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.
SCEPA published an updated Fact Sheet on the retirement account balances of near retirees based on new data from the U.S. Census Bureau's Survey of Income and Program Participation.
The analysis reveals that 59 million Americans ages 50-64 in 2011 will not have enough retirement assets to maintain their standard of living when they retire. Three-fourths of near retirees have annual incomes below $52,536 per year and their average retirement account balance is $27,207. Furthermore, the median value of retirement account balances for half of near retirees is zero, showing that half of older working Americans have absolutely no retirement savings.
These facts - coupled with a weakening labor market, especially for older workers - documents the growing trend toward a retirement income security crisis.
The Fact Sheet, "New Retirees Have Inadequate Retirement Account Balances," updates last year's analysis, which was the first report to provide a breakdown of defined contribution (DC) retirement account balances by income.
Mark Levinson is proof positive that there is an economic life after writing a dissertation in the History of Economic Thought.
Dr. Levinson is now the chief economist for the Service Employees International Union (SEIU), the largest and fastest growing union in the United States. SEIU works to raise the wages and working conditions of workers in the secondary labor market and to transform secondary jobs - good jobs with job ladders, decent wages and safety, security, and status - into primary sector employment.
In his standing-room-only lecture, "The Economic Crisis and it's Aftermath," at The New School on September 3, 2013, Levinson argued that extreme levels of wealth and income inequality in the United States partly caused the economic crisis. His point is fresh: inequality is not merely a byproduct or economic trend that developed alongside the conditions for a crash in 2008. Rather, if wealth and income inequality had been smaller, the recession would have been too.
by Rick McGahey, SCEPA Faculty Fellow
Well, here we are again: the start of a new month, and the release of the employment situation report from the Bureau of Labor Statistics (BLS) for the previous month. And, once again, a weak jobs report with no progress on overall unemployment. In fact, stagnation is everywhere you look. The long-term unemployed? No real change. Black and Latino unemployment? Stuck, higher than that for whites. Job creation? Low quality, with many jobs being created in the retail trade and food service sectors.
Total employment rose by 169,000, while the unemployment rate stayed slid from 7.4 percent in July to 7.3 percent in August. And, unlike previous months, BLS reduced their estimate of total jobs created in June and July by 74,000.
The disproportionate job growth in low-wage sectors is catching the eye of several analysts. In a May research note to clients, the Royal Bank of Scotland noted that "almost half of (U.S.) job gains have come in relatively low-paying service sub-sectors." This echoes last year's findings from the National Employment Law Project (NELP), who found that low-wage jobs were 21% of the losses in the recession, but by 2012 represented 58% of the jobs in the recovery.
Faced with this ongoing stagnation and increasing number of low-wage jobs, you might hope for a more vigorous response from Washington. But Obama instead is faced with a looming deadline for yet another battle over extending the debt ceiling and America's borrowing limits, and Republicans have already said they want even deeper cuts to government spending and jobs. And some analysts say this weak jobs report will encourage the Federal Reserve to start winding down their purchases of long-term bonds and mortgage-backed securities, which have helped to keep interest rates down.
In truth, we need fiscal stimulus and job creation more than active monetary policy. But there is almost no prospect that we will get it. Austerity rules the day, condemning the economy—and American working families—to high unemployment and low-wage jobs.