Wednesday , February 24 2021
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Tag Archives: CEPR Blog

Wage Cap Allows Millionaires to Stop Contributing to Social Security on February 23, 2021

Today is the first day of 2021 that millionaires make no contribution to Social Security. Social Security gives retirement, disability, and survivor benefits to almost one-in-five Americans every year, many of whom are children. However, contributions to the program are capped to the first $142,800 of wage income per year. This means that someone who earns $1,000,000 in 2021 stops contributing to the program on February 23. Most people make less than $142,800 per year, so they pay the 6.2...

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Great.com Interviews CEPR about Climate Change, Social Security, and a Global Response to COVID

Spirit Rosenberg from Great.com interviewed CEPR Co-Director Mark Weisbrot as part of their “Great.com Talks With…” podcast. This series seeks to provide an antidote to negative news stories and aims to shed light on organizations and experts whose work is making a positive impact on the world. The interview examines the question of how research can be misrepresented in the major media, or ignored altogether, with enormous implications for public education and debate about some of the...

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Surprise Medical Billing Legislation is Good News for Patients, CEPR Co-Director Says

Washington DC — In response to Surprise Medical Billing legislation inserted into the omnibus spending and COVID relief bill introduced December 21st (passing on December 22nd), CEPR Co-Director Eileen Appelbaum issued the following statement: “We commend Congressional leaders for passing a spending and relief package that includes legislation to end surprise medical billing. That is very good news for patients. “With this legislation, patients will not receive surprise medical bills from...

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The Rise in Material Hardship Among Working-Class Whites and How It Could Impact the 2020 Election

Missed or late rent or mortgage payments with little confidence of being able to catch-up are hallmarks of what economists call “housing insecurity.” Black and Hispanic people are much more likely to be housing insecure than white people and have seen larger increases in housing insecurity during the pandemic. At the same time, there is considerable “hardship inequality” among white people. Hardship inequality is structured by education, income, and other factors. While housing insecurity has...

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The Black-White Disability Gap Increases with Age

With the 30th Anniversary of the Americans with Disabilities Act (ADA) happening this weekend as Black Lives Matter protests continue, it’s a good time to look at the intersection between race and disability in the United States. The figure below compares disability rates by age, sex, and race for non-Latinx adults. The data in the figure comes from the National Health Interview Survey (NHIS). A person is counted as disabled if they answer “yes” to any one of five questions in the survey. ...

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Multiple Jobholders: Who Are They and How Are They Impacted by the Pandemic?

According to the Current Population Survey (CPS), 8.1 million employees worked one or more additional jobs in a typical week in 2019. As the figure below shows, the number of these “employee multiple jobholders” had been trending upward since 2013 before the pandemic hit. (We use the term “employee multiple jobholders” here because, as we discuss further below, the CPS does not capture “nonemployee multiple jobholders”.) Over the same period, the percentage of all employees who are multiple...

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From a Broken Economy to a People’s Economy

CEPR Co-Director Mark Weisbrot participated in an event on June 13 as part of “Arise: A Festival of Labour’s Left ideas,” organized with the United Kingdom’s Labour Assembly Against Austerity. Weisbrot was joined by fellow presenters John McDonnell, Labour MP for Hayes and Harlington; Txema Guijarro García, an MP for Spain’s left-wing Podemos party and general secretary of its Parliamentary Group; and Ruth Hayes of the Unite the Union Executive Council. Weisbrot spoke about the economic...

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Cutting State and Local Budgets is an Attack on the Country’s Black Workers

Congress is currently debating whether the next pandemic rescue package should include substantial aid for state and local governments. These governments are experiencing massive budget shortfalls as revenues have plummeted due to the pandemic at the same time as demand for pandemic-related services rises. These shortfalls dwarf the shortfalls they faced in prior downturns, as none match the severity of the current situation. It will take at least $500 billion to make up the budget gap facing...

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CEPR Statement on New Labor Department Guidance Allowing Risky Private Equity Investments in Workers’ 401(k) Accounts

Private Equity (PE) firms have had their eye on workers’ retirement nest eggs ― 401(k) and IRA accounts ― since late 2013 when rules on advertising to individuals were relaxed. Obama’s labor department stymied private equity’s efforts to expose ordinary people to high levels of financial risk. Yesterday, under cover of pandemic and protests, Labor Secretary Scalia set those concerns aside and issued a letter to allow private equity investments to be included in workers’ retirement accounts....

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