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What’s the price tag of not passing the $3.5 trillion budget reconciliation bill?

Critics of the budget reconciliation package are very focused on the $3.5 trillion price tag. But they fail to talk about the cost of not passing it. The budget reconciliation bill addresses critical needs that we cannot afford to ignore—including mitigating climate change and making child and elder care more accessible and affordable, among other critical needs.

The reconciliation bill would also support more than 3 million jobs per year over the next decade—everything from green jobs to caregiving jobs to manufacturing jobs. Read the report

How much would a compromise cost the U.S. economy?

Cutting the reconciliation bill to $1.5 trillion would support nearly 2 million fewer jobs per year, EPIs Adam Hersh finds. Scaling back Build Back Better also severely compromises the package’s value as macroeconomic insurance against recovery waning in the coming years. Read the blog post
 
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What’s the price tag of not passing the $3.5 trillion budget reconciliation bill?

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What were talking about

How to make the unemployment insurance system a more powerful macroeconomic stabilizer
The unemployment insurance system is designed to stabilize the economy during downturns, but historically the boost has been weaker than it could be. How do we know? The unprecedented, temporary expansion of UI benefits during the COVID-19 pandemic showed its potential.
This report highlights lessons from 2020 pandemic programs and looks at three aspects of the UI system that can be augmented to make it a more effective macroeconomic stabilizer—helping the economy to recover more quickly from future recessions. Read the report
Celine McNicholas named EPI’s policy director
The Economic Policy Institute announced the promotion of Celine McNicholas to director of policy and government affairs. She will also serve as EPI’s general counsel. An attorney, McNicholas has been EPI’s director of government affairs since joining the institute in 2017.

As director of policy, McNicholas succeeds Heidi Shierholz, who became EPI president in September. Read the press release
“With the current administration and Congress, we have a major opportunity to build power for working people and advance economic and racial justice—but only if we get the policy right. Now is the time for Congress to pass the PRO Act, a $15 minimum wage, and the Build Back Better agenda, which makes vital investments in child care, home health care, climate, and more.”
  Celine McNicholas, Director of Policy and Government Affairs at EPI
Weak job growth in September as Delta variant leaves its mark
EPI economists commented on the September jobs report released Friday. “The weaker growth in payroll employment in September barely registers on the chart,” noted EPI senior economist Elise Gould. Read the Twitter threads
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What were reading

Home Health Aides In D.C. Struggle To Afford Training And Make Ends Meet
In a Zoom class at a nonprofit training center for adults, instructor John McIntyre was giving his 17 students a verbal quiz. The class, at the Opportunities Industrialization Center of D.C., or OIC-DC, trains people to be home health aides. Read the article
In Hollywood and America, the Strike Is Back
THE STRIKE, THE ULTIMATE WEAPON of workers, has been out of favor for the past four decades. When Ronald Reagan fired the nation’s air traffic controllers in 1981, he gave carte blanche to corporations to follow his lead. Read the article
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The cost of not passing the budget reconciliation bill
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