- On Capitol Hill
- On Wall Street
- In the Press
- Policy Reform Work
Our projects are designed to empower policy makers to create positive change. With a focus on collaboration and outreach, we provide original, standards-based research on key policy issues.
SCEPA joined with the Economic Policy Institute on Capitol Hill to brief congressional staff and policy experts on tax expenditures, or incentives given through the tax code without scrutiny by Congress.
SCEPA economists are working on the prospects for a more progressive economic order to emerge from the shock of the recession. They have published papers and documents that place current events in a longer-term context as well as policy proposals to deal with short-term concerns. They are also documenting the emerging discussion of how the discipline of economics is reacting to the Great Recession and the questioning of conventional economic analysis.
Lance Taylor, a SCEPA Faculty Fellow, presents an overview of his new book, Maynard’s Revenge, in a Google Tech Talk.
The book, published this November by Harvard University Press, is a timely analysis of mainstream macroeconomics, posing the need for a more useful and realistic economic analysis that can provide a better understanding of the ongoing global financial and economic crisis.
The government spends $143 billion through tax breaks in an effort to expand pension coverage and security. Yet, over half of the American workforce does not have a pension. Retirement insecurity hurts business plans, workers’ lives and retiree well-being. Reform is needed.
SCEPA’s Guaranteeing Retirement Income Project, sponsored by the Rockefeller Foundation and in collaboration with Demos and the Economic Policy Institute, has a plan to guarantee safe and secure retirement income for all Americans.
by Rick McGahey, SCEPA Faculty Fellow
New rules from the Obama Administration to control emissions from coal-fired power plants signal a new phase in America’s battle over climate change. The science is settled—climate change is occurring and it is caused by humans. Now we need to figure out the economics.
On Monday, the Environmental Protection Agency (EPA) announced tough new rules restricting emissions from power plants, requiring a thirty percent cut in their carbon emissions by the year 2030. But even though these new economic rules will be caught up in polarized political combat, they are a major step forward, and not just because of their beneficial environmental impact. They signal that the United States, however haltingly, is moving from denying the science on climate change to a necessary debate about how to control it and pay for the associated costs.
Even before the new rules were issued, attacks on them were intensifying. The U.S. Chamber of Commerce launched a pre-emptive strike last week, saying that the new power plant rules could cost up to $50 billion annually and lose hundreds of thousands of jobs.
Fighting back, the Natural Resources Defense Council (NRDC) claimed that the Chamber’s negative economic estimates are wildly overstated, in part because the Chamber study doesn’t recognize any of the new businesses and hundreds of thousands of jobs that will be created in alternative energy, other benefits from environmental clean-up, and lower electric bills as alternative energy gets to scale.
Many economists would say that NRDC has the better of the argument—regulations, when done correctly, can induce new jobs and businesses and technological innovation, while producing other social benefits like cleaner air and water.
SCEPA economist, Darrick Hamilton recently coauthored the report, "Beyond Broke: Why Closing the Racial Wealth Gap is Priority for National Economic Security" with the Center for Global Policy Solutions, the Carolina Population Center at UNC, the Research Network for Racial and Ethnic Inequality at Duke University, and Milano Graduate School of International Affairs at The New School. The report evaluates wealth disparities across racial and ethnic categories by providing an in-depth analysis of housing and liquid wealth.
The report finds that:
• Between 2005 and 2011, the median net worth of households of color remained near 2009 levels, reflecting a drop of 58 percent for Latinos, 48 percent for Asians, 45 percent for African Americans but only 21 percent for whites.
• For most African Americans and Latinos, checking accounts are their only liquid asset.
• African Americans (38 percent) and Latinos (35 percent) are over twice as likely as whites (13 percent) to hold no financial assets at all and to have no or negative net worth.
This analysis provides new insight into the close interplay between race and place as it relates to America's persistent wealth gap. To address these issues, the report calls for Congress and the Administration to ensure that future mortgage settlements include the collection of racial/ethnic, gender, geographical and other demographic data to ensure that relief programs are transparent, fair, and target the hardest-hit communities. The report also calls for the Federal Housing Finance Agency to allow Freddie Mac and Fannie Mae to perform principal reduction and loan modifications for distressed homeowners.
This report is part of the Closing the Racial Wealth Gap Initiative, which seeks to build awareness and support for efforts to address racial and ethnic wealth inequalities based on structural factors.
Bernard L. Schwartz - an investor, a retired industrialist, a progressive public policy advocate and a philanthropist - recently published his autobiography, 'JUST SAY YES: What I've Learned About Life, Luck, and the Pursuit of Opportunity.'
JUST SAY YES is a story about a boy raised in Depression-era Brooklyn who grew up to become a giant in the aerospace business, a confidante of U.S. presidents, and a renowned international deal maker. From this lifetime of experience, Schwartz finds himself increasingly concerned about the future of the United States and its citizens due to the ever-increasing gap between the country's have's and have-not's. "Far too much emphasis is put on money and profit, instead of treating clients and customers as human beings. Our political leaders must also come back to the table, and start working together to improve the lives of all citizens." Without this effort, Schwartz fears that our glory days will remain behind us. As an "optimist by nature," Schwartz believes that American politics and business can change for the better.