The pandemic forced a dramatic shift toward the purchase of physical goods and away from the purchase of face-to-face services. According to the Economic Policy Institute, that dynamic did not change — at least not enough — when the checks started arriving in March despite the millions of vaccinations that had been administered across the country.
Consider the decades-long trend of widening income inequality in America. Until the 1960s, roughly 30% of U.S. workers were unionized and the top 10% of all earners in the country took home roughly 30% of all pay. By 2019, only 10% of workers were unionized, and the top 10% of all earners captured fully 46% of all pay. The results were especially crushing for men, who tended to be more unionized. For male workers, median yearly income declined by a stunning $5,171 in real terms over the decades from 1979 to 2019, per a study from the Economic Policy Institute.
“One thing that has been so different in this period is that Congress has stepped up and actually done the things that needed to be done to put the economy back on track,” says Heidi Shierholz, president of the nonprofit Economic Policy Institute. “Nothing is perfect, but in broad strokes we got the policies right to set us up for a strong recovery, which is exactly what we’re seeing. We have just seen breathtakingly fast job growth.” Some of the handwringing over the Great Resignation, she says, glosses over the fact that hiring is on the upswing, and that Americans are returning to work: In October, employers added 531,000 jobs.
The United States urgently needs more high-quality jobs. While the tight labor market is pushing employers to increase wages across the private sector and unionized workers are increasingly leveraging their collective power to demand better work, these temporary pressures are not enough to overcome decades of wage stagnation and worsening work conditions. Recent analysis from the Economic Policy Institute finds that while net productivity grew by nearly 62 percent over the past four decades, average hourly pay for the typical worker increased by just 17.5 percent.
In the 10 most populous U.S. states, millions of low-wage workers are robbed of $8 billion a year by their employers — about a quarter of their wages — due to the failure to meet the minimum wages, according to a 2017 study by the left-leaning Economic Policy Institute.
The projects could have a huge impact on the Triad. The Economic Policy Institute says for every 100 manufacturing jobs, about 740 other jobs get created indirectly. In total, the two projects could create about 30,000 jobs.
Steel and aluminum are critical components of the American economy. From cars and trucks to our appliances and beer cans, Americans depend on steel and aluminum for everyday items. Many Americans also rely on the steel and aluminum industries for good-paying jobs. The steel industry supports nearly 2 million Americans who, on average, earn 27% more than the median earnings for men and 58% more than the median for women, according to the Economic Policy Institute.
Dollar Tree’s decision to push higher costs onto consumers follows a growing trend of companies citing inflationary pressures in the economy to justify price hikes — even as they bring in record profits and lavishly reward their executives and shareholders. In 2020, according to a recent analysis by the Economic Policy Institute, CEOs made 351 times as much as a typical worker, and CEO pay has soared by 1,322% since 1978.
The left-leaning Economic Policy Institute argues that today’s inflation was driven by a COVID-19 shift away from services such as restaurants and public transportation to products such as food and gas, and the resulting supply-chain bottlenecks.
Caroline Hyde, Romaine Bostick & Taylor Riggs bring the news and analysis you may have missed after the closing bell on Wall Street. Today’s show tackles what to expect from the jobs report Guest Today: Elise Gould of the Economic Policy Institute, Lynden Melmed of Berry Appleman & Leiden
That’s Josh Bivens, director of research at the left-leaning Economic Policy Institute. He says rising prices in certain categories are more likely to affect low-income people, like food at home rather than restaurants.
A shift in labor market dynamics is not surprising, considering widening gaps over the decades between employers and workers, supply and demand. This includes reductions in benefits and flexibility, a sense among workers that employers simply don’t value them and pay disparities — the Economic Policy Institute estimates that compensation has grown 1,322% for CEOs since 1978 but just 18% for the typical worker.
Other candidates for board slots include Valerie Wilson, director of the left-leaning Economic Policy Institute’s Program on Race, Ethnicity, and the Economy; Lisa Cook, a professor of economics and international relations at Michigan State University; William Spriggs, chief economist at the AFL-CIO and Karen Dynan, a former top Treasury official under President Barack Obama and an economics professor at Harvard University.
Home care workers make an average of under $14 an hour, or less than $30,000 a year, according to a new study from the Economic Policy Institute, a liberal group. Most of the workers are women, and many are of color.
Dollar Tree’s decision to push higher costs onto consumers follows a growing trend of companies citing inflationary pressures in the economy to justify price hikes—even as they bring in record profits and lavishly reward their executives and shareholders. In 2020, according to a recent analysis by the Economic Policy Institute, CEOs made 351 times as much as a typical worker, and CEO pay has soared by 1,322% since 1978.
Recently, there has been a resurgence of workers to form unions and gain the right to organize a union and bargain collectively to improve wages and working conditions. According to the Economic Policy Institute, 60 million people, or nearly half of all nonunion workers, say they want a union in their workplace. Yet only 12 percent of all workers are represented by unions.
Contrary to the parliamentarian’s ruling, however, reports by the Congressional Budget Office (CBO) and economists say that immigration reform does affect the budget significantly; not only would the proposal move the country’s immigration policies in a more humane direction, but it would also have significant and positive impacts on the economy, according to the Economic Policy Institute.
The representatives also contend that the Parliamentarian Elizabeth MacDonough’s memorandum was issued despite “evidence to the contrary,” citing sources including the Washington, D.C.-based Economic Policy Institute about the beneficial impact immigrants have on the U.S. economy.