Media clips

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• The sad death of the ‘hot’ economy

  “I struggle to even to put into words how large this drop is,” economist Elise Gould of the Economic Policy Institute, a left-leaning think tank, wrote in a commentary. “It’s as if all the gains in employment since 2000 were wiped out … [or] if all the jobs in all the states beginning with the letter ‘M’ simply disappeared in the last month. That’s all the jobs in Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, and Montana combined.”
  The Washington Post May 14, 2020
• To Celebrities Who Say Teachers Should Make Millions: Put Your Money Where Your Mouth Is

  According to the Economic Policy Institute data, teachers now receive less money when adjusted for inflation than they received in the ’90s. On top of that, they are now outearned by their similarly educated peers by 18.7%, the largest such gap on record. To make up for this salary stagnation, teachers are going to extreme lengths, including working multiple jobs to get by and even donating plasma to pay their bills. Before this crisis was even on the horizon, teachers all over the country were on strike, not asking for the millions that celebrities suggest they make, but for wages that simply keep up with the cost of living.

  Huffington Post May 14, 2020
• Trump plan to throw money at COBRA won’t get people through crisis

  The total cost of the insurance premiums and uncompensated care provided under these COBRA plans could easily reach into the billions of dollars. According to the Economic Policy Institute, 12.7 million people have already lost employer-sponsored health insurance during the coronavirus crisis. Health Management Associates projects that this number could ultimately reach as high as 35 million.

  Washington Examiner May 14, 2020
• Warren, DeLauro Introduce Legislation to Protect Workers’ Rights Amid COVID-19 Crisis

  The legislation is endorsed by the National Employment Law Project, Economic Policy Institute, National Women’s Law Center, National Employment Lawyers Association, and the Leadership Conference on Civil and Human Rights.

  U.S. Representative Rosa DeLauro May 14, 2020
• Will States with the Largest COVID-19 Outbreaks Be Able to Function in the New Normal?

  24/7 Wall St., a financial website, created an index of the pandemic’s ongoing impact on each state’s economy. The index is based on the number of COVID-19 cases per 10,000 residents; the share of employment lost in industries deemed high risk by Moody’s Analytics; new unemployment claims since mid-March; and projected unemployment rates by state for July 2020 from the Economic Policy Institute, a nonpartisan, nonprofit think tank.

  Inside Sources May 14, 2020
• With Tech On Our Side, We Can Beat This Crisis

  These are appalling statistics. But beyond the economic pain being felt by furloughed or fired workers, we must again look to secondary externalities. A recent estimate by the Economic Policy Institute suggests the pandemic has cost more than 9 million Americans both their jobs and their health insurance.

  Forbes May 14, 2020
• Adam Schleifer Unveils Progressive Tax Policy To Boost NY-17

  Schleifer’s plan would repeal the Trump tax breaks that unfairly benefit the wealthiest of Americans, restore tax rates to their prior levels, and create two new tax brackets for high-income earners. These brackets would include a 40 percent marginal tax rate on those making over $1 million in a year and a 42 percent marginal rate on Americans making over $2 million in a year. Schleifer notes that Americans do not feel that they have benefited from Trump tax cuts generally. A recent poll found only about 40 percent of Americans approved of the cut while 49 percent disapproved. Unsurprisingly, the Economic Policy Institute estimated that the bill increased the average worker’s wages by only about 2 cents per hour.

  Patch May 14, 2020
• Biden Must Let a More Progressive Democratic Party Emerge

  The same goes for a task force on the economy cochaired by Sara Nelson, the international president of the Association of Flight Attendants, who is an essential advocate for labor rights, and Representative Karen Bass, the Congressional Black Caucus chair and Congressional Progressive Caucus member whose name has appeared on lists of vice presidential prospects. The committee’s potential is enhanced by Jared Bernstein, an Economic Policy Institute veteran who served as deputy chief economist for the Department of Labor under Labor Secretary Robert Reich and as Vice President Biden’s chief economist and economic policy adviser, and by Stony Brook University economics professor Stephanie Kelton, an adviser to the 2016 Sanders campaign who served as chief economist for the Democratic minority staff of the Senate Budget Committee and is a savvy critic of austerity.

  The Nation May 14, 2020
• Lost health insurance? COBRA’s an option, but it isn’t cheap

  The Economic Policy Institute recently estimated that nearly 13 million laid-off workers have lost their employer-provided health insurance.

  Marketplace May 14, 2020
• Coronavirus fallout hits tech employment, job losses mount

  The jobs report reflected the week of April 12 and since then there’s been millions of job losses, said Elise Gould, senior economist at the Economic Policy Institute, a left-leaning think tank, in an interview with CIO Dive.

  While the unemployment rate hit almost 15% in April, data from unemployment claims suggests it could reach 20%, Gould said.

  But April marks the likely peak of monthly job losses. While Gould “would be surprised” if other months reached April numbers, losing another 5 million to 10 million jobs is significant.

  For example professional business services, including lawyers and accountants, support other sectors. If demand drops off, job losses could impact those job roles, according to Gould.

  CIO Dive May 14, 2020