- On Capitol Hill
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- 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.
SCEPA Director Teresa Ghilarducci was named to Philadelphia’s Task Force on Retirement Security for Private Sector Employees. Chaired by Councilwoman Cherelle Parker, the 16-person group is charged with issuing a report to the Council recommending policy solutions to address the city’s retirement crisis.
In 2016, SCEPA produced a report for the City Council at the request of Councilwoman Parker describing the retirement crisis in Philadelphia. It found that only 47% of Philadelphia’s workforce has access to a retirement plan at work, compared with 53% of workers nationally. Philadelphia’s seniors are more likely to be poor or near poor, with 50% having incomes below 200% of the poverty line, compared with 31% nationally.
Philadelphia is the latest in a series of cities and states to recognize and confront the retirement crisis. Ghilarducci sits on a similar commission for New York State and has been asked to advise on plans in some of the 29 states that have proposed or implemented retirement reform in the past five years.
“Philadelphia is not waiting for the federal government to act on the upcoming retirement crises” according to Ghilarducci. “We at SCEPA found the average 401(k) and IRA balance for older workers is $14,500 and half the workforce does not have access to a retirement plan at work. Middle class retirees risk working into their 70s or living an impoverished retirement. We hope to help all Philadelphia workers retire by contributing to a professionally managed, low fee retirement account that pays a pension for life.”
In the absence of federal action, cities and states have taken the lead in proposing solutions to the retirement crisis. But to provide everyone a viable path out of the retirement crisis requires a national solution. Ghilarducci proposes Guaranteed Retirement Accounts -- mandatory, universal savings accounts with a guaranteed rate of return -- as the best way to ensure that everyone can retire with dignity.
Aleksandr Gevorkyan, assistant professor of economics at St. John’s University and New School PhD graduate, and New School economics student Ingrid Harvold Kvangraven published an article in the Review of Development Economics, “Assessing Recent Determinants of Borrowing Costs in Sub-Saharan Africa.”
The article describes how, over the past decade, Sub-Saharan African countries’ ability to draw on new debt in international capital markets has become a central characteristic of their development experience. Yet, the determinants of the borrowing costs are driven by external factors where investor perception plays a key role. This raises concerns over the sustainability of the current development model.
Unfortunately, there is little to be done in the short run. Dealing with Sub-Saharan countries’ recurring debt crises will require “tackling the debt problem at its root.” Since that includes their lack of a diversified economic structure and subsequent lack of competitiveness on the international market, that’s no small task.
Edward Wolff, an economist at New York University (NYU) presented his latest paper, “U.S. Pensions in the 2000’s: The Lost Decade” on October 14, 2016 as part of the Economics of Aging speaker series. His work examines trends in pension, total wealth, and wealth inequality between 1986 and 2010, a period during which 401(k) plans largely displaced traditional defined benefit retirement plans in the private sector.
Presentation: U.S. Pensions in the 2000's: The Lost Decade
The Political Economics of Aging speaker series is a forum for academics and practitioners to share and engage in cutting edge research in social policy and the political economy of aging. The series is designed to forge interdisciplinary connections and examine how to progressively manage an aging society. The series is sponsored by SCEPA's Retirement Equity Lab, led by economists and retirement experts Teresa Ghilarducci and Tony Webb.
The event was free and open to the public.