As a result, economists across the spectrum wonder if the Fed can control this bout of price spikes. Lawrence Mishel, a distinguished fellow at the Economic Policy Institute, says, “There’s a lot of reasons to think that inflation is transitory. It doesn’t mean it’s going to be two months, it could be a year, but it’s not going to be, you know, 4 or 5% a year for the next five years.” Leaders at the Fed have a long-term target of about 2% inflation.
Florida is close to last in terms of pay for average pay for veteran teachers, according to the NEA report. Ranked at 48 out of 51 positions, veteran educators in the state are paid an average of $51,009 — $1,384 above the minimum living wage needed for one adult and one child as determined by the Economic Policy Institute. The only states with a worse average salary for teachers are West Virginia, South Dakota and Mississippi.
Employers also frequently employ anti-union tactics during elections: A 2009 paper from the left-leaning Economic Policy Institute found that 96% of employers “mounted a campaign against the union” during an election. In cases where employers did mount an anti-union campaign, workers won just 48% of elections — compared to 72% of elections won when there was no campaign.
Instead, direct your ire at the most powerful in society — not the person taking your order. The average CEO at the biggest 350 U.S. companies is paid $17 million a year, and their pay soared 940% over four decades, the Economic Policy Institute, a progressive think tank, said.
Perhaps you think employers can’t afford to pay workers more because inflationary pressures are eating into their profits. Dream on. Corporate profits are so high right now that Josh Bivens of the Economic Policy Institute last week proposed a short-term windfall profits tax. From the start of the Covid pandemic to the end of 2021, corporate profits rose 53.9 percent, Bivens reported, while labor costs increased only 7.9 percent. By comparison, during the previous four decades, corporate profits averaged 11.4 percent and labor costs increased 61.8 percent. So now is hardly the time to break out the violin for corporate America.
For workers, winning a vote to form a union is only the first step in a steep and lengthy slog. Some employers drag out the negotiating process. Others simply refuse to talk. A 2009 Economic Policy Institute study found that fewer than half of new collective bargaining units have a contract after a year, only 70 percent after three years.
Despite the growth, NEA data shows that Arizona teachers are still paid well below other college graduates in the state. Citing a reporting from the Economic Policy Institute, Arizona public teachers make about $0.68 for every dollar earned by other workers with comparable degrees.
Even if wage hikes continue at the torrid 8.1% pace of 2019-21, it would take 10 years for a worker in the 20th percentile of wages to reach $20 an hour, according to calculations by Lawrence Mishel, a distinguished fellow at the Economic Policy Institute, cited by Fast Company.
In addition to the federal guidelines, each state has adopted its own guidelines for employers, which should be reviewed for every state where your clients have workers. According to the Economic Policy Institute (EPI), more than 20 states have adopted the ABC test for determining whether an individual is an employee or an independent contractor.
A substantial bloc of economists are contending that wages are receiving too much blame for inflation. A recent analysis across 110 industries by the Economic Policy Institute, a progressive think tank based in Washington, concluded that wage growth wasn’t correlated with the surge in costs that suppliers dealt with last year, suggesting that much of inflation could still be stemming from other forces, like supply chain imbalances.
According to the Economic Policy Institute, a nonprofit think tank, a single adult can expect to pay an estimated $11,026 on housing in 2022. This amount varies across the country, however. In some states housing costs are far lower than the national average, while in others, Americans are paying thousands more.
The Economic Policy Institute, who has now completed their Company Wage Tracker project, aimed at compiling data showing how 66 big name retail and food industry companies pay workers less than $20 per hour. The project then breaks down the data into more discrete pay brackets to show the discrepancies between wages, from executive level to front line workers.