A survey by the Economic Policy Institute, a Washington, D.C., think tank, examined the problem. It found that for every 10 people who were able to successfully claim unemployment benefits, three or four others tried but were frustrated by the system and two others did not try because they found the system too difficult.
Kearney Hub
May 5, 2020
The Economic Policy Institute (EPI), a nonpartisan think tank based in Washington, D.C., has estimated that about 12.7 million Americans have likely lost their health insurance since the pandemic began.
“Because the United States is unique among rich countries in tying health insurance benefits to employment, many of the newly unemployed will suddenly face prohibitively costly insurance options. A comprehensive policy solution would be to extend Medicare and Medicaid to all those suffering job losses during the pandemic period, with the federal government funding this expansion,” EPI economists Josh Bivens and Ben Zipperer wrote in an April 30 blog post.
Newsweek
May 5, 2020
None of these stories is an outlier. Half of American families in the 56-to-61 age bracket had less than $21,000 in retirement savings in 2016, according to a longitudinal study by the Economic Policy Institute that used the most recent available figures. A less formal survey last year found that little had changed. Forty percent of Americans over the age of 60 who are no longer working full-time rely solely on Social Security for their income — the median annual benefit is about $17,000.
“We’ve probably peaked in terms of retirement security — and it’s not great,” said Monique Morrisey, of the Economic Policy Institute. “And now it’s all downhill. Unless something changes, we’re going to start seeing much more hardship.”
Thirty million Americans have applied for unemployment benefits since the pandemic struck. But for laid-off workers in their 50s and 60s — and 70s — finding employment again will be tough.
“How many older workers are going to permanently lose their jobs and retire earlier than they planned?” Morrisey asked. The ranks of those drawing down what savings they now have are certain to grow.
The Washington Post
May 5, 2020
MONDAY on “The Source” — The pandemic has upended most all aspects of daily life, including a major shift in where and how work gets done for millions of U.S. employees. While there are perks (no morning commute!), working from home also comes with its own set of unique challenges.
How important is face-to-face contact with coworkers and clients, and can it be replaced by technology? What could this crisis mean for the future of work in certain industries?
Guests:
Texas Public Radio
May 5, 2020
“It seems to be a pretty clear loophole,” says Elise Gould, a senior economist at the Economic Policy Institute.
As a means of financial assistance while their children are at school, many parents listed their college-age kids as dependents because of a $2,000 tax break. “There’s obviously no reason why a college student shouldn’t be considered dependent, especially if they are dependent on their parents, for tax purposes,” says Gould. “It seems pretty arbitrary. “And as far as I understand it, the classification is contingent on your being [marked as] ‘dependent’ on your parents’ tax form.”
Fast Company
May 5, 2020
President Donald Trump’s Department of Labor cheats many millions of American graduates by allowing employers to import foreign contract workers at below-market wages, says a May 4 report by the Economic Policy Institute.
“DOL lets H-1B employers undercut local wages,” said the report, titled “H-1B visas and prevailing wage levels.” The report continues:
Breitbart
May 5, 2020
The teacher shortage is also worse in higher-poverty schools, where there is a shortage of qualified teachers. An Economic Policy Institute report finds 66.2% of teachers in high-poverty schools have an educational background in the subject of their main assignment, compared to 72.5% of those in low-poverty schools.
Education Dive
May 5, 2020
Claiming none of the six stories is an outlier, it cites an Economic Policy Institute study that finds half of American families in the 56-to-61 age bracket had less than $21,000 in retirement savings in 2016.
“The system that was supposed to provide for them is shot through with holes,” the Post hyperbolically writes.
It leaves out that EPI is a left-leaning think tank and major labor advocate for shared prosperity (notice the buzzword) which routinely criticizes the demise of the defined benefit system.
401K Specialist
May 5, 2020
More than 12.7 million people may have lost health insurance through job layoffs and furloughs, according to analysis from the Economic Policy Institute (EPI).
That figure represents 45% of the total national job layoffs and furloughs, which the EPI estimated at 28 million, based on unemployment claims data. The health insurance figure was up from the EPI’s previous estimate of 9.2 million on April 16, resulting in 3.5 million more insurance losses in a two-week timeframe.
Fast Company
May 5, 2020
— H-1B under the microscope: The Economic Policy Institute says at least a dozen tech heavyweights including Amazon, Apple, Facebook and Google are exploiting the H-1B visa program to underpay skilled workers.
Politico
May 5, 2020