One of America’s most powerful capitalists, Reginald Jones, who became G.E.’s chairman and C.E.O. in 1972, lived in a modest brick Colonial in Greenwich. His daughter, Grace Vineyard, told me, “He asked my mom, ‘Do you want anything more?’ And she said, ‘Why would we want anything more?’ ” Leo Hindery worked for Jones as a junior executive. “I earned fifteen thousand six hundred dollars when I got out of Stanford, and Reg’s salary was two hundred thousand dollars,” Hindery said. “G.E. was the preëminent company in America, and the C.E.O. was making twelve or thirteen times what I did.” According to the Economic Policy Institute, that ratio wasn’t unusual: in 1965, the C.E.O. of an average large public company earned about twenty times as much as a front-line worker. Today, that figure is two hundred and seventy-eight times.
The New Yorker
May 5, 2020
As of Friday, more than 30 million people have reportedly filed for unemployment in the last six weeks, according to CNET. That number could be even higher, after a survey from the Economic Policy Institute estimated that roughly 14 million additional people would have filed for unemployment if the process was easier. While there has been a spike in layoffs and furloughs, which has led to a backlog of applications, there are apps to help make the process slightly easier for those in need.
Pop Culture
May 5, 2020
A survey conducted in mid-April by the Economic Policy Institute found that for every 10 people who successfully filed a claim for unemployment insurance, three to four tried to file but were unable to get through the system. In addition, two more didn’t try to apply for UI at all because it was too difficult.
“These findings imply the official count of unemployment insurance claims likely drastically understates the extent of employment reductions and the need for economic relief during the coronavirus crisis,” wrote Ben Zipperer and Elise Gould of the EPI.
Accounting for the workers who were unable to apply for unemployment, or tried but didn’t get through, the EPI survey found that only about half of potential UI applicants are actually receiving benefits.
Applying those findings to the five weeks of unemployment claims from March 15 to April 18, the EPI estimates an additional 8.9 million to 13.9 million could have filed for claims if the process had been easier.
Business Insider
May 5, 2020
Third, supporters argue that socialism would greatly reduce the stark inequalities of income that we find in capitalist countries like the United States, where CEOs are compensated at up to 278 times the rate of average workers, as one recent Economic Policy Institute study found. In the Mondragón cooperatives in Spain, which are owned and controlled by their workers, the ratio between highest- and lowest-paid is closer to 5:1.
Teen Vogue
May 5, 2020
Throughout the pandemic, Black and Hispanic workers have been less likely than workers of any other race or ethnicity to be able to work from home, according to the Economic Policy Institute, in part because the former are overrepresented in jobs the government has deemed essential.
The Huffington Post
May 5, 2020
The number of unemployed people could be even higher than the numbers reflect. Research by the left-leaning Economic Policy Institute found that from March 15 to April 18, another 8.9 to 13.9 million more people would have applied for unemployment if the process had been easier or if labor agency phone lines and websites had not been perpetually tied up. It’s unclear how many of those millions have managed since April 18 to successfully apply for benefits.
Next City
May 5, 2020
According to a recent blog post from the Economic Policy Institute, based on already existing predicted budget shortfalls and recent data projections, state and local governments will need another stimulus package of $500 billion.
Business Insider
May 5, 2020
Heidi Shierholz, former chief economist at the Labor Department, said she sees the current frustrations as the continuation of a 40-year-trend of workers losing bargaining power. She said many were right to feel underpaid before the pandemic began; now the risk makes their earnings feel like an insult.
“We had an extremely unbalanced system before, where the growth of the economy has been captured largely by the people at the top, and not broadly shared, for decades,” said Shierholz, now the policy director at the left-leaning Economic Policy Institute. “Policymakers should absolutely be stepping in and making sure these workers have hazard pay.”
The Huffington Post
May 5, 2020