EPI: How Trump and Republicans are Undercutting Wages and Protections for Working People

Labor News

Reprinted from the Economic Policy Institute by Heidi Shierholz and Samantha Sanders on April 19, 2017.

“We are nearly 100 days into President Donald Trump’s administration, a benchmark that gives us a chance to take stock of what the president and new Congress have accomplished and what their priorities are,” write Heidi Shierholz and Samantha Sanders for the Economic Policy Institute. “We have seen a flurry of activity—from legislation and executive orders, as well as actions taken (or not taken) by the administration—that, sometimes subtly, shift power away from working people and towards corporations and the 1 percent. Some of these actions have been high profile, but others have gone almost unnoticed. Taken together, they undercut wages and protections for working people.

“EPI’s Perkins Project tracks actions by the administration, Congress, and the courts that affect people’s wages and their rights at work. Here are the top ten things the president and Congress have done that affect working people. For more, see our Worker Rights and Wages Policy Watch, which is continuously updated with information on the steps taken that affect workers.

  1. “Protecting Wall Street profits that siphon billions of dollars from retirement savers. At President Trump’s behest, the Department of Labor has delayed a rule requiring that financial professionals recommend retirement investment products that serve their clients’ best interests. The “fiduciary rule” aims to stop the losses savers incur when steered into products that earn advisers commissions and fees. The rule was supposed to go into effect April 10. For every seven days that the rule is delayed, retirement savers lose $431 million over the next 30 years. The 60-day delay will cost workers saving for retirement $3.7 billion over 30 years. …

EPI 4/19

About Jeffrey Burman 1896 Articles

Jeff Burman represents assistant editors on the Guild’s Board of Directors. He can be reached at jeffrey.s.burman.57@gmail.com.

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