15:38:41: The racial wealth gap (Source: Economic Policy Institute)
MSNBC
August 19, 2019
In July, the House of Representatives passed the Raise the Wage Act, which would gradually increase the federal minimum wage to $15 an hour by 2025, though it obviously faces an uncertain fate in the Senate, where Majority Leader Mitch McConnell still hasn’t brought it to the floor for a vote. According to the Economic Policy Institute, it would raise the wages for 33 million people.
GQ
August 19, 2019
Many parents and students alike justify these costs by performing a long-term cost-benefit analysis, which suggests the cost of having attended college will eventually be canceled out by a competitive salary. A study by the Economic Policy Institute showed the pay gap between college graduates and everybody else is at an all-time high, but there are still many degree-holding individuals who feel as though the work they do is either unfulfilling, does not properly utilize the skills at their disposal, or could even be completed without a degree altogether.
Stacker
August 19, 2019
Given California’s high cost of living, the state should be spending at least $30,000 for each child in preschool and child care, according to a new report by researchers at the Center for the Study of Child Care Employment (CSCCE) at the University of California, Berkeley and the Economic Policy Institute.
The Hechinger Report
August 19, 2019
Workers at organizations such as the Center for American Progress, Community Change and the Economic Policy Institute have organized with the all-volunteer Nonprofit Professional Employees Union (where I’m president) in order to create strength and stability at their offices. Recently, workers at the New Museum and the Brooklyn Academy of Music in New York organized with the United Auto Workers. Other nonprofits, like the staff at ALIGN New York, have joined the Communication Workers of America. The nonprofit industry is a growing sector in the U.S. economy, and workers are increasingly demanding the dignity they deserve at work.
In These Times
August 19, 2019
CEOs at the 350 largest companies now take home salaries that are 278 times higher than those of the average worker, according to the new Economic Policy Institute (EPI) analysis.
Truthdig
August 19, 2019
In more economic news, a new study finds that corporate CEOs in the United States have seen their income grow exponentially over the past four decades, while ordinary workers’ salaries have largely stagnated. The Economic Policy Institute found income for top U.S. executives has increased by nearly 1,000% since 1978 — even when adjusted for inflation. A typical worker’s salary increased by less than 12% during the same period. CEOs at the 350 largest U.S. companies have salaries that are 278 times higher than the average worker. Among the biggest beneficiaries: the Walton family, heirs to the Walmart fortune. Bloomberg reports the family’s combined wealth has reached $191 billion, with the Waltons earning $70,000 per minute, $4 million per hour, or $100 million per day.
Democracy Now!
August 19, 2019
- EPI: CEO pay has risen 940% since 1978. The typical worker’s pay has risen 11.9%:The left-leaning Economic Policy Institute reports that CEO compensation continues to be very high compared with typical worker compensation (by a ratio of 278-to-1 or 221-to-1). That ratio has soared over the past half-century. The CEO-to-typical-worker compensation ratio with stock options realized was 20-to-1 in 1965 and 58-to-1 in 1989.
Daily Kos
August 19, 2019
The Economic Policy Institute (EPI) published its annual report on CEO compensation on Wednesday, which analyzed executive pay between 1978 to 2018.
The left-leaning think tank found that in 2018, CEOs at the top 350 companies in the U.S. were earning an average of $17.2 million.
Fox Business
August 19, 2019
Although many entrepreneurs draw on family wealth to start a business, that option may not be available for Black entrepreneurs. For one thing, a 2017 Economic Policy Institute analysis of 2013 Survey of Consumer Finance data found that white Americans have an average of $678,737 in wealth compared to $95,261 for Black Americans. Even among college degree holders, the median wealth for white Americans was $180,500 compared to $23,400 for Black Americans, and the median wealth for white Americans with graduate degrees was $293,100 compared to $84,000 for Black Americans, the analysis found. Meanwhile between 1950 and 1970, Black home buyers bought 60,100 homes purchased under predatory contracts and paid on average at least $587 more in today’s dollars per month than they would’ve paid with FHA loans, thus losing between an estimated $3.2 billion and $4 billion in today’s dollars, according to a 2019 report by the Samuel DuBois Cook Center on Social Equity at Duke University.
Chicago Reader
August 16, 2019