Tag Archives: Income Inequality

Fed Economists Warn US Unemployment Rate Could Soon Reach 32%—During Great Depression It Peaked at 25%

“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.”

By Jake Johnson, staff writer for Common Dreams. Published 3-31-2020

 

Hundreds of cars waiting to receive food from the Greater Community Food Bank in Duquesne, Pennsylvania on March 30, 2020. Photo: The Mind Unleashed

Economists at the Federal Reserve Bank of St. Louis are warning that if the current rate of U.S. job losses continues, the country’s unemployment rate could reach a staggering 32.1% by the end of June as the coronavirus pandemic-induced downturn sparks mass layoffs across the nation.

Miguel Faria-e-Castro, an economist with the St. Louis Fed, wrote in an analysis last week that 47 million more workers could lose their jobs by the end of the second quarter of 2020, bringing the total number of unemployed people in the U.S. to 52.8 million. As CNBC noted, that number would be “more than three times worse than the peak of the Great Recession.” Continue reading

Share

‘Now Make It National’: Vermont and Minnesota Classify Grocery Store Staff as Emergency Personnel

“If your job is so ‘essential’ that you can’t get off for a killer global pandemic, you deserve $15 an hour and a union.”

By Julia Conley, staff writer for Common Dreams. Published 3-19-2020

Photo: Piqsels

Demands for nationwide protections for grocery store workers grew Thursday after officials in Minnesota and Vermont officially designated such employees as emergency workers who are essential to the U.S. population’s wellbeing as the coronavirus pandemic spreads across the country.

Minnesota Gov. Tim Walz, a Democrat, added grocery store workers to those protected under the state’s “Care for Children of Families of Emergency Workers” order, requiring schools in the state to provide childcare for the employees. Previously, only hospital staff, nurses, and other public health and disaster workers qualified as emergency personnel under the directive. Continue reading

Share

Toilet Paper Wars and the Shithouse of Capitalism

By Simon Springer  Published 3-15-2020 by Common Dreams

Toilet paper shelves at a Costco in Maine. Photo: Amanda Hill/Twitter

The run on toilet paper has brought the failings of capitalism front and center to the bathroom of every house across Australia, a trend that has now spread to other countries. We are witnessing, in real-time and with stunning consequence, the stone-cold fact that markets are an ineffective mediator of resources, prone to the worst vagaries of herd mentality. Perceived impending shortages of toilet paper owing to the spread of COVID-19 set off widespread panic. We might be inclined to laugh at the implausibility of the whole scenario, but whether the situation is real or imagined is beside the point. The truth, which in this case may appear stranger than fiction, is that markets operate in the sweet spot between scarcity and fear. Continue reading

Share

‘About Damn Time’: Detroit Pauses Water Shutoffs Amid Coronavirus Outbreak

“It shouldn’t take a crisis like the spread of coronavirus to restore people’s right to drinking water.”

By Andrea Germanos, staff writer for Common Dreams. Published 3-9-2020

A demonstrator holds a sign during a Detroit water shutoffs rally in 2014. (Photo: uusc4all/flickr/cc)

Progressives heaped praise on grassroots activists in Detroit on Monday after the Michigan city announced, amid the spread of the coronavirus, it was temporarily restoring water services to thousands of residents who’ve had their water shut off.

“About damn time,” said Abdul El-Sayed, a former head of the city’s health department and 2018 gubernatorial candidate. “It’s been six years since the U.N. declared Detroit water shutoffs an insult to human rights.” Continue reading

Share

‘Disturbing’: Study Shows DOJ Prosecutions of White-Collar Criminals Hit All-Time Low Under Trump

“Never has white-collar crime gone so ignored.”

By Jake Johnson, staff writer for Common Dreams. Published 3-6-2020

Rod Blagojevich. Screenshot: ABC7 Chicago

Prosecutions of white-collar criminals by the U.S. Justice Department plunged to an all-time low in January, according to a study published just days after President Donald Trump proclaimed his commitment to “safeguarding the American consumer” and “strengthening our efforts to prevent and prosecute fraud.”

The analysis released Tuesday by Syracuse University’s Transactional Records Access Clearinghouse (TRAC) found that the Justice Department prosecuted just 359 white-collar criminals in January, a decline of 25% from five years ago. TRAC has been recording data on white-collar prosecutions since 1986. Continue reading

Share

‘Meant to Hide the Poor’: Trump Gets His Wall—In India—Ahead of Monday Visit

The newly-erected barrier will allow Prime Minister Narendra Modi’s government to offer a carefully-curated view for the U.S. president.

By Eoin Higgins, staff writer for Common Dreams. Published 2-21-2020

U.S. President Donald Trump with Indian Prime Minister Narendra Modi. The two will meet in India on Monday. (Photo: White House/Flickr)

U.S. President Donald Trump with Indian Prime Minister Narendra Modi. The two will meet in India on Monday. (Photo: White House/Flickr)[/caption[

When President Donald Trump arrives in Ahmedabad, India on Monday, he’s expected to be greeted by roughly 100,000 cheering Indians along a sparkling clean route to the world’s largest cricket stadium where another crowd of 110,000 will attend a rally with the U.S. president and Indian Prime Minister Narendra Modi.

It’s pure spectacle. Continue reading

Share

Damning New Report Says Every Nation Undermining Children’s Hopes for a Livable Planet

Children’s “collective concerns must now be heard, and effective actions taken to prevent the next generation inheriting an irreversibly damaged planet.”

By Andrea Germanos, staff writer for Common Dreams. Published 2-19-2020

Climate Strike demonstration in Melbourne, Australia. Photo: Julian Meehan/flickr/CC

A major new report released Wednesday says every nation on the planet is failing children because of the threats to their health and wellbeing from the climate and ecological crises and commercial exploitation.

The damming assessment comes from 40 global child and adolescent health experts in “A Future for the World’s Children?” The expert commission was convened by the World Health
Organization (WHO), UNICEF, and the prestigious medical journal The Lancet. Continue reading

Share

‘We’re Just Getting Started,’ Says Union Leader, as Worker Strike Activity Hits 35-Year High Under Trump

“Trump’s economy is not a workers’ economy, and workers know solidarity is the best way to fight back.”

By Jessica Corbett, staff writer for Common Dreams. Published 2-11-2020

Thousands of members and allies of the Chicago Teachers Union demonstrated in the city’s Union Park during a strike in October 2019. (Photo: CTU/Twitter)

In yet another rebuke to President Donald Trump’s claims that the U.S. economy is “roaring” and his “relentlessly pro-worker” agenda is serving the American public, a report published Tuesday by a progressive think tank revealed that the “number of striking workers surged in 2018 and 2019” after decades of decline.

The Economic Policy Institute (EPI) report, entitled Continued Surge in Strike Activity Signals Worker Dissatisfaction With Wage Growth, noted that the spike marked “a 35-year high for the number of workers involved in a major work stoppage over a two-year period.” Continue reading

Share

Real pay data show Trump’s ‘blue collar boom’ is more of a bust for US workers, in 3 charts

When looking at your paycheck, don’t forget about inflation. Leif Skoogfors/Getty Images

David Salkever, University of Maryland, Baltimore County

If you thought workers’ hourly pay was finally rising, think again.

At first glance, the latest data – which came out on Feb. 7 – look pretty good. They show nominal hourly earnings rose 3.1% in January from a year earlier.

But the operative word here is nominal, which means not adjusted for changes in the cost of living. Once you factor in inflation, the picture changes drastically. And far from representing a “blue collar boom” – as the president put it in his State of the Union address – the real, inflation-adjusted data show most U.S. workers have not benefited from the growing economy. Continue reading

Share

‘People, Poor Disabled People in Particular, Are Going to Die’: Trump Takes Axe to Medicaid

“Trump wants to destroy Medicaid while claiming to save it. This fiendish scheme is an Orwellian fable conjured up by the most shameless pack of liars to ever occupy our government.”

By Jake Johnson, staff writer for Common Dreams. Published 1-30-2020

CMS Administrator Seema Verma with President Donald Trump in 2018. Photo: White House

The Trump administration on Thursday unveiled a plan allowing states to convert federal Medicaid funding into block grants, a longstanding conservative goal that critics warn could have deadly consequences for millions of vulnerable people who rely on the healthcare program as a major source of income.

Seema Verma, head of the Centers for Medicare and Medicaid Services (CMS), announced the so-called “Healthy Adult Opportunity” initiative in a statement claiming the policy will “improve health outcomes and care” for low-income people. Continue reading

Share