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Archive for the ‘Retirement Security’ Category

Unions Make the Middle Class

In health reform, Low-Income Families, Public Health Policy, Retirement Security on April 17, 2011 at 10:28 pm

Without Unions, the Middle Class Withers

A study released by the Center for American Progress American Worker Project reveals the importance of unions in creating and keeping a strong middle class.

Why should anyone—especially those who are not union members—care that union membership is at record lows and likely to fall even further? Because if you care about the middle class, you need to care about unions.

Critics of unions claim they are unimportant today or even harmful to the economy, but unions are essential for building a strong middle class. And rebuilding the middle class after decades of decline and stagnation is essential for restoring our economy.

Unions make the middle class strong by ensuring workers have a strong voice in both the market and in our democracy. When unions are strong they are able to ensure that workers are paid fair wages, receive the training they need to advance to the middle class, and are considered in corporate decision-making processes. Unions also promote political participation among all Americans, and help workers secure government policies that support the middle class, such as Social Security, family leave, and the minimum wage.

[Directly excerpted from the Center for American Progress American Worker Project on April 17, 2011. Download the complete study Unions Make the Middle Class.]

Wisconsin Pension Plan Among Most Secure

In insurance industry, Public Health Policy, Retirement Security on March 23, 2011 at 4:34 pm
The protests in Wisconsin over public workers’ pay, benefits and collective bargaining rights have underscored a dilemma facing many states: the cost of public pensions and how cash-strapped governments should pay for them. But the turmoil overshadows a salient point: Wisconsin may have a budget deficit, but its pension system does not.
Studies show that Wisconsin’s state pension program is one of the most solid in the country and has enough funds to cover the promises made not only to current retirees but to those in the future.

[Directly excerpted from Stateline on March 22, 2011.]

Blueprint: Creating Jobs and Strengthening the Middle Class

In Low-Income Families, Retirement Security on February 23, 2011 at 8:07 pm

While Americans continue to look for jobs, the economy itself has been growing for six quarters. Instead of creating jobs to put millions of Americans back to work, big banks and corporations continue to amass wealth at the taxpayers’ expense. As industries that once employed vast swaths of our population continue to disappear, and as other nations continue to move full speed ahead in the race to a new green economy, advancing policies that promote and invest in green jobs here at home is more critical than ever.  The demand is clear.  In fact, a recent Pew Research Center poll shows that 84 percent of respondents cite the job crisis as their top priority, significantly outpacing worries about the budget deficit and health care costs. Americans desperately want to see real investments in job creation, and they want to see it now.

As part of Progressive States Network’s Blueprint for Economic Security 2011, we have identified three common-sense, progressive solutions to create jobs and strengthen the middle class: Green Jobs Workforce Development programs, Energy Efficient Schools and Buildings, and innovative Financing Mechanisms that leverage public and private investment in clean energy and energy efficiency. These policy solutions are part of legislation that has been proven to create and sustain jobs, made our work and living environments healthier, and spurred economic growth for our communities, including options to provide financing without delving into state budgets.

[Directly excerpted from Progressive States Network on February 23, 2011. Click to read the full report.]

Repealing Health Reform’s Maintenance of Effort Provision Could Cause Millions of Children, Parents, Seniors, and People With Disabilities to Lose Coverage

In health reform, insurance industry, Low-Income Families, Public Health Policy, Retirement Security on February 13, 2011 at 6:10 pm
A number of Republican governors have asked Congress to repeal the maintenance of effort provisions of the Affordable Care Act, which generally requires states to hold coverage steady in their Medicaid and CHIP programs until 2014. The Center on Budget and Policy Priorities released a paper that highlights the harmful effects such a repeal would have on children, working parents, and the economy.

 

[The full paper, released on February 10, 2011 from the Center on Budget and Policy Priorities, can be downloaded here.]

 

In General, Low-Income Families, Retirement Security, Tax Policy on November 21, 2008 at 3:56 pm
Cropped picture of Joseph Stiglitz, U.S. econo...

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[This letter, signed by 387 economists, including Nobel Laureates Joseph Stiglitz, Robert Solow, and George Akerlof, urges Congress to move quickly and decisively to pass an effective new economic stimulus package.]

The Honorable Henry Reid           The Honorable Nancy Pelosi
Senate Majority Leader                 Speaker of the House
Washington, DC 20510                 Washington, DC 20515

The Honorable Mitch McConnell          The Honorable John Boehner
Senate Minority Leader                        House Minority Leader
Washington, DC 20510                       Washington, DC 20515

Dear Sen. Reid, Sen. McConnell, Speaker Pelosi, and Rep. Boehner:

We, the undersigned economists, urge Congress to pass a new stimulus package as quickly as possible. The need to deal with financial turmoil has directed attention away from the “real” economy. But the latest data clearly show that the economy is entering a serious recession, initiated by the collapse of homebuilding and intensified by the paralysis of credit markets. Without a fast an effective response by government, the economy could continue to spiral downward, leading to a large increase in unemployment and a sharp decline in GDP. Read the rest of this entry »

Economic Crisis: Where to find Information – Part II

In General, Low-Income Families, Retirement Security on October 17, 2008 at 3:16 pm
Elaborate marble facade of NYSE as seen from t...

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The Center for Economic Policy (CEPR) – The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people’s lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.

Toward this end, CEPR conducts both professional research and public education. The professional research is oriented towards filling important gaps in the understanding of particular economic and social problems, or the impact of specific policies. The public education portion of CEPR’s mission is to present the findings of professional research, both by CEPR and others, in a manner that allows broad segments of the public to know exactly what is at stake in major policy debates. An informed public should be able to choose policies that lead to an improving quality of life, both for people within the United States and around the world. Read the rest of this entry »

The Economic Crisis: Where to Find Information

In General, Low-Income Families, Retirement Security on October 10, 2008 at 11:56 am

By now it is indisputable that we are headed for difficult financial times around the world for low- and medium-income families.  Alaska, of course, is tied into the world economy and we will be hard hit.  I would like to just reference a few resources that I think are very good on these issues, but resources which you may not be familiar with.

Nouriel Roubini’s Global EconoMonitor is an excellent source of very serious and detailed analysis of the emerging international economic crisis.  a word of warning–this is not easy reading, but if you are patient your efforts will be rewarded. Note also that this is a huge site, so take some time to poke around.

Democracy Now! offers a one-hour video/audio broadcast five times per week, all of which are archived on their site for playback any time on your computer or as a podcast. This program features in-depth interviews of economists, legislators, and other experts about the economic crisis (as well as many other issues of importance).  Typcially the information is offered in an easy to understand manner.  Written manuscripts usually accompany each interview.

Stateside Dispatch is a twice-weekly email newsletter with a tremendous amount of information on a variety of policy issues. Recently they have had quite a few articles about the economic situation, particularly as it affects states and families.  I advise signing up for the newsletter and checking out the archives. This is a very readable and comprehensive resource.

Your comments invited!

New Research: One-Third of Alaska's Jobs are "Bad Jobs"

In Low-Income Families, Retirement Security on May 24, 2008 at 9:08 am

The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people’s lives. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options. Toward this end, CEPR conducts both professional research and public education.

CEPR has an excellent website which is an invaluable resource for national and state-specific research. A recent study, Working Families and Economic Insecurity in the States: The Role of Job Quality and Work Supports, provides information on job quality and the economic security of working families in the states in the first half of the current decade. It also quantifies the important role that public work supports—benefits for workers such as the Earned Income Tax Credit and child care assistance—play in helping workers make ends meet.

This study found that in Alaska: Read the rest of this entry »

Retirement Security Update for Alaska Public Employees

In Retirement Security on July 16, 2007 at 8:13 pm

On the last day of the 25th Alaska Legislature Senator Kim Elton and cosponsor Senator Lesil McGuire introduced SB183, an act which would repeal the “401K savings plan” imposed on new teachers and public employees hired after June 30 2006. SB183 would restore a safe, secure Defined Benefit plan which would allow our seniors to retire with dignity.

The legislation which imposed the “401K” savings plan was sponsored by the previous Administration and promised to “stop the bleeding” of the pension plans and bring relief to employers. It did neither, and narrowly passed, requiring 3 special sessions before it passed by ONE vote. The previous Administration did not give legislators all the facts. Read the rest of this entry »

New Findings Regarding Public Employees Retirement Policies

In Retirement Security on April 28, 2007 at 5:52 pm

The following is a copy of a memorandum sent by Senator Kim Elton to the Finance Committee summarizing recent findings by Buck Consultants, retirement system analysts who work for the State. In this document, “DB” is short for “defined benefit,” the classic retirement plan which includes a pension, and is like the type of plan Alaska public employees had before SB 141 became law (the pensions are affected of new employees hired after the bill became law, and does not directly affect public employees hired before July 1, 2006).

“DC” means “direct contribution,” which is what public employees receive now in Alaska for a retirement plan. It is not a pension, but rather something like a 401k savings account–vastly inferior from the point of view of retirement security. Now we also know it is not less expensive for the state than the former traditional pension retirement plan. Read the rest of this entry »

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