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A note from EPI’s Krista Faries: The COVID threat continues, as does the economic fallout. As Congress returns from recess this week to continue negotiating an economic relief bill, we look at EPI analysis of the current labor situation and what Congress needs to do to promote economic recovery.
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When the pandemic hit, health officials and policymakers urged businesses across the country to shutter their doors and mitigate the spread of the coronavirus. Over 22 million jobs were lost and unprecedented numbers of workers filed for unemployment. Job losses disproportionately hit women, Latinx workers, and certain low-wage sectors of the economy, notably leisure and hospitality. The effects have been particularly devastating for Black workers and their families, who are less able to weather job losses. With the expiration of the extra $600 unemployment insurance benefit, millions of workers across the country are facing eviction and hunger, and the resulting loss in demand will undoubtedly slow the recovery.
While jobs have started to return—the BLS reported an increase of 1.4 million jobs in August—the U.S. economy is still down 11.5 million jobs from where it was in February, before the pandemic hit. And the 1.4 million jobs added represents a steep slowdown in job growth compared with June and July. With this kind of slowing in job growth, it will take years to return to the pre-pandemic labor market. Read the Economic Indicators report »
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Share the Economic Indicators report:
Six months into the recession, an 11.5 million jobs deficit remains
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In the week ending August 29, 1.6 million workers applied for unemployment insurance (UI) benefits: 881,000 applied for regular state unemployment insurance, and 759,000 applied for Pandemic Unemployment Assistance (PUA). This was the fourth week in a row that total initial claims have risen. Further, it was the 24th week in a row total initial claims were far greater than the worst week of the Great Recession. Read the blog post »
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Following the Great Recession of 2008–2009, Congress did little to help recovery, and we relied almost exclusively on actions from the Federal Reserve to spur recovery. That was a mistake. Yet six months into the current crisis, we are in danger of repeating the same mistake. While it is true that the Fed has shown better judgement over the course of this crisis, the tools it currently has available to address it are weak. The tools Congress has are strong, but their actions have been stymied by the mystifyingly bad judgement of Senate Republicans. Read the blog post »
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The economic shock of the coronavirus has been as sudden and jarring as any in U.S. history. The correct policy response to such a shock is to push deficits even larger than they would go on their own by providing expansions to relief and recovery efforts. As always, there are some who seem more concerned about the rise in federal budget deficits and public debt than by the rise in joblessness and losses of income generated by the shock. But prioritizing the restraint of debt in coming years over the restoration of pre-crisis unemployment rates is bad economics. EPI Research Director Josh Bivens explains why. Read the blog post / Watch the video
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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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The Nation featured an article by EPI senior fellow Lynn Rhinehart, discussing how “we can build a sectoral bargaining system—and strong, democratic, worker-driven unions—from the ground up.” | How Workers Can Achieve Real Power
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When Republicans and Unions Got Along
In September 1952, Dwight D. Eisenhower spoke to a convention of labor leaders and told them that before joining the Army, he took a job at a dairy plant where “I worked 84 hours a week on the night shift from 6 to 6, seven nights a week.” Read more »
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The COVID jobs toll is still high—why Congress must act
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