TABLE OF CONTENTS
1 Statement by Gerald McEntee, Board Chair, 19862011 2 The First 25 Years 4 Statement by EPI President Lawrence Mishel AREAS OF RESEARCH 6 Jobs, Wages, and Living Standards 8 Federal Budget, Deficits, and Taxes 10 Labor Policy 12 Trade, Globalization, and Manufacturing 14 Immigration 16 Education 18 Regulation 20 Race, Ethnicity, and the Economy 22 Retirement OUTREACH 24 Economic Analysis and Research Network (EARN) 26 Communications 28 Financial Statements 30 Funders and Donors 32 EPI Board Members 33 EPI Staff
I want to say thank you to EPI for 25 years of being the authoritative voice on economic issues and really the voice of working American families.
U.S. REP. ROSA DELAURO (CONN.)
As chair of EPIs Board of Directors for a quarter century, I could not be more pleased with what EPI accomplished in its first 25 years.
When we launched EPI in 1986, we hoped to add a voice to the debate about economic policy that would challenge trickle-down and supplyside economics, and deregulation ideas that were taking hold in Washington and hurting low- and middle-income Americans. In the mid-1980s, well-funded conservative think tanks were dominating media coverage and the national economic conversation. These organizations favored trade deals that put downward pressure on wages, deregulation that jeopardized established companies providing good wages and benefits, and privatization that allowed corporations to replace public employees with lower-paid workers who had fewer rights and less political power. A counterweightan institute that could do academic-quality research and go toe-to-toe with the right wings best economistswas desperately needed.
EPI has been that counterweight, and it has been more influential than we ever imagined. It has grown into a vital organization that reaches policymakers and academics, reporters and editors, bloggers and activistsnot just every day but multiple times a day, and on a nationwide basis. EPI achieves this success through research, analysis, and commentary on a range of critical topics, from jobs and labor relations to tax and budget issues, from immigration and education to trade. Through extensive partnerships with national and state-level organizations and a broad network of scholars and researchers, EPI ensures its work has the widest possible reach and scope. No other think tank has spoken more eloquently and consistently about the concerns of working families (or, in the current economy, those who aspire to work) or proposed better policies to deliver the security and economic dignity they deserve. I am extremely honored and proud to be associated with the people and the ideas that have helped EPI become the significant force for good that it is today.
1986 The Economic Policy Institute is founded by Barry Bluestone, Robert Kuttner, Ray Marshall, Robert Reich, Lester Thurow, and Jeff Faux, EPIs first president.
2001 EPI begins to monitor, analyze, and propose changes to the unemployment insurance system. EPIs research helps persuade Congress to enact Emergency Unemployment Compensation in 2002 and 2003.
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
1988 EPI first publishes The State of Working America, the only comprehensive source of data on the nations wealth, poverty, income, wages, inequality, and employment trends.
1999 EPI begins work on its Basic Family Budget Calculator, which determines the minimum level of expenditures needed to adequately meet a familys needs. (The calculator, launched in 2001, is one of the most popular features on EPI.org.)
1993 EPI research correctly predicts that NAFTA will lead to substantial manufacturing job losses in the United States and erosion of wages and workers rights on both sides of the U.S.-Mexico border.
1996 EPI plays a key role in the successful effort to increase the federal minimum wage.
1999 EPI helps found the Economic Analysis and Research Network (EARN), a group of state research and policy organizations that work to advance progressive economic policy at the state and regional level.
2005 EPI works with allies in the labor and progressive movements to highlight the dangers of Social Security privatization. In 2009, EPI joins with the Pension Rights Center, the National Committee to Preserve Social Security and Medicare, SEIU, and the AFL-CIO to found Retirement USA, a coalition that highlights the need for a universal, secure, and adequate retirement system.
19992000 EPI research correctly predicts that Chinas accession to the World Trade Organization would lead to spiraling trade deficits, the loss of manufacturing jobs, and wage declines.
2006 EPI starts an ongoing project to address comprehensive immigration and guest worker visa program reform. (The work leads to publication of the books Immigration for Shared Prosperity in 2009 and Value-Added Immigration in fall 2011.)
2007 EPI starts the Agenda for Shared Prosperity to propose affirmative economic policies to address the root causes of the nations economic problems. Key papers in this series proposed the public option as a way to ensure universal health coverage and long-term savings; a universal, secure, and adequate national pension plan; and a comprehensive solution to employment-based immigration challenges.
2010 EPI releases Investing in Americas Economy, a plan that prioritizes recovery while also stabilizing the nations debt. In 2011, the EPI Policy Center advises the Congressional Progressive Caucus during the development of its budget alternative, which contains many of the same elements as the EPI plan. 2011 EPI releases a series of reports disproving claims that state and local public-sector workers are overpaid and rebutting the claim that right-to-work laws create jobs.
2008 EPI launches the Program on Race, Ethnicity, and the Economy to highlight the status of minority communities and the effects of policies on their living standards. 2008 EPI launches the Broader, Bolder Approach to Education campaign with a statement signed by 60 leaders with diverse religious and political affiliations and a range of policy expertise.
2007 EPI provides research on the role of unions in the economy and on union organizing as the nation debates the Employee Free Choice Act. More than 200 economists sign EPIs letter in support of EFCA.
2011 EPI releases the first online edition of The State of Working America, which has become an indispensable tool for academics, policymakers, activists, and the media.
2007
2007 Congress enacts another increase to the federal minimum wage after 34 states increased their minimum wages between 2001 and 2007. EPI worked in tandem with EARN on the seven-year campaign.
2008
2009
2009 EPI releases the American Jobs Plan, a public investment plan that would put 4.6 million people back to work in one year. (In 2011, President Obamas American Jobs Act adopts many of the proposals from EPIs plan.) EPI also commissions the Hart Research Poll Tracking the Recovery, which changes the tone of the political debate by revealing that Americans care much more about creating jobs than cutting the deficit.
2010
2011
2011 Nearly 450 guests attend EPIs 25th anniversary dinner Nov. 1 in Washington, D.C. The event honors New York Times columnist Paul Krugman, former U.S. Labor Secretary and EPI co-founder Ray Marshall, and leaders of Wisconsins labor movement.
2007 Speaker of the House Nancy Pelosi convenes representatives and national economic and financial experts, including EPI President Lawrence Mishel, to assess the state of the economy and the labor market. Mishel sounds the alarm on the need for generating jobs through a substantial stimulus package.
Attendees at EPIs 25th anniversary dinner included, clockwise from upper left: Julianne Malveaux, secretary treasurer of EPIs Board of Directors and president of Bennett College, and Mahlon Mitchell, president of the Professional Fire Fighters of Wisconsin; Jeff Faux, EPI founding president and distinguished fellow; Paul Krugman, New York Times columnist; Rep. Keith Ellison (Minn.); Ray Marshall, former U.S. Secretary of Labor and EPI co-founder, and (left) Ross Eisenbrey, EPI vice president; and Alexis Herman, former U.S. Secretary of Labor
We know that proper public investment, sustained low unemployment, and a healthy, expanding middle class can fuel economic growth. We also know that a vibrant and healthy economy is not achievable if the distribution of income and wealth remains as imbalanced as it is today. We cannot fix this problem in the short term, but we can and must begin to work toward shared prosperity through reforms to the tax code, corporate governance, education policy, labor policy, and much more. EPI is making a difference in the public debate. Our footprints were evident in President Obamas American Jobs Act and in the budget alternatives proposed by the Congressional Progressive Caucus. We take pride in providing credible, reliable data and policy prescriptions that are clear alternatives to the many harmful policies being put forth. The stakes are too high to let wrongheaded policy recommendations succeed. EPIs task going forward is to keep the concerns of working families visible and to remain a source for better policy ideas that help us achieve shared prosperity. We will continue to join with our partners and engage our networks to make the case for what is right.
Areas of Research
EPI strives for an economy in which every worker has a good job. Good jobs offer a living wage,
affordable health care, and a secure retirement. EPIs Jobs, Wages, and Living Standards program uses this yardstick of broadly shared prosperity to measure economic performance and policies at all levels of government. Several times a month, EPI analyzes new government data to better understand the changing state of the national labor market. The data cover national and state employment and unemployment, as well as the national job-seekers ratio. National and regional media rely on these analyses to report the health of the economy. In addition, EPI periodically publishes reports on national income and poverty, health insurance coverage, and the job market prospects of young graduates. In 2011, the Jobs, Wages, and Living Standards program focused on the negative impacts of persistent high
FEATURED PUBLICATION
Sustained, High Joblessness Causes Lasting Damage to Wages, Benefits, Income, and Wealth, by Lawrence Mishel and Heidi Shierholz
No one does a better job of compiling and presenting inequality data than EPI.
CHRIS HAYES, EDITOR-AT-LARGE OF THE NATION, AND MSNBC HOST
Incomes rise fastest at the top Percentage growth in household income by rank on income scale, 19792007
400%
Percentage growth
390%
300%
Top 0.1%
224%
200%
100%
Top 1%
Bottom 90%
5%
FEATURED PUBLICATION
The Restore the American Dream for the 99% Act: An Analysis of Job Creation Provisions, by Andrew Fieldhouse and Rebecca Thiess
4%
3.3%
3%
2%
1%
Historical CBO baseline Obama budget Bowles-Simpson Fiscal Commission Ryan budget 19622008 average
0%
1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018
When our office needs some help in documentation on issues like why infrastructure would be good for the economy EPI is the first place we turn to.
SEN. CHUCK SCHUMER (N.Y.)
the economic recovery. An EPI report published before the Obama administration released its American Jobs Act outlined 11 job creation policies. A major impediment to expansionary fiscal policy in 2011 was the enactment of the Budget Control Act. EPI influenced the national debate by explaining how the legislation would adversely affect employment. Also in 2011, the CPC sought EPIs assistance in developing its Peoples Budget. EPI staff, funded by the EPI Policy Center, worked with Caucus staff to select policy provisions and then modeled their effects. The Peoples Budget would have financed significant nearterm fiscal stimulus and increased public investments while improving the longer-term budget outlook without cutting back on essential social insurance programs such as Medicare, Medicaid, and Social Security. The CPC subsequently developed a jobcreation and deficit-reduction package, the Restore the American Dream for the 99% Act (H.R. 3638), for which EPI staff, funded by the EPI Policy Center, analyzed the macroeconomic and jobs impacts. Related to its budget work, EPI demonstrated why progressive tax reform is an effective tool for funding government, financing needed job creation measures and investments, and addressing income inequality. On the 10th anniversary of the Bush tax cuts, EPI explained 10 ways in which the cuts remain costly, ineffective, and unfair. Later in the year, EPI detailed the case for raising effective tax rates on upper-income households, and explained why Obamas super committee recommendations did not go far enough in restoring revenue adequacy. In 2011, EPI broke new ground analyzing public investments in the budget. EPI constructed an account-level database of public investments, allowing for estimates of how caps on discretionary spending over the next decade would deplete public investments such as education, infrastructure, and research and development. EPI also produced reports on green investments in collaboration with such groups as the BlueGreen Alliance, Green for All, the Pacific Institute, and American Rivers. g FEB. 16 EPI macroeconomist Josh Bivens testifies before the U.S. House Committee on Oversight and Government Reforms Subcommittee on Regulatory Affairs about the effectiveness of the American Recovery and Reinvestment Act.
Labor Policy
Labor unions improve the compensation and work lives of both unionized and nonunionized workers. The protections, rights, and
wages that unions secure impact all workers. In 2011, newly elected officials backed by special interests worked to cut wages, benefits, and bargaining rights of working people, especially those of public-sector workers. EPI data proved crucial in countering attempts to destroy unions in states such as Ohio and Wisconsin. For example, several state-specific EPI reports disproved the myth that public workers are overcompensated. EPI also combated misinformation spread by interests advocating right-to-work laws, which undermine unions by making it harder for them to sustain themselves. EPI analyses exposed the truth about the impact of right-to-work laws on wages, bargaining power, and job creation. For instance, an EPI report revealed that when Oklahoma became a rightto-work state in 2001, it failed to experience the boost in employment that advocates claimed it would. EPI articulated the need for a federal minimum wage set at 50 percent of the average wage and for an increase to the wage of workers who rely on tips, which has been frozen at $2.13 an hour for 20 years. EPI also rebutted attacks on the Davis-Bacon Act, which for 80 years has required contractors on federal construction projects to pay the prevailing wage for each craft. EPI also played a key role in policy debates about paid sick days by provid-
FEATURED PUBLICATION
Are Wisconsin Public Employees Overcompensated? by Jeffrey H. Keefe
The EPI study [Are Wisconsin Public Employees Overcompensated?] is aimed at a very specific and very influential claim: that Wisconsins state and local employees are clearly overpaid. It blows that claim up.
EZRA KLEIN, WASHINGTON POST BLOGGER AND COLUMNIST
Photo by Flickr user Fibonacci Blue
11
ing research to reporters and activists in states where the battles over sick days are being waged. According to the evidence, paid sick days are vital to millions of low-income workers and their families but are disproportionately provided to higher-income workers. EPI analyses debunking assertions that paid sick days destroy jobs educated policymakers in Connecticut and Seattle, jurisdictions that passed sickleave laws. Throughout the year, EPI educated national policymakers about the importance of continuing the program
of emergency, extended unemployment insurance benefits. EPI economists, with the help of outside experts, showed that, contrary to some claims, unemployment insurance benefits do not fuel unemployment and are still needed despite signs of economic improvement. Finally, in public testimony, commentaries, media appearances, and blog posts, EPI defended the National Labor Relations Board against attacks on its regulations and enforcement policies. g
MAY 18 EPI hosts Ross Perlin, author of Intern Nation, and U.S. Department of Labor, Wage and Hour Division Assistant Administrator for Policy Michael Hancock to discuss the damaging effects of unpaid internships on the labor market.
Private-sector compensation
$200,000
Public-sector compensation
$150,000
$128,306
$143,569
$100,000
$82,134
$50,000
$47,469 $46,213
$0
High school
Bachelors degree
Masters degree
Doctorate
The passage of the China currency bill was the biggest bipartisan jobs bill that weve passed in a long, long time. EPI played a role in that because of their jobs numbers. I use them almost incessantly, and Republicans use them.
SEN. SHERROD BROWN (OHIO)
Photo by Flickr user Hkan Dahlstrm
13
Jobs lost or displaced due to trade deficits with Mexico, 2010 (as share of total state employment)
FEATURED PUBLICATION
Photo by Flickr user cliff1066
Growing U.S. Trade Deficit with China Cost 2.8 Million Jobs Between 2001 and 2010, by Robert Scott
MARCH 30 EPI Director of Trade and Manufacturing Policy Research Robert Scott testifies before the U.S.-China Economic and Security Review Commission about the growing U.S. trade deficit with China and the American jobs displaced as a result.
Immigration
EPI believes that worker- and immigrant-friendly policy solutions are good for America. EPIs work
on immigration focuses on educating labor and immigrant-rights organizations and policymakers about the need for a labor-market-based approach to immigration policy that supports shared prosperity. In 2011, EPI focused on: challenging businesses increasing use of temporary migrant labor and indentured guest workers, which displaces U.S. workers and puts downward pressure on wages and working conditions revealing the downsides of inhumane anti-immigrant measures that target undocumented migrant workers in the United States continuing EPIs longer-term efforts to promote a comprehensive solution for immigrationone that links verifiable needs of the U.S. labor market with appropriate levels of temporary and permanent migration Also in 2011, EPI examined how the recession affected both foreign-born and native-born workers in the construction industry. While both groups experienced significant job losses when the housing bubble burst, EPI found that foreign-born noncitizen workers suffered higher unemployment. Meanwhile, EPIs work on immigration in the high-tech sector and on temporary visa programs for high-skilled workers, including the H-1B and L visas, was presented at congressional hearings and quoted heavily in the media, including on national television news programs. EPI submitted public comments in support of the Department of Labors very significant reforms in the H-2B visa program for less-skilled guest workers and participated in congressional briefings to explain the new rules. Another important focus of EPIs immigration work is the J-1 visa program, which began as a cultural exchange program but has morphed into a large, permanent employment pipeline that employers use to exploit cheap labor and avoid federal and state taxes. J-1 guest workers are sometimes subjected to abuse, live in crowded and filthy conditions, lack funds to pay for groceries and other essentials, and may find themselves without jobs. Meanwhile, U.S. workersespecially young minority workers who desperately need jobsare denied entry-level work. In an ongoing effort to expose J-1 abuses and prompt comprehensive reform, EPI in July published Guestworker Diplomacy: J-1 Visas Receive Minimal Oversight Despite Significant Implications for U.S. Labor Market. EPI has since been invited to testify before Congress, and has had multiple direct conversations with State Department leaders overseeing the program and with the departments Office of Inspector General. Due in part to EPIs efforts, the State Department is conducting a comprehensive review and is issuing major changes to the program. The State Department also took a major step forward by banning one of the programs largest labor recruiters from further
FEATURED PUBLICATION
J Visas: Minimal Oversight Despite Significant Implications for the U.S. Labor Market, by Daniel Costa
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VALUE-ADDED IMMIGRATION: LESSONS FOR THE UNITED STATES FROM CANADA, AUSTRALIA, AND THE UNITED KINGDOM
OCT 31 EPI co-founder, board member, and former U.S. Secretary of Labor Ray Marshall releases his book, Value-added immigration: Lessons for the United States from Canada, Australia, and the United Kingdom, and conducts a panel discussion. In 2011 EPI published Value-Added Immigration by Ray Marshall. The book compares the employmentbased immigration policies of Australia, Canada, and the United Kingdom with those of the United States. Value-Added Immigration recommends the United States follow these countries lead by tying its migration policy to economic and social objectives. It also advocates policymaking based on a rational examination of our national interest as it relates to immigration, rather than policymaking governed by ideology and interest groups.
Protesters calling attention to misuse of J-1 visas participation after multiple investigations found the recruiter violated program regulations and wage, hour, and workplace safety laws. Just a few weeks before the announcement, EPI sent an open letter to Secretary of State Hillary Clinton calling on her to ban the recruiter from the program. Going forward, EPI will also focus on examining wages and conditions of both native-born and foreign-born domestic workers in the heavily immigrant, predominantly female, and rapidly growing low-wage sectoras well as working in partnership with EPIs Economic Analysis and Research Network (EARN) to educate citizens about the positive impacts of immigration on state and local economies. g
OCT. 31 EPI co-founder, board member, and former U.S. Secretary of Labor Ray Marshall releases his book, Value-Added Immigration: Lessons for the United States from Canada, Australia, and the United Kingdom.
Education
EPI documents how social and economic inequality affect student achievement. EPI also suggests
policies, within school and outside of school, to narrow outcome gaps between middle-class and disadvantaged studentsand helps to counter popular but erroneous assertions about public schools, student achievement, and teachers. suggested that teacher salaries and benefits were excessive and should be cut to meet budget shortfalls. EPIs past research, on the other hand, has shown a substantial pay penalty for teachers. An update of a 2008 report on teacher pay confirmed these earlier findings, concluding that public school teachers earned about 12 percent less than comparably educated workers in other occupations. EPI also exposed serious flaws in a report claiming that teachers are grossly overpaid. Ongoing fiscal troubles are also behind our crumbling education infrastructure: Most of the nations 100,000 The fiscal challenges confronting many states in 2011 fueled vigorous debates over the compensation of public employees, particularly teachers. Critics public schools need maintenance, repairs, or upgrades that in some cases have been delayed for several years. This backlog wastes energy and leads to high utility costs; exposes students and teachers to potential harm from mold, asbestos, and fire dangers; and raises the risks that books and equipment are damaged by leaky roofs and fires. In partnership with the 21st Century School Fund and the Center on Budget and Policy Priorities, EPI developed Fix Americas Schools Today, or FAST!, a proposed $50 billion grant program that would renovate schools while creating jobs. The proposal gained traction with an op-ed in the Washington Post urging President Obama to put FAST! atop his jobs agenda, a recommendation he adopted. Sen. Sherrod Brown (Ohio) and Rep. Rosa DeLauro (Conn.) introduced FAST! as a bill in Congress. Finally, throughout the year, EPI blog posts, editorials, and presentations ana-
FEATURED PUBLICATION
The Teaching Penalty: An Update Through 2010, by Lawrence Mishel, Sylvia Allegretto, and Sean Corcoran
8,100
8,000
7,900
17
lyzed issues such as the achievement gap, national education policy, public school spending, the uses of standardized testing, and the impacts of poverty and poor health on low-income students achievement. g
EPI is probably the best source of information and evidence for strategies that we need to actually heal our schools and heal our society.
DIANE RAVITCH, FORMER U.S. ASSISTANT SECRETARY OF EDUCATION
Events hosted by BBA highlighted problems with federal turnaround strategies and explored more-effective approaches to improve struggling schools. They also examined policy changes that would provide more-equitable educational opportunities for all of New York Citys students. In addition, BBA established a weekly guest blog on the Huffington Post education page.
Regulation
EPI believes sound regulations are important to our nations health and safety. They can also be essential
to building a stable economy that treats workers fairly. Throughout 2011, EPIs research played a vital role in informing high-profile discussions of the role of regulations and their effects on the economy. Much of the debate about the economic effects of regulations reflects a narrow, anti-regulatory perspective at the expense of the broad goals of advancing the nations health and safety and enhancing there would likely be a small number of unfortunate job losses in some specific industries, overall the regulation would produce a modest net gain in jobs. The report received wide attention and was featured in a New York Times editorial. As a result, EPI testified before Congress as the one minority witness for a hearing on the jobs effects of the regulation held by the House Committee on Oversight and Government Reform, held a briefing for top EPA officials on the studys results and its approach, and participated in House and Senate briefings on clean air. In addition, EPI produced studies countering the false argument that regulatory uncertainty hurts the economy and economic stability. There was a gaping need for balanced analysis in this issue area, and EPI filled the void. A key aspect of EPIs work on regulations in 2011 was puncturing the argument that regulations kill jobs. EPI began the year with a foundational analysis that explored the true nature of the relationship among jobs, regulations, and the economy. The data in the report demonstrated that only a minute share of mass layoffs is attributable to regulation. EPI also conducted a comprehensive analysis of the employment effects of the air toxics rule, finding that while prevents job growth, one of the main talking points of opponents of regulations. In Regulatory Uncertainty: A Phony Explanation for Our Jobs Problem, EPI convincingly demonstrated that a lack of demand, not regulatory uncertainty, is behind the damaged labor market. One month later, the Obama administration released its first and only broad defense of the economics of regulation. EPIs work also rebutted exaggerated claims about the costs of regulation, such as the oft-cited claim that regulations cost $1.75 trillion a year. EPI examined the statistical analysis at the heart of this number and found it funPhoto by Flickr user mccready
damentally flawed and illogical. While EPA regulations were often singled out for criticism, EPI analyzed all of the major EPA regulations proposed and finalized under President Obama and found their compliance costs total only around 0.1 percent of the economy and are far exceeded by the substantial benefits of the regulations. Finally, another goal of EPIs work on regulations in 2011 was to add balance to the debate over labor regulations. At the start of last year, the Chamber of Commerce issued a report claiming that stronger state labor regulations are associated with higher state unemployment rates. EPI responded with a methodological analysis and an areaby-area defense of labor regulations. EPI also issued a comprehensive report on a full-fledged assault by a House Appropriations subcommittee on basic labor standards. g NOV. 1 EPI macroeconomist Josh Bivens testifies before the House Committee on Oversight and Government Reform at the hearing Lights Out II: Another Look at EPAs Utility MACT Rule.
FEATURED PUBLICATION
A Lifesaver, Not a Job Killer: EPAs Proposed Air Toxics Rule Is No Threat to Job Growth, by Josh Bivens
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Lawrence Mishel offers the most thorough takedown yet of the conservative idea that regulatory uncertainty is behind our economic problems.
GREG SARGENT, WASHINGTON POST
Photo by Flickr user Rennett Stowe
25%
20%
Taxes: 20.8%
15%
10%
Regulations: 13.9%
5%
0% Nixon/Ford
Carter
Reagan 1
Clinton 2
Obama
FEATURED PUBLICATION
A Jobs-Centered Approach to African American Community Development: The Crisis of African American Unemployment Requires Federal Intervention, by Algernon Austin
Black
4.6
White
2.3
Asian
1.9
All
4.0
21
EPI became more important than ever, if you wanted to know what was happening not just to working people but what was happening to poor people, and that blacks and Latinos were being hurt much worse by unemployment than some other groups in society.
BOB HERBERT, FORMER NEW YORK TIMES COLUMNIST AND DEMOS DISTINGUISHED SENIOR FELLOW
unemployment rates of Hispanics and African Americans in the metro areas with the largest populations of each group. These reports on metropolitan unemployment among people of color generated significant media coverage. Partnering with the National Council of La Raza helped PREE expand its media outreach to Latinos for the report on Hispanic unemployment. The report received particularly strong coverage in Rhode Island and Connecticut, as those states registered the highest Latino metropolitan unemployment rates. The report on African American unemployment, meanwhile, garnered attention from the Huffington Post, which used it to highlight the 10 metro areas where black unemployment increased the most from 2009 to 2010. g
FEB. 28 Pamela Loprest, director of the Urban Institutes Income and Benefits Policy Center, speaks at Understanding the Low Wages of Black Workers, a forum moderated by PREE Director Algernon Austin at EPIs offices.
Retirement
EPI believes that a retirement system should be universal, secure, and adequate. As policymakers
have intensified their focus on budget deficits and the cost of social insurance programs and public pensions, they have made proposals that would save money but exacerbate already-growing retirement insecurity. EPIs research has challenged the conventional wisdom that Social Security cutbacks are necessary and inevitable. Working in coordination with the Strengthen Social Security coalition, EPI produced several reports about the impact of proposed budget cuts on Social Security. The reports analyzed the effects of various policies, such as capping federal spending, reducing the Social Security cost-of-living adjustment, and raising the Social Security retirement age. Questioning the conventional wisdom of expecting older workers to delay retirement, EPI research showed that the average worker retires in his or her mid-60s, not early 60s as is often claimed. as all forms of government spending, including tax expenditures for retirement savings, have come under closer scrutiny. Armed with research showing that traditional pensions are more cost-effective than the 401(k)-style plans now more prevalent in the private sector, EPI continues to educate policymakers and activists about the need for comprehensive reform of our employer-based retirement system. In 2011, EPI also continued work with New School for Social Research professor and EPI board member and research associate Teresa Ghilarducci on an update to the Guaranteed Retirement Account plan, first introduced in 2007. The GRA plan, together with Social Security, would provide the average full-career worker with sufficient income to maintain his or her standard of living in retirement.
The GRA plan helped spur the creation of a new initiative, Retirement USA, convened in 2009 by EPI, the AFL-CIO, the National Committee to Preserve Social Security and Medicare, the Pension Rights Center, and the SerWhile calls for fiscal austerity have vice Employees International Union. put undue pressure on policymakers The primary goals of Retirement USA to change Social Security and other are to draw attention to the problem of successful programs, they have also retirement insecurity and to develop provided an opening for more comcomprehensive reform proposals to prehensive reform, replace the current patchwork retireFEATURED PUBLICATION ment system with Beyond Normal: Raising the Retireone that is univerment Age Is the Wrong Approach to sal, secure, and Social Security, by Monique Morrissey adequate. g
JULY 20 EPI releases A Young Persons Guide to Social Security, a 60-page booklet written by young people to help youth understand how Social Security works, whom it affects, and how it fits into their future plans.
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Outreach
FEATURED PUBLICATION
Paid Sick Days: Measuring the Small Costs for Connecticut Businesses, by Elise Gould and Doug Hall From top: State capitols in Ohio, Connecticut, and Wisconsin
25
Change in employment since the start of the Great Recession (December 2007)*
*Data show change in number of jobs from December 2007 to February 2012.
26 | OUTREACH | COMMUNICATIONS
Communications
EPI punches well above its weight in Washington. So wrote
the Washington Posts Steven Pearlstein in his column about EPIs 25th anniversary. He was referring to the amount of influence and respect EPI is able to generate with a staff and an operating budget far smaller than those of other powerful think tanks. EPIs distinguished experts and sophisticated communications strategies contribute to this influence, which EPI uses to ensure that important policy debates consider the well-being of American workers and their families.
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STATEMENT OF FINANCIAL POSITION 2011 ASSETS Current Assets: Cash and cash equivalents Grants receivable Other receivables Prepaid expenses Total Current Assets Furniture and Equipment, net TOTAL ASSETS LIABILITIES AND NET ASSETS: Current Liabilities: Accounts payable and accrued expenses Accrued payroll and vacation Total Current Liabilities Long Term Liabilities Deferred rent benefit TOTAL LIABILITIES Net Assets: Unrestricted Temporarily restricted TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS 1,534,989 3,295,895 4,830,884 5,603,029 354,102 772,145 45,434 372,609 418,043 3,580,971 1,687,278 25,145 59,551 5,352,945 250,084 5,603,029
384,270 846,626
29
STATEMENT OF ACTIVITIES
For the years ended December 31: 2011 Temporarily Unrestricted Restricted 3,866,515 1,652,043 71,297 7,643 45,745 4,943,455 6,720,183 (4,943,455) (1,076,940) Total 3,866,515 1,652,043 71,297 7,643 45,745 0 5,643,243 6,573,520 Total 5,409,955 1,061,455 31,386 16,838 53,886 2010
REVENUE AND SUPPORT: Grant revenue Public support Publication sales Interest income Rental income Net assets released from restrictions TOTAL REVENUE AND SUPPORT EXPENSES: Programs Management and general Grant procurement and fundraising TOTAL EXPENSES CHANGE IN NET ASSETS NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR 5,723,799 598,622 375,448 6,697,869 22,314 1,512,675 1,534,989 (1,076,940) 4,372,835 3,295,895 5,723,799 598,622 375,448 6,697,869 (1,054,626) 5,885,510 4,830,884 5,275,632 708,516 442,758 6,426,906 146,614 5,738,896 5,885,510
ORGANIZATIONS
AFL-CIO Amalgamated Life Insurance Company Amalgamated Transit Union American Federation of State, County and Municipal Employees
Social Security Works The Concord Coalition United Auto Workers United Brotherhood of Carpenters & Joiners of America
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ADVOCATES ($5,OOO$9,999)
AARP American Federation of Teachers The Annie E. Casey Foundation Blackstone International Association of Fire Fighters International Association of Machinists National Pension Fund Meketa Investment Group National Nurses United Nucor Corporation Pennsylvania State Education Association Staff Organization Seafarers International Union UAW Chrysler National Training Center Ullico Inc. United Mine Workers of America United Steelworkers
FRIENDS ($1,500$2,499)
American Federation of Government Employees Mark Anderson and Peg Seminario Randy Barber Jared Bernstein and Kay Arndorfer BlackRock California Tax Reform Association Center on Budget and Policy Priorities Stan Collender and Maura McGinn The Commonwealth Fund Entrust Capital Forscey and Stinson, PLLC Josh Gotbaum International Alliance of Theatrical Stage Employees International Federation of Professional & Technical Engineers International Union of Bricklayers and Allied Craftworkers James & Hoffman, P.C. Thea Lee and Mark Simon National Committee to Preserve Social Security & Medicare Robert Pollin Threespot The Yucaipa Companies
ALLIES ($2,500$4,999)
Amalgamated Transit Union American Postal Workers Union America Works Alexis Herman International Union of Painters & Allied Trades Landon Butler & Co., LP Kenneth Lewis Julianne Malveaux National Postal Mail Handlers Union Prism Public Affairs Law Offices of Stewart and Stewart
SPONSORS ($15,000$24,999)
National Association of Letter Carriers Peter G. Peterson Foundation The National Center on Education and the Economy
BENEFACTORS ($10,000$14,999)
Blue Wolf Capital Partners Jobs First 2012 United Food and Commercial Workers International Union UNITE HERE The Wessel Group
SECRETARY TREASURER
Julianne Malveaux, President, Bennett College Barry Bluestone, Director, Center for Urban and Regional Policy, Northeastern University R. Thomas Buffenbarger, President, International Association of Machinists Larry Cohen, President, Communications Workers of America Ernesto J. Cortes, Jr., National Co-Director, Industrial Areas Foundation Phaedra Ellis-Lamkins, CEO, Green for All Rep. Keith Ellison (D-Minn.), U.S. House of Representatives Jeff Faux, EPI Distinguished Fellow and Founding President Leo W. Gerard, President, United Steelworkers of America Teresa Ghilarducci, Bernard L. and Irene Schwartz Chair in Economic Policy Analysis, New School for Social Research Jacob Hacker, Stanley B. Resor Professor of Political Science, Yale University Joseph T. Hansen, International President, United Food and Commercial Workers Mary Kay Henry, President, Service Employees International Union Alexis Herman, Chair and CEO, New Ventures, LLC, and former U.S. Secretary of Labor Robert Johnson, Board member, Brennan Center for Justice, Democracy Alliance, and the Institute for Americas Future
EPI STAFF | 33
EPI Staff
OFFICE OF THE PRESIDENT
Lawrence Mishel, President Ross Eisenbrey, Vice President Alyce Anderson, Executive Assistant
Richard Rothstein, Education Research Associate Natalie Sabadish, Research Assistant Robert E. Scott, Director of Trade and Manufacturing Policy Research Stephanie Scott, Executive Assistant/ Conference Coordinator Isaac Shapiro, Regulations Research Associate Heidi Shierholz, Economist Rebecca Thiess, Policy Analyst Elaine Weiss, National Coordinator, Broader Bolder Approach to Education Campaign Hilary Wething, Research Assistant
COMMUNICATIONS
Jody Franklin, Director of Communications Karen Conner, Media Relations Assistant Director Dont Donald, Media Relations Associate Lora Engdahl, Publications Director Dan Essrow, Graphic Designer Arin Karimian, Online Producer Michael McCarthy, Editor Eric Shansby, Online Director/Creative Director Phoebe Silag, Media Relations Director Yesica Zuniga, Administrative Assistant
DEVELOPMENT
Arlene Williams, Director of Development and Strategic Planning Princess Goldthwaite, Senior Development Associate Sarah Harding, Senior Development Officer James Tatum, Development Associate
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EPI is the single best source for analysis of labor issues, one of the best sources of macroeconomic analysis, and in general a bastion of humane clarity. The Institutes success demonstrates just how powerful it is when you combine intellectual integrity with commitment, when you make a point of doing the math right, but also never forget that you stand for something.
PAUL KRUGMAN, NEW YORK TIMES COLUMNIST, AND WINNER OF THE 2008 NOBEL MEMORIAL PRIZE IN ECONOMIC SCIENCES