Tag Archives: Economic Policy Institute

Unemployment Benefit Cut-Off Will Slash Annual Incomes by $144 Billion: Analysis

“By failing to extend unemployment benefits, Congress and the White House will harm working people struggling in the pandemic.”

By Jake Johnson, staff writer for Common Dreams.  Published 9-17-2021

People’s Unemployment Line protest in Philadelphia, 2020. Photo: Joe Piette/flickr/CC

The decision by Congress and the Biden administration to let pandemic-related unemployment programs expire earlier this month will slash annual incomes across the U.S. by $144.3 billion and significantly reduce consumer spending, the Economic Policy Institute estimates in an analysis released Friday.

Drawing on recent research (pdf) examining the 26 states that prematurely ended the emergency unemployment insurance (UI) programs, EPI argues that the “best available evidence” indicates the benefit cut-offs thus far have resulted in “all pain and no gain.” Continue reading

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As Pandemic Wiped Out Workers, Covid Crisis Proved No Obstacle to Soaring CEO Pay

“This should have been a year for shared sacrifice,” said one economist. “Instead it became a year of shielding CEOs from risk while it was the frontline employees who paid the price.”

By Kenny Stancil, staff writer for Common Dreams. Published 5-28-2021

Carnival CEO Arnold Donald’s pay package in 2020 surged to $13.3 million, a 19% increase over the previous year, even though the cruise operator recorded losses of $10.2 billion. Photo: World Travel & Tourism Council/flickr/CC

Even as the Covid-19 pandemic created record losses in the second quarter of 2020—and claimed the lives and livelihoods of millions of workers—median CEO pay in the U.S. increased yet again last year, according to a new analysis.

At a time when “CEOs’ big pay packages seemed to be under as much threat as everything else,” many boards of directors “made changes to the intricate formulas that determine” executive compensation to “make up for losses created by the crisis,” the Associated Press reported Friday. Continue reading

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Progressive Groups Mark May Day With Rallies Urging Passage of PRO Act

“The fight for the PRO Act is a fight for a future of dignity for all workers,” said Democratic Rep. Jamaal Bowman of New York.

By Andrea Germanos, staff writer for Common Dreams. Published 5-1-2021

Protest at Amazon HQ on Cyber Monday 2019. Photo: War on Want/flickr/CC

A coalition of over 40 progressive organizations on Saturday rallied online and in person to support the PRO Act—legislation that would strengthen workers’ right to organize among other pro-worker provisions.

Groups behind the May Day actions include MoveOn, Indivisible, Democratic Socialists of America, and the Working Families Party.

The Protecting the Right to Organize (PRO) Act passed the House in March but has not yet faced a vote in the upper chamber, where it confronts the 60-vote legislative filibuster and no support from three Democrats—Sens. Kyrsten Sinema (Ariz.), Mark Kelly (Ariz.), and Mark Warner (Va.). Continue reading

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In ‘Emblematic Parting Blow,’ Trump Moves to Take $700 Million Per Year Out of Tipped Workers’ Pockets

“This rule change will make tipped workers even more vulnerable to exploitation and abuse,” said Saru Jayaraman of One Fair Wage. “What workers need now, more than ever is a full, fair minimum wage.”

By Kenny Stancil, staff writer for Common Dreams. Published 12-23-2020

Image by pasja1000 from Pixabay

 

Just hours before President Donald Trump surprised millions by pushing for enlarged stimulus checks in the new coronavirus relief package, his administration on Tuesday added to its extensive record of anti-worker policymaking by finalizing a regulatory change that enables employers to dispossess tipped workers of more than $700 million per year.

The new regulation (pdf)—long sought by the restaurant industry—expands tip pools “from front-of-the-house employees alone to include back-of-the-house employees” in the handful of states where servers receive the standard minimum wage. It also relaxes limits on the amount of nontipped work that can be done by tipped employees earning a subminimum wage, which exists in all but eight states. Continue reading

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Investing $2 Trillion in US Clean Energy and Infrastructure Could Create Millions of ‘Good Jobs,’ Analysis Finds

“We don’t have to choose between a strong economy or a healthy environment—we can have both,” says an EPI data analyst.

By Jessica Corbett, staff writer for Common Dreams. Published 10-20-2020

A solar PV array in Gerlach, NV. Photo: BlackRockSolar

Pursuing trade and industrial policies that boost U.S. exports and eliminate the trade deficit while investing $2 trillion over four years in the nation’s infrastructure, clean energy, and energy efficiency improvements could support 6.9 to 12.9 million “good jobs” annually by 2024, according to an analysis published Tuesday.

The new report from a trio of experts at the Economic Policy Institute (EPI), a U.S.-based think tank, comes as the country continues to endure the public health and economic consequences of the ongoing coronavirus pandemic, which has claimed more than 220,000 lives and millions of jobs in the United States alone this year. Continue reading

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‘Should Be Bigger News’: Analysis Finds Nearly One Third of Owed Unemployment Benefits Have Not Been Paid

Bloomberg found a $67 billion gap between the sum of benefits paid out by the Treasury Department and the amount that is owed to jobless Americans.

By Jake Johnson, staff writer for Common Dreams. Published 6-3-2020

Volunteers at the North Texas Food Bank. Photo: North Texas Food Bank/Twitter

A Bloomberg analysis released Tuesday estimates that nearly a third of the unemployment benefits owed to jobless Americans have not yet been paid out, a finding critics described as a “scandal” deserving of more media attention as millions of people struggle to afford basic expenses due to the Covid-19 pandemic.

“The Treasury disbursed $146 billion in unemployment benefits in the three months through May,” Bloomberg reported. “But even that historic figure falls short of a total bill that should have reached about $214 billion for the period, according to Bloomberg calculations based on weekly unemployment filings and the average size of those claims.” Continue reading

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‘The Next Crisis’: Up to 43 Million Americans Could Lose Health Insurance Due to Pandemic, Study Shows

“The American healthcare financing system was not built to withstand the combined impact of a pandemic and a recession.”

By Julia Conley, staff writer for Common Dreams. Published 5-10-2020

Analysts project that 43 million Americans could lose their insurance when the unemployment rate hits 20%. According to the Department of Labor, the current unemployment rate is 14.7%. (Photo: Elvert Barnes/Flickr/cc)

Medicare for All advocates on Sunday pointed to the latest study on the looming health insurance crisis already becoming apparent amid the coronavirus pandemic, which has led to job losses for more than 33 million people in the past two months.

Because health insurance is tied to employment for about half the country—160 million people—as many as 43 million are expected to lose their health insurance due to the pandemic, according to a new report by the Robert Wood Johnson Foundation (RWJF) and the Urban Institute. Continue reading

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‘We’re Just Getting Started,’ Says Union Leader, as Worker Strike Activity Hits 35-Year High Under Trump

“Trump’s economy is not a workers’ economy, and workers know solidarity is the best way to fight back.”

By Jessica Corbett, staff writer for Common Dreams. Published 2-11-2020

Thousands of members and allies of the Chicago Teachers Union demonstrated in the city’s Union Park during a strike in October 2019. (Photo: CTU/Twitter)

In yet another rebuke to President Donald Trump’s claims that the U.S. economy is “roaring” and his “relentlessly pro-worker” agenda is serving the American public, a report published Tuesday by a progressive think tank revealed that the “number of striking workers surged in 2018 and 2019” after decades of decline.

The Economic Policy Institute (EPI) report, entitled Continued Surge in Strike Activity Signals Worker Dissatisfaction With Wage Growth, noted that the spike marked “a 35-year high for the number of workers involved in a major work stoppage over a two-year period.” Continue reading

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Fresh Calls to #RaiseTheWage After Study Shows $1 Increase Could Prevent Thousands of Suicides

The House-approved Raise the Wage Act is among hundreds of bills sitting on the desk of Republican Senate Majority Leader Mitch McConnell, the self-declared “grim reaper” of progressive legislation.

By Jessica Corbett, staff writer for Common Dreams. Published 1-9-2020

A study published this week found that raising the minimum wage just $1 could prevent thousands of suicide deaths in the United States. Photo: Wisconsin Jobs Now/flickr/CC

A new study that suggests raising the minimum wage could prevent thousands of suicide deaths in the United States sparked fresh calls for relief from federal lawmakers and cast a spotlight on Republican Senate Majority Leader Mitch McConnell’s legislative graveyard.

“Low-wage employees are in desperate need of a raise, and the Senate’s refusal to pass the #RaiseTheWage Act is keeping vulnerable Americans in harm’s way,” the advocacy group Patriotic Millionaires tweeted on Thursday, linking to NPR‘s report on the study. Continue reading

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Trump, Granting Lobbyist Demands, Quietly Handed Billions More in Tax Breaks to Huge Corporations: Report

“Trump is the most corrupt president in history, and here’s the latest example of how that corruption helps giant corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 12-30-2019

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

A “disturbing” New York Times story published Monday detailed how President Donald Trump’s Treasury Department, led by former Goldman Sachs banker Steve Mnuchin, has quietly weakened elements of the 2017 tax law in recent months to make it even friendlier to wealthy

individuals and massive corporations.

Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas. Continue reading

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