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A note from EPI’s Kirstyn Flood: It’s time for rebuilding—rebuilding the U.S. manufacturing sector and rebuilding the economic foundation collapsing under COVID for so many workers in this country. Policymakers, politicians, and advocates are considering a host of options when it comes to what it will take to rebuild the economy, but what’s the best way forward? EPI experts weigh in on manufacturing, job loss, and unemployment.
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A new report finds that President Trump’s trade policies have failed to curb offshoring—and they have not addressed the root causes of America’s growing trade deficits and the decline of American manufacturing. In addition to the Trump administration’s overall weak trade agenda, COVID-19—and the administration’s mismanagement of the crisis—has wiped out much of the last decade’s job gains in U.S. manufacturing. Report author Robert Scott explains urgently needed policy solutions to rebuild the decimated manufacturing sector, which will be essential to the coronavirus economic recovery. Restructuring and rebuilding the economy will require rebalancing of U.S. trade as well as massive public investments in infrastructure, clean energy, training, research and development, and the implementation of other industrial policies. Read the report »
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We can reshore manufacturing jobs, but Trump hasn't done it
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Last week’s jobs report from the Bureau of Labor Statistics shows three months in a row of payroll employment gains, an increase in jobs of 1.8 million in July on top of 4.8 million in June and 2.7 million in May. But, because so many jobs were lost in March and April, we are still 12.9 million jobs below where we were in February, before the pandemic spread. The slowdown in jobs gained is likely due to a resurgence of the coronavirus and re-shuttering in parts of the country. Federal policymakers need to act now to reinstate the $600 unemployment insurance benefits to the 30+ million workers who are desperately trying to make ends meet. And, those benefits are supporting a huge amount of spending, which means, without it, the loss of about five million jobs. Federal policymakers also need to provide massive fiscal relief to state and local governments so they can continue to provide necessary services and prevent unnecessary cuts to their budgets as their revenue falls. Read the economic indicator »
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Republicans in the Senate allowed the across-the-board $600 increase in weekly UI benefits to expire. For the first time, two weeks ago, recipients did not get the extra $600 payment. That means people on UI benefits who lost their job during a global pandemic are now are forced to get by on around 40% of their pre-virus earnings, causing enormous pain. Republicans in the Senate are proposing to (essentially) replace the $600 with a $200 weekly payment. That $400 cut in benefits is not just cruel, it’s terrible economics. These benefits are supporting a huge amount of spending by people who would otherwise have to cut back dramatically. The spending made possible by the $400 that the Senate wants to cut is supporting 3.4 million jobs. If you cut the $400, you cut those jobs. Slashing the $600 also exacerbates racial inequality. Due to the impact of historic and current systemic racism, Black and brown communities are suffering more from this pandemic, and have less wealth to fall back on. They will take a much bigger hit if the $600 is cut. This is particularly true for Black and brown women and their families, because in this recession, these women have seen the largest job losses of all. Read the blog post »
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Join the Economic Policy Institute (EPI) Friday, August 14 for a bipartisan economists’ panel on the urgent need for substantial state and local aid as part of the next coronavirus relief package. Experts will address the pluses and minuses of legislation proposed by House Democrats and Senate Republicans and discuss a broader set of economic issues caused by the coronavirus pandemic. EPI President Thea Lee will open with introductory remarks, followed by a panel discussion moderated by Washington Post reporter Heather Long. Register for the webinar »
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To keep the gravy train going for mostly white one-percenters and prop up the plutocracy, political leaders are using toxic populism with a racially infused culture-war strategy to stay in power—a strategy led by Trump and playing out daily in his tweet storms, according to political scientists and authors of Let Them Eat Tweets Jacob S. Hacker and Paul Pierson. Hacker and Pierson discussed their book, followed by a panel of EPI experts who talked about what can be done to derail this distorted political influence by the rich and derail rising inequality. EPI President Thea Lee moderated. Watch the video »
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EPI hosted a panel of experts on why policy must be changed to reverse the nation’s culture of anti-Blackness and the economic inequality surrounding it. EPI Distinguished Fellow Richard Rothstein discussed his book The Color of Law, followed by a discussion on reshaping the country into one that values Black lives and bolsters economic opportunities for all. Watch the video »
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On Saturday, President Donald Trump signed four memorandums and executive orders that, he claimed, would provide relief to Americans struggling financially during the Covid-19 pandemic. Read more »
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Reshoring manufacturing jobs that the Trump administration couldn’t
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