Located in New York City, SCEPA is at the center of a network of leaders dedicated to progressive and innovative education and ideas.
SCEPA faculty are investigating the economics of climate change, from mitigation proposals to implementation.
SCEPA focuses on the U.S. economy, with an awareness of the global context of domestic economic developments.
A research institute within The New School’s Economics Department, SCEPA is dedicated to collaboration between today’s experts and tomorrow’s leading economists.
SCEPA is working to reform a retirement system that is failing Americans.
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.
On January 26, 2012, SCEPA held a press conference to release the report "Are New Yorkers Ready for Retirement?" The report is the result of a collaborative project with the NYC Comptroller John Liu and is part of a series of reports by the Comptroller meant to shed light on the emerging retirement crisis.
See coverage from several news outlets:
New York 1 News / Money Matters on New York 1 News / Fox 5 News / Bloomberg News / NY Daily News / The Street / Benefits Pro / El Diario /
Sinovision / World Journal / Sing Tao / Brooklyn Daily Eagle / WBAI
"The deck is becoming increasingly stacked against New Yorkers in their efforts to retire," Teresa Ghilarducci said in a statement. "Fewer New Yorkers have access to the convenience and affordability of employer-sponsored retirement plans. More and more residents now face a choice between retiring into poverty or continuing to work in old age. Without significant policy reforms, the economic tea leaves foretell a decrease in the standard of living for retired New Yorkers."
Bill Moyers, esteemed journalist and public commentator, has included SCEPA fellow Jeff Madrick's book Age of Greed on his Must-Read Money & Politics Book List. Moyers shares the books he considers "must reads" in any effort to learn what's really going on under the hood of our imperfect democracy... and what we can do about it. In the book, Madrick traces the lineage of some of our nation's most pressing economic problems and shows how a culture of greed developed and grew to dominate finance and the economy.
Workers in New York City Less Prepared for Senior Years Than Rest of U.S.
A study released today shows a growing number of New Yorkers don't have enough money to retire. Over one-third of older residents are expected to either subsist on social security, or not be able to retire at all.
The study, entitled Are New Yorkers Ready for Retirement?, is part of a research initiative by New York City Comptroller John C. Liu and SCEPA. Using recent New York City and New York State metropolitan-area data, the report examines whether New York City residents are financially prepared for their senior years. The answer, increasingly, is no.
The study found:
- Between 2000-2009, the percentage of employees in New York City who had access to employer-sponsored retirement plans declined from 48% to 40% – below the U.S. average, which is 53% (2009).
- Only 35% of New York City workers participated in an employer-based retirement plan in 2009.
- More than one-third of New York City households in which the head is near retirement will have to subsist almost entirely on Social Security income or will not be able to retire at all due to the fact that they have less than $10,000 in savings.
"This report sounds an alarm bell," said Comptroller Liu. "When a significant percentage of New Yorkers can't afford to fund their own retirement, it not only creates stress and suffering for them but also affects the health of the City's economy as a whole and has profound implications for policymakers. More workers need access to employer-sponsored plans."
The report found that employers have become less willing or able to sponsor pensions – a trend that is true across most industries and occupations, and affects New Yorkers of nearly all ages and income groups. The brewing retirement crisis cuts across racial, ethnic and gender lines.
"The deck is becoming increasingly stacked against New Yorkers in their efforts to retire," said SCEPA Director Teresa Ghilarducci, Ph.D. "Fewer New Yorkers have access to the convenience and affordability of employer-sponsored retirement plans. More and more residents now face a choice between retiring into poverty or continuing to work in old age. Without significant policy reforms, the economic tea leaves foretell a decrease in the standard of living for retired New Yorkers. "
The study was authored by Dr. Ghilarducci, a national expert on public pensions and retirement issues, along with economist Joelle Saad-Lessler, Ph.D, and research assistant Lauren Schmitz. The New York City Comptroller's Office Budget and Policy Bureau provided key data and analysis.
The main study data were drawn from the 2001 and 2010 Current Population Survey (CPS), the 2008 Survey of Income and Program Participation (SIPP), and the 2009 New York State Personal Income Tax Files.
Download the "Retirement Readiness" Report and Fact Sheet.
The report is the fifth in a series produced by Comptroller Liu's Retirement Security NYC initiative:
- Municipal Employee Compensation in New York City
- The $8 Billion Question: An Analysis of NYC Pension Costs Over the Past Decade
- Sustainable or Not? NYC Pension Cost Projections through 2060
- A Better Bang for the Buck: Costs and Benefits of Defined Benefit and Defined Contribution Plans