Tag: Economy

Federal Judge Reverses CDC’s Eviction Moratorium, Putting Millions at Risk of Losing Their Home

Photo: meandering images (Shutterstock) While increased vaccination availability has provided some light at the end of the tunnel with regard to the coronavirus, there are millions of Americans who are still dealing with the financial ramifications of the pandemic. In a move set to impact some of the most vulnerable in our country, a federal […]

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If Corporations Are People, Tax Them Like People

As if by magic, corporations were rendered human by the Supreme Court’s 2010 Citizens United and 2014 Hobby Lobby decisions. They may now exercise free speech rights through unlimited political spending and enjoy freedom of religion by denying employee health care coverage for birth control pills, diaphragms, and IUDs. As Mitt Romney famously chided a […]

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Walter Mondale Wasn’t Scared of Raising Taxes. Is Biden?

For lower-income people, today’s lighter tax burden—attributable mainly to the Clinton and Obama presidencies—constitutes progress. As Mitt Romney famously pointed out, nearly half of all households pay no income tax at all. What he failed to grasp was that that’s good, not bad, because these households can’t afford to pay the tax. For the rich, […]

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The Weird, Extremely German Origins of the Wirecard Scandal

After the Second World War German national pride was in tatters. It improved through the power of German industry and the mighty Deutschmark. That’s because the Standort has become a stand-in for a national pride that dare not speak its name. The phrase “Made in Germany” was first established in 1887 in the United Kingdom […]

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The Long Fight to Cancel Student Loans

Those who object to canceling student debt usually point to income quintiles: People with large quantities of debt—i.e., people who went to graduate school—are more likely to earn high incomes. Some critics even argue that cancellation would be “regressive,” that it would give the biggest boost to high earners and those privileged enough to go […]

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Washington’s Inflation Hysteria Is Fueled by Corporate Greed

The economy has changed. And what we saw in the last couple of cycles is that inflation never really moved up as unemployment went down. We had 3.5 percent unemployment, which is a 50-year low, for much of the last two years before the pandemic. And inflation didn’t really react much. That means that we […]

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Is Biden Ditching His Promise to Protect Workers From Covid-19?

Remember meatpackers? Berkowitz testified before Congress last month that “as of mid-February 2021, at least 57,000 meatpacking and poultry workers have been infected with Covid-19, and over 280 have died.” The honor system doesn’t seem to work any better under Biden than it did under Trump. Last week the United Food and Commercial Workers filed […]

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Republicans Are Too Subservient to Corporate America to Wage War on “Woke Capitalism”

These corporations weren’t “hijacking our country from outside the constitutional order.” They were registering anxiety about the increasingly reckless behavior of their natural ally, the GOP. It’s sometimes said that a new strain of anti-corporate conservatism lies a-borning within the Republican Party, reflecting a shift of working class white voters, and even some working class […]

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Starbucks, Goldman Sachs, ACLU and Others Pledge to Tackle Racial Wealth Gap by Boosting Black Employment and Business Investments

Photo: Shutterstock Some of the biggest companies in America say they will put their considerable might behind a mission of closing the massive wealth gap between Black people and white people in this country. Advertisement According to analysis by Brookings Institute, the median wealth held by Black households in the U.S. is not even 15 […]

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The Labor-Rights Legislation That Could Make Medicare for All a Reality

However important issue-based advocacy groups may be, they simply can’t muster the power that unions can. That’s not because workers are noble or magic, but because they have something that capital needs to generate profits: labor power, which unions pool into units large enough to hold leverage over bosses in a way that brilliantly crafted […]

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Still Nickel and Dimed: Unpacking Tipping, Minimum Wage and the Fight for Equity

“What happened at Emancipation with…the idea of tipping being mutated from an extra hour bonus on top of the wage to becoming the wage itself—becoming a replacement for wages—really cannot be understood as anything other than a devaluation of Black lives and women’s work.” — Saru Jayaraman, President of One Fair Wage If you’ve been […]

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How the Top 0.01 Percent Became America’s Criminal Class

But as capital grows, it finds its way into all sorts of dark crevices: complex partnerships and abstruse financial structures that third parties such as banks don’t report properly to the government, and offshore accounts that don’t get documented at all. And not surprisingly, when there’s no third-party reporting, people cheat. Less than half such […]

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La, La, La, La, Kanye West Got His Money Right—Now Worth $6.6 Billion, Reportedly Richest Black Man in the U.S.

Kanye West speaks on stage at the “Kanye West and Steven Smith in Conversation with Mark Wilson” on November 07, 2019.Photo: Brad Barket/Getty Images for Fast Company (Getty Images) Remember when Kanye West first burst into the mainstream scene and referred to himself as “Kanye Cheddar?” Well, now he has a lot of damn cheese. […]

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Republicans Greet Covid Stimulus With Another Round of Inflation Fearmongering

At this point, a reasonable person would be forced to admit that a prediction of high inflation made in 2010 was based on faulty theory. Yet, few of those who signed the letter to Bernanke owned up to any doubts when queried by Bloomberg News in October 2014. It is worth quoting them at length. […]

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The Covid Relief Bill Also Raises Taxes on the Rich

Taxes have all sorts of purposes. Some taxes—most, actually—are intended to raise revenue. Other taxes, say on booze and cigarettes, are intended to alter behavior. The taxes in the latter group, known as “sin taxes,” usually end up doing some combination of both things—they discourage consumption of alcohol and tobacco a bit, but because the […]

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Trophy Homes and $2.5 Million Tweets: How the Idle Rich Spent Their Pandemic Year

Pity the newly rich, who are struggling with where to put their millions. According to a recent analysis cited by The New York Times, about 7,000 millionaires will emerge from the latest round of Silicon Valley IPOs, which include companies like Airbnb, Snowflake, and Palantir, and they’re not sure how to spend it in these […]

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The Deficit Hawks That Make Moderate Democrats Cower

The organization embraces a deflationary logic: It wants the government to suppress private consumption so a greater share of economic output accrues to the private owners of existing capital, supposedly making the country more competitive in the international fight for investment dollars. Federal spending threatens that model. The CFRB warns that government borrowing can “crowd […]

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Federal Program Will Send Every Chicago Public Schools Student $450 for Food Expenses

Teachers at King Elementary School, prepare to teach their students remotely in empty classrooms during the first day of classes on September 08, 2020 in Chicago, Illinois.Photo: Scott Olson (Getty Images) I’m sure at this point you don’t need me to reiterate how disruptive the coronavirus pandemic has been. In an effort to help address […]

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The FinTech Industry Wants to Give Desperate Workers an Advance on Their Next Paycheck. It’s a Trap.

Consumer advocates are very alarmed by the underlying power imbalance between wage-access providers and the low-income workers they serve, exposing once again Silicon Valley’s penchant for dressing up in utopian visions the dystopian brutality of its desire to make money. “If you think about someone working at Walmart, Target, someone like that,” says Keith Corbett, […]

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Russell Westbrook Helps Varo Bank Secure $63 Million Investment, Will Address Financial Inequality as Advisor

Photo: Will Newton (Getty Images) I will never in life seek his counsel on fashion choices, but when it comes to money moves, Russell Westbrook is no joke. On Thursday, Varo Bank, America’s first all-digital nationally chartered bank, announced that the nine-time NBA All-Star has come on board as both an investor and advisor. In […]

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‘I Will Not Make That Happen’: Biden Says No to $50,000 Student Debt Forgiveness

Photo: Saul Loeb (Getty Images) Get ready to lower your expectations if you’d been hoping that President Biden would heed the call of some Democrats to cancel student debt up to $50,000 per borrower. The president outright rejected that idea during a town hall hosted by CNN in Milwaukee on Tuesday. Advertisement After a member […]

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Don’t Believe the Bad Press About the Economic Impact of a $15 Minimum Wage

Overall, the minimum-wage hike would increase the cost of Medicaid by about $16 billion because the program depends on an army of low-wage health care workers employed by doctors, hospitals, or the patients themselves. I was shocked to learn, in reading the CBO report, that there are even a few people employed directly by the […]

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Can There Ever Be a Working-Class Republican Party?

This strategy may, indeed, explain Hawley’s recent escapades. When you get close to Republican voters, you discover one of the cultural issues they are maddest about is electoral fraud—and this has been true for a long time. Perhaps stolen elections have a symbolic, emotional resonance to people who feel power has been stolen from them […]

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Buying Black Matters: The Black Dollar Index Ranks Corporations By Support Of Black-Owned Businesses

NewsOne Featured Video Source: Charday Penn / Getty Functioning as a kind of “Green Book” for the economy, the Black Dollar Index seeks to guide spending for those committed to racial equity. Launched by a group of Black professionals, the consumer advocacy index claims to measure corporate support and dedication towards Black America. The Black […]

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Why Biden and Harris Are Right About “Equity”

The equity argument lost political support starting in the 1970s because of resistance to affirmative action programs, Ronald Reagan’s demonization of welfare, and a property-tax revolt that evolved into a full-scale rebellion against progressive income taxation. For many years, Democrats were afraid to argue too openly for greater equality of outcomes. Many still are. But […]

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The GameStop Saga and the Incoherent Politics of the Stock Market

In the 1980s, President Reagan saw employee stock ownership as a way to undermine communism and promote free markets. He established a task force chaired by conservative financier J. William Middendorf and ESOP expert Norman G. Kurland to study worker-controlled companies in developing countries. In announcing the report of this task force, Reagan said when […]

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OneUnited Bank Creates OneTransaction Campaign to Help Black Americans Close the Racial Wealth Gap

Image: OneUnited Bank You’ve likely heard of the racial wealth gap, and you may have already seen its impact on your own family’s ability to accrue generational wealth. It’s the phenomenon of the average white family having about 10 times the net worth of the typical Black family in America. That gap has persisted due to […]

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Florida Republican Wants to Exclude Felons From Minimum Wage Increase Because Florida Republicans Are Terrible People

Sen. Jeffrey Brandes (R-St. Petersburg)Photo: m.flsenate.gov Is it just me, or do Florida Republicans just really hate not being evil? We talk a lot of shit about Florida—about how it’s filled with crazy white people, how it looks like America’s dong and how the GOP dicks in office reflect that image—and sometimes I do feel […]

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Robinhood Blocks Users From Buying GameStop Stock [Update: Will Bring Back ‘Limited Trading’ Tomorrow]

Photo: Michael M. Santiago (Getty Images) The stock trading app Robinhood is currently blocking users from buying any more GameStop stock citing “recent volatility” as its price soared from just under $20 at the beginning of the month to over $300 at the end of yesterday. “We continuously monitor the markets and make changes where […]

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The GameStop Saga Shows How Casino Capitalism Is Eating the World

Robinhood’s CEO speaks of democratizing finance, equating it to homeownership as something that every American should aspire toward. George W. Bush made a similar call for a society of homeowners, just as banks began trading in complex financial derivatives and pressing mortgages upon people who couldn’t afford them. The resulting bust nearly took down the […]

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