UNEMPLOYMENT | A new report indicates that joblessness is on the rise in Illinois, but state officials are arguing that the statistics are a good sign for local economies. The unemployment rate increased in 13 out of Illinois’ 14 biggest metro areas, with the Chicago area showing the only drop in unemployment. Officials noted that where unemployment increased, however, so did available jobs, as most counties created several thousand jobs in the past year. Earlier this month, the Economic Policy Institute reported that the black unemployment rate in Illinois, at 8.8%, is over twice that of the white unemployment rate, at 3.4%. Only Pennsylvania and the District of Columbia have higher black unemployment rates. [Illinois News Network; Public News Service]
Route Fifty
May 1, 2019
Yes, but: One group on the other side of that a wage increase is America’s teachers. “Teachers were paid 21.4% less in weekly wages than similar college graduates in 2018—after accounting for education, experience, and other factors known to affect earnings,” according to a new analysis by the Economic Policy Institute.
- Despite generous benefits packages teachers earn, in terms of total compensation (wages plus benefits) teachers earned 13.1% less than similar college graduates last year, EPI’s analysis found.
Axios
May 1, 2019
Javona Brownlee and Jonathan Ware have three children — ages 6 and younger, including a baby. They live in D.C., which, according to a recent study, had the highest child care costs in the country compared with the 50 states — more than $20,000 a year. Maryland was fifth-worst in the study by the Economic Policy Institute, while Virginia was 21st.
WTOP
May 1, 2019
Unscrupulous businesses stole an estimated $429 million in wages and overtime pay from Michigan workers between 2013 and 2015, impacting more than 2.8 million workers, according to an analysis by the Economic Policy Institute. Meanwhile, Michigan taxpayers are shortchanged $107 million a year in revenue through tax fraud when businesses misclassify workers, by reporting employees as self-employed independent contractors or paying them off the books as a way to avoid paying their fair share of taxes, a Michigan State University study found. According to the U.S. Treasury, the United States loses $45.6 billion every year because of payroll fraud, which affects one in five U.S. households.
Michigan.gov
April 30, 2019
Dr. Elise Gould, a senior researcher at the Washington, D.C.-based Economic Policy Institute (EPI) said research conducted by EPI experts, scholars and researchers corroborates the United Way findings.
Black Press USA
April 30, 2019
Taking Iran’s supplies out of the equation was bound to increase prices, despite what Pompeo and President Donald Trump have said, especially given that Venezuela’s oil supply is similarly sanctioned. This increase in oil prices will have an impact on economic growth in the United States, said Robert E. Scott, senior economist and director of trade and manufacturing policy research at the Economic Policy Institute.
ThinkProgress
April 30, 2019
Proponents of the current flat tax system argue that it’s the only “fair” system of taxation because it allegedly treats everyone the same. If that were true, then Illinois wouldn’t be ranked the “eighth most unequal” state in the nation, according to the Economic Policy Institute. We are one of only eight states in the country with a flat tax system. Perhaps there’s a reason for that.
Chicago Sun Times
April 30, 2019
First, it abandoned an Obama-era rule to raise the salary threshold for overtime pay eligibility, instead proposing a watered-down rule that provides significantly fewer protections and would cost workers a projected $1.2 billion a year in lower wages. The Economic Policy Institute (EPI) estimates that President Donald Trump’s proposed overtime rule would cover 8.2 million fewer workers in 2020 than the 2016 Obama protections—a gap that would grow to 11.5 million workers in 10 years. Trump also abandoned a rule that protects retirees from being cheated by financial advisers, a problem that costs people $17 billion in retirement savings per year; he is seeking to replace it with a rule that offers few protections and would amount to little more than window dressing. Finally, the Trump administration is looking to weaken standardsgoverning fuel efficiency and climate pollution, which means that American families could spend a net $23.8 billion more every year, largely due to higher spending on gas.
Center for American Progress
April 30, 2019
This revelation shouldn’t come as a surprise to anyone who has lived in the U.S. and experienced the effects of wealth disparity firsthand. Income has stagnated for working families while pay for executives has skyrocketed. A report from the Economic Policy Institute notes that average CEO pay is 271 times that of the average American worker — that ratio was 30 to 1 in 1978.
DailyLobo.com
April 30, 2019
A family in the United States needs an annual income of at least $421,926 to be in the top 1% of earners, according to Economic Policy Institute data.
Business Insider
April 30, 2019