Media clips
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Fed Chair Janet Yellen will deliver the keynote address at an annual economic symposium in Jackson Hole, Wyoming, this week at a gathering of central bankers and academics that will focus on labor markets. All attendees, which include central bankers, academics and the media, pay their own entrance fee of $1,000 as well as their own travel costs to attend.
Including the rather exclusive Jackson Hole summit, many worry there isn’t enough access for “everyday” Americans to share their stories to policymakers as they make monetary policy decisions.
“Low-wage and middle-income working folks don’t necessarily understand what the Fed does, and even people who are unemployed and underemployed have other pressing concerns,” says Peter Brownell, research director at the Center on Policy Initiatives. “Efforts need to be made to actually affirmatively reach out to people and get their perspective, whereas Wall Street and business leaders are not shy about putting their views forward.”
Brownell’s organization is one of about 60 – including the Economic Policy Institute and the National Employment Law Project – that cosigned a letter to Fed policymakers saying that the job market remains weak enough – particularly in light of the flat wages for hourly workers – to necessitate its easy-money policies.
US News and World Report August 22, 2014 -
Josh Smith, The Economic Policy Institute, and Jim Pethokoukis, The American Enterprise Institute, discuss why tax inversions are receiving so much attention.
NBC News August 20, 2014 -
Hourly wages for most Americans either stagnated or declined from 2000 to 2013, the Economic Policy Institute, a liberal-leaning think tank, said in a June report. Like the National Employment Law Project, the EPI found that the worst-hit groups were those at the lowest of the wage distribution.
CBS Moneywatch August 20, 2014 -
It doesn’t take a rocket scientist to figure out why some people are saying yes to silence: many of us are starved for quiet time, thanks to our increasingly hectic lives. According to a 2013 report by the Economic Policy Institute, the average American worker works 181 more hours in a year than he did in 1979, which represents a nearly 11% increase in work hours over roughly 30 years. That’s the equivalent of every worker working an additional 4.5 weeks per year.
Wall Street Journal August 20, 2014 -
“Too many workers continue to be sidelined from the workforce for an exceptionally long period of time,” Hilary Wething, a senior research assistant at the Economic Policy Institute, a left-leaning think tank based in Washington, wrote in a research note. “Though the labor market is improving across the country, job growth has yet to meaningfully accelerate for most states.”
Wall Street Journal August 20, 2014 -
The Center for Popular Democracy is slated to release a letter Tuesday signed by more than 60 left-leaning organizations, ranging from community groups to bigger players such as the Economic Policy Institute, Public Citizen and Demos. They are calling on the Fed to keep its easy-money policies in place until wages start to rise and what has been an exceptionally uneven recovery begins to broaden out. Butler, along with several other workers and activists, intend to trek through the mountains to deliver that message in person before the conference begins Thursday.
The Washington Post August 20, 2014 -
In the past, ballot initiatives have been used to push minimum wage laws through especially stubborn states. Take New Jersey for example. In January 2013, Republican Governor Chris Christie vetoed minimum wage legislation that state lawmakers had passed. At the polls ten months later, New Jersey voters approved a ballot initiative to boost the state’s minimum pay from $7.25 to $8.25 with 61% of the vote.
“A higher minimum wage is incredibly poplar,’ says David Cooper, an economic analyst at the Economic Policy Institute. “If legislature is not being responsive to the public’s desires, advocates are going the ballot measure route because it’s been successful.”
Voters in Montana and Missouri voted down hikes in 1996, but since then, every minimum wage initiatives that have appeared on statewide ballots — 13 in total — have gained voter approval, according to the Ballot Initiative Strategy Center.
Fortune August 20, 2014 -
A pending decision by President Barack Obama on whether to use his executive powers to make interim immigration reforms because Congress failed to could make the already heated immigration issue even more volatile. The Economic Policy Institute, a liberal leaning, non-profit think tank, released a report Thursday aiming to dispel many myths and provide some fundamentals before politics sends things into a frenzy. Here are the five biggest takeaways from the institute’s report on immigrants:..
NBC News August 14, 2014 -
Recently, a number of upscale restaurants have eliminated tipping—in New York City, Sushi Yasuda and Restaurant Riki are among the latest—fueling debate about the subject. But the issue is complex, and there are pluses and minuses to the custom:
Restaurants may pay tipped workers a very low sub-minimum wage, which helps lower menu prices. Diners don’t pay sales tax on gratuities. And tips significantly boost the income of servers; however, diners may tip generously, poorly or not at all, and many things besides quality of service affect tips, leaving servers vulnerable to the habits of capricious diners.
“Income flows on a weekly basis are extremely erratic,” said David Cooper, an analyst at the Economic Policy Institute, a liberal think tank in Washington, D.C., and co-author with Ms. Allegretto of the tipping report. “Weather impacts the number of customers. Appearance, age, and gender significantly influence how much people tip.”
As a result, said Michael Lynn, a professor of consumer behavior and marketing at Cornell University School of Hotel Administration, servers may have difficulty qualifying for a car loan or mortgage.
Wall Street Journal August 13, 2014 -
States that cut unemployment benefits following the Great Recession didn’t help the jobless or taxpayers, according to a recent report by the Economic Policy Institute (EPI), a left-leaning think tank.
The results matter in the context of North Carolina’s handling of unemployment benefits last year, which received national media attention. In July 2013, Gov. Pat McCrory and the state legislature reduced the duration and weekly amount of unemployment benefits, explaining the cuts as necessary to tackle $2.5 billion in debt to the federal government. Since then, McCrory has said that kicking people off unemployment insurance compelled them to find work, a point that EPI and other research groups have disputed.
While the cuts in North Carolina were the most dramatic, other states used similar approaches to deal with accruing debt from unemployment insurance. Arkansas, Florida, Georgia, Illinois, Michigan, Missouri and South Carolina also reduced unemployment benefits some time between 2011 and 2013. Another 27 states were borrowing from the federal government to pay for unemployment benefits, but opted not to make cuts to their programs.
Governing August 13, 2014