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Some health economists have argued that a reduction in the health-care workforce is a feature, not a flaw, in the Medicare-for-All plan — albeit one that policymakers must plan for to help minimize economic pain and dislocation. But a report released this week by the Economic Policy Institute, a left-leaning think tank, argues that the threat of job losses has been overblown and that the labor market churn created by a switch to Medicare for All would not be very large compared, for example, to the 21.5 million workers who got laid off in 2018.
“The number of health insurance and billing administration workers who would need to transition implies an increase in the rate of overall job market churn that is relatively small: Job losses for these workers would be equivalent to one-twelfth the size of economywide layoffs in 2018,” EPI economist Josh Bivens writes.
The Fiscal Times March 10, 2020 -
But another thing to consider is a new study published Thursday by the Economic Policy Institute, a non-partisan think tank that analyzes the economic impact of policies and proposals, which says that Medicare for All would help create a lot of jobs, increase wages for many, many Americans, and lead to a better functioning labor market in general.
According to the EPI, Medicare for All would:
Boost wages and salaries by allowing employers to redirect money they are spending on health care costs to their workers’ wages.
Increase job quality by ensuring that every job now comes bundled with a guarantee of health care—with the boost to job quality even greater among women workers, who are less likely to have employer-sponsored health care.
Lessen the stress and economic shock of losing a job or moving between jobs by eliminating the loss of health care that now accompanies job losses and transitions.
Support self-employment and small business development—which is currently super low in the U.S. relative to other rich countries—by eliminating the daunting loss of/cost of health care from startup costs.
Inject new dynamism and adaptability into the overall economy by reducing “job lock”—with workers going where their skills and preferences best fit the job, not just to workplaces (usually large ones) that have affordable health plans.
Produce a net increase in jobs as public spending boosts aggregate demand, with job losses in health insurance and billing administration being outweighed by job gains in provision of health care, including the expansion of long-term care.
FAIR March 10, 2020 -
This week on CounterSpin: Coronavirus is above all a health story, of course. But healthcare plays out within societies, with economic structures and policies that have a lot to do with whether people get sick, and whether they get care, and where overall impacts are felt. We talk with Josh Bivens, research director at Economic Policy Institute, about what policy changes might mitigate the disruptive impact of coronavirus and better prepare us for the future.
CounterSpin Josh Bivens Interview
Tribune Content Agency March 10, 2020 -
This week on CounterSpin: Coronavirus is above all a health story, of course. But healthcare plays out within societies, with economic structures and policies that have a lot to do with whether people get sick, and whether they get care, and where overall impacts are felt. We talk with Josh Bivens, research director at Economic Policy Institute, about what policy changes might mitigate the disruptive impact of coronavirus and better prepare us for the future.
CounterSpin Josh Bivens Interview
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FAIR March 10, 2020 -
Elise Gould, senior economist at the nonprofit think tank Economic Policy Institute, said the data collection for the jobs report “was too early in February to see the expected impacts of COVID-19.”
“Manufacturing—the first sector expected to feel the effects of any supply chain disruptions because of COVID-19—rose by 15,000 jobs in February,” she wrote. “Leisure and hospitality continued to rise in February, but may take a hit in coming months as COVID-19 spreads.”
Courthouse News Service March 10, 2020 -
Public officials, at the Centers for Disease Control and Prevention for example, are advising Americans to stay home from work, or get tested and treated, if they feel the need. The risks to everyone become greater if swaths of the population can’t take that advice, said Elise Gould, a senior economist at Economic Policy Institute.
“The CDC says ‘stay home and see a doctor,’” Gould said. “But the fact there are these recommendations that no one can follow is a problem. It’s not an economy or a health problem — it’s both.”
“If you can get ahead of this, do everything in your power to keep it from spreading,” she said. “Not only will that help those people, but you’re also going to put a lot less pressure on the healthcare system” — and ultimately the economy, too.
Bloomberg March 10, 2020 -
Not all Americans are saving enough for their futures. Only 54% of families ages 32 to 61 years old were participating in retirement plans of any type, and 44% were specifically using defined contribution plans (such as a 401(k) plan), according to the Economic Policy Institute. Participation rates have declined over the last 20 years — in 2001, 60% of families were participating in some sort of retirement plan, and 47% specifically in DC plans.
MarketWatch March 6, 2020 -
No matter how much braggart in chief President Donald Trump boasts that his economy is benefiting his working-class base, the facts prove otherwise. According to the Economic Policy Institute report issued Feb. 11, the “number of striking workers surged in 2018 and 2019,” after decades in decline. Based on data from the Bureau of Labor Statistics, the EPI noted that it marked “a 35-year high for the number of workers involved in a major work stoppage over a two-year period.” That began with 485,200 workers in 2018 — “a nearly twentyfold increase from 25,300 workers in 2017” — and continued in 2019 with 425,500 workers.
Workers World March 6, 2020 -
Forced arbitration is prohibited in the airline industry, and it is not as common in public transportation. But it is common practice in the private sector. As many as 60 million nonunion workers are bound by forced-arbitration clauses, according to the Economic Policy Institute.
The Washington Post March 6, 2020 -
“The unemployment rate has been at or below 4% for two years, and wage growth is, if anything, decelerating,” Heidi Shierholz, senior economist at the Economic Policy Institute, said on Twitter.
CBS News March 6, 2020