It should be obvious to pretty much everyone at this point that anything crypto is an old-fashioned grift, a scam, a Ponzi scheme. Those who got in on the ground floor of crypto-currencies and NFTs and the like—and then left when the going was good—have made out like bandits. The rest of us are left holding the bill. Continue reading
James Boutcher seized control of his future several years ago when foreign dumping cost him his entry-level position amid a series of job cuts at Century Aluminum in Hawesville, Kentucky. Continue reading
Economies around the world were shocked and damaged over the course of 2022. Global capitalism had been brewing conflicts among the major powers (the United States, China, and the EU) for some time as their relative strengths and vulnerabilities shifted. U.S. capitalism and its empire are widely perceived as waning. Europe’s role as a U.S. ally and indeed its economic future became correspondingly riskier as a result. China’s economic growth encountered problems but continued to be remarkably positive and often crucially supportive of world economic conditions in ways that were once more closely associated with the role of the United States. China’s deepening alliance with Russia as well as its burgeoning global economic reach frightened many in the United States. Years of increasingly aggressive competition, tariff and trade wars, and bans and subsidies, mostly initiated by the United States, culminated this past year in global economic warfare. Continue reading
The corporate takeover of American politics started with a man and a memo you’ve probably never heard of. Continue reading
Social Security was on the ballot in Georgia’s December 6 run-off election. Continue reading
“There is no sense that inflation is coming down,” said Federal Reserve Chairman Jerome Powell at a November 2 press conference, — this despite eight months of aggressive interest rate hikes and “quantitative tightening.” On November 30, the stock market rallied when he said smaller interest rate increases are likely ahead and could start in December. But rates will still be increased, not cut. “By any standard, inflation remains much too high,” Powell said. “We will stay the course until the job is done.” Continue reading
Some workers began delaying doctor’s appointments and others started delving deeply into their pockets for care when Tecnocap illegally slashed health benefits at its Glen Dale, West Virginia, manufacturing plant last year. Continue reading
Social Security was on the ballot in Georgia’s December 6 run-off election. Continue reading
Once upon a time, the United States seriously taxed the nation’s rich. You remember that time? Probably not. To have a personal memory of that tax-the-rich era, you now have to be well into your seventies. Continue reading
Nearly 50,000 academic workers at the University of California launched a historic strike on November 14 after contract negotiations with their employer failed. Postdoctoral scholars, researchers, trainees, fellows, graduate student instructors, readers, and tutors, who are from 10 UC campuses across the state and are unionized with United Auto Workers, walked out of their jobs. Continue reading
As cryptocurrency exchange FTX falls into bankruptcy and its principals seem likely to face various criminal charges over the activities leading to that bankruptcy, it’s time for another round of crowing from opponents (and would-be regulators) of cryptocurrency. Which means it’s time for another round of pointing out where those opponents and would-be regulators are all wet. Continue reading
With the Federal Reserve poised to induce mass layoffs in its ongoing campaign to curb inflation, a study published Tuesday warns the notoriously fragmented U.S. unemployment system is nowhere near ready to handle another surge in jobless claims, potentially spelling disaster for the millions of people who could be thrown out of work next year. Continue reading
WASHINGTON—Remember Newt Gingrich’s “Contract With America,” the Republican blueprint for what they’d do if they took over the U.S. House in 1995—which they did? Well, with Gingrich standing by his side in late September, House Minority Leader Kevin McCarthy, R-Calif., unveiled his modernized 122-page version. Continue reading
Inflation continues to rise in the United States. Although gas prices have recently fallen since their record high over the summer, the cost of groceries rose by 11.4 percent over the last year, and there is no expectation that they will fall back to reasonable levels. Prices overall have risen by 8.2 percent, according to the U.S. Bureau of Labor Statistics’ Consumer Price Index report covering September 2022 as compared to the same month last year. While most working Americans are not getting hefty wage raises to compensate for inflation, seniors will see their Social Security benefits—which are pegged to inflation—rise next year. Starting in January 2023, beneficiaries will see an 8.7 percent cost-of-living adjustment (COLA) bump in their Social Security checks. Continue reading
Have you heard of Jaz Brisack, Liz Fong-Jones and Chris Smalls? Continue reading
Chris Frydenger’s young coworkers at the Mueller Company performed the same work and brought the same dedication to their jobs as he did, but the manufacturer’s two-tier wage system exploited newer hires by paying them thousands less each year. Continue reading
Besides the lingering COVID-19 pandemic and the on-going climate crisis, which will be accompanied by an energy crisis, not to mention the coming migration crisis, the world could be facing two man-made major crises in the years to come, i.e. an economic and financial crisis and a hegemonic war crisis. Continue reading
The most perceptive ancient historians and philosophers could not have foreseen a time when a certain type of mass convenience and abundance becomes a threat to democracy, justice and dispersed power. Welcome to the incarcerations of the credit card payment systems Gulag and the corporate state’s drive to stop consumers from paying with cash. Continue reading
Social Security advocates on Wednesday applauded Democrats including U.S. President Joe Biden for their defense of the popular program as Republicans recycle false claims that the nation will soon be unable to pay for the program’s benefits, making the monthly payments that help support more than 65 million Americans a key issue ahead of the midterm elections. Continue reading
Losing two coworkers to domestic violence over a three-year span left Emily Brannon and other members of United Steelworkers (USW) Local 310L reeling. Continue reading
At the end of July, an economic adviser working for Bank of America wrote a memo that got leaked. It made bluntly explicit the long-standing common knowledge among savvy investment advisers: those “economic policies” debated among politicians, economists, and dutiful mass media operate at two different levels. On the public level, debaters discuss what “we” need to do to fix “our economy’s problems.” It reeks of that “we are all in this together” language that reminds us of commercial greeting card poetry. On the other, private level, insiders discuss how the government should respond to economic problems in ways that boost employers’ profits even if at employees’ or the public’s expense. Insiders express their preferred solutions in that nicely neutered term: “policies.” Continue reading
Crypto is going to crash and could take your savings with it. Continue reading
Labor Day presents a great opportunity for the Democratic Party to compare their election year story of being on the side of labor, as opposed to the GOP which is invariably backing the wealthy and giant corporations. Continue reading
There was a big lie that modern corporations sold to American workers in the late 20th century and into the first decade of the 21st century: It was that profit-driven entities could make both employees and customers happy enough that no interventions like worker unions or strong federal regulations were needed. Continue reading
The federal minimum wage of $7.25 an hour has not been raised since 2009. That’s the longest period without an increase since the minimum wage was enacted, meaning today’s minimum wage is actually worth far less than it was in 2009. Continue reading
Financial health is the elephant in the room that we avoid talking about in social situations, at work, and even with our loved ones, despite the fact that financial well-being has a profound effect on how we think and feel. A review of 32 studies conducted on the dynamics of financial well-being and mental health between 2001 and 2019 found that a person’s financial situation has a “significant impact” on their mental health, with financial hardship being frequently associated with increased stress, anxiety and depression. Yet, financial well-being remains a taboo subject. Continue reading
At only 19 years old, Joe Thompson is one of the youngest lead organizers with Starbucks Workers United (SWU), the umbrella organization at the forefront of one of the most exciting labor successes of the last few years. Thompson, who started working at the coffee chain at age 16, told me in a recent interview, “Starbucks likes to claim it’s super-progressive, and a lot of workers there are, but we’re the ones actually holding Starbucks accountable to that standard.” Continue reading
BESSEMER, Ala.—Shoving merchandise around Amazon’s giant warehouse in Bessemer, Ala., isn’t easy, Isaiah Thomas says. It also isn’t safe. Continue reading
“Keep On Truckin’” was an iconic underground cartoon created in 1968 by comic master Robert Crumb. Continue reading
Rep. Pramila Jayapal, the chair of the Congressional Progressive Caucus, urged the House Democratic leadership on Tuesday to hold a vote on legislation that would expand Social Security benefits by making wealthy Americans contribute more to the beloved New Deal-era program. Continue reading
On Friday, April 1, Amazon—America’s wealthiest, most powerful, and fiercest anti-union corporation, with the second-largest workforce in the nation (union-busting Walmart being the largest), lost out to a group of warehouse workers in New York who voted to form a union. Continue reading
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The Fed’s inflation mistake continues
Posted on December 2, 2022 by Robert Reich
The Federal Reserve has been hellbent on raising interest rates to slow the economy. It’s a huge mistake. Continue reading →