Teresa Ghilarducci is an American scholar who has a net worth of $1.5 million.
She is best known for her work on labor and retirement issues. She is known for advocating for the government to extend the occupational retirement plan coverage to cover all workers.
Ghilarducci is best known for her 2018 book Rescuing Retirement with Tony James, wherein she made a case for a Guaranteed Retirement Account, which would supplement Social Security. She is also known for her 2016 book called “How to retire with Enough Money: And How to Know What Enough is.”
However, her 2008 book “When I’m Sixty Four: The Plot Against Pensions and the Plan to Save Them” made her famous. The book investigates how older Americans lose their pensions while proposing a comprehensive reform system.
Ghilarducci has won various awards for her work, such as the 1992 Association of American Publishers Award for “Labor’s Capital: The Economics and Politics of Employer Pensions.
Her 1995 book, “Portable Pension Plans for Casual Labor Markets” was also very popular.
Outside of publications, Ghilarducci is also involved with various companies like:
- An executive board member of the Economic Policy Institute
- A member of the Retirement Security Advisory Board for the Government Accountability Office
- A court-appointed trustee for the retiree health care trusts for UAW and USW retirees of:
- Goodyear Tire
Lastly, she taught economics at the University of Notre Dame for 25 years.
Quick Facts About Teresa Ghilarducci
|Research Economist, Professor|
|July 22, 1957|
|The New School|
|University of California, Berkeley|
|1979 – Active|
How Much is Teresa Ghilarducci’s Net Worth?
American scholar Teresa Ghilarducci has a net worth estimated to be $1.5 million as of 2022.
She works at the New School for Social Research in New York City as the Bernard L. and Irene Schwartz Professor of Economics.
She started her career as a student at UC Berkeley, where she studied from 1979 to 1983.
While a student at UC Berkeley, she was a research assistant at the university’s Institute of Industrial Relations, now called the Institute for Research on Labor and Employment.
After graduation, she had an In Residence Fellowship at the Mary Ingraham Bunting Institute at Radcliffe College from 1987 to 1988.
She was hired as an Assistant professor of Economics at the University of Notre Dame in 1983 and worked in the position until 1991 when the university promoted her to Associate Professor of Economics.
In 1997, she started her tenure as the Director of the University of Notre Dame’s Higgins Labor Research Center, now called the Higgins Labor Studies Program. She worked in this tenure till 2007.
While working as the Director, she was promoted to Professor of Economics and Policy Studies on August 22, 2005.
Ghilarducci has also served as a public trustee for health care VEBAs or voluntary employee’s beneficiary association for the United Auto Workers retirees of companies like:
- General Motors
- Ford Motor Company
And the United Steelworkers retirees of companies like:
- Goodyear Tire and Rubber Company
In 1994, she was also a research associate at the Economic Policy Institute and serves on the Executive Board.
She briefly went on leave from Notredame and worked as the Assistant Director of the AFL-CIO’s Department of Employee Benefits from September 1994 to May 1995.
She also participated in the European Union Visitors Program from March 20 to April 3, 1995.
Ghilarducci has served twice on the Advisory Board of the Pension Benefit Guaranty Corporation from 1996 to 2001.
Concurrently, she also served on the Board of Trustees of the State of Indiana Public Employees’ Retirement Fund from 1996 to 2002.
She was also an instructor for Sagner Summer Programs for The Century Foundation or the Century Institute at Williams College in the following timelines:
- June 22 to July 2, 1999
- June 23 to July 15, 2000
- July 1 to July 8, 2001
- July 1 to July 8, 2002, and
- June 27 to July 6, 2003
The woman has been a member of the General Accounting Office’s Retirement Policy Advisory Panel since 2002.
She continued being involved in such organizations in the late noughties. For example, she was a Wurf Fellow at Harvard Law School’s Labor and Worklife Program from 2007 to 2009.
2007 was a banner year for Ghilarducci because she started serving on the State of California Public Employee Post-Employment Benefits Commission.
She joined The New School, an esteemed New York University, in January 2008; in February 2009, she joined a liberal think tank called Demos as a Distinguished Senior Fellow.
The following foundations have funded her research:
- Alfred P. Sloan Foundation
- United States Department of Labor
- Ford Foundation
- Retirement Research Foundation
- Rockefeller Foundation
However, in recent years, Ghilarducci has faced backlash for her opinions. A recent example was in March 2022, Bloomberg News published an editorial she wrote called “Inflation Stings Most If You Make Less Than $300K. Here’s How to Deal.”
The article was criticized on Twitter since 98% of Americans make less than 300K. The backlash was so bad that Bloomberg turned off the comments.
The backlash was also because the piece told people to eat lentils instead of meat, deny their pets veterinary care, and sell their cars to take the bus to work.
How Much Money Does The Research Economist Have?
Although Teresa Ghilarducci has a net worth of $1.5 million, she is the trustee of the $53 billion Medical Health care Trust.
Ghilarducci has spent her entire career ensuring all American workers’ retirement security.
As mentioned above, after teaching at the University of Notre Dame for 25 years, she joined The New School for Social Research as a professor of economics in 2008.
While at the New School, she directed the Schwartz Center for Economic Policy Analysis (SCEPA). The policy analysis focuses on economic policy research and outreach.
She also frequently testifies before the United States Congress and serves as a media source to popular offline and online news outlets focusing on topics like pensions, labor economics, and older workers.
The research economist frequently publishes in economics journals, edited volumes, and authors several books on the previously mentioned topics.
Her most recent book, Rescuing Retirement, co-authored by Hamilton “Tony” James, the Executive Vice Chairman of The Blackstone Group, is still causing waves.
The result of their partnership has outlined a bold policy vision to create Guaranteed Retirement Accounts for all American workers.
Ghilarducci’s work largely focuses on the need to restore the promise of retirement to the average American worker.
To that end, she created the Guaranteed Retirement Accounts as a bold reform idea to solve the problems that many Americans face when planning for retirement.
The GRA puts forth ideas to solve problems by:
- Decreasing coverage and contributions
- Increasing investment risk
- High Fees
- Drawdown of Benefits in Retirements
The New York Times named Guaranteed Retirement Accounts as one of the defining ideas of 2008.
Various high-level opinion leaders have afforded the Guaranteed Retirement Accounts proposal critical success. An example was when Michael Bloomberg, the CEO of Bloomberg, called the plan critical in warding off a looming retirement savings crisis.
The U.S. Government Accountability Office identified GRAs as an alternative to the United States retirement system in July 2009.
Even the government’s Middle-Class Task Force missed a report calling Ghilardicci’s proposal a viable option in February 2010 to help American families save for retirement, regardless of their financial sophistication.
In April 2014, the research economist became the Commissioner for the Bipartisan Policy Center’s Personal Savings Initiative.
As mentioned above, this position led her to serve as trustee for two retiree health care trusts. She collaborated with President Clinton, who twice appointed her to serve on the Pension Benefit Guaranty Corporation advisory board, which she served from 1995 to 2002.
Her work with Clinton attracted Governor Schwarzenegger to work with her in 2007 and appoint the research economist to the Public Employee Post-Employment Benefits Commission.
Ghilarducci has largely called herself a Pension Reform Advocate, Retirement Securit Expert, Labor Economist, and Author. Her work was and still is seen as one of the most important in her field, and the woman pushes the genre forward with more ideas with each new book she publishes.
She is working on her next book, “Let Us Now Praise Retirement: Second Thoughts about Older Working.” According to her, the book will describe the reality of Americans working in later life.
To Whom Is Teresa Ghilarducci Married?
Research Economist Teresa Ghilarducci is married to Richard McGahey, an economist.
McGahey is an economist at the New School’s Schwartz Center. Ghilarducci is the Director of the institution.
He has also authored Unequal Cities: Overcoming Anti-Urban Bias to Reduce Inequality in the United States, which is set to publish in January 2023.
McGahey explores how cities can create equitable economic growth while overcoming obstacles in the book.
He draws on economic and historical analysis alongside his extensive experience in government and philanthropy and examines the failure of public policy.
McGahey also analyses the failure of conventional economic wisdom, which led to the neglect of American cities, and highlights opportunities that could lead to reform.
The book is set to feature detailed case studies of different major cities like New York. Detroit, and Los Angeles.
These case studies trace how these cities’ attempts to achieve greater equity didn’t happen because of the political and fiscal constraints imposed on them.
He identifies key lessons about political coalitions, which often overcome anti-urban biases.
By arguing that alliances among unions, environmentalists, and communities of color can help cities thrive, McGahey says that cities should strive toward this alliance.
However, he also warns that cities cannot solve Inequality by themselves and that political action at state and federal levels is needed to achieve systemic change, which leads to a solution for Inequality as a whole. Outside of Unequal Cities, McGaey was most recently a public policy and economics professor at the New School, specifically their Milano School of International Affairs, Management, and Urban Policy.
As mentioned above, he also served as a Faculty Fellow at the Schwartz Center for Economic Policy Analysis. McGahey is famed in academia for having experiences with philanthropy, the private sector, and the government.
In the latter, he has experience at all federal, state, and local levels and is also a nationally recognized expert on regional and urban economic development, retirement policy, program evaluation, and workforce development.
McGahey has also worked at the Ford Foundation, serving as the Director of Impact Assessment.
In his role as Director of Impact Assessment, McGahey developed and implemented assessments to help the Ford Foundation achieve greater impact.
Due to his success in the role, he was appointed as a Program Officer focused on economic and workforce development. He emphasized equity and community development for environmental, social, and economic goals.
McGahey has also worked as a Managing Vice President, which he did for Abt Associates.
Abt Associates is a consulting, evaluation, and research firm. While as the Managing Vice President of the company, he directed work on education, childhood development, workforce development, and social welfare.
He was also responsible for an annual portfolio of evaluation grants and contracts worth over $20 million.
Outside of the private sector, McGahey has also had an extensive experience in the public sector.
Like his wife, he has worked for President Clinton, and during his second term, McGahey served as Assistant Secretary for Policy.
During the same term, he worked for the Pension and Welfare Benefits under Secretary Alexis Herman at the United States Department of Labor. McGahey has worked for the Congressional Joint Economic Committee as Executive Director.
His work with the government continued as McGahey worked for Senator Edward M. Kennedy as Economic Policy Advisor. The positions mentioned above were all at the federal level. McGahey has also worked at the state and local levels.
The first of these positions was as the Deputy Commissioner for Policy and Research for the New York State Department of Economic Development. He continued his service at the state and local level with his position as New York City’s Deputy Comptroller for Policy and Management.
McGahey has a Ph.D. in economics from his current institution, the New School for Social Research, and has taught in the following schools:
- New School
- New York University
- John Jay College
- George Washington University
Richard McGhaey married Teresa Ghilarducci in October 2013 at the home of Marcia Marley and Peter Rappoport, friends of the couple.
Mayor Robert D. Jackon of Montclair officiated their wedding. Their marriage was the bride and the groom’s second marriage, with their previous marriages having divorced.
A Look At Teresa Ghilarducci’s Family
Research economist Teresa Ghilarducci was born on July 22, 1957, to Harry E. Ghilarducci and Marion Phillips Ghilarducci.
Not much is known about Harry E. Ghilarducci except that he was born on January 6, 1935, and passed away on November 6, 2001.
He is currently buried at the Roseville Public Cemetery District in Roseville, Placer, California, and his gravestone reads “Beloved Husband & Father.”
On the other hand, Ghilarducci’s mother lived a more eventful life and, as such, has more information available about her.
Marion was born in 1937 and was a resident of Santa Cruz at the time of her passing. However, she was born in San Francisco.
Her parents’ name was Marion Garrettson Phillips and Irvine Lewis Phillips Sr.
She attended Cal Berkeley like her father, who was an All-American, Olympic hopeful, and team captain for the 1920 Rose Bowl.
After graduating, she served as an active CWA union steward at Sacramento Bee and Sacramento Union. In this position, she sold classified ads for 37 years until her retirement in 2009.
After retirement, she moved to Santa Cruz to be with her family. She has been described as enthusiastic and engaged with everyone she meets.
She was also a frequent donator and donated to the Democratic National Committee, ProgressNow Arizona, and the Southern Poverty Law Center. She regularly volunteered at the UC botanical garden and the West Lake School from 2013 to 2015.
Her family remembers her as a loyal attendant at her grandchildren’s innumerable Santa Cruz soccer, baseball, basketball, and softball games.
She was famously the loudest and happiest person in the stands and was a big fan of the Santa Cruz Warriors, known for her most memorable cheer: “Good Job Mr. Bazemore!”
Marion was also a fan of authors like Bob Kuttner and Joan Silber and especially loved dark independent films with subtitles.
She drove and lived independently until the massive stroke that caused the cessation of her life six days later, on October 26, 2021.
She is survived by her son David, daughter Teresa Ghiarducci, and grandchildren, Ben and Jay Ghialrducci and Joseph O’Rourke. Teresa Ghilarducci’s brother, David, is an Emergency Medical Services Medical Director with a deep background in public safety and emergency medical care.
Some of the experience he has is in providing care during international disasters.
The doctor is well-prepared for a crisis as he has four decades of experience in EMS, first as a volunteer firefighter right out of high school and now as part of the team that leads the County Public Health Division’s coronavirus response.
According to the doctor, he has always been driven to want to help and feels he has a skill set that he could apply to the area.
The doctor graduated from UCSC as a valedictorian in 1985 and received an M.D. from the Medical College of Wisconsin, Milwaukee, in 2000.
Not only is he a board-certified EMS Medical Director in FEMA Urban Search and Rescue operations, he has also served as Santa Cruz County’s Deputy Health Officer.
The doctor also has experience as an Emergency/Urgent Care Physician with Kaiser-Permanente.
Aside from his accolades, the doctor’s public safety background stretches back to 1980, when he worked with the Gilroy Fire Department as a volunteer firefighter.
The doctor would rise to Fire Captain in the Santa Clara County Fire Department and finally the Acting Battalion Chief. Eventually, the doctor would transition to medicine and serve as the president of the Emergency Medical Director’s Association of California.
The doctor is also the co-director of the Stanford University EMS Fellowship Program. Ghilarducci is perhaps most known for being part of the international medical relief corps that went to the Haitian capital of Port-au-Prince when an earthquake of magnitude-7.0 struck in 2010.
Who Is Teresa Ghilarducci?
She is married to Richard McGahey
How many books has Teresa Ghilarducci published?
She has published five books and her new book is due to come out soon.
How many children does Teresa Ghilarducci have?
She has one child, a son, from her previous marriage