower liquid wealth than white workers,” the Economic Policy Institute wrote in a report Monday.

  Washington Post June 2, 2020
• NAFCU reiterates CUs’ capital, liquidity concerns to lawmakers

  Today’s hearing is set to begin at 10 a.m. Eastern (stream it on the committee’s website) and will feature testimony from representatives from the U.S. Chamber’s Center for Capital Markets Competitiveness, American Action Forum, and Economic Policy Institute.

  National Association of Federally-Insured Credit Unions June 2, 2020
• ‘A prolonged depression is virtually guaranteed without significant federal aid to state and local governments’

  “At this point, 15 states and the District of Columbia are not yet even reporting PUA data. This means PUA claims are still being under-counted,” said Heidi Shierholz, a senior economist and director of policy at the progressive Economic Policy Institute, a Washington, D.C.-based think tank. “This is the 10th week in a row that initial unemployment claims are more than three times the worst week of the Great Recession.”

  MarketWatch June 2, 2020
• Protests risk spread of coronavirus

  Black workers make up about 1 in 9 workers in the United States and 1 in 6 front-line industry workers, according to a report released Monday by the Economic Policy Institute. Black workers are disproportionately represented in grocery stores, convenience and drug stores, public transit, health care, child care, and the social services sector, the report found.

  The Hill June 1, 2020
• George Floyd and the cascade of crises in black America

  A new report from the Economic Policy Institute delves into the myriad ways racial and economic inequality have exacerbated the impact of the coronavirus crisis on black communities.

  Millions of black workers have lost their jobs during the pandemic, putting them at a high degree of economic insecurity, in part because they’ve had lower incomes and less savings already.

  Of those who’ve kept their jobs, many more are putting their health at risk — black workers are less likely to have jobs that allow them to work from home — a risk magnified by inequalities in the health care system and a higher prevalence of underlying health conditions.

  “Yes, people are dying across the country, but it is concentrated among certain areas,” said Elise Gould, a senior economist at the Economic Policy Institute, who produced the report with Valerie Wilson, director of EPI’s program on race, ethnicity, and the economy. “This is not some sort of great equalizer.”

  VOX June 1, 2020
• Now is the Time to Pass the New York Health Act

  According to the Economic Policy Institute, around 16.2 million of the roughly 35.3 million workers who lost their jobs due to COVID-19 (so far) likely had employer-provided health insurance. For New York State, the number of newly unemployed workers — not including their families — who probably lost employer-provided health benefits is around one million and counting. Where I live, in Western New York, that number could end up topping 100,000.

  The Indypendent June 1, 2020
• Nearly 60% of Americans Support Extending Boosted Unemployment Benefits as Trump and McConnell Say Let Them Expire

  “The unemployment situation is going to get worse before it gets better, and unemployment benefits applications will continue to flood in.” —Heidi Shierholz, Economic Policy Institute

  Common Dreams June 1, 2020
• Pandemic Will Mean a Worse Retirement for Millions of Workers

  One of the most commonly cited statistics about savings is the Federal Reserve’s annual survey looking at how many Americans can cover an unexpected $400 expense with cash or savings. In 2018, 39 percent of those surveyed didn’t even have that modest sum handy — a decline from 50 percent in 2013. Hence, individuals drawing down their 401(k)s. “People don’t plan around a steep decline in income,” says Monique Morrissey, an economist at the Economic Policy Institute, a progressive think tank in Washington.

  Governing June 1, 2020
• Scott Walker’s ‘Reckless Agenda’ on Federal Aid

  As governor, Mr. Walker decimated funding for public schools and colleges, cut health care, and tried to destroy unions in favor of big tax cuts for the rich and corporations. An Economic Policy Institute study found that states like Wisconsin that followed this strategy delayed their recovery from the Great Recession by four years.

  The New York Times June 1, 2020