2020 SCEPA

ANNUAL REPORT

1 Director’s Message

2 Who We Are

6 What We Do

7 SCEPA Projects This year, we are thrilled to celebrate our 25th anniversary. Our history began in 8 Retirement Equity Lab (ReLab) 1975, when David Gordon, whose research 16 of Climate Change dealt with discrimination and labor market segmentation, founded the Institute 20 Critical Public Finance for Labor Education and Research, an organization which would later morph into the Center for Economic Policy Analysis SCEPA Events 22 (CEPA). Gordon founded CEPA in 1995 with the support of John Eatwell, a Professor of 24 SCEPA In the Press Economics at Cambridge University, William Millberg, Dean and Professor of Economics at for Social Research, SCEPA in Social Media 32 and William Janeway, economist and businessman.

In 1996, Lance Taylor, Emeritus Professor at The New School for Social Research, became Director of CEPA after David Gordon passed away, a great loss to our community. CEPA became SCEPA when our work was fortified by Bernard Schwartz, philanthropist and progressive public policy advocate, who became a New School Trustee. Finally, in 2008, Teresa Ghilarducci, labor economist, professor, and retirement security expert, joined SCEPA as our Director. Since our inception in the 1990s, SCEPA has led the way on progressive economic IMAGES research that challenges Top David Gordon, New School conventional economic Economics Professor paradigms in academia and and CEPA founder in policy. This year and in Bottom Bernard Schwartz, New this report, we celebrate our School Trustee and entire SCEPA team, alumni, SCEPA supporter and supporters throughout the years who have made our work possible. We look forward to sharing details in next year’s report about our celebration campaign in early 2021, “25 Days of SCEPA.”

Director’s message

It’s been a difficult year for our country, millions have lost their jobs, businesses have shuttered and over 300,000 have lost their lives to Covid-19, with marginalized communities bearing the brunt of the economic and disease burden. The pandemic has only amplified the existing inequalities in our nation. At the Schwartz Center for Economic Policy Analysis, our team of engaged scholars, based at The New School for Social Research in New York City, has met the challenge over the past months1 by providing insights to policymakers, the media, and the public to improve the lives and economic health of working families. Our research and writing aims to ensure working families’ security because equitable opportunities not only fuel the economy, but also create the foundation for a just and sustainable society. As we celebrate our 25th anniversary this year, we look back on our efforts to address the economic fallout from the pandemic and how it has impacted different communities. Highlights include: • The U.S. Congress’ Joint Economic Committee featured our research on the impact of the coronavirus recession on older workers, especially Black and women older workers. • Over 100 press hits on our research from outlets including NPR, Yahoo Finance, Washington Post, CNBC, Marketwatch, Bloomberg, LA Times, and . • We issued a policy agenda for the Biden Administration on protecting older workers & strengthening retirement security, including calling on the Department of Labor to create an Older Workers Bureau. • A new partnership with the Institute for the Study of Race and Political Economy at The New School, headed by leading stratification economist Darrick Hamilton. • Critical research on how New York City’s Hudson Yards development project could once again leave taxpayers on the hook in light of the Covid-19 recession. • The World Bank commissioned a team of New School economists, led by Director of SCEPA’s Climate Change project Willi Semmler, to investigate fiscal policies that will help us move to a low-carbon economy while minimizing financial instability. • A grant from the Ford Foundation for SCEPA’s project studying economic opportunity in a digital economy led by economist and affiliated researcher John Irons. The project investigates how the expansion of digital platforms and related technologies affects markets and potentially restricts economic opportunity. I am excited to share more details on our progress below. Please check out our full list of media coverage and opinion articles at the end of this report. There is a long road to recovery ahead, but we have the opportunity to build a more equitable future together. We are grateful for the generosity of our partners and supporters and look forward to continuing to work toward this future.

Teresa Ghilarducci DIRECTOR, SCEPA Bernard L. and Irene Schwartz Chair in Economic Policy Analysis

1 We are transitioning from a fiscal year annual report to a calendar year annual report. This year’s report reflects the past 18 months as we transition to a new reporting format. WHO WE ARE

Teresa Ghilarducci Anna Low-Beer DIRECTOR MULTIMEDIA MANAGER

A labor economist, Teresa is a nationally- Anna Low-Beer holds recognized expert in retirement security a bachelor’s degree in and a professor of economics at The New political science from School. Her recent book with co-author Tony James, Rescuing and is pursuing her master’s degree Retirement, investigates the loss of pensions on older Americans in public administration at Columbia’s School and proposes a comprehensive system of reform. of International and Public Affairs. Anna worked as an assistant reading and writing teacher at CUNY Start and with the U.S. Public Interest Bridget Fisher Research Group developing digital campaigns and ASSOCIATE DIRECTOR communications strategies.

Bridget is a communications specialist and urban development researcher Anthony Webb with a background in government and AFFILIATED RESEARCHER public affairs. She served as chief of staff for a member of the New York City Council and press secretary for a member of Formerly a senior research the U.S. Congress. She received her master’s degree in public economist at Boston administration with a focus on urban economic development from College’s Center for CUNY’s Baruch College. Retirement Research, Tony also served as a senior research analyst at the International Longevity Center. He holds a doctorate in economics from Siavash Radpour the University of California, San Diego. ASSOCIATE DIRECTOR, SCEPA’S RETIREMENT EQUITY LAB John Irons Siavash Radpour earned his PhD in AFFILIATED RESEARCHER economics from the New School for AND STRATEGIC ADVISOR Social research in 2020. His research focuses on the effects of the retirement system and aging on wealth and income inequality, wellbeing, and economic growth and redistribution. Previously, he John Irons is a fellow with worked as a Research Associate for the Retirement Equity Lab. He the Center on Education and received his MA in economics and business from the University of Skills at New America. He is also a Research Affiliate Groningen in the Netherlands and Corvinus University of Budapest. and Digital Fellow at the MIT Initiative on the Digital Economy at the Sloan School of Management and a Visiting Scholar at as a Research Affiliate at the Center for Advanced Study in the Michelle Altman Behavioral Sciences. Prior to his current role, he ASSISTANT DIRECTOR was director of the Inclusive Economies and Future of Work programs at the Ford Foundation. Irons Michelle Altman holds a dual bachelor’s holds a PhD in economics from the Massachusetts degree in political science and journalism Institute of Technology. from New York University and has from a digital strategy and design background. Michelle worked as a manager at Penguin Random House producing campaigns for their nonfiction and fiction titles alike. Michelle also serves as an advisor on the communications boards of several climate change nonprofit groups.

2 SCEPA ANNUAL REPORT Research associates

SCEPA’s mission includes educating Jose Coronado Joel Garinkol tomorrow’s economic leaders. SCEPA Critical Public Schwartz Center is a home for students pursuing Finance BA, Pitzer College policy-relevant research and seeking MA, The New School to engage in public discourse on for Social Research economic issues. We are proud to provide fellowships and research Owen Davis Flávia Leite positions that serve as a springboard for Retirement Critical Public our RAs into academia and high-profile Equity Lab Finance MSc, The New School economic policy positions. BA, University of Texas

Aida Farmand Michael Retirement Papadopoulos Equity Lab Retirement BS, State University of Equity Lab New York at Albany BS, St. John’s University

New School Economics Faculty

Ying Chen Darrick Hamilton Willi Semmler Assistant Professor of Henry Cohen Professor Arnhold Professor of Economics of Economics and International Cooperation Urban Policy and Development

Paulo Dos Santos David Howell Mark Setterfield Associate Professor of Economics; Professor of Urban Policy Professor and Chair of Director of Undergraduate Studies Economics and Departmental Faculty Advisor for Economics

Duncan Foley Clara Mattei Anwar Shaikh Leo Model Professor of Assistant Professor of Professor of Economics Economics and Director of Economics Graduate Studies

Teresa Ghilarducci William Milberg Lance Taylor Irene and Bernard L Schwartz Dean of The New School Emeritus Professor of Professor of Economics and for Social Research and a Economics Policy Analysis Professor of Economics

Sanjay G. Reddy Associate Professor of Economics

economicpolicyresearch.org 3 SCEPA Fellows Michelle Holder ASSOCIATE PROFESSOR OF ECONOMICS John Jay College, City University SCEPA expanded its network of engaged scholars this of New York year by welcoming four preeminent scholars—Laura Economist Michelle Holder is an Barboas de Carvalho, Michelle Holder, Stephanie Kelton, Associate Professor of Economics and Nelson Barbosa—producing critical, progressive at John Jay College, City University of New York. Prior to public policy research. All four scholars are alumni of The joining the John Jay faculty, she worked professionally New School for Social Research and bring to SCEPA their as an economist for a decade in both the nonprofit and renowned research and experience in areas such as race, government sectors. Her research focuses on the black monetary and , and economic growth and crisis. community and women in the American labor market. Holder was cited as one of 19 black economists to watch by Fortune Magazine in June 2020, and was recently cited Nelson Barbosa as an expert on worker power by the Washington Center for Equitable Growth. Her first book, African American Men PROFESSOR OF ECONOMICS and the Labor Market during the Great Recession, was São Paulo School of Economics released from Palgrave Macmillan in 2017. & University of Brasilia Nelson Barbosa is Professor at the São Paulo School of Economics (EESP/FGV) and the University of Brasilia (UnB), Stephanie Kelton Brazil. He holds a Ph.D. in Economics from the New PROFESSOR OF ECONOMICS School for Social Research and his research interests & PUBLIC POLICY include macroeconomic policy, economic growth and development. Dr Barbosa was Deputy Finance Minister, Stephanie Kelton is an economist, Planning Minister and Finance Minister during Dilma academic, and author of The Deficit Rousseff’s administration, and Secretary of Economic Myth: and the Birth of the People’s Policy and Monitoring during Lula’s administration. He Economy. She is a professor at Stony Brook University. currently writes a weekly column on economics for Professor Kelton served as Chief Economist on the U.S. Folha de Sao Paulo, Brazil’s largest newspaper. Senate Budget Committee (Democratic staff) and an advisor to ’ 2016 presidential campaign. She is founder and editor-in-chief of the blog New Economic Laura Carvalho Perspectives and was named one of Politico’s 50 “thinkers, doers and visionaries transforming American politics in 2016.” ASSOCIATE PROFESSOR Faculty of Economics and Administration at the University of São Paulo Rick McGahey Laura Barbosa de Carvalho is McGahey, a PhD economist from an economist, associate professor at the Faculty of The New School, focuses on urban Economics and Administration at the University of and regional economic development, São Paulo. Carvalho has a master’s degree from the program evaluation, retirement policy, Federal University of Rio de Janeiro and a doctorate and workforce development. At the from the New School. Her main research area is Ford Foundation, McGahey was the Director of Impact macroeconomics of inequality, focusing on economic Assessment and a Program Officer focusing on economic development, income redistribution, and private debt. and workforce development. During President Clinton’s Her 2018 book Valsa Brasileira: Do Boom ao Caos second term, he served as Assistant Secretary for Policy, Econômico, which analyzes the growth and subsequent and later for Pension and Welfare Benefits, at the U.S. crisis of the Brazilian economy starting in 2014, became Department of Labor under Secretary Alexis Herman. one of the country’s best sellers that year.

4 SCEPA ANNUAL REPORT WHo WE are

William M. Rodgers III PROFESSOR OF PUBLIC POLICY, Rutgers University CHIEF ECONOMIST, Rutgers’ Heldrich Center for Workforce Development Rodgers examines issues in labor economics and the economics of social problems. His most recent book is The Handbook on the Economics of Discrimination. He also serves as a senior research affiliate of the National Poverty Center, University of Michigan. Previously, Rodgers served on President Obama’s Department of Labor Transition Team and as chief economist at the U.S. Department of Labor. Heather Boushey Lauren Schmitz ASSISTANT PROFESSOR OF PUBLIC AFFAIRS Former SCEPA Senior Robert M. LaFollette School Fellow Appointed to of Public Affairs President-elect Biden’s Lauren Schmitz’ research utilizes genomic and epigenomic data to examine how Council of Economic inequalities in the social environment shape disparities in health and socioeconomic attainment. In 2017, Advisors she received a K99/R00 Pathway to Independence Award from the National Institute on Aging (NIA). SCEPA congratulates former Senior Fellow Heather Her research has also been supported by the Boushey, Co-founder and CEO of the Washington Center National Science Foundation, the Social Security for Equitable Growth and New School for Social Research Administration, the Russell Sage Foundation, and the alum, who will be joining President-elect Joe Biden’s March of Dimes. She earned her Ph.D. in Economics Council of Economic Advisors in 2021. Her work focuses from the New School for Social Research and a M.S. on economic inequality, growth, and public policy. She has in Human Genetics from the University of Michigan. been called one of the “most vibrant voices in the field” by the New York Times and one of Politico’s top 50 “thinkers, doers and visionaries transforming American politics.”

Boushey has been part of the SCEPA community for Welcoming Back Darrick Hamilton years, and most recently joined SCEPA last February for an event where she discussed her latest book, We’re thrilled to welcome Hamilton “Unbound: How Inequality Constricts Our Economy and back to The New School in 2021 What We Can Do About It.” as the Henry Cohen Professor of Economics and Urban Policy and In her acceptance of President-elect Joe Biden’s founder of the university’s new nomination to his Council of Economic Advisors, Boushey Institute for the Study of Race and spoke about how she chose to pursue economics. “I was Political Economy. Hamilton is a struck by the profound power this mysterious force [the stratification economist whose work focuses on the economy] held over my life, my friends and my community, causes, consequences, and remedies of racial and and I wondered if that power couldn’t also be wielded to ethnic inequality. He is co-author of Beyond Broke: create happier conversations and fuller lives. I’ve dedicated Why Closing the Racial Wealth Gap is a Priority for my career to figuring out how we can grow and sustain National Economic Security. He previously served as the middle-class and uproot the gender barriers and racial executive director of the Kirwan Institute for the Study barriers that leave too many Americans outside the dream of Race and Ethnicity at Ohio State University. looking in,” said Boushey.

economicpolicyresearch.org 5 WHat we do

Economic Insights for a More Equitable Society

providing Empowering Creating alternatives Policy Lasting SCEPA is a source for novel insights Makers Change into today’s most pressing economic We aim to raise living standards, As a network of engaged scholars issues, including economic inequality, create economic security, and based at The New School for Social retirement security, public finance attain full employment to improve Research in New York City, we and climate change. As the economic the lives of the working class. We provide scholars, non-profits and policy center within The New School’s provide insights to policymakers, government officials with original, Department of Economics, our the media, and the public by standards-based research on key projects challenge conventional producing credible research, policy issues. We also partner economic paradigms within academia engaging multiple audiences with non-partisan advocates and and beyond. Our team of faculty through innovative communication foundations to engage the public, and research associates works from strategies and amplifying and opinion leaders, and elected officials the broad and critical perspectives partnering with a network of in the discussion of how to create of post-Keynesian, neo-classical, scholars and policy practitioners. a more stable, equitable, and classical, and institutionalist schools prosperous economy for all. of thought.

6 SCEPA ANNUAL REPORT scepa projects Retirement Equity Lab

This project is home to SCEPA’s comprehensive project investigating the political economy of aging populations. Led by Teresa Ghilarducci, the ReLab research team documents inadequate savings, eroding pension institutions, and decreasing access to and participation in effective retirement savings vehicles at work. ReLab also proposes necessary reform measures to prevent the oncoming crisis of downward mobility in retirement.

Economics of Climate Change

Critics of policies that would mitigate climate change often cite negative effects on the economy to forestall change. But are they right? SCEPA economist Willi Semmler investigates effective climate change policy in light of fragile domestic and global economies and the possibilities for renewable energy.

Critical Public Finance

From subways to schools and parks, allocating public finances is one of government’s most crucial functions. But are our resources going where we need them to go? Who and what are the forces behind the allocation of taxpayer dollars? Led by SCEPA Associate Director Bridget Fisher, the Critical Public Finance team investigates how the increasing financialization of municipal finance affects local government’s ability to be transparent and accountable to taxpayers as well as its effects on increasing urban inequality.

IMAGE New School student Tracey Freiberg speaking at SCEPA’s event “Unbound” in February 2020.

economicpolicyresearch.org 7 Retirement Equity Lab SCEPA’s Retirement Equity Lab (ReLab), led by economist and retirement expert Teresa Ghilarducci, researches the causes and consequences of the retirement crisis that exposes millions of American workers experiencing downward mobility in retirement. As a result, SCEPA has developed a policy proposal known as Guaranteed Retirement Accounts (GRAs) to provide stable pensions to the 63 million workers who currently have none. Additionally, amidst the outbreak of Covid-19 and the ensuing public health and economic crises, ReLab proposed a ten-point policy agenda to help older workers, including but not limited to an Older Workers Bureau.

Michael Retirement Owen Davis Aida Farmand Papadopoulos Siavash Radpour Anthony Webb (Above) SCEPA Director Teresa Ghilarducci Equity Lab Retirement Equity Lab Team

economicpolicyresearch.org 9 Retirement Equity Lab

Support Research

SCEPA’s Retirement Equity Lab ReLab’s strategic research, produced under academic standards, is is grateful for the support of designed to encourage action, policy change, and coalition work that Bernard L. Schwartz. tackles retirement inequalities resulting from the United States’ failed retirement system. Our research papers for the last 18 months include:

Date Title/Publication Authors

Date Title/Publication Authors Aug 2019 20+ Years of Older Workers’ Declining Bargaining Power, SCEPA Status of Older Workers Report ReLab Team Fall 2019 America in (Retirement) Crisis: What Does the Future Hold for Our Nation’s Older Workers? Teresa Ghilarducci and Siavash published in Generations: Journal of the American Society on Aging Radpour Fall 2019 Changing Our Frameworks Can Help Parse Racial Disparities in Stress-Related Morbidity, Kyle K. Moore published in Generations: Journal of the American Society on Aging Fall 2019 Older Worker Exploitation: Magnitude, Causes, and Solutions, published in Generations: Journal of Teresa Ghilarducci and Siavash the American Society on Aging Radpour Fall 2019 The Time Is Now to Focus on Older Workers: Trends in Employment and Wages, published in Michael Papadopoulos Generations: Journal of the American Society on Aging Fall 2019 Bargaining Power Is Falling for America’s Older Workers, published in Generations: Journal of the Teresa Ghilarducci American Society on Aging Nov 2019 Older Workers Will Be More Vulnerable In the Next Recession, SCEPA Status of Older Workers Report ReLab Team Jan 2020 Retirement Plan Wealth Inequality: Measurement and Trends, Working Paper Teresa Ghilarducci, Siavash Radpour, and Anthony Webb Jan 2020 Social Security Reduces Inequality in Retirement Wealth, SCEPA Policy Note Teresa Ghilarducci, Siavash Radpour, and Anthony Webb Feb 2020 Reservation Wages and Alternative Work, Evidence From The American Life Panel, SCEPA Michael Papadopoulos Working Paper Feb 2020 Older Workers Know They Face An Unfriendly Labor Market, SCEPA Status of Older Workers ReLab Team Research Report Mar 2020 The New Inequality: The Distribution of Retirement and Older Working Time in OECD Countries, Teresa Ghilarducci published by the Upjohn Institute’s “The Political Economy of Inequality: U.S. and Global Dimensions” Mar 2020 Expanding Social Security Benefits All Workers, SCEPA Policy Note Siavash Radpour, Teresa Ghilarducci and Anthony Webb Mar 2020 Retirement Plan Wealth Inequality: Measurement and Trends published online by Cambridge Teresa Ghilarducci, Siavash Radpour University Press and Anthony Webb May 2020 Older Workers on the Covid-19-Frontlines without Paid Sick Leave published in the Journal of Aging Teresa Ghilarducci and Aida Farmand & Social Policy May 2020 Recession Increases Downward Mobility in Retirement: Middle Earners Hit From Both Sides, Michael Papadopoulos, Bridget Fisher, SCEPA Status of Older Workers Research Report Teresa Ghilarducci, and Siavash Radpour May 2020 Chartbook: Retirement Insecurity and Falling Bargaining Power Among Older Workers, SCEPA Owen Davis, Siavash Radpour, and Research Brief Teresa Ghilarducci July 2020 The Illusory Benefit of Working Longer on Financial Preparedness for Retirement, SCEPA Teresa Ghilarducci, Michael Working Paper Papadopoulos, and Anthony Webb July 2020 Older Women and Older Black Workers are Overrepresented In High-Risk Jobs, SCEPA Policy Note Aida Farmand, Teresa Ghilarducci, Siavash Radpour and Bridget Fisher Aug 2020 Retirement Plan Access and Participation by Industry, Firm, and Worker Characteristics, SCEPA Michael Papadopoulos and Teresa Research Note Ghilarducci Aug 2020 Over Half of Unemployed Older Workers at Risk of Involuntary Retirement, SCEPA Status of Older Michael Papadopoulos, Bridget Fisher, Workers Research Report Teresa Ghilarducci, and Siavash Radpour Aug 2020 Older Workers Face New Risks because of the Covid-19 Recession, published by the Federal Siavash Radpour, Aida Farmand, and Reserve Bank of Atlanta Teresa Ghilarducci Oct 2020 A First in Nearly 50 Years, Older Workers Face Higher Than Mid-Career Workers, Owen Davis, Bridget Fisher, Teresa SCEPA Status of Older Workers Research Report Ghilarducci, and Siavash Radpour Nov 2020 A Policy Agenda for the Biden Administration: Protecting Older Workers & Strengthening ReLab Team Retirement Security, SCEPA Policy Brief

10 SCEPA ANNUAL REPORT Progress Congress’ Joint Economic Committee Highlights ReLab’s Research On August 14th, the anniversary of the Social Security Research in Action Act of 1935, the Joint Economic Committee (JEC) of U.S. Congress released two reports on the weakening Our policy research is a tool for change. of the American retirement system, both featuring Below is a list of how ReLab’s research is research from SCEPA on the failure of our current making an impact on the ground as well as retirement system and how this affects the future of in the halls of statehouses and Congress. retirement after Covid.

Atlanta Fed In August, The Federal Reserve Bank of Atlanta published a paper authored by ReLab’s Siavash Radpour, Aida Farmand, and Teresa Ghilarducci. The paper analyzes the unique health, industry, and retirement risks older workers have been facing due to the Covid recession. The paper has been cited in government and research reports.

Ten-Point Policy Plan For Incoming Administration on Older Workers ReLab issued a ten-point policy agenda to address older workers’ short-term needs after the Covid recession and provide comprehensive reform for the upcoming retirement crisis. The agenda was submitted to the incoming Biden Administration’s transition team.

economicpolicyresearch.org 11 Retirement Equity Lab

ReLab’s Older Workers Older Workers and the Pandemic ReLab’s quarterly report on the status of at a Glance Reports older workers in the labor market takes Becomes a Go-To readers beyond headline unemployment rates by providing a broader view of labor for Breaking News market conditions for older workers. This year, ReLab’s data was often the first to and Research on measure the pandemic’s effects on older workers’ savings and employment, including Older Workers in the downward mobility, involuntary retirement Covid Economy and recovery times. The report routinely makes news for its economic analysis, but in 2020, 49 media articles covered the reports including The New York Times, NPR, and .

12 SCEPA ANNUAL REPORT Retirement Equity Lab

Quarterly Report on the Status of Older Workers

1. R ecession Increases 2. O ver Half of Unemployed 3. A First in Nearly 50 Years, Downward Mobility in Older Workers at Risk of Older Workers Face Retirement: Middle Earners Involuntary Retirement Higher Unemployment Hit From Both Sides Than Mid-Career Workers August 5, 2020 May 17, 2020 The second report in our series October 20, 2020 ReLab’s report after the Covid after the Covid crisis hit found ReLab’s third report discovered crisis hit included the first model that 2.9 million older workers were that, for the first time in 50 to project the effect the pandemic out of the labor force in the first years, unemployment rates for recession would have on older four months of the recession and workers 55 and older exceeded workers’ retirement wealth. It an additional 1.1 million were at those of mid-career workers— garnered close to ten press hits risk of the same fate in the next such an employment gap has including a CNBC exclusive report, three months, especially older not persisted for six months or as well as articles in Bloomberg, workers of color and older women. longer since the early 70s. The Forbes, Marketwatch and more. It continues to be cited in press data remains in the news and so The report found the recession hits, and currently has appeared far has appeared in 13 articles would increase older workers’ in 27 articles including The New including The Associated Press, downward mobility at all earnings York Times, PBS’ Newshour, CBS, ABC, The Hill, WNYC (an NPR levels forcing an additional 3.1 The LA Times, Boston Globe, affiliate) and more. million older workers to fall into Marketplace and more. lifelong poverty in retirement.

economicpolicyresearch.org 13 Retirement Equity Lab

Quarterly Report on the Status of Older Workers

Mark Miller wrote a piece in The New York Times using early data from our model. Mark also hosts the Retirement Revised podcast and invited Teresa Ghilarducci to join to share more about the research, touching audiences across three mediums: digital news, social media, and digital radio.

Beth Finkel, AARP New York’s State Director, tweeted both of The New York Times pieces on ReLab’s involuntary retirement research, sharing our research with AARP’s extensive advocacy networks working to improve conditions for older workers.

Reuters Business invited ReLab Director Teresa Ghilarducci to share ReLab’s data on their webinar, “The Great Retirement Reboot.”

14 SCEPA ANNUAL REPORT Retirement Equity Lab

relab events

Older Workers & Covid-19: The Harsh Economic Realities May 28, 2020 SCEPA’s Retirement Equity Lab (ReLab) partnered with the Economic Policy Institute (EPI) to host a webinar on how Covid-19 and the recession has been particularly devastating for older workers. The event focused on worker’s dwindling bargaining power, access to healthcare and paid sick leave, wealth and income disparities by race and by age, as well as policy.

IMAGE The panel of speakers at the event included (clockwise in the photo), Monique Morrissey (Economist, EPI), Kilolo Kijakazi (Institute Fellow, The Urban Institute), Richard Johnson (Senior Fellow, The Urban Institute), and Teresa Ghilarducci (ReLab Director).

economicpolicyresearch.org 15 Economics of Support SCEPA’s Economics of Climate Change project Climate Change continues to be grateful for the support of the Fritz Thyssen Foundation.

Research

FPo 1. Green Finance: The Macro Perspective Vierteljahrshefte zur Wirtschaftsforschung (Quarterlies on Economic Research) 2019

2. Climate Disaster Risks – Empirics and a Multi-Phase Dynamic Model IMF Policy Research Working Paper 7/2019

3. Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds World Bank Policy Research Working Paper 8/2019

4. Great Green Transition and Finance Intereconomics: Review of European Economic Policy 5/2020

5. The Corona Crisis Must Not Be Paid Led by SCEPA economist Willi Semmler, the By Fueling the Climate Crisis Makronom Economics of Climate Change project seeks 5/2020

to determine the consequences of climate 6. De-risking of Green Investments change policy proposals on domestic and through a Green Bond Market IIASA Working Paper global economies and the possibilities for 8/2020 renewable energy. 7. Assessing Carbon Capture: Public Policy, Science, and Societal Need (Above) Willi Semmler Michelle Altman Bridget Fisher Anna Low-Beer Biophysical Economics and Sustainability 10/2020

Economics of 8. The State of the Business Cycle Climate Change Financial Fragility and the Multiplier Team Review of Keynesian Studies 11/2020

16 SCEPA ANNUAL REPORT IMAGE New School economics PhD Student Srishti Yadav.

I would say what we are doing“ now fits” the spirit of the time. All of these organizations are opening up, and they need new ideas, new people, new paradigms. Now a new generation of students can step in.

–Willi Semmler, New School for Social Research blog, “Willi Semmler: Modeling Sustainable Economies.” economicpolicyresearch.org 17 Economics of Climate Change

Progress

World Bank Commissioned Report on Fiscal Policies for a Low-Carbon Economy The World Bank commissioned a team of New School economists to investigate fiscal policies that will help us move from a high-carbon economy to a low-carbon economy while minimizing financial instability. The team is led by Professor Willi Semmler, Director of SCEPA’s Climate Change project, along with alumni and students of the New School for Social Research Economics Department. The economists are focused on determining the best combination of carbon taxation and green bonds that will enable a smooth transition to low- carbon growth. The finished report will present a global overview on the current state of climate policies, including countries’ experiences in implementing carbon taxation and green bonds. It will also examine how these policies are discussed in macroeconomic models, and to what extent these models can be used to guide climate policy decisions. Finally, the report will present empirical evidence on the performance of green bonds and discuss a proper mix of carbon taxation and green bond issuance.

SCEPA’s Climate Research Featured in Influential German Newspaper Germany’s Die Zeit, one of Germany’s most influential newspapers, featured the work of Economist Willi Semmler, director of SCEPA’s Economics of Climate Change project, on climate policy and strategy. The extensive report, titled “Climate Economics,” profiled Semmler’s major contributions to climate change research in a two-part series of articles, titled “Economics and Climate Policy” and “Saving The Climate With Economic Policy.” The articles, co- authored by Thomas Fischermann, Editor at Die Zeit, and João Paulo Braga, a PhD student in economics at The New School for Social Research, highlight the need to move forward with climate change policies proven to be effective in practice and over time.

IMAGE © Guerito 2005

18 SCEPA ANNUAL REPORT Economics of Climate Change

events

Economics of Climate Change Seminar Series

Climate Disasters & the Green New Deal September 2019 The increasing frequency and severity of climate disasters around the globe is a great challenge for society, academics, and policy makers. To mitigate climate change, members of Congress have proposed a Green New Deal—a host of economic policies aimed at tackling climate change from the creation of sustainable jobs to pollution reduction. SCEPA was excited to welcome the following experts to discuss climate change, climate disasters and the Green New Deal in the U.S. and Europe:

• Stephanie Kelton, Economics Professor, Stony Brook University

• Claudia Kemfert, Economics Professor, German Institute of Economic Research

• Bob Kopp, Science Professor; Director, Institute of Earth, Ocean & Atmospheric Sciences Director, Rutgers University

• Stefan Mittnik, Economics Professor and Chair of Financial Econometrics, Ludwig Maximilian University of Munich

IMAGES

Left Stony Brook University Economics Professor Stephanie Kelton

Top right (from left to right) Event speakers Stephanie Kelton, Claudia Kemfert, Bob Kopp, and Stefan Mittnik.

Bottom An audience member asks the panel a question.

economicpolicyresearch.org 19 Research

Critical Public 1. How Risk Undermines TIF’s Self-Financing Premise SCEPA’s Associate Director Bridget Finance Fisher and RA Flávia Leite co-authored a working paper investigating how TIF’s self-financing label can be misused to elicit taxpayer support for projects while shifting risks and costs onto taxpayers.

2. Land Value Creation, Capture, and Destruction: Hudson Yards and its Discontents Co-authored by SCEPA’s Fisher and Liete with Rachel Weber, Professor of Urban Planning and Policy at the University of Illinois at Chicago, the research proposes a heuristic on the outcomes of land value capture (LVC) practices, analyzing a case study of the Hudson Yards project to look at how municipalities’ LVC efforts create, capture, and destroy public and private value.

Led by SCEPA Associate Director Bridget Fisher, the Critical Public Finance team New School investigates how the increasing financialization researcher Bridget of municipal finance affects local government’s “ ” Fisher, who has ability to be transparent and accountable to taxpayers as well as its effects on increasing long tracked the urban inequality. bouncing ball of Hudson Yards

(Above) SCEPA Associate Director Bridget Fisher Jose Coronado Flávia Leite Rick McGahey subsidies, is more worried: “It’s likely Critical Public Finance Team that this will be the second time that the city is called on to bail out Hudson Yards because of a lack of revenue.”

–Gothamist, Sept. 16, 2020

20 SCEPA ANNUAL REPORT impact Urban Matters: “Hudson Yards: Another Crisis, Another Bill?” By Bridget Fisher and Flávia Leite Gothamist: “Pandemic Economy Could Turn A Deserted Hudson Yards Into An Even Bigger Taxpayer Money Pit” by Neil deMause Septemeber 16, 2020

SCEPA Research States That Re-Opened Early are “Trending Poorly” Early in the pandemic, SCEPA Senior Fellow Bill Rodgers authored a SCEPA policy note which found that states leaning or solidly Republican re-opened their economy sooner than Democratic states, and their testing and infection data trended poorly.

economicpolicyresearch.org 21 scepa events

UNBOUND: How Inequality Constricts Our Economy A Book Event With Heather Boushey February 19, 2020 SCEPA welcomed economist and New School PhD Heather Boushey for a discussion on how inequality undermines economic growth—the topic of her latest book, Unbound: How Inequality Constricts Our Economy and What We Can Do About It.

Boushey discussed her book, Unbound. Based on Dr. Boushey’s research with the help of her team at The Washington Center For Equitable Growth, she showed three main ways inequality constricts our economy: by obstructing ideas and access to the economy; manipulating government institutions regulating the market; and distorting sources of economic consumption so much so that it decreases investment in relevant products.

The event was moderated by New School economist David Howell. Boushey’s remarks were followed by a panel discussion featuring two New School economics students, Tracey Freiberg and Remzi Tercioglu, who responded to Heather’s presentation.

IMAGES

Top Two New School economics students, Remzi Tercioglu and Tracey Freiberg, join Heather in a panel discussion.

Bottom Heather Boushey

22 SCEPA ANNUAL REPORT American Economics Association Economics Department SCEPA Economists at the AEA Annual Meeting Seminar Series January 3-5, 2020 Located within The New School’s Department of Economics, SCEPA Each year the American Economics Association hosts a meeting in early supports the department’s annual seminar January for the economics profession. In 2020, SCEPA economists series, which features over a dozen joined with their New School colleagues and other economics experts to lectures, paper and book presentations host or speak on seven panels, presenting significant research findings from prominent economists both in the with the potential to impact public policy. United States and abroad. Most of the Teresa Ghilarducci gave the keynote address on the opening day of the events were conducted virtually this year, weekend, with a presentation entitled, “Grey New Deal: The General but a highlight from the 2020 event series Theory of Employment, Retirement, and Money.” was a November 2020 online presentation by Robert Pollin, a New School for The following day, “The Status of Older Workers and the Older Worker Social Research economics alum, and a Labor Market” session was presided over by SCEPA Associate Research professor of economics at The University Director Anthony Webb, who also served as a discussant alongside of Massachusetts at Amherst. Pollin SCEPA’s Siavash Radpour. Aida Farmand, Research Associate at discussed his paper on “An Industrial SCEPA, and Teresa Ghilarducci co-presented “Why American Older Policy Framework to Advance a Global Workers Have Lost Bargaining Power” at the session attended by a Green New Deal.” crowd of renowned economists. Director Teresa Ghilarducci presided over another session that day entitled, “The Growth of Alternative Work Arrangements: Measurements and Implications” where SCEPA Research Associate Michael Papadopoulos presented his paper, “Reservation Wages and Nontraditional Work.”

Dean of The New School for Social Research William Milberg gave his lecture on “The Return of “‘Capitalism’ and the Limits of Economics” at a session entitled, “What Can Economists Do Better?: A Look at the Profession.” SCEPA Senior Fellow Darrick Hamilton co-presented at the “Race, Gender, and Economic Security in the 21st Century: Entrepreneurship, Employment, and Retirement” session. Chair of the Economics Department at the New School and Senior Fellow Mark Setterfield co-presented “How Financially Fragile Can Households Become?“ at the “Seeing Red: Household Awashed in Debt” session.

IMAGE Teresa Ghilarducci gives the keynote address at the opening evening of the AEA’s annual meeting.

economicpolicyresearch.org 23 Challenges to Overcoming Inequality in Brazil December 3, 2019 SCEPA welcomed Nelson Barbosa, Former Minister of Finance of Brazil, for a conversation on the recent economic and political changes in Brazil and how they can affect income distribution and poverty indicators. The conversation came amid a worsening of Brazil’s poverty indicators after many years of decreasing income inequality and poverty levels. Professor Barbosa was joined by Marcelo Medeiros, Visiting Professor at Princeton University, whose research focuses on social inequalities.

IMAGES

Top Event speaker Marcelo Medeiros

Bottom Event speaker Nelson Barbosa

24 SCEPA ANNUAL REPORT scepa events

The Stakes: 2020 & the Survival of American Democracy October 21, 2019 SCEPA hosted Brandeis Professor, writer, and American Prospect cofounder Robert Kuttner for a discussion of his latest book, The Stakes: 2020 & the Survival of American Democracy. His book discusses how Democrats can best govern as economic progressives after the election. Kuttner was joined by Columbia University political scientist Ira Katznelson and New School for Social Research MA student Ramona Moorhead for a panel discussion on this pivotal moment in history for American democracy.

IMAGES

Top (from left to right) Event speakers Ramona Moorhead, Robert Kuttner, and Ira Katznelson

Bottom (from left to right) Event speakers Suresh Naidu and Elaine Tontoh

Terms of Service: Monopsony in Labor Markets from American Slavery to Amazon Mechanical Turk September 25, 2019 SCEPA welcomed Suresh Naidu, Professor of Economics and Public and International Affairs at Columbia University, for our annual Schwartz Lecture in September of 2019. Naidu discussed his research on monopsony. He put forth that the true problem for the future of work is not robots diminishing jobs, but a full employment dystopia: increasingly service sector employment, organized and distributed online through algorithms. New School economics PhD student and Fordham Professor Elaine Tontoh, whose research focuses on gender, parenthood, educational choice, and labor, responded to Professor Naidu’s lecture and participated in a panel discussion.

economicpolicyresearch.org 25 This pandemic has this double“ relationship ” to inequality, right? It’s aggravated by it and it also exacerbates it. And so it leaves us in a situation in which we’re SCEPA Responds even more vulnerable This year, SCEPA began an ongoing video series entitled “SCEPA Responds,” providing expert economic analysis to another shock and to to unfolding or current news, which became invaluable as another pandemic, or the global coronavirus public health and economic crises unfolded. Videos focused on topics such as race, monetary to even other types of and fiscal policy, and economic growth and crisis. shocks that may hit us.” The prominent academics featured addressed unemployment and potential recovery solutions to the –Laura Carvalho, SCEPA Senior pandemic recession. They also challenged conventional Fellow and Associate Professor at the economic doctrines by arguing systems preceding the University of São Paulo recession created conditions for an economic crisis that exacerbated existing systemic inequities.

26 SCEPA ANNUAL REPORT scepa events

Covid-19 Policy Forum On the heels of the global public health and economic crises, SCEPA was among the first to host and develop a compendium of thoughts and policy recommendations from progressive economists in response to the coronavirus. The forum for faculty and students in The New School for Social Research’s Economics Department was updated daily with their ideas on reformist policies and considerations in response to the economic impacts of the coronavirus. Many citizens, members of the press, and policy makers consulted the text for ideas and inspiration.

economicpolicyresearch.org 27 scepa in the press

Date Article News Outlet

12/28/20 How the Biden administration could give a boost to older workers Marketwatch

12/22/20 Saving at Work for Retirement: A Perk Coming to More States in 2021 New York Times

12/22/20 Tampa Bay’s older workers among those struggling to stay afloat, save for retirement Tampa Bay Times

12/9/20 Lessons From the Resilience of Older Adults in 2020 Next Avenue

12/8/20 Mentor Your Employees for Retirement Nasdaq

12/8/20 Pandemic May Spur Retirements Among Not-So-Old New Yorkers CIty Limits

12/8/20 Securing Retirement in the Coronavirus Era The Atlantic: ReThink

12/3/20 Covid Shrinks the Labor Market, Pushing Out Women and Baby Boomers Wall Street Journal

12/1/20 You can’t really retire with a 401(k) alone Marketplace

11/30/20 Growing Number of Americans Are Facing Early Retirement Yahoo News

11/30/20 Biden to nominate Yellen, highlight diversity on econ team NBC/AP

11/25/20 Covid deepens urban income and racial inequalities — leading macroeconomic Pharamceutical influencers Technologies

11/19/20 Nearly 30 Million Baby Boomers Forced Into Unwanted Retirement Forbes

11/19/20 For Older Workers Pandemic Unemployment Could Be Career Ending PBS NewsHour

11/17/20 Older Americans Are Facing Massive Unemployment During COVID-19 Pandemic WYNC

11/17/20 Older Americans Are Facing Massive Unemployment During COVID-19 Pandemic WYNC's Podcast 2020-11-17 The Takeaway

11/17/20 How Biden Could Help Save Retirement ThinkAdvisor

11/12/20 As bank account yields fall, deposits are on the rise Marketplace

11/11/20 Older workers hit hardest by pandemic-related unemployment Benefits Pro

11/2/20 What It Takes to Make Yourself 'Forever Employable' Marketplace

10/28/20 What It Takes to Make Yourself 'Forever Employable' Next Avenue

10/27/20 IRS won't increase employee 401(k) contribution limits for 2021 HR Drive

10/23/20 How Covid is creating an age based unemployment gap in US Pharmacy Technology

10/22/20 Opinion: Are employers using the pandemic as cover to shed older workers? Marketwatch

10/21/20 Older workers face higher unemployment Weirton Daily Times

10/20/20 Older workers face higher unemployment amid virus pandemic Associated Press

10/20/20 Older workers face higher unemployment amid virus pandemic ABC

*Lists include 18-month period of July 2019–December2020 as we transition from a fiscal year reporting.

28 SCEPA ANNUAL REPORT News Outlet Date Article News Outlet

10/20/20 Recession Eliminated First Hired, Last Fired For First Time In Decades Forbes

10/20/20 Older workers face higher unemployment amid virus pandemic Daily Journal Online

10/20/20 Older workers face higher unemployment than younger for first time in 50 years: study The Hill

10/9/20 3 in 5 older workers could retire in poverty due to pandemic Yahoo Money

10/8/20 Longevity Bound to Make Work a Requisite for Retirees Plansponsor

10/5/20 The Older Americans Getting Left Behind in The Longevity Economy Next Avenue

10/5/20 The pandemic is pushing some older workers into retirement early Marketplace

10/2/20 Opinion: Half of Americans over 55 may retire poor Marketwatch

10/1/20 America is a slightly better place to retire — but there’s plenty of room for improvement Marketwatch

9/21/20 Bloomberg Opinion Radio: Weekend Edition for 9-18-20 (Podcast) Bloomberg Podcast

9/19/20 How older workers can prepare for job loss Minneapolis Star Tribune

9/16/20 Pandemic Economy Could Turn A Deserted Hudson Yards Into An Even Bigger Gothamist Taxpayer Money Pit

9/16/20 CNN Pickup: The Retirement Crisis Is Now. How We Can Fix It Real Clear Markets

9/15/20 America's retirement savings crisis is now. Here's how to fix it CNN

9/11/20 Millions of U.S. parents may have to quit their jobs to help their kids with remote learning CBS Money Watch

9/2/20 COVID-19 economy pushing workers into early, involuntary retirement Benefits Pro

8/28/20 When Retirement Comes Too Early New York Times

8/26/20 The looming economic crisis for America’s seniors Boston Globe

8/24/20 Goldstone Financial Group Believes COVID-19 Could Be the Perfect Time for a Risk Tricity Daily.com Assessment

8/20/20 Millions of unemployed older workers are struggling to keep their health coverage USC's Center for Health Journalism

8/18/20 Coronavirus brings a wave of early retirements Axios

8/17/20 Covid could lead many older workers into early retirement — not necessarily by choice Biz Journals

8/15/20 Gig work isn't just for millennials — a retirement expert says it can provide the Business Insider flexibility and cash older Americans need

8/14/20 11 tips for finding a job when you’re over 50, from an ‘ageism’ expert LA Times

8/13/20 Women and people of color more likely to be forced into early retirement by CBS coronavirus

8/13/20 How to Help Older Workers at Risk of Forced Retirement 401k Specialist

economicpolicyresearch.org 29 Date Article News Outlet

8/12/20 Trump Is Driving Millions Of American Seniors Into Poverty DC Report

8/12/20 Trump’s latest Social Security con Washington Post

8/11/20 Nicklaus: Retiring later, or sooner, and maybe with less? COVID-19 is disrupting St. Louis Dispatch well-laid plans

8/10/20 2020 Election: What Biden’s Democratic Platform Proposes for People 50+ Next Avenue

8/6/20 Unemployed Older Workers May Not Be Able to Find New Jobs Plan Sponsor

8/5/20 Retirement Likely To Be Forced On More Boomers With Covid-19 Surge, Says Forbes Think Tank

8/5/20 4 million older workers will be pushed out of the workforce by October Marketwatch

7/31/20 Older Women, Older Black Workers Overrepresented in High-Risk Jobs American Society on Aging

7/7/20 The Covid Recession Offers a Chance to Save Money: Pickup The National

7/6/20 The Covid Recession Offers a Chance to Save Money Bloomberg Op-Ed

7/6/20 The Covid Recession Offers a Chance to Save Money: Pickup Yahoo Finance

7/2/20 Balance of Power' Full Show (07/02/2020) Bloomberg TV

6/26/20 A Pandemic Problem for Older Workers: Will They Have to Retire Sooner? New York Times

6/12/20 Opinion: Coronavirus put seniors in the crosshairs — how can we help them? Marketwatch

6/9/20 It’s official: We’re in a recession Marketplace

6/2/20 The coronavirus could bring systemic changes to our health care system and Marketwatch retirement safety net — but don’t expect it anytime soon

5/24/20 Pandemic to Force Millions of Retirees into Poverty: Report 401K Syndicate

5/22/20 Email Newsletter titled, "From Our Friends at the Alliance for Retired Americans" Alliance for Retired Americans

5/20/20 Rebuilding Retirement After the Pandemic The New Republic

5/20/20 This is how much you need for retirement — and how COVID-19 will change that Marketwatch

5/20/20 Early Retirement Is Tempting Now. Don’t Do It. Bloomberg

5/19/20 COVID-19 Recession Projected To Cost Jobs For 22% Middle Income Older Forbes Workers, 15% Higher Income

5/19/20 "The New 9-5" Episode of their Podcast "Opinion Has It" Project Syndicate

5/19/20 The Pandemic Paradox For Older Workers Forbes

5/16/20 For millions of Americans, the coronavirus pandemic will make retiring harder CNBC

5/4/20 Millions of baby boomers are getting caught in the country’s broken retirement system Washington Post

5/2/20 Balancing Public Safety And Reopening Economies NPR'S All Things Considered

30 SCEPA ANNUAL REPORT scepa in the press

News Outlet Date Article News Outlet

5/1/20 Older Workers Are Underrepresented In “Safe” Jobs in the COVID-19 Recession American Society on Aging

4/30/20 Sinking feeling I clung to the middle class as I aged. The pandemic pulled me under. Washington Post

4/14/20 Why You Should Keep Saving for Retirement During a Recession Yahoo Finance

4/1/20 Some companies are cutting retirement contributions in the COVID-19 cash crunch NPR's Marketplace

3/27/20 Teresa Ghilarducci on Social Security Fixes to Protect the Poorest Bloomberg Businessweek

3/27/20 Will the US Pandemic Response Strengthen Workers? Project Syndicate

3/27/20 Opinion: The response to coronavirus isn’t complete until workers’ lives and Marketwatch livelihoods are protected

3/27/20 Workers Watching 401(k)s Tumble See Employers Squeeze Them Too Bloomberg Law

3/27/20 These Companies Are Hiring During Coronavirus Shutdowns AARP

3/23/20 Five steps to save small business during the pandemic Crain's New York

3/20/20 Your Money: Now is not the time to stop saving for retirement Wisconsin

3/19/20 Your Money: Now is not the time to stop saving for retirement Reuters

3/17/20 Studies: Older workers’ wages are declining Multibriefs

3/16/20 Coronavirus to inflict $3.2 billion tax revenue loss on New York City, says Comptroller NY Daily News Scott Stringer, urging spending cut

2/20/20 Why more older workers are finding themselves unemployed as retirement approaches PBS News Hour

2/10/20 Older Workers Fear ‘Unfriendly’ Job Market 401K Specialist

2/7/20 U.S. economy adds 225K jobs in January, stronger than expected Yahoo Finance

1/7/20 Social Security benefits narrow the wealth gap. But it’s not enough to keep low- CNBC wage earners out of poverty in retirement

1/2/20 Column: 1,200 Americans have finished paying their 2020 Social Security tax. LA Times You’ll be paying all year

12/14/19 "The Decade in Retirement: Wealthy Americans Moved Further Ahead" New York Times

12/10/19 "Failing Retirement" WealthTrack with Consuelo Mack

10/15/19 "Senior Citizens as 'Silver Surfers' & Other Fantasies about Working Longer" Public Seminar

10/11/19 "Here Are the Countries with the Most U.S. Retirees Collecting Social Security" Barron's

9/23/19 "Mayor de Blasio pushes automatic retirement accounts for NYC workers" NY Daily News

9/7/19 "Listening to these podcasts might help you to save for retirement" MarketWatch

9/7/19 "This podcast exposes what Americans get wrong about retirement saving — and MarketWatch what they can do to make it right"

7/25/19 "Mandatory workplace saving: Teresa Ghilarducci makes the case" Retirementrevised.com

economicpolicyresearch.org 31 SCEPA’s Column and Opinion Pieces

Date Forbes Column by Teresa Ghilarducci

12/31/2020 Raise The Social Security Cap - Now The Rich Pay Through New Year Day’s Brunch! 12/28/2020 6 States With Automatic I.R.A.S May Fall Short 12/21/2020 Surveys Show 60% Of Boomers Want To Delay Retirement Because Of Covid-19: Can They? 12/9/2020 Older Workers Hold Nearly 1 In 4 Jobs. Why Don’t We Have An Older Workers Bureau? 12/4/2020 Covid-19 Infects Financial Stability, But Chronic Low Wages Are The Culprit 10/30/2020 Why The Retirement System Is Like The Cereal Aisle 10/27/2020 New Legislation Hopes To Improve Retirement Security 10/26/2020 Older Workers Need To Stand Up As Covid-19 Knocks Them Down 10/16/2020 Raphael Bostic Could Be the New Secretary of the Treasury 10/2/2020 Stubborn And Worrying Job Loss In October: School Employment Down 7% 9/25/2020 How Lower-For-Longer Interest Rates Complicate Saving For Retirement 9/24/2020 What 2020 Candidates Should Know About Older Voters 9/16/2020 When Loyalty No Longer Pays, What’s An Older Worker To Do? 9/14/2020 The Incredible Rise Of The Top One Percent Will Soar Post Covid-19 9/10/2020 Surprise! Expanding Social Security And Medicare Can Help Older Workers 8/31/2020 Most Americans Don’t Have A Real Stake In The Stock Market 8/24/2020 At The Republican National Convention, All Eyes Will Be On Trump’s Economic Record 8/14/2020 How Democrats And Republicans Would Tackle The Enduring Retirement Security Crisis 8/14/2020 Employers Can’t Provide Retirement Plans. Let’s Stop Pretending They Can 8/5/2020 The Covid-19 Recession Is Forcing A Wave Of Early Retirements — Time To Boost Social Security 6/30/2020 How To Reopen An Economy During A Pandemic 6/28/2020 Why Essential Workers Deserve Covid-19 Hazard Pay 6/26/2020 Credit Card Debt And False Hope In Covid-19 Recession 6/13/2020 Early Withdrawal Plagues Retirement Dreams 6/9/2020 Don’t Extend Unemployment Benefits Without Raising Pay 5/30/2020 Trump’s OSHA Endangers Workers And The Economic Recovery 5/29/2020 Financial Fragility In The Covid-19 Recession Worse On Older Workers 5/26/2020 Who Wins At The Retirement Game? 5/25/2020 Who Wins In Recessions? The Rich And The Lucky 5/10/2020 A Devastating Jobs Report For Older Workers 4/29/2020 I Watched As Employers Stopped Retirement Matches — Then It Happened To Me 4/27/2020 Congress’s Covid-19 Gift To The Rich: Liberalizing Required Minimum Distributions 4/10/2020 The Time Is Now To Lower The Medicare Age To 50 4/8/2020 Five Policies Needed To Save Retirement In The Next Stimulus Package 4/3/2020 Women Are Better Investors Than Men But The Pension System Is Fatally Flawed

32 SCEPA ANNUAL REPORT scepa in the press

3/31/2020 Useless Retirement Advice And Bad Government Policy In The Time Of Covid-19 3/26/2020 Coronavirus is already putting Older Workers on the Sidelines 3/17/2020 The Coronavirus Pandemic And Your Retirement Accounts—What You Should And Should Not Do 3/15/2020 Vulnerable Older Workers Need Paid Sick Leave To Stem Coronavirus Spread 3/11/2020 How Expanding Social Security Helps All Retirees 2/25/2020 Retirement Is Canceled 2/24/2020 Will Trump Get Re-Elected? E.J. Dionne Provides A Guide 2/13/2020 Sex, Money And Senior Citizens 2/11/2020 Why New York Wants To Regulate The ‘Abusive’ Gig Economy 2/10/2020 Why Older Workers Fear The Labor Market 2/9/2020 Trump’s Economy Isn’t So Great 2/7/2020 The Unemployment Rate Is A Lousy Recession Indicator 1/31/2020 America Is Not Ready For The Coronavirus 1/24/2020 The ‘Grand Bargain’ Appro ach To Social Security Is Dead—Good Riddance 1/20/2020 Dorm Life For Seniors: Sex, Drugs, And Real Estate 1/14/2020 Working Longer Is A Lame Answer For Failing Pensions 1/9/2020 Trump Blames You For Your Subpar 401(k) 1/5/2020 Clever Ideas for the Next Recession 1/1/2020 Somebody Stopped Paying Their Social Security Tax Today

Date Bloomberg Column by Teresa Ghilarducci

11/20/2020 Yes, You Can Make a Personal Budget in Just 25 Minutes 10/20/2020 When to Give Money to Your Parents (and When Not To) 10/16/2020 Online Shopping the Pandemic Away? There's a Better Way 10/1/2020 New Yorkers, Don't Bother to Buy a Covid Car 9/13/2020 A Pandemic Is a Terrible Time to Buy Real Estate 8/18/2020 Remote College Is Still More Valuable Than a Gap Year 7/25/2020 Please Don’t Quit Your Job to Home-School Your Kid 7/6/2020 The Covid Recession Offers a Chance to Save Money 3/27/2020 Teresa Ghilarducci on Social Security Fixes to Protect the Poorest

Date Project Syndicate

5/19/2020 Imagining the New 9-5 3/25/2020 Will the US Pandemic Response Strengthen Workers?

economicpolicyresearch.org 33 scepa in social media

As the outreach platform for New School economists’ policy research, SCEPA communicates and engages with audiences ranging from former students and alumni to thought leaders in Congress. This year, we focused on video to connect with our audiences who were working from home through Covid-19 shutdowns. We developed #SCEPAResponds webcasts, in which our team and experts analyzed the latest unemployment numbers and economic trends during the economic crisis. These short videos built upon our existing content not only on our Twitter and Facebook but also Michelle Altman Bridget Fisher Anna Low-Beer our Youtube page, which garnered seven times more overall views and thousands of additional Communications impressions this year than last year. SCEPA Team successfully adjusted to meet viewers where they were and deliver answers to important economic questions during the recession.

1,663 398 1,892 5,197 15,483 377 1,513 13,930 3,998 1,345

10% 6% 41% 30% 11% increase increase increase increase increase

SCEPA ReLab SCEPA ReLab Mailing Facebook Facebook Twitter Twitter List

Numbers represent Facebook Likes, Twitter Followers, and mailing list participants End FY19 End CY20

*Here, ‘CY’ stands for calendar year, reflecting our transition from a fiscal to calendar year annual report.

IMAGE Graph of SCEPA’s Youtube views over time with significant spikes this year versus last year.

34 SCEPA ANNUAL REPORT scepa in social media

economicpolicyresearch.org 35 Schwartz Center for Economic Policy Analysis (SCEPA) Department of Economics The New School for Social Research 6 East 16th Street, New York, NY 10003

www.economicpolicyresearch.org

Founded in 1995 by the influential political economist David Made possible through a generous gift from Gordon, SCEPA is the economic policy research arm of the Irene and Bernard L. Schwartz, SCEPA is department of economics at The New School for Social distinct from other economic academic Research. Today, SCEPA continues its 25-year practice of turning research centers by its location within The the Economic Department’s critical progressive academic New School. In the heart of New York City, research into policy proposals that address the pressing issues both the university and center are part of a of our time, including economic inequality, demographic aging, network of leaders dedicated to progressive climate change, and broken labor markets. and innovative education and ideas.