35 Burst results for "Economic Policy Institute"
"economic policy institute" Discussed on TIME's Top Stories
"Income workers offset the social security payroll tax and rising food and energy prices, but was made permanent in 1978 as both an anti poverty program and an alternative to welfare because it incentivized work, according to the economic policy institute. For the 2022 tax year, the earned income credit ranges from $560 to $6935, depending on filing status and number of children. Other changes this year include the end of attacks break up to $600 for certain charitable donations even if taxpayers just took a standard deduction, a flat amount that reduces taxable income in their tax forms. Now, only those who itemize their various tax deductions can deduct their charitable donations. Nearly 9 in ten taxpayers took the standard deduction in 2021, according to the IRS. Taxpayers may also see reduced refunds this year because of the end of COVID-19 relief stimulus payments, which were last sent in March 2021. No recovery rebate credit for stimulus payments are available
"economic policy institute" Discussed on Marketplace with Kai Ryssdal
"Coming up. We literally had maybe like $600 in went there. When you got it, you got it, right? First though, let's do the numbers. Down industrials off a 112 points this Monday three tenths percent, 33,000 to 5, 17. The NASDAQ up 66 points about 6 10%, 10,635, the S&P 500 down two, call that flat really 38 and 92 there. To start from Amy Scott about what it takes to raise a house to be safe from rising sea levels, so look at some related stocks why don't we tear X corporation which makes cranes and other equipment? Lifted, get it lifted, talking about lifting houses, one in three tenths percent. Caterpillar pulled back 9 tenths percent. Please tell me you're laughing with me. You might have heard. Actually, you're probably did hear on this program that Bed Bath & Beyond has been looking at bankruptcy after a turbulent year. Well, today the home goods retailer had a meme ish rebound shares up 23 and 6 tenths of 1% guarantee, not the last of this story. You're listening to marketplace. Support for this podcast comes from wise, the universal account that lets you send, spend, and receive money internationally. With one account for over 50 currencies, who exactly is wise made for? It's made for jet setters and slow travelers, for seeing old friends in new places. Wise is made for business in the city and pleasure on the coast. For studying abroad and supporting your little brother schooling back home. Wise is made for people without borders who want to live truly global lives with ease. You see with wise, you always get the mid market exchange rate whenever you convert or spend different currencies. There are no markups and no hidden fees. That's pounds to pesos. Dollars to dong, just like that, helping you save on currency conversion wherever your money takes you. Wise, it's the account that's made for the world. Join 13 million customers and learn how the wise account could work for you at wise dot com slash marketplace. This message is brought to you by discover. Did you know you could reduce the number of unwanted calls and emails with online privacy protection? The latest innovation from discover. Discover will help regularly remove your personal info, like your name and address from ten popular people search websites that could sell your data, and they'll do it for free. Activate in the discover app, see terms and learn more at discover dot com slash online privacy protection. This is marketplace. You might have heard last week that the Federal Trade Commission is proposed a near total ban on non compete clauses agreements between companies and employees designed to prevent those workers from taking trade secrets over to the competition. But which can in practice keep those workers from looking for better opportunities and higher pay. Most of the time, though, when you think non compete, you're probably think white collar workers, right? Executives may be software developers too, but some of the lowest paid workers in this economy are bound by those agreements as well. Think fast food workers and custodial staff. Marketplaces of NMR has more on what a ban on non competes might mean for them. Nearly a third of private sector businesses that responded to a survey from the economic policy institute require all of their employees to sign non competes, including a quarter of respondents that mostly employ high school graduates. So it just is the surprisingly prevalent thing, even among workers who are making very low wages. Heidi shareholders with the API says non competes neutralize the best tool those workers have for securing higher pay. Their ability to shop around. It's in the name, right? And when employers aren't competing with each other, then workers and consumers lose out. In sectors like fast food and retail, these agreements do often function as cheap retention tools says Andy challenger with the staffing firm challenger gray and Christmas. From the employers perspective, they would like to potentially reduce turnover. But non competes hardly ever go to court, says economist Evan Starr at the university of Maryland. They tend to be enforced informally and exit interviews in threatening letters to workers. A few states, including California, have stripped non competes of any legal teeth. Others have banned them for lower paying positions, but star says workers don't always know that. Sometimes just the threat of a lawsuit is enough. The low wage workers generally don't have the wherewithal to finance litigation even for a frivolous non compete agreement. If the FTC's proposed ban goes through, star says those workers will have a lot more leverage. As for their employers, he says there are alternatives like non disclosure agreements that protect
"economic policy institute" Discussed on WTOP
"You believe president Trump is the ultimate target of this investigation? I'm not going to comment on the grand jury investigation. What do you think there are ultimately no more about it? What do you expect me to talk about here today? It is unclear if Giuliani will be answering those questions before the grand jury. Former vice president Mike Pence is urging fellow Republicans to stop lashing out at the FBI over the search of former president Trump's Florida home last week. Speaking today in New Hampshire, Pence was asked what went through his mind when he heard about the search of Trump's Mar-a-Lago home as part of a federal investigation into whether Trump took classified records from The White House. Pence, who, like Trump is considering a 2024 presidential bid, said he's been troubled by what he called the politicization of the FBI. He also says the Justice Department and attorney general should be more transparent about what led authorities to conduct that search. Teacher salaries have now reached record lows. A report by the economic policy institute shows teachers weekly pay was nearly 24% less on average than that of other college graduates. That translates to about 76 cents on the dollar. The report also found the pay gap has been growing larger since the mid 90s, and that Colorado, Oklahoma, Virginia, Arizona, and Alabama have the highest teacher pay gaps. That is CBS correspondent Linda kenyon. Traffic and weather next 1136 remodeling for how you live today. Harris Craig de Roscoe, founder of sun design remodeling, sharing how remodeling can bring family and friends together. By bringing the different trades in there by looking at a licensed electrician to license plumber and HAC contractor, they can really assess the situation prior to tearing out the kitchen or whatever you're doing. So when we look at the cost of remodeling, it includes the design and includes a selection that includes all the trades. And so you're not getting surprises after we start. I think that's one of the biggest things. When people are worried about I hear about overruns, I hear about surprises. You can eliminate most of those. A lot of the drum on HGTV can be eliminated. Join sun design at their virtual remodeling and design seminar event on August 18th. Learn important tips when hiring your remodeler, register at sun design ink dot com. That sun design ink dot com. Hey, I got a question for you. You hate that it over to put on your shoes, which is just put them on standing or sitting without ever having to touch them. If so, then I have the shoe for you. Introduce a new hands free sketcher slippage. With new sketches slip ins, you just step in and off you go
"economic policy institute" Discussed on KOMO
"Is northwest news radio 1000 FM 97 7. Students will be returning to the classroom soon, but will enough teachers be there to teach them. According to the bureau of labor statistics, they're about 280,000 fewer teachers in classrooms than there were at the start of the pandemic, pays one of the driving factors in the teacher drought. ABC's and win has more a why so many teachers have decided now is the time to move on. The teacher shortage in America hitting crisis levels. In RCL county, Florida. For a short about 200 teachers and with a week to go, that is quite alarming. Across the sunshine state, around 9500 open teaching jobs. Projections show a demand for around 300,000 new teachers nationwide by 2024, according to the economic policy institute, abril German, and Erie Colorado says she felt overworked and unappreciated, and that's what forced her out of the profession. I was definitely very emotional about leaving the kids, but I just started to realize that I needed to do it for myself. I felt a lot of guilt leaving because I know that there is that shortage. Teachers claim their experiencing higher levels of disrespect from students and parents, amid hybrid learning, excessive lesson planning demands and persistently low wages. They deserve a working wage. If not more, in Wisconsin, officials scrambling to find qualified educators. We've looked at people who don't have teaching degrees who come in and we put them to work and get them up to speed on learning how to teach. Some rules, school districts in Texas are switching to four day weeks this fall due to the lack of staff. Safety concerns also top of mind for teachers following the uvalde massacre. It's a lot. It's an emotional toll on top of everything else. Last year, Rebecca bussy was one of two special education teachers at a school in Houston, amid the pandemic, the other special education teacher left midyear for personal reasons, so busy taught both classes. At times it was tiring, trying to manage everything. A recent poll of over 3000 national education association members emphasized over 90% of educators say feeling burned out is a serious problem. But Buffy says she understands the teachers who lead to prioritize their mental health. You need to make sure that you can take care of yourself and meet your own needs professionally and personally. Teachers unions have also been struggling to figure out a solution
"economic policy institute" Discussed on Bloomberg Radio New York
"Couple of months now. And Mike typically, when they start to do that and do that excessively, it's too late. It's too late and the canary is long gone. So can you tell me what this fed will actually be responding to? Well, they're just going to put it all together, John. It's not going to be any one indicator. Of course, we get jobs tomorrow and we'll see where we are with participation and unemployment. And then we get the CPI, the following week, they don't follow the CPI for their mandate, but they will take a lot of information about where inflation is going. They've got to figure it all out because as you say, once the data starts showing we have a problem, it's too late. So they've got to see what it's trying to tell them about what's going on. The hard thing about jobless claims in this situation is that they have been so low for so long in a way that we had not seen before, except for the spike during the pandemic that it isn't clear exactly what the signal is, what would be a normal level for this time. Michael McKee spanning here in Washington from the economic policy institute to say the brookings institution are over to something like heritage, more conservative. Can those three think tanks say it's a fully employed America? I think there's no question it's a fully employed America. We are still looking for 11 million jobs according to the jolts report yesterday. And the ISM services number was interesting because it was a negative territory. 47, which should suggest contraction, but the problem according to the business's responding to that was that they can't find the workers. It's not that they don't want to add. It's that there aren't people to work at this point. Now, we don't really know where the natural rate of unemployment is. The fed thinks it's in the low fours. And so there's sort of aiming for that is perhaps where they end up as they continue tightening. But we'll have to wait and see when inflation went unemployment starts to go up to see if they change their minds or put any more precise prediction on it. Monica, looking forward to your coverage of payrolls Friday tomorrow morning, 8 30 Eastern Time, my meeting there. Do you know that clashes with the tennis, I think, to some rapper play at 8 30 Houston, who? You don't know who rapha is? Okay. Future's positive on the S&P. I'm going to pretend that didn't happen. On the S&P 500, we are positive three days of gains on the S&P. He knows who rapper is. Off the back of today, we could have day four. We are positive a third of 1% on the S&P 500. Yield higher by about three basis points. This is the bounce back we've got in treasuries. Right. Approaching 3% on that curve still inverted twos versus tens negative four basis points or so. Not that much off claims, but there's a trend as well. And again, oil 99 59, I think, is front and center as we speak to The White House here in a moment. We welcome all of you in Washington today, John farrow and Tom Keane Lisa bramley, is off and we drive forward the conversation now on a fully employed America and the mystery of these times and labor was Stephanie aronson. It had of economics of brookings and of course, a brook institution that stopped the world of think tanks, a number of years ago when down one hallway, you had a shingle that said Bernanke in a single that said yell it as well. What was it like for you to wander in on a daily basis and have a cup of coffee with the Bernanke yellow axis? It's funny because I'd had the opportunity to work with both of them when I worked at the Federal Reserve and then to see them in this context was really a treat. I once was at a talk where Bernanke once said I announced him introduced him at the conference and then he said, Stephanie used to work for me and now I work for Stephanie. The acclaim of Yelena secretary Yellen is this word slack. The measurement of the inefficiencies within the American economy. Many in society, including those that support President Biden would say there is still slack in our labor economy. Is there? I think by some measures there is some slack in particular, the labor force participation rate is still a bit low, relative to where we would think even given the fact that the trend in participation is going down, but unfortunately now the fed also has to worry about inflation. And so they can make the labor market perfect, I think, at this point. Let me go back a couple of
"economic policy institute" Discussed on WNYC 93.9 FM
"Need to make good offers They know that they need to raise wages and benefits to make attractive offers competitive offers Taylor Schmidt Franz is a senior at the university of Wisconsin eclair who landed a teaching job in April just one day after her first interview February March is kind of freaking out a little bit So I'm like what am I doing with my life Where am I going to live and all that stuff but it feels really good I feel ready to graduate now Even for seniors like UW Claire's Hannah Leah graduating without a job offer isn't that scary It's a really big job market right now so I'm not really too concerned especially because there's a teacher shortage and they're paying people to go back to school to become teachers because they need them so bad The national unemployment rate for those with at least a four year degree was 2% in March the unemployment rate for those with high school diplomas was twice that The Federal Reserve bank of New York reported a record pay gap last year of $22,000 between those with bachelor degrees and those without With the college degree your ability to be employed is greatly enhanced That's Jim Cooper district director for international talent recruiting company Robert half Many employers are getting out ahead of the graduating class And they're locking students in well before they graduate Unlike it's ever been But college enrollment has fallen since 2020 a least Gould with the economic policy institute says the pandemic added new roadblocks for many minority and lower income potential students who may not have been able to come up with tuition That's just not accessible to many people across the country As the race to recruit college students heats up those watching the trends expect things to cool though they're not sure how or when In the meantime those nearing graduation appear to be calling the shots in today's hiring economy.
"economic policy institute" Discussed on Marketplace with Kai Ryssdal
"From American public media, this is marketplace. In Washington, D.C., I'm Kimberly Adams in for Chi risdale. It's Thursday, April 7th, good to have you with us. And because it's Thursday, today we got weekly jobless claims from the Labor Department. Initial claims, those filing for benefits for the first time fell to 166,000, the lowest level in more than 50 years. And that's on top of last week's strong march jobs report, which revealed that we added 431,000 jobs back in the economy. That brings the unemployment rate to a pandemic low of 3.6%, very close to where we were before the pandemic. But now, hear me out here, is it possible for that number to drop too much? Marketplaces Christian Schwab starts us off trying to find the answer. Let's answer a bunch of questions right off the bat here. Like, can we ever reach an unemployment rate that's too low? David wessel is an economist at the brookings institution. It sounds strange, but the answer is yes, we can. Okay, so what is considered too low? It is very difficult to put a number on that. Okay, let's look at the last number we got in March the unemployment rate was 3.6%. Is that too low? I don't think we really know. Wessel isn't being dodgy here. It's hard for economists to say definitively whether unemployment is too low at any given time. And it's true we're experiencing some hallmarks of low unemployment, a tight labor market, rising wages, and inflation. But and this is a big bite. We are also still experiencing the economic effects of the pandemic. It's why Elizabeth on and not an economist at Barnard college says the unemployment rate does not paint the whole jobs picture. You know, we still have a lot more people out of the job market who would like jobs. Women, for example, are returning to work, but participation rates are still below what they were before the pandemic. And in general, on and on says the job market itself has changed. We're just in a bit of a disequilibrium, and we're trying to figure out what a post COVID economy looks like. Which means more and more, economists are wondering if the unemployment rate tells us what we think it does. Plus, if we just focus on that one number, we lose sight of all the details. For instance, unemployment among black workers in March was 6.2%. That's almost double that of white workers. Josh bivens at the economic policy institute says studies show that if the overall unemployment rate drops low enough, even those gaps start to erode a little bit, it's why he says some benefits of really low unemployment could outweigh the problems. I'm Kristen Schwab for marketplace. On Wall Street today, after a couple of down days, things ended today, looking up. We'll have.
"economic policy institute" Discussed on WNYC 93.9 FM
"To you First the House of Representatives is expected to vote today on President Biden's nearly $2 trillion social spending bill and a $1 trillion infrastructure bill those figures are spending over ten years marketplaces Nancy Marshall Gunther has details The House vote would come after some last minute compromises which added paid family leave and work permits for immigrants to the bill The legislation would also raise a $10,000 cap on state and local tax deductions Those provisions could be stripped out when the measure goes to the Senate The bill also includes a new hearing aid benefit for Medicare patients plus a cap on their out of pocket costs for prescription drugs picked up at the pharmacy The Senate has already passed the infrastructure Bill which would fund repairs to roads bridges and water systems if passed by the house today it would go right to President Biden's desk I'm Nancy Marshall gensert for marketplace This morning will get the big hiring and unemployment reports for the month just ended October the job market as we've been covering is a strange one with strong consumer demand requiring workers but persistence of COVID and supply bottlenecks holding things back to review hiring in June and July was very strong about a million jobs added each month but in August job growth fell by two thirds and in September the pace of hiring slowed yet again marketplaces Mitchell Hartman has a preview Every month economists put out predictions for the jobs report and for October the range is huge From a quarter million to three quarters of a million new jobs When we look at what's happening in the labor market I think we're dealing in unprecedented times At least schooled at the economic policy institute says there's a reason it's hard to predict right now This lingering pandemic that's going on has a very large impact on what people and businesses are doing and thinking about work As COVID cases soared in late summer job creation and hotels bars and restaurants nearly stalled out Workers also face unprecedented uncertainty says John Lear at polling firm morning console There's likely to be permanent sectoral shifts The future of work is highly uncertain and then we've got a lot of policy uncertainty going on leading workers to quit switch jobs or stay on the sidelines All of which is likely to make the employment numbers volatile for months to come I'm Mitchell Hartman for marketplace Cue the numbers.
"economic policy institute" Discussed on TIME's Top Stories
"Days seven days a week during the pandemic and rather than reward them. The company recently decided to offshore some of their jobs. They went on strike on october. Fifth musicians at the san antonio symphony say they voluntarily accepted an eighty percent pay-cut last season and that the symphony then proposed. I permanently cut their pay by fifty percent and then to cut the number of full-time members from seventy two to forty two. They went on strike on september. Twenty seventh do strikes work for their part. Employers say that they're being fair and that workers are being unreasonable. Kellogg provides workers with benefits and compensation that are among the industry's best a company spokesman. Chris bonner said in a statement. The company says it has not proposed moving any jobs from the ready to eat cereal plants. Which are the plants where the workers are striking as part of negotiations. The san antonio symphony said in a statement that the union and the symphony agreed to a twenty five percent reduction in weekly salary for the twenty twenty twenty twenty one season but that because there were fewer performances and because fewer musicians could fit on stage because of social distancing guidelines some musicians did make eighty percent less than they would have made in a normal season. The symphony needs to make fundamental changes. A spokesperson said and it cannot afford to spend more than it makes through ticket sales and donations. Caroline jackson the ceo of saint. Vincent's were deo. And hundreds of other nurses are striking. Says that the nurses are trying to push a one to four nurse to patient ratio that massachusetts voters rejected by a large margin in two thousand eighteen. The hospital is done. Research and decided it staffing is appropriate and that it staffing ratios are in fact better than most other hospitals in the state. She says ryan says the hospital announced. It was hiring one hundred permanent replacement nurses in may during a in nineteen surge and that the striking nurses are insisting on getting their old positions back that the hospital is not budging speaks to the fact that despite this increase in worker activism workers may not gain much more power in the long run over the last forty years the government has made it much more difficult for workers to both form unions and to strike says heidi shire holtz the president of the economic policy institute a progressive think tank amazon was able to effectively interfere in a union vote among its workers this spring. She says preventing the union from succeeding. Of course a hearing officer at the national labor relations board has recommended that the board throw the results of the amazon election. And do it over. Which speaks to a resurgence of government support for labor president. Joe biden said he wanted to be the most pro union president leading the most pro union administration in american history. Labor has support at the state and local levels to california governor gavin newsom recently signed a packet of pro worker bills including one.
"economic policy institute" Discussed on PM Mood
"So you're looking at a potential loss over forty years of working before you supposedly are able to retire of close to a million fucking dollars in lost wages because of pay inequity in this is according to the national women's law center and they say this i've looked at this in a lot of different ways says jasmine tucker who is the director of research. I've cut it by education. I've cut it by age. I've cut it by job. It doesn't go away. it gets a little bigger. It gets a little smaller but the wage gap is always there. There's a wage gap in ninety four percent of occupations. Think about this because when you think about the education level the average the median averick education level of black women majority of black women are college educated. Many have post degrees right graduate degrees. So you're talking about a highly educated part of the black community highly educated meaning on top of which you have an enormous amount of student loan debt so not only. Are you trying to work twice as hard to get half as much but you're also incurring an insane amount of debt in order to do that and still having to work two hundred fourteen days more than your white male counterpart. How the fuck do we see. These numbers know that it's true. No that it doesn't matter if you are working as a doctor or if you're working as a teacher or if you're working as a nurse it does not matter. The pay gap is apparent in ninety four percent of occupations. And we have the ability to do that to change it in other countries. Do you know that it is illegal to pay people a different wage for the same amount of work. Why is that such a pipe. Dream to think about here in america that if i'm working side by side in the same office in the same fucking position as a man that he is making over a dollar more than i am. How is that okay. You know the justification back in the day was this and we're so fucking far removed from the little woman stays at home hetero normative patriarchal model of what our economy and work looks like we are so far removed from the nineteen fifties in that aspect right but we still set up this idea that somehow white men deserve to get paid more money for doing less. So here's the other thing that the article says black women who work in areas that are critical to the kobe. Nineteen recovery such as doctors. Nurses teachers childcare workers waitstaff and cashiers for example. Make eleven to twenty seven percent less than white men. According to the data from the economic policy institute in higher paid professions including among doctors. This broke my heart. White male physicians and surgeons make sixty three dollars and forty one cents an hour on average black women in these positions make less than forty six dollars and fifty nine cents an hour. This is according to the economic policy institute. The pay gap can potentially result in millions of dollars lost in wages in black female physicians. Lifetime so imagine again you're going to school for seven eight however many.
"economic policy institute" Discussed on Hurdle
"We're in system overload right so when our our nervous systems our adrenals Our our heart in the largest sense of that not the cardiovascular sons right when we have gotten to a point of of overwhelming and exhaustion that our body is we are outside our what's called the window of tolerance Or i like jane. Claps words the window of bodily dignity which is the window in which our nervous system is able to respond to An over excitement and over activity of stimuli and is able to bring us back into the and social part of our nervous system so we get sort of pushed beyond our capacity to bring ourselves back. I'm thinking i'm like making accordion hands with like we get pushed beyond our capacity pushed beyond push bits. You know what it's like a rubber band. You stretch it too far. You stretched too far. You stretch it too. Far offensively just brakes. And that's sort of what burnout is that those internal capacities those resources to bring ourselves back into. Coherence was self and with environment. We lose our our access to them our capacity to them short term. Right we can. There's ways to bring ourselves back. But it feels quite out of our crass right right and i mean you kind of hinted at some of these before but there are so many different reasons why burn out can occur. So let's address what some of those could be you know I'm always going to start with the that. Employees are being overworked right and so There was a study. I was reading the other day. I believe from the economic policy institute that shows that productivity has increased somewhere in the twenty percent mark in the last decade but wages have only increase less than two percent and so right employees here in the us. And i'm sure we could look globally. But within this context folks are being pushed beyond their capacities right. It is being demanded of them that they work harder. Faster be more productive produce more for the for the economy than they're being compensated for than they're being given time off for And so. I think that's a really important driver. And i think we need to start with late stage capitalism and how dangerous. It is for employees. Yeah i think that's really important. I also think sometimes this is You know a point where it's really important to have open and honest conversations Perhaps with friends when it comes to capitalism and wages and how hard you're working versus what you're being compensated for because sometimes you know we might feel like we're burning out but we also feel as though like i should just suck it up. I should just suck it up. I should just suck it up. But you're entitled to know of you're being paid a fair wage for the work that you are doing completely agreed completely agreed. Yeah and you know. This was something that i saw. I worked in primary care in many places. But one of the new york city. And i i heard this all the time for my patients particularly in their twenties and early thirties where they literally didn't have time to exercise to rest to see friends because it was demanded that they be at their job or jobs to pay for student loans. Right for four hundred hours a day you know. Yeah yeah totally. Obviously we're talking about work stress being a huge cause for burnout. But it's more than that right. What else can be cause here for this sort of feeling. Yeah so my passion is working with human socialized as women to take a look at dependent perfectionist and people pleasing thought habits..
"economic policy institute" Discussed on Marketplace Morning Report with David Brancaccio
"Employers are complaining. They can't fill jobs but those wages are still pretty stagnant for marketplace in austin texas. I'm andy learn for david brancaccio. We'll get another piece of information regarding if an how the us economy is recovering from the pandemic later this morning when the labor department releases the june jobs report. Now economists expect at least another. Half million jobs added with strong growth continuing and leisure and hospitality and those other face to face service jobs. That are ramping back up. Many employers are complaining quite loudly. We should add about a labor shortage. They say they're desperate to hire but can't find people willing to work right. Now here's marketplace's mitchell hartman. Many employers are having trouble staffing up quickly as consumers emerged from the pandemic ready to shop and eat out and go to ball games. But there really isn't any evidence of widespread labor shortage. Valerie wilson at the economic policy institute says if there were employers would be jacking up wages across the board to entice unemployed workers instead. She says there are some pockets of wage acceleration in leisure and hospitality. A big boost in those wages is the fact that they're getting more tips now. Because more people are coming to those restaurants in person a lot of job now offer cash hiring bonuses says analysts cockle job site indeed which is a marketplace underwriter in transportation construction and personal services but not so much in food service in tourism and maybe an employer thinking like. Hey if there's an elevated unemployment rate. While i don't need to offer a cash incentive but she says they may have to. I'm mitchell hartman. For marketplace the by administration has been pushing for a global minimum tax for corporations. The idea now has the backing of a hundred and thirty countries in his one. step closer to reality. Marketplace's nova safa has details the countries that have signed on represent more than ninety percent of the world's economic output. What they've agreed to are the broad outlines of a pact that corporations should pay at least fifteen percent tax on their profits. Details still need to be worked out. The binding administration wants to raise corporate taxes to pay for trillions of dollars in proposed spending on infrastructure and other improvements and the us has been pushing the minimum global tax as a way to stop multinational companies. Such as tech giant's from parking their profits in tax havens. Now one of those tax in europe is the republic of ireland and it's among the few countries that participated in talks but did not sign onto the tax agreement. At least not yet. Ireland is part of the european union which needs to pass a new law in order to implement any final taxdeal. Should ireland remain opposed. It could block passage of such law. I'm nova safa for marketplace. Let's do the numbers. The footsie in.
Lack of Paid Sick Time Could Be a Barrier to Vaccination
"Of today everyone sixteen and older is now eligible to receive a covid vaccine in every single state more than two hundred million shots have already been given in the us so far about half of all adults have received at least one dose. The vaccine is free whether you have health insurance or not but even minus the massive logistics of distributing the vaccine there are logistics involved in getting it and some workers are having trouble getting paid time off to get their shots or to deal with side effects from the workplace culture desk. Marketplace's megan mccarthy carino has the story when washington dc software engineer lori. Barth got the vaccine last month Kind of kicked her but headache chills. brain fog. I don't think i could have read taxed on screen comfortably. Loan sit up in a chair. Barth didn't have to worry about working through the pain because she got her vaccine on a weekend and she has plenty of paid sick time. She could've used but not all workers do says vicki shavuot a senior fellow with new america. And you could very easily see how it would be financially impossible and potentially job risking for a worker to be able to get a vaccine. There is no national requirement that employers offer any sick leave much less a couple of days to get vaccinated and low wage. Essential workers are among the least likely to have paid time off says elite schools with the economic policy institute. They may not have a lot of power negotiate for when the best time is to have the vaccines that they make sure. They don't have to work the next day. In case there's side effects said that impact them thirteen states and several dozen cities do mandate some form of paid sick leave and many employers like mcdonald's starbucks and wal mart have offered paid time off for employees to get vaccinated doric rice a law professor at uc hastings. Says it's important. That workers have vaccine time off on top of their usual sick leave.
A seat at the table for workers
"Are going to begin with trade. And we're going to do that because it's been awhile since the policy parts of what we buy from and sell to other countries has been the story in trade as opposed to the tariff parts of that part of our economy that dominated the past couple of years and our way in is a three hundred and eight page document out from the white house. This week called fittingly enough. The twenty twenty one trade policy agenda of the united states. It is as i said three hundred pages long. So the t. l. The are here is the biden administration intends to us trade policy to advance racial equity to fight climate change and to take on what it calls. China's coercive and unfair economic trade practices the core theme of the thing though is a worker centric approach to trade workers. The white house says are going to have see table. Marketplace's refinish your is on the trade desk today in a nutshell biden's new priorities mean free. Trade for free trade sake is out the window. It is a big contrast the elite and this president of the economic policy institute pre trump both democrats and republicans for a couple of decades when place trade policies. That were definitely not worker. Centric i would say more corporate centric. She says former. President trump was able to harness latent resentment around jobs industries that were lost over the years. And that's clearly something. The biden administration has tuned in on how that translates into policy over the next four years. Rufus york says president of the national foreign trade council in practice it plays out in enforceable rules on forced labour clear protection of the right to organize and bargain collectively that those need to be elements serve of trade agreements but the biden administration won't be in any rush to enter any new trade agreements according to sharyn o'halloran professor of political economy at columbia university. She says biden will try to shore up us. Competitiveness i as a way to protect workers. They're focusing on by american and precising use of american products and procurements developing infrastructure and so forth but being worker. Centric does not mean being protectionist. Halloran says the use of tariffs is likely to be much more surgical and you can expect a lot of talk of working with allies trade issues. A very clear break with the recent past in new york. I'm revenge sure for
"economic policy institute" Discussed on WNYC 93.9 FM
"Cooper is a senior analyst with the Economic Policy Institute. And he joins me now, David, welcome to the show. Great to be here. Thanks, David. Why are we still arguing about $15 an hour minimum wage. Worse. They're arguing about it because we haven't gotten there yet. Unfortunately, we've been stuck with federal minimum wage of only $7.25 for over a decade. Now. I mean, the last time the federal minimum wage was increased was 2009. It's actually the longest period in history that we've gone without Congress raising the federal minimum wage. So you know, advocates have been calling for $15. I think since 2010 and even though a lot of states have taken action, the federal government is still dragging its feet. We still have a federal minimum wage that that remains unchanged now, David I'm speaking to you from New York, where here we do have some Minimum wage increases to $15 an hour that have been implemented but also let's be honest. I mean, living in New York City on $15 an hour is practically impossible. But I can't imagine $15 an hour is a livable wage and in many parts of the country, not just New York. Yeah, you know that. That's absolutely right. And the challenge is that what it would actually take for folks to be able to achieve? Ah, modest but adequate standard of living in basically anywhere in the country is so far away from where the current federal minimum wages You know, we have to try and make up that ground on $15 is the number that's been put forward for a long time. It's sort of the benchmark now for what minimum wage proposals should target. So you know, I think there's urgency right now to try and get the federal minimum minimum wage raise to $15. But you're absolutely right that in a lot of places that's not gonna be enough. And once the federal minimum wage gets to 15, there's nothing that keeps states or cities from going higher. I mean, I think that it's very possible that you could see calls to raise New York's minimum wage beyond 15 at some point in the next few years, simply for the reason that you've identified that costs of living. There are a lot higher than they are in a lot of other places. So we know that Joe Biden has put this federal minimum wage increases part of his pandemic relief package, which is not the same as, um, legislation. Why that choice. Well, I think part of it is just a recognition of the urgency that this is something that's long overdue. As I said, it's been. It's been over a decade since we raise the federal minimum wage. 7 25 is just not a livable wage anywhere in the country right now. The other reason why I think it makes sense is that you know, raising the minimum wage to $15 is going to effect a large portion of the workers that have really been hit hardest. By this pandemic. I'm talking about folks who work it. Restaurants, retail shops, grocery store workers, child care workers nursing facility workers, These air the jobs that you know that we now call essential. These folks actually make up by our estimation by the Economic Policy Institute's analysis, more than half of the work force that would get a raise. From this increase, so it's fairly well targeted attack boosting incomes for folks who have really suffered the most in this pandemic. There are members of Congress that are not in favor of this. Some of them say it will cost jobs, though the number of jobs it will cost far are is significantly fewer jobs than the number of people that this potentially could help. Why are folks in Congress still against this? I mean, I mean, really, why are they against it? Well, you know, I think that at least on the Republican side, there's a lot of ideological opposition to this the sense that the government shouldn't be telling anyone what they should have to pay their workers. On the other side, You know, I think that there's perhaps some hesitancy because of this potential jobs impact, but I think that really that you know that hesitancy that concern is a little bit misplaced because This idea that raising the minimum wage is going to destroy jobs is is this, you know, strong man that's been put forward for decades, any time any sort of minimum wage increases proposed anywhere. On bits. It's a question that's been studied to death in the economics, literature and and, you know, we've had a lot of experience over the last 20 years as states have raised their minimum wages above the federal minimum wage. To analyze this question and really the best research. We have now tends to show that raising the minimum wage has little, if any impact on jobs. Now I admit that there's still some debate about this in academic journals. But, you know, I think a fair reading of the economics consensus on this at this point is that if there is an effect on jobs, it's it's so small that we really have trouble measuring it. Um, So you know, I think that folks are concerned about potential effects on business. The fact that this is going to force businesses to make some adjustments to how they do things, and obviously right now is it is a challenging time for a lot of businesses because of the pandemic. The hope is that you know, Once we get the pandemic under control, raising the minimum wage is going to put a lot of money in the pockets of folks who are going to go out and spend those dollars right away. And that actually would set us up for a stronger recovery because Folks will be ready and have the funds to go out and spend to get back out shopping again. But there's something that that still doesn't square for me here, and we're here. Senator Joe Manchin of West Virginia says he's against this plan. But when I look at data from West Virginia Center on budget and policy, it shows that West Virginia has the sixth highest poverty rate in the country. And that was even before The pandemic. This is data that was released September 17 2020 from the West Virginia Center on budget and Policy. When you come from a state where the poverty level is that entrenched, How can you be against raising the minimum wage isn't the point of raising the minimum wage to help people get out of poverty? Yeah. You know, I can't speak for Joe Manchin on this. I think that my music let me let me clear..
The most important 4-letter word in this economy: jobs
"Begin with the most important four letter word in this economy it is of course j o b s jobs about which we got the january report this morning so seventeen days into a new administration thirty six days into a new year three hundred and thirty five ish days into the pandemic economy counting as we are from mid march last year. This is where things stand. Yes we added forty nine thousand jobs last month and yes. The unemployment rate is down to six point three percent but we are still nearly ten million jobs underwater from where we started and also yes. I know that was a lot of numbers. But as i believe we've mentioned a time or two and as marketplace's mitchell hartman is about to remind us numbers can tell you. Think you're too but wearing economy stance. There are a lot of numbers in monthly jobs. Report it's kind of dizzying. So i asked each of the economists. I shoot the jobs data over with today to pick just one indicator that shows where the economy is eleven months into the pandemic one number that slams you between the eyes twelve and a half million. That's kurt long. Chief economist at the national association of federally insured credit unions. And he's referring to the total number of jobs where in the whole since the pandemic hit in the jobs report. That's ten million however if we had not been going through what we've been going through the past. Nearly twelve months the economy would have kept growing and long reckons. It would have added another two and a half million jobs. Jobs needed to keep up with population growth for new high school and college. Grads immigrants new parents returning to work and a half million jobs. That's an enormous deficit of course and at the pace we're going is just not nearly fast enough to eat into that and now the number. That slams elise gould at the economic policy institute between the is three point. Nine million jobs down. That's how many jobs we are still missing in the hard hit and often poorly paid leisure and hospitality sector people who don't have an adequate safety net because their wages have been low for so long. Now let's talk about unemployment. officially that's ten million americans who don't have job and are actively looking but mark hamrick banchory says that doesn't count a lot of people who are not working because of cova danger or childcare needs. We have another thirteen million. Who are either out of the labor force and want to work or who are underemployed. Working part time. I would like to have full time work at him up. He pegs the total unemployed at about twenty three million. That's about one in seven. Americans who had a job before the pandemic started
"economic policy institute" Discussed on KQED Radio
"Edition from NPR News of Lulu Garcia Navarro. Thanks so much for being with us this morning, the most recent economic data puts it plainly, the pandemic has throttled the American economy. While it's been hard on all of us, the economic fallout is being dubbed a she session. Women have been profoundly affected with female unemployment, hitting the double digits this past year for the first time since 1948. And unemployment among black and Latinas is significantly higher than that of white women and men. We're joined now by Aly School, She's senior economist at the Economic Policy Institute, and she's going to talk to us about this. Thank you so much for being with us. Thank you for inviting me. So let's start with the why, you know why are women suffering more economic hardship, more job losses? This recession is very different from other recessions. In that we are seeing different kinds of sectors hit leisure and hospitality, more than another sectors that is the sector that is disproportionately born by women and particularly black and Hispanic women. And lower wage jobs or hit those air also disproportionately jobs filled by women. And we should mention of course, that we can't talk about women without talking about race. The pandemic, as I mentioned has been much more devastating for black and Hispanic women. Is it again about the types of jobs that these women hold? I think when we talk about the pandemic, we can't just talk about the labor market. We also have to talk about the pandemic itself, and what we know has happened for black and Hispanic workers and their families that they have both been decimated by job losses but also been disproportionately impacted. On the health front. And so when you think about the labor market, there's three different things that have happened to people over the last year. One is they have been able to keep their jobs. They are safely working from home, and those are mainly white collar people right there. Disproportionally white, they're disproportionately higher wage. Another group are those people who have are on the front lines and we're seeing very high levels of co vid. In families that have those workers. Also, some of those families are more likely to be a multigenerational families. They're living with more vulnerable family members. And then there's the third group, and that's what we're really talking about. Today. Those are those people who have lost their jobs, so workers across the economy but disproportionately again. Lower wage workers, Women, black and Hispanic workers have lost their jobs at greater numbers, and the recovery has really yet to reach them yet, so this is not a single story. This pandemic recession has affected people and a myriad of different ways and again revealed what is underlying the American economy, which is he's stark inequalities and how Things affect different groups differently. I am going to ask about women again, though, because care giving must play a role in this yet and you're absolutely right. When you mention that this is uncovering Many disparities that were already underlying the U. S economy, as you say, for Mother's disproportionately for parents, those with caregiving responsibilities. It's not like things were so easy for them beforehand. Many now disproportionately. Many women were already facing many difficulties balancing, let's say family and other caregiving responsibilities not just for parents but also Women disproportionately have to care for other family members, elderly parents or in laws or spouses, and we do not have the kind of safety net in this society in the United States that supports women in those roles, and so then it's not surprising when the pandemic hits. And you have women. Not just leaving the labor force but really being pushed out of the Labor Force. One group that has had the biggest employment hit is unpardonable mothers. So what do you think The long term implications of this might be, Um, In terms of when women are able to re enter the workforce in the economy opens back up. What will that look like? The more quickly we can get on the other side of the pandemic, The less likely there will be long standing effects, and that's why I think policymakers need to act now trying to deal with the pandemic itself. But families really need that relief now when we talk about those parents who are unable to work We need to make sure they have unemployment insurance benefits. Make sure they have that safety net when there's many people that are falling through the cracks in the system, and that's what those stimulus checks will provide as well. We could consider making some of those checks more permanent with a child allowance. There are millions of Children in this country that are in poverty, that air going without food, and we could really take some steps to improving that. I think that when we think about the long term impacts are again how quickly we can get back. To pre pandemic levels and how seriously we're going to take on some of these policy issues that the pandemic uncovered things like paid sick days, right? We shouldn't have people going toe work. Sick, sending their kids to school sick. That should never be happening. Let's fix that. And that will disproportionately help women who have those caregiving responsibilities. I mean, because we've talked about The underlying problems of the U. S economy in the before times that this is exposed. I guess the question then becomes. Are we going back to that? Normal. I think that before times are certainly better than the now when we think about Let's say what the unemployment rate is now for white workers..
"economic policy institute" Discussed on KQED Radio
"Weekend edition from NPR News of the loo. Garcia Navarro. Thanks so much for being with us this morning. The most recent economic data puts it plainly, the pandemic has throttled the American economy. And while it's been hard on all of us, the economic fallout is being dubbed a she session. Women have been profoundly affected with female unemployment, hitting the double digits this past year for the first time since 1948. And unemployment among black and Latinas is significantly higher than that of white women and men. We're joined now by Aly School, She's senior economist at the Economic Policy Institute, and she's going to talk to us about this. Thank you so much for being with us. Thank you for inviting me. So let's start with the why. You know why women suffering more economic hardship, more job losses. This recession is very different from other recessions. In that we are seeing different kinds of sectors hit leisure and hospitality, more than other sectors. That is the sector that is disproportionately Worn by women and particularly black and Hispanic women, and lower wage jobs or hit those air also disproportionately jobs filled by women. And we should mention of course, that we can't talk about women without talking about race. The pandemic, as I mentioned has been much more devastating for black and Hispanic women. Is it again about the types of jobs that these women hold? I think when we talk about the pandemic, we can't just talk about the labor market. We also have to talk about the pandemic itself. And what we know has happened for black and Hispanic workers and their families that they have both been decimated by job losses, but also been disproportionately impacted on the health front. And so when you think about the labor market, there's three different things that have happened to people over the last year. One is they have been able to keep their jobs. They are safely working from home. And those are mainly white collar people right there. Disproportionally white, they're disproportionately higher wage. Another group are those people who have are on the front lines, and we're seeing very high levels of coded in families that have those workers. Also, some of those families are more likely to be a multigenerational families They're living with. More vulnerable family members. And then there's the third group, and that's what we're really talking about. Today. Those are those people who have lost their jobs, so workers across the economy but disproportionately again. Lower wage workers, Women, black and Hispanic workers have lost their jobs at greater numbers, and the recovery has really yet to reach them yet, so this is not a single story. This pandemic recession has affected people and myriad of different ways and again revealed what is underlying the American economy, which is he's stark inequalities and how Things affect different groups differently. I am going to ask about women again, though, because care giving must play a role in this yet and you're absolutely right. When you mention that this is uncovering Many disparities that were already underlying the U. S economy, as you say, for mother's disproportionately for parents, those with caregiving responsibilities. It's not like things were so easy for them beforehand. Many now since proportionately many women were already facing many difficulties balancing, let's say family and other caregiving responsibilities not just for parents but also Women disproportionately have to care for other family members, elderly parents or in laws or spouses, and we do not have the kind of safety net in this society in the United States that supports women in those roles, and so then it's not surprising when the pandemic hits. And you have women. Not just leaving the labor force but really being pushed out of the Labor Force. One group that has had the biggest employment hit is unpardonable mothers. So what do you think The long term implications of this might be in terms of when women are able to re enter the workforce in the economy opens back up. What will that look like? The more quickly we can get on the other side of the pandemic, The less likely there will be long standing effects, and that's why I think policymakers need to act now trying to deal with the pandemic itself. But families really need that relief now when we talk about those parents who are unable to work We need to make sure they have unemployment insurance benefits. Make sure they have that safety net when there's many people that are falling through the cracks in the system, and that's what those stimulus checks will provide as well. We could consider making some of those checks more permanent with a child allowance. There are millions of Children in this country that are in poverty, that air going without food, and we could really take some steps to improving that. I think that when we think about the long term impacts are again how quickly we can get back. To pre pandemic levels and how seriously we're going to take on some of these policy issues that the pandemic uncovered things like paid sick days, right? We shouldn't have people going to work. Sick, sending their kids to school sick. That should never be happening. Let's fix that. And that will disproportionately help women who have those care, giving responsibilities. I mean, because we've talked about The underlying problems of the U. S economy in the before times that this is exposed. I guess the question then becomes. Are we going back to that? Normal. I think that before times are certainly better than the now when we think about Let's say what the unemployment rate is now for white workers..
The future of the gig economy
"Yes we know that president biden new. Well what he was in for but it has still got to be tough when first thing on your first full day. The labor market pokes you right in the eye. It's thursday so today was weekly. Unemployment claims day. Nine hundred thousand people asked for state unemployment assistance for the first time. That is down just a little bit from a week ago. So good but still monumentally high and then claims for the newly reinstated federal program for gig workers shot up more than forty eight percent. Nearly four hundred twenty four thousand people lost jobs in the gig economy. The jobs a lot of people turn to when they run out of options. Marketplace's eric embarrass gets is going with that. When last year shutdown started joy tout hurry. An uber driver in new york city was in a bind. There wasn't work. I was struggling to pay my rent as a gig worker shout. Hurry didn't qualify for typical unemployment benefits matt until congress passed. Its first relief package. This latest spike in pandemic unemployment claims is likely linked to the lapse in the program before the last aid package was approved new shutdowns and to the after holidays. Slowdown according to dmitri costas an economist at the university of chicago about a third of the labor force the some work in the gig economy and if more people are relying when gig work. A lot of the risk is on the workers themselves. That's because according to aaron hatton a sociologist at the university of buffalo. We've attached a whole bunch of rights and privileges and opportunities to employment retirement plants. Parental leave health. Insurance unemployment are tied to traditional fulltime jobs. And heidi sure holt. A labor economist at the economic policy institute says that was problematic before but with the pandemic. It's really shown us that the there are gaps in a regular unemployment system that you can drive a truck through. We do have the ability to close them. The existence of this program shows us that we can do it. Josh godfrey in houston. Texas knows this well. His door dash earnings dropped from six hundred to one fifty a week without the temporary gig unemployment benefits. He doesn't know what he would have done. This kind of pushed me to kind of reevaluate. What i'm doing in life. So he's going back to school to get a job that if he does lose. Get unemployment
"economic policy institute" Discussed on WNYC 93.9 FM
"For the first time since pandemic April, the number of people on American payrolls did not rise. Instead, payrolls in December actually dropped by 140,000. That is also weaker than expected. Economist Julia Coronado is founder with macro policy perspectives, and she's been reading deeply into the report. Hi, Julia. Good morning. Where was the weakness focused? The weakness was focused almost entirely in restaurants, which is not surprising. Given the rise of the pandemic. They had to shut down. They laid off almost 500,000 workers. Which nuances the other piece of data that wages went up 8/10 of a percent month on month. Right exactly on And that's not because wages are rising, but because a lot of low wage workers fell out of the calculation, so that's not a sign of spring but a sign of weakness and that the most vulnerable workers are getting hit the hardest. It was terrible in restaurants. But if that's where the weakness was concentrated, maybe things were at least treading water elsewhere. No things were pretty decent elsewhere, you know, Expected strength and in housing, construction and manufacturing s o some decent numbers. If we can turn the corner on the pandemic, some of this could be transitory. I think that's the glass half full take of this report. Economist Julia Coronado. Macro policy perspective. Thank you so much. My pleasure. So, December numbers but keeping this 2021 focus. What about the month? We're living in now? January marketplaces Samantha Fields the short answer. Not yet. For one reason the U. S. Is still setting records for new covert infections and deaths. I think that that's the biggest determinant. Frankly, what's the virus doing? Erica Grow? Shin is an economist at Cornell University. She says. As long as so many people are staying home. We just aren't going to see a lot more hiring. We sort of reached a plateau. I would say that is not going to look a lot better until the vaccine reaches the whole lot more people and we're not there yet. But Heidi Shierholz at the Economic Policy Institute says the latest covert relief package will have a positive effect on the economy this month without that stimulus package. Over 10 million people would have lost unemployment insurance benefits at the end of December, and that would have been a huge drag on the economy that we will not see. And with the Democrats soon to be in charge here, hold says there is likely more relief on the way. I'm Samantha Fields for marketplace. Markets. The SNP future is up 4/10 of a percent. Now it is the week that interest rates started moving up off their pandemic. Close. The 10 year benchmark is up now at 1.9%. Marketplace Morning report is supported by C three dot ai c three dot ai software enables organizations to use artificial intelligence.
"economic policy institute" Discussed on KCRW
"For the first time since pandemic April, the number of people on American payrolls did not rise. Instead, payrolls in December actually dropped by 140,000. Has also weaker than expected. Economist Julia Coronado is founder with Macro policy Perspectives, and she's been reading deeply into the report. Hi, Julia. Good morning. Where was the weakness focused? The weakness was focused almost entirely in restaurants, which is not surprising. Given the rise of the pandemic. They had to shut down. They laid off almost 500,000 workers. Which nuances the other piece of data that wages went up 8/10 of a percent month on month. Right exactly on. That's not because wages are rising, but because a lot of low wage workers fell out of the calculation, so that's not a sign of spring but a sign of weakness and that the most vulnerable workers are getting hit the hardest. It was terrible in restaurants. But if that's where the weakness was concentrated, maybe things were at least treading water elsewhere. No things were pretty decent elsewhere, you know, Expected strength and in housing, construction and manufacturing s o some decent numbers. If we can turn the corner on the pandemic, some of this could be transitory. I think that's the glass half full take of this report. Economist Julia Coronado. Macro policy perspective. Thank you so much. My pleasure. So, December numbers but keeping this 2021 focus. What about the month? We're living in now? January marketplaces Samantha Fields the short answer. Not yet. For one reason the U. S. Is still setting records for new covert infections and deaths. I think that that's the biggest determinant. Frankly, what's the virus doing? Erica Grow? Shin is an economist at Cornell University. She says. As long as so many people are staying home. We just aren't going to see a lot more hiring. You sort of reached a plateau. I would say that is not going to look a lot better until the vaccine reaches the whole lot more people and we're not there yet. But Heidi Shierholz at the Economic Policy Institute says the latest covert relief package will have a positive effect on the economy this month without that stimulus package. Over 10 million people would have lost unemployment insurance benefits at the end of December, and that would have been a huge drag on the economy that we will not see. And with the Democrats soon to be in charge, Schierholtz says there is likely more relief on the way. I'm Samantha Fields for marketplace. Markets. The SNP future is up 4/10 of a percent. Now it is the week that interest rates started moving up off their pandemic. Close. The 10 year benchmark is up now at 1.9%. Marketplace Morning report is supported by C three dot ai c three dot ai software enables organizations to use artificial intelligence.
Even with another relief package, economic recovery is gonna take awhile
"It is possible we know to hold two or more contradictory facts in your mind at the same time. for instance. it is a fact that altogether almost a million and a half people made new claims for unemployment benefits last week. It is also a fact that the day after christmas millions more people will lose federal pandemic jobless benefits and it is further fact the congress which is to say senate republicans for months have not been able to agree that more government help for this economy is necessary now the back against the wall though. It seems likely some kind of relief package might pass probably something just under a trillion dollars but as marketplace's mitchell hartman reports there is still a real an increasing risk that the recovery from this recession is going to be slower and longer and more painful than it had to be covid surging. Lay-offs arising consumers are hunkering down. Not a great place to be heading into twenty twenty one mark zandi at moody's analytics says the nine hundred billion dollars. Congress considering spending to get the economy moving in the right direction is only a down payment on recovery. This relief package is about avoiding going deeper into the economic col- without it. I do think we will go back into recession. So this is about avoiding that. It's not really about jump. Starting the economy and without more stimulus spending especially to shore up state and local government budgets. Heidi sheer holtz at the economic policy institute says the economy is backsliding. We've already seen more than a million jobs. Lost in state and local government when you have teachers and firefighters whose job so they no longer have income. They aren't spending money in the private sector and more people lose their jobs. Zandi hope is by the middle of next year as vaccinations spreads and the consumer economy starts to reopen on a post pandemic footing. The congress will pass a much bigger more robust stimulus bill. If a structure spending would generate lots of jobs for all of folks have lost their jobs permanently and try to get the economy back to full employment more quickly if that doesn't happen well we've seen this movie before. Heidi shield says after the great recession. Congress pulled back on stimulus spending too much too early. What they're doing now way better than nothing that it's not enough and i do worry about. We really setting this up to be another long slow recovery. That recovery to full employment took seven to eight
The economic recovery has been slow and uneven
"When the economic shutdowns. I happened back in march. A lot of people thought it would just last for a few weeks maybe a couple of months workers would be furloughed for a little while and then maybe we all go back to work. Of course that was nine months ago and now in a lot of states a second round of economic shutdown so started. I think we are in long. Slow slog territory. Now how does your holtz is an economist with the economic policy institute and she says one thing has become clear. This recovery is not going to be quick and clean. I think headwinds now at least until we get a vaccine. 'cause then things will shift but at this point the headwinds are really dire. How'd he says there are a few different headwinds preventing v shaped recovery for one thing. A lot of businesses are just gone. They closed their doors. When a business closes like that there are ripple effects for one thing. The people who own those businesses are likely in rough financial shape and be who worked at those businesses are also likely to be in financial hardship. And then they're all the businesses that supplied those businesses split. The bakeries butchers and farms that supplied all of the restaurants. They are all seen their own. Bottom lines get smaller and so a lot of people are just spending less money right now and all of this together translates into lower demand and heidi sure hold says in demand even a small one has a huge effect on businesses and on the economy as a whole and gasset crowding right now because the man is low that means businesses see come up in their demand for goods and services so businesses need fewer workers businesses. See lower profits. It's it actually hurts. Everyone part molly moon has been able to rehire all of the ninety eight workers. She's laid off including her dad but even so most of them are now just working halftime or just way fewer hours than they did before the pandemic which means they're also earning a lot less. They're making about twenty five percent less. It's a lot less. Yeah when you live in seattle and a studio apartment is sixteen hundred dollars and you make eighteen dollars an hour. Which is our minimum. You can't really give up twenty five percent of that. I have a few single moms. That worked for me. That i just i wake up thinking about these women and i fall asleep thinking about them just like your says a lot of the people who still have their jobs have also seen their financial situations. Change technically mali's workers are lucky. They have a job. They have benefits but it does not mean. They're in the same situation. They were in back in january. Molly has zoom coffee date with different employee each day and she says everyone is always really kind in grateful on those coffee dates. But she's worried about what they're not telling her. You know people are proud and tough and resilient so to me who they know is working hard for them and cares about them. They're saying i'll be okay. But then i also know that those same people are e mailing our human resources email address for groceries support and we have a fund. Where if you email ask no questions asked. We will send you one hundred dollars gift card to safeway grocery store right now though. It seems like there's actually a light at the end of the tunnel inspite of winter and the current surge cova cases. We also have some vaccines now and those should be available to the public soon after that. A lot of economists including say a lot of economic activity will bounce back. We can start going back to offices and restaurants and bars and malls and ice cream shops there least for some businesses bounce. Back might prove to be too optimistic. Molly says she spends a lot of time these days looking at her financial projections and even in the very best case scenarios with a vaccine being available really soon people able to dine in. It doesn't look anything like a v shaped recovery. I don't have a financial model. That shows us back at two thousand nineteen sales until twenty twenty three. So i think you know it's it is not going to be a light switch. It's gonna be like a slow not even very steep uphill climb back to normal and this could be the case for the rest of the economy in fact the us federal reserve's projections are not much better than mali's. The central bank does not expect unemployment to be backed down to twenty nineteen levels until at least twenty twenty three and maybe not until later than that in the meantime molly moon is doubling down. She's just ordered a bunch of really nice outdoor furniture and heaters and umbrellas for her shops. She wants to create little patio areas. Where people can escape the rainy seattle winter and enjoy a dish of
The Worker Shortage Mystery
"It is a tough time to be looking for work. We're hearing stories all over the country dozens and dozens of people competing for a single job opening there just aren't a lot of open positions right now unless you're chat Dolan, we have so many jobs open. You wouldn't believe it chat president of Midwest, staffing in Minneapolis they help companies hire workers. All over Minnesota and Chad says, he has a ton of open jobs. Let's see. So we place welders, we place machine, operation? People General Labor where how shipping and receiving we have an entry level HR role and administrative assistant role I e reading me a list of like what you're currently hiring for. Yes. Just some of the ones were curly hiring for. We have hundreds and hundreds of open job orders right now. Meaning Chad wants to hire hundreds and hundreds of people for full-time jobs with benefits. So Chad has basically the Oprah of jobs out there like you get a job, you get a jog, everybody gets a job except Chad says, he cannot find people to take these jobs. So I have been in this industry for over twenty years. Never in my career have I experienced a situation where we literally have people to work, but they won't go back to work. I mean, we have clients who saved US five people a week. If you can find them for us, we can't find them and when it first started happening chat thought I know what's going on here? What's been challenging for us our our average pay rates it's all about the Benjamins, our average pay rates for candidates. Anywhere from fourteen to eighteen dollars an hour, we weren't able to pay them enough to put them back to work. So Chad, was doing the math back in April when government was paying out in extra six hundred dollars in unemployment as part of the cares act that Congress passed back in March and Chad found was that people could actually make more money off of their unemployment benefits than they would by taking one of his jobs and. It was not just Chad's Math pro-west that led him to the conclusion a situation where I called a candidate up I explained the job to them. It was. It's exactly what they've done in their past and literally laughed at me and hung up the phone they laughed at him. That's crazy. Chad thought as long as those extra benefits earn place getting people to take these jobs is going to be a problem but when that extra. Six hundred dollars went away the end of July Chad's problem didn't. So it was not the six hundred dollars. Chad started thinking about other possibilities like maybe it's the location like maybe there just aren't a lot of people looking for jobs in Minneapolis right now but that doesn't really seem to explain the mystery either because right across town from Chad Keith rose says he's been desperately looking for work. Keep is an audio visual technician he worked. At a company setting up for Conferences Expos back in March he was furloughed for two months and then another two months and another, and since the pandemic started I am over one hundred thirty applications and I've had only eighth interviews since then and I've had no job offers. So every day Keith wakes up and checks his job alerts he sends resumes and meets with his career counselors. He even has a spreadsheet on his computer where he logs. Job He's applied to he says, the competition is overwhelming and he's just not getting many calls back at times. It's kind of a bit of an emotional beatdown I have. Just been fighting this uphill battle and. Constantly getting the form. Thank you for your application, but you're not exactly what we're looking for. At this time, we encourage you to continue to look at our career site for any further opportunities you you might be qualified for Keith's family relies on his income. His wife is high risk for contracting corona virus and cannot go back to work Keith son just graduated from college and is living at home. He says, money is getting tight, but he says that is not the only reason that he wants to go back to work for me workers having the sense of purpose I want to be in a position where I'm making a contribution to something or to someone. That's just the way, I-. hardwired I guess, and that's what I want to be doing. I don't do well sitting down and doing nothing. So on one side of town, you've got demand for Labour you've got Chad sing his all these open jobs that he needs to fill on the other side of town. You've got supply of Labor you've got Keith saying he desperately wants job and he's looking and looking and he can't find one and there are reports of this kind of situation happening all over the country right now. So what is going on? I get this question all the time that tiny shareholder. Senior economist at the economic policy. Institute my first question variety is there like some kind of worker shortage happening the answer to that is just an absolute no. Right now, there are quite literally more than eight million more unemployed people than job openings. So there's an absolute excess of workers who need jobs over and above job openings that are posted. Heidi says if there were an actual worker shortage, we would see wages going up for jobs because when employers truly can't find workers, they start offering more money for those
Disney leads companies announcing layoffs; big airline job cuts loom
"Disney yesterday announcing twenty eight thousand people would be let go Royal Dutch Shell said this morning nine thousand layoffs worldwide tomorrow is the first of October which means airlines are looking at mass layoffs as we've been telling Ya. And so the help is. Where marketplace's and dealer gets US GOING At about two in the afternoon yesterday I Knez Guzman says she got an email from an employer. She's a housekeeper at the Disneyland. Hotel. Well, it pretty must just told us that they were going to lay off twenty eight thousand people. She's been furloughed since March thirteenth, which means up till now Disney's been paying for health insurance and she's been collecting unemployment but she's worried that if her job is gone, what's she going to do? We can betty care bills and I'm a family of seven and I'm barely making it Jim Sullivan. Studies, poverty and teaches economics the University of Notre Dame he says Congress seems to. Be Banking on the labor market recovering somehow when quickly but that could be wishful thinking if the labor market doesn't improve significantly over the next few months and unemployment rates remain as high as they are, which is much higher than they were at the beginning of the year we're going to surely see poverty continue to rise. He says, current data is already showing many families are struggling to get enough to eat much less pay their bills, Heidi? Sheer whole to the Economic Policy Institute says, it's ultimately up to Congress to step in and help if it doesn't. This will go down as one of the biggest unforced errors. In the economy that I've ever seen and it will just it will mean the working people the working families of this country will just suffer enormously and needlessly she says the Fed is doing what it can incentivize Americans to spend. But what families really need is more relief
Has Globalization Undermined the American Working Class?
"America's working class has been cheated is an assertion that has been getting a lot of currency lately are last presidential election went deep on that claim in both parties by the way and the culprit most often blamed for that. It's that monstrous five syllable word globalization, the philosophy and the practice of free trade which has been great for companies and for shareholders but has had a devastating impact. It is argued on the American working woman and. Man Well Economist do agree that in the past four decades the American working class, which we're defining tonight as people who lack a four year college degree. They have seen flat wages and a steady disappearance of good jobs. But is globalization a main reason that that's happening to those workers and for those workers is globalization entirely bad. Well, we think this has the makings of a debate. So let's have it. Yes or no to this statement globalization. has undermined. America's working. Class I'm John Donavan, and I stand between two teams of experts in this topic who argue for and against this resolution globalization has undermined America's working class as always. Our debate will go in three rounds and then our live audience here at the Saint Regis Hotel and Aspen Colorado where we are appearing in partnership with the Aspen Ideas Festival will choose the winner and as always if all goes well civil discourse, we'll. Also win a resolution once again, globalization has undermined America's Working Class Jared Bernstein you have debated with us before. So welcome back you're a senior fellow at the center on Budget and policy priorities. You were Vice President Joe. Biden's chief economist. The last time you debated with US interestingly Jason Furman who is your opponent at the other table tonight was your debate partner as a team you were formidable formidable I, almost want to use the French pronunciation. Formula, so are you planning to use your insiders knowledge of Jason's debate battles against him to very much am the way to do that with Jason is to make a lot of sports analogies because they repealing confusing. All right. Thank you and I see you detail to Aspen. You were a to aspen well I. Think the guy with the tie is the guy you want to listen to, but I'll let you decide. All right. Thanks very much. Jared Bernstein and can tell us who your partner is. This someone I've known for twenty five years she's a dear friend of mine and I consider her my mentor in this topic feely gentlemen feeling. Theo welcome to intelligence squared your president of the Economic Policy Institute. You've spent two decades as an economist for the AFL CIO, which is America's largest federation of unions. It represents some twelve point, five, million working women and men. You've spent twenty five years working on trade policy. So what got you interested in trade? Well, when I came to Washington in the early nineties I got drawn. INTO THE NAFTA debate the North American Free Trade. Agreement. And I realized pretty early on that. This was not some kind of a dry text book discussion about tariffs but it was a transnational battle over democracy good jobs, workers, rights, and regulation. So I was hooked because a lots at stake a lot is at stake. Okay. Thanks very much thelia once again, team arguing for the motion. And motion again, globalization has undermined America's working class. We have to debaters arguing against it, I Jason Firm. Welcome back to intelligence squared Jason you're a professor of the practice of economic policy at the Harvard Kennedy School you're a senior fellow at the Peterson Institute for International Economics, you were Chairman of the Council of Economic Advisers under President Obama tonight. As we said, you're going to be debating your former colleague Jared Bernstein on the impact of globalization. So is this the first time you to have debated the globalization issue with each other jared and I agree on I'd say about ninety five percent of economic issues and my goal tonight is to bring to one hundred percent. Thanks very much Jason and can you tell us who your partner is someone I've only known for a few years and every single thing. He's ever told me I have believed James Manica Legitimate James Manyika. Welcome the first time telling squared you're a senior partner at McKinsey, and company you're the chairman of their economics research arm, the McKinsey Global Institute, your first time debating with us. But not your first debate you debated at Oxford I did you studied robotics and computers earlier in your career you were visiting scientist at NASA. So how do you go from very eclectic from robotics and space to thinking about trade policy? In American. Workers I've always been fascinated by the kinds of technologies that drive innovation and growth, but also affects what will people in the real world actually do. So when you put that together with the economy, these issues around trade and workforce become very, very important. Those are the issues that motive a great perspective to bring here and then once again, thank you. Thank you again to the team arguing against them.
Unemployment is bad, but we dont know just how bad
"We begin today unemployment and I'm GonNa hit you with a bunch of numbers tomorrow morning the Labor Department will release its employment report for July the June report showed that nearly eighteen million Americans were out of work this morning we learned that just shy of one point two, million people filed for first time unemployment last week they joined the roughly thirty million Americans who are already claiming unemployment benefits. So eighteen million, thirty, million, thirty, one. And two how many unemployed Americans are there right now other than you know a lot we asked marketplace's Mitchell. Hartman to crunch the numbers. Let's start with those unemployment claims economists like this number because it's up to date and reflect the actual number of claims states process last week says Joe Bruce, Willis RSM consulting all of the people who were receiving some form of unemployment benefits, and that's north of thirty one, million people on the other hand. The Labor Department's monthly jobs report for June pegged the number of unemployed Americans at just under eighteen million. But that's likely low ball right now says at least Gould at the Economic Policy Institute to be counted as unemployed, you have to be actively looking for work, but in Cova Times, there are many people that are not actually looking because they are taking the advice of the health experts in this country maybe they're caring for children right now who schools have been closed former. Commissioner Eric Griffin has her own formula for counting total unemployment right now, what I've been doing is adding up all of the people whose jobs have been disrupted the bulk of them probably pandemic of recession related including those waiting to be called back from furlough and part timers who want fulltime work she comes up with twenty five million. Back in February before the pandemic hit one, hundred and fifty, eight, million Americans had jobs. So about one in six of them don't now I'm Mitchell Hartman for
How Are Employers Treating Workers During The Pandemic
"And we've been talking about how employers are treating their workers during the pandemic with Michael Sein Auto from The Guardian. Michael, what happens to workers? Now we're talking. We're looking at layoffs in a lot of different industries. Is that right? A lot of different industries are still laying off workers. Whether it's as the PPP loans are expiring businesses that have had to close again after reopening because a surge in Corona virus cases to just industries that have survived up until this point Without laying off workers either Cos announcing our warning that mass layoffs or imminent like some of the large airlines, United Airlines said By October 36,000 workers are possibly subjected toe beginning permanently lay it off for load. American Airlines has said that There's been a lot of university systems who are making decisions right now to caught a lot of workers. There was a study a few weeks ago by the Economic Policy Institute that ah, large portion of workers who have lost their jobs during the pandemic. Those jobs are not coming back. They those workers will not Have a job that they had before the pandemic to return Teo on and a lot of industries even if they have started to reopen, like hotels and things like that, they're not At seeing capacity or demand to the point where they're recalling all their workers and the ones that are getting recalled. They might only get a few shifts. You know a week they're not getting full schedules. Is there any silver lining in any of this? Michaela do work. Is there anything positive that we can say about workers in the United States right now? Because this is ah! A very serious and grim picture that we're painting with, obviously, which is necessary. But are there any bright spots? I'm wondering that not too not too many. I think some of the bright spots if there are any and all of Ben The workers who have organized protest strikes worker still organizing Tio form labor unions or organizing with their existing labor unions. Teo pushback on employers or bad practices within their industry. The urgency for for organizing has certainly intensified because of the working conditions caused by the by the pandemic. But there's AH, a report in the Economic Policy Institute in December 20 19 US employer spends around $340 million on union avoidance consultants about one in five union election campaigns involves a charge that an employer has illegally fired. Ah, worker. We've seen that during the pandemic with the Amazon protests. Ah lot of workers who led those protests. Have been fired, lost their jobs. A lot of workers are seeing the the benefits of collective organizing and having a collective voice. It's fan. Inspiring to see these workers on the front lines that are still working there in the pandemic to protest and risk their jobs to improve their their working conditions. And, you know, raise awareness of how workers in these industries are treated, you know, across the board around the country. Michael Sein
$600 A Week Unemployment Benefits End Tomorrow
"You know that thing where you know something bad is coming and your senses just kind of start going in slow motion, but you can't really do anything about it. Yet that except the economy, we have been spending this week looking at the different ways that six hundred dollars a week. An extra unemployment benefits going away next week is going to play out today. Slice is people in the GIG economy. Who as marketplace's Mitchell Hartman reports are likely to feel the pain most acutely. Jennifer Jesse has a one woman sat and act tutoring business in Woodbridge Virginia, heading into the spring. She had lots of work lined up. Then cove nineteen hit in mid March, and the cancellation started that when people would contact out. I don't think there's going to be an sat act and with money being so tight I would hate for you to waste your money for incomes down from about one thousand a week to less than two hundred hundred, and as a solo business owner. She wasn't sure where to turn it. Never really clear what I'm able to apply for, so I started with PPO. She didn't get one, but she did. Get unemployment through the federal program that opens up benefits to independent contractors and GIG workers. She's received about two thousand dollars. That kind of money is a godsend in this pandemic shocked economy says Heidi Sheer Holtz at the economic policy. Institute it's been absolutely essential. Ten million or more people who wouldn't ordinarily qualify for state benefits are getting them now. Now the Federal Government picking up the TAB and adding six hundred dollars a week, but that's about to run out rear talking about a pretty mammoth drop in income, if the six hundred dollars to expire fire, take the example of Austin Texas Theatrical Technical Directors Crawford. He's been able to make it through so far unemployment, but when the extra six hundred from the feds disappears I don't know yeah that Levy at four hundred a month with Texas unemployment benefits, which is impossible to live on. He says he won't have enough to cover basic expenses or keep his studio equipment till theaters opened again.
U.S. consumer sentiment has inched upward in May: Univ. of Michigan
"Was April a closely watched survey from the university of Michigan just now shows consumer sentiment edged up only slightly in may with businesses reopening the consumer mood still is not lifting much market places Mitchell Hartman has background consumers are now feeling slightly more confident about the economy overall but people's anxiety about their own personal finances is still sky high says economist John Lear at polling firm morning consult millions Americans have filed for unemployment insurance it's unclear whether or not those workers are still able to meet their basic spending needs and Lear says about half of those who've lost jobs or had their hours cut aren't even getting benefits pretty sure holds at the economic policy institute says that's sapping confidence too that means that they are trying to subsist on much lower income they're going to have to cut their spending and it will make the recession worse and consumers remain very concerned about code nineteen continuing to spread leaner projects as a result we will not see any sort of a rebound in consumer spending in the near term at least until consumers are more willing to go out to dine and shop again I'm Mitchell Hardman for
AP-NORC poll: Pandemic especially tough on people of color
"The corona virus outbreak is having a disproportionate effect on the health of people of color and now we'll poll finds the economic fallout is also hitting harder according to a recent survey from the Associated Press N. O. R. C. center for public affairs research sixty one percent of Hispanic Americans say they've experienced the loss of some household income that compares with forty six percent of Americans overall as for trouble meeting expenses thirty seven percent of Latinos and twenty seven percent of black Americans say they've been unable to pay at least one bill only seventeen percent of white Americans say the same one analyst at the economic policy institute says if U. S. policies don't address these racial disparities it's going to take much longer for these families to recover if they even recover I'm Jackie Quinn
AP-NORC poll: Pandemic especially tough on people of color
"According to a recent survey from the Associated Press N. O. R. C. center for public affairs research sixty one percent of Hispanic Americans say they've experienced the loss of some household income that compares with forty six percent of Americans overall as for trouble meeting expenses thirty seven percent of Latinos and twenty seven percent of black Americans say they've been unable to pay at least one bill only seventeen percent of white Americans say the same one analyst at the economic policy institute says if U. S. policies don't address these racial disparities it's going to take much longer for these families to recover if they even recover I'm Jackie Quinn
Economic updates: 3.28 million unemployment filings shatter 1982 record of 695,000
"A record breaking nearly three point eight million Americans filing for first time unemployment claims last as the nation is battling the corona virus pandemic Colorado restaurant association says one hundred seventy four thousand restaurant workers in the state have lost their jobs the economic policy institute is forecasting that by this summer a quarter of a million hospitality and retail workers in the state will have lost the
Jobless claims surge to record 3.4 million
"The labor department will release its report this morning on the weekly claims for jobless benefits NPR's Jim zarroli says estimates are that the claims will set a record yes the Mets for Makana miss that we've seen so far are just enormous I mean the economic policy institute says as many as three point four million people filed for claims last week just to confirm for comparison sake I mean even during the worst weeks of the Great Recession the number never topped six hundred sixty five thousand and in California alone last week we saw almost that
State labor departments are overwhelmed with unemployment applications
"That's the kind of all and before going to live with for a while and in the coming days as we've also discussed we're going to see some Graham economic data that's going to paint the picture of what's happening out in our communities across the country a weather that shocks investors or not we'll just have to see how that plays out we are about to hear some stunning numbers already some projections from places like the economic policy institute of just how steep at least the short term effects on the employment market is going to be a give us an idea of what we should be prepared for so in the morning eight thirty eastern time the labor department basically releases a tally of all the first time claims for unemployment benefits across the country been hearing this anecdotally where states that some states administer the thus these program on their own and with some help from the labor department they've been over run essentially with the electronic equivalent of people standing in line and so the numbers we're looking at and these are down just estimates but that we may see somewhere between one and a half to three and a half million new claims for unemployment benefits and just one and a half million alone would be enough to drive a one percent increase in the unemployment rate so this is the toll that we're all living with that we're experiencing and we're just going to now apply some numbers to that but here's I think it take away for our listeners because this is important with the response of the federal reserve and elected leaders here in Washington I do think that there are stemming the bleeding of the economy and so with every bit of improvement in the legislative and monetary policy responses the outlook for the economy over the intermediate term does improved and so our hope now is fingers crossed that we can avert a more severe downturn it businesses are going to fail people are going to be out of work but at least there is some aid on the way to both businesses and workers and these are all hopeful signs so in America we do