The union argues that the boost in pay and benefits is warranted because of the hefty profits and executive compensation at the auto companies. From 2013 to 2022, according to the Economic Policy Institute, profits at the Big Three leapt 92%, totalling $250 billion by last year.
U.S. News & World Report
September 22, 2023
CEO pay has skyrocketed more than 1,200% since 1978, compared to a 15.3% increase in a typical worker’s compensation, according to a new report out today from the Economic Policy Institute (EPI).
Josh Bivens, chief economist for the EPI, and Luke Schaefer, associate dean for research and policy engagement at the University of Michigan’s School of Public Policy, joined Nick Austin on Detroit Today this morning to discuss how income inequality affects our economy and society as a whole.
NPR Detroit
September 22, 2023
Profits at the Big Three have almost doubled in the last 10 years, according to the Economic Policy Institute. Persistent high profits like this are evidence that markets are not functioning well, so we aren’t producing as much as possible with the resources we have available.
CNN
September 22, 2023
A new report from the Economic Policy Institute shows that average CEO compensation (including stock awards and options) was $25.2 million in 2022, a slight decrease from 2021, due largely to stock market declines. Since 1978, however, CEO compensation has soared by 1,209.2% compared with a 15.3% increase in a typical worker’s compensation. In 2022, CEOs were paid 344 times as much as a typical worker. Back in 1965, they were paid 21 times as much as a typical worker.
Counterpunch
September 22, 2023
Over the last two years, at least 14 states introduced or passed laws eroding child labor standards, according to a report by the Economic Policy Institute (EPI), a progressive think tank.
“They do that in a variety of ways, either by extending hours, by expanding the industries in which young workers can work at, or allowing them to serve alcohol,” said Nina Mast, coauthor of the report.
AFP
September 22, 2023
Meanwhile the automakers rebounded from the financial crisis and began to make a lot of money — $250 billion from 2013 through 2022, according to the Economic Policy Institute. G.M. and Chrysler were prohibited from issuing big dividends or stock buybacks to reward shareholders as a condition of the federal bailouts they received, but soon after the government sold the last of its shares (in 2011 for Chrysler and 2013 for G.M.), they resumed big payouts in earnest. They also boosted top executives’ pay.
New York Times
September 22, 2023
The White House, naturally, didn’t agree. One official argued that the Bidenomics messaging extended well beyond manufacturing, as evidenced by several other papers and speeches on the president’s economic policy. The official also highlighted research from the Economic Policy Institute that found manufacturing industries have among the strongest linkages to jobs in other sectors, meaning a loss in manufacturing jobs affects jobs in other sectors.
Politico West Wing Playbook
September 22, 2023
And between 1978 and 2021, executive compensation at large American companies increased by more than 1,400 percent, the left-leaning Economic Policy Institute said.
It climbed 37 percent faster than stock market growth and 18 percent faster than average full-time worker pay over the same period, the EPI analysis found.
Politico
September 22, 2023
Nationwide, autoworkers’ average real hourly earnings has fallen 19.3% since 2008, according to research from the left-leaning Economic Policy Institute.
CNBC
September 22, 2023
Profits at Ford, General Motors and Stellantis have grown 92% from 2013 to 2022, totaling $250 billion, according to the Economic Policy Institute. During that time, the CEOs at Ford, GM and Stellantis have seen their salary jump 40%.
Michigan Advance
September 22, 2023