The minimum wage is also evolving. While the federal minimum wage remains at $7.25 per hour, there is significant variability across states. The Economic Policy Institute noted that the minimum wage in New York and California increased to $16.50 in 2025 from $16.00 in 2024.
ADP
April 2, 2025
“It’s probably going to fall heaviest on small farmers and ranchers, small businesses across the country who are going to face both the impacts of increased prices, as well as the retaliation,” said Adam Hersh, a senior economist at the Economic Policy Institute.
Hearst TV
April 2, 2025
“[T]ariffs are a regressive tax, meaning people with lower incomes will pay a larger share of their earnings in taxes than high-income people,” Senior Economist Adam Hersh and Chief Economist Josh Bivens at the Economic Policy Institute wrote in a March 28 research post. “Tariffs are essentially a consumption tax, and consumption as a share of income tends to fall as incomes rise.”
CBS Moneywatch
April 2, 2025
“Consumers are about to get punched in the face by the president, and there’s really nothing that they can do to prepare for that,” Senior Economist Adam Hersh of the Economic Policy Institute said. “This could lead to recession in 2025, unless we change course, there’s no question about it.”
Hearst TV
April 2, 2025
But tariffs are not fundamentally unwise. “The reality is that tariffs can be, and have been, effective policy tools for promoting industrial development when they’re done in a targeted strategic way and when they are matched with other complementary policies,” said Adam Hersh, a senior economist at the Economic Policy Institute.
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This was “a lesson learned painfully during the COVID-19 pandemic when everyone was scrambling to source personal protective equipment (PPE), respirators, and critical medicines unavailable domestically at the necessary scale,” Hersh wrote in an article with Josh Bivens, the chief economist at the Economic Policy Institute. Tariffs, in other words, can help ensure that there isn’t a monopoly over crucial imports so that supply chains aren’t completely disrupted in the event of war or, as we learned in 2020, a pandemic.
VOX
April 2, 2025
Detroit News
April 1, 2025
..more than $15,000 per year according to a recent report by the Economic Policy Institute. These high costs leave many families with the…[paywall].
Boston Globe
April 1, 2025
…to adequately increase pay for its teachers over time. The Economic Policy Institute, a left-leaning think tank, has labeled the resulting…[paywall].
The Advocate
April 1, 2025
…better off staying put in a way right now with all the layoffs,” Elise Gould, a senior economist at the Economic Policy Institute,…[paywall].
Business Insider
April 1, 2025
The Economic Policy Institute’s Family Budget Calculator estimated the income a family needed in 2025 for a “modest yet adequate standard of living,” which does not include costs such as paying for student loans or for homeownership, ranged from $75,966 in Coos County (the least expensive county) to $101,336 in Rockingham County for a household with two adults and one child.
Business NH Magazine
April 1, 2025