Some prominent economists are in the same camp. “We’ve had an economy where a lot of the growth went to a disproportionately small share of families,” says Lawrence Mishel, president of the Economic Policy Institute, a nonpartisan Washington-based research group. “The president has said that we need to go from ‘borrow and spend’ to ‘save and invest.’ I think we need to go to ‘earn and spend.'”
Mishel has co-authored a statement in support of EFCA that garnered the support of 40 other prominent economists, including three Nobel Laureates. They argue that in recent decades most bargaining power has resided with management.
Ah, yes, the Economic Policy Institute, a nonpartisan Washington-based research group.
From EPI’s own “About EPI” section of its webpage: “EPI is a 501(c)(3) corporation. In 2005 through 2007, a majority of its funding (about 53%) was in the form of foundation grants, while another 29% came from labor unions. EPI also receives support from individuals, corporations, and other organizations.” (And no doubt the foundations receive union funding.)
Nine of EPI’s 31 board members are the heads of major unions.
We see it all the time, but “nonpartisan Washington-based research group” is misleading. An accurate description is “union-backed research group” or “pro-labor research group.” EPI exists to do research that promotes organized labor’s cause.
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