Category Archives: Economics

Analysis Shows ‘Unprecedented Surge’ of Dark Money Ahead of 2024 Elections

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“Contributions from dark money groups and shell companies are outpacing all prior elections and may even surpass the roughly $660 million in contributions from unknown sources that flooded 2020 elections.”

By Brett Wilkins. Published 314-2024 by Common Dreams

The Rolling Rebellion For Real Democracy at the Milwaukee County Courthouse, 2014. Photo:Joe Brusky/flickr/CC

Dark money groups are spending at record levels in their efforts to influence the outcome of the 2024 U.S. elections, an analysis published Wednesday by OpenSecrets revealed.

According to the watchdog, the “unprecedented surge” in spending by dark money groups—which, thanks to the U.S. Supreme Court’s 2010 Citizens United v. Federal Election Commission ruling don’t have to disclose their donors—topped $162 million in 2023, “surpassing the level of dark contributions seen at the same point in any prior election cycle.”

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Report Exposes US Corporations That Pay Their Execs More Than They Pay in Taxes

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“Both kinds of corporate misbehavior—underpaying taxes and overpaying executives—ultimately make working families the victim through smaller paychecks and diminished public services.”

By Jake Johnson. Published 3-13-2024 by Common Dreams

Elon Musk at TED2013: The Young, The Wise, The Undiscovered. Wednesday, February 27, 2013, Long Beach, CA. Photo: James Duncan Davidson

Top executives at dozens of major, profitable U.S. businesses received more in total compensation in recent years than their companies paid in federal taxes, underscoring the twin outrages of skyrocketing CEO pay and rampant corporate tax dodging.

A report published Wednesday by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) identifies 35 profitable U.S. corporations that paid their top executives more than they paid the federal government in taxes between 2018 and 2022. The list of companies includes Ford, Netflix, NextEra Energy, and Tesla—whose CEO, Elon Musk, is the richest man in the world.

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Biden 2025 Budget Would Offer ‘Welcome Relief,’ But Not Enough

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One expert said that enacting his reforms “will begin to reverse the 40-year one-way ratchet of falling taxes for the wealthy and corporations and instead invest in workers and families.”

By Jessica Corbett. Published 3-11-2024 by Common Dreams

Photto: U.S. Secretary of Defense/flickr/CC

On the heels of delivering the latest State of the Union speech and signing a package of funding bills, U.S. President Joe Biden on Monday unveiled his budget blueprint for fiscal year 2025, a proposal praised by congressional Democrats and progressive advocates who want him to go even further.

The $7.3 trillion budget comes as the divided Congress is still sorting out funding for the current fiscal year. Given those divisions—and that the Republican House majority is already advancing its own budget resolution for the fiscal year that begins in October—the Democratic president’s plan is widely seen as a statement of priorities going into the November election.

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Florida GOP Passes ‘Vicious’ Bill Banning Mandatory Water Breaks for Workers

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“We will see fatalities, because of what Florida Republicans chose to do this week,” said one workers’ rights advocate.

By Julia Conley. Published 3-8-2024 by Common Dreams

Screenshot: VideoHive

Displaying “punitive cruelty” toward Florida residents who work outdoors, the Republican-controlled state House on Friday approved a bill that would ban local governments from requiring that workplaces provide water breaks and other cooling measures.

The state Senate passed the measure on Thursday, with Republicans pushing the bill through as Miami-Dade County was scheduled to vote on local water break protections. If signed into law by the Republican governor, the proposal will preempt the county’s vote.

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‘Bombshell’ Memo Shows Open Chemical Burn in East Palestine Violated EPA Rules

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“It’s inconceivable that there wouldn’t have been someone from the enforcement office, or general counsel, saying, ‘Oh, Norfolk Southern wants to do an uncontrolled burn—that’s illegal, you cannot do that,” said a former EPA official.

By Julia Conley. Published 3-7-2024 by Common Dreams

NTSB photograph of the 2023 Ohio train derailment. Photo: NTSB/Public domain

A day after the head of the National Transportation Safety Board told Congress that the deliberate burning of toxic chemicals in five crashed train cars in East Palestine, Ohio last year was unnecessary, a former Environmental Protection Agency official said the so-called “controlled burn” also likely went against EPA regulations.

Kevin Garrahan, who worked for the agency for 40 years and focused on environmental risk assessment and hazardous waste cleanup, told HuffPost that soon after a Norfolk Southern train derailed in the town of 4,700 people, he alerted a former EPA colleague to a 2022 memo on the open burning and open detonation of waste explosives.

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Scientists Won’t Classify Anthropocene as ‘Epoch’ Yet, But Say Human Impact Undeniable

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The Anthropocene is classified as a geological “event” at this point—as are mass extinctions and rapid expansions of biodiversity.

By Julia Conley Published 3-5-2024 by Common Dreams

Pollution in New Delhi India. Photo: Jean-Etienne Minh-Duy Poirrier/flickr/CC

The idea underpinning scientists’ push to recognize the current time period as a new geological epoch called the Anthropocene dates back more than 100 years, but on Tuesday, a committee of experts voted down the proposal to officially declare a new age defined by human beings’ impact on the Earth.

The panel, organized by the International Union of Geological Sciences (IUGS), was tasked with weighing whether the Holocene—the epoch that began at the close of the last ice age, more than 11,000 years ago—has ended, and if so, when precisely the Anthropocene began.

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At Rallies Nationwide, Low-Wage Workers Tell Political Leaders: ‘Our Votes Are Demands’

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“Our government’s refusal to fully address poverty and low wages even after the worst days of Covid is not only killing our brothers and sisters,” said Rev. Dr. William Barber. “It’s killing our public conscience.”

By Jake Johnson. Published 3-2-2024 by Common Dreams

Rev. Dr. William Barber speaks during a demonstration in Raleigh, North Carolina on March 2, 2024. (Photo: NC Poor People’s Campaign/Facebook)

Low-wage workers, faith leaders, and allies rallied in state capitals across the United States on Saturday as part of a mass mobilization of poor voters ahead of the pivotal 2024 election.

The nationwide demonstrations were organized by the Poor People’s Campaign, a multiracial movement calling on state legislators and members of the U.S. Congress to act immediately to end the “crisis of death by poverty” in the richest country in the world. Research published last year found that poverty is the fourth-leading cause of death in the United States.

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60 Days Into 2024 and Millionaires Are Already Done Paying Into Social Security

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“Ninety-four percent of Americans contribute to Social Security all year long, but the wealthy stop paying after their first $168,600 in wage income.”

By Jake Johnson. Published 2-29-2024 by Common Dreams

Image: Public domain

Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024.

That’s because Social Security’s payroll tax doesn’t apply to earned income above a certain level. For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all. Elon Musk, the CEO of Tesla and the world’s richest man, pays nothing into Social Security because he doesn’t take a salary.

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‘Omen of the Future’: Off-The-Charts Hot Oceans Scare Scientists

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After 2023 was the hottest year in human history, experts warn that 2024 “has strong potential to be another record-breaking year.”

By Jessica Corbett. Published 2-27-2024 by Common Dreams

Coral bleaching. Photo: blamethepeople/flickr

While global policymakers continue to drag their feet on phasing out planet-heating fossil fuels, scientists around the world “are freaking out” about high ocean temperatures, as they told The New York Times in reporting published Tuesday.

A “super El Niño” has expectedly heated up the Pacific, but Times reporter David Gelles spoke with ocean experts from Miami to Cambridge to Sydney about record heat in the North Atlantic as well as conditions around the poles.

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FTC and State AGs Sue to Block Kroger-Albertsons ‘Mega Merger’

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“By suing to block the Kroger-Albertsons merger, the FTC is keeping grocery bills down and workers in their jobs,” said one anti-monopoly campaigner.

By Jake Johnson. Published 2-26-2024 by Common Dreams

The Federal Trade Commission Building, Washington, DC. Photo: Adam Fagen/flickr/CC

The Federal Trade Commission and a bipartisan group of state attorneys general joined forces Monday on a lawsuit aimed at blocking the supermarket giant Kroger from buying up the Albertsons grocery chain, warning the merger would hamper competition, further drive up food prices, and harm workers.

If completed, the $24.6 billion deal would mark the largest supermarket merger in U.S. history at a time when grocery chains are facing growing scrutiny for driving up prices to pad their bottom lines. A Kroger-Albertsons grocery behemoth would control more than 5,000 stores and 4,000 retail pharmacies across the country, according to the FTC.

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