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Idea of the Day: State of the Economy, August 2014

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idea light bulbLabor Day celebrates one of our country’s greatest attributes: the American worker. As the U.S. Department of Labor says, “It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.” Despite slow but modest gains, this month’s economic data show that our current economy is still not working for American workers. Wages are stagnant, long-term unemployment is still high by historical standards, and poverty continues to be widespread. At the same time, five years after the end of the Great Recession, the very wealthy have seen substantial income gains due to a prolonged stock market rally built on high corporate profits that skyrocketed in the middle of the recession. While the nation’s wealthiest reap the benefits, America’s working class is left behind and face tremendous economic insecurity.

Our policies need to reflect the idea that with hard work comes economic security and opportunity. Policymakers need to implement policies that promote inclusive prosperity and economic mobility for all working families. Already, the president has taken steps to help workers. Through a series of executive actions, he has promoted responsible contracting by encouraging pay transparency, enforcing disclosure requirements that incentivize compliance with wage and workplace safety laws, and strengthening rules on employer retaliation. Yet these are only small victories in the fight to address a much larger problem.

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To speak with our experts on this topic, please contact:

Print: Allison Preiss (economy, education, poverty)
202.478.6331 or apreiss@americanprogress.org

Print: Tom Caiazza (foreign policy, health care, energy and environment, LGBT issues, gun-violence prevention)
202.481.7141 or tcaiazza@americanprogress.org

Print: Chelsea Kiene (women's issues, Legal Progress, Half in Ten Education Fund)
202.478.5328 or ckiene@americanprogress.org

Spanish-language and ethnic media: Tanya Arditi (immigration, race and ethnicity)
202.741.6258 or tarditi@americanprogress.org

TV: Rachel Rosen
202.483.2675 or rrosen@americanprogress.org

Radio: Chelsea Kiene
202.478.5328 or ckiene@americanprogress.org

 

This is part of a regular column: Idea of the Day

For more from the same column, click here