By Staff of E360 DIGEST – The Trump administration has announced that a federal goal to slash the cost of utility-scale solar energy to 6 cents per kilowatt-hour by 2020 has been met early. The goal, set by the Obama administration in 2011 and known as the SunShot Initiative, represents a 75 percent reduction in the cost of U.S. solar in just six years. It makes solar energy-cost competitive with electricity generated by fossil fuels. The Department of Energy attributed achieving the goal so quickly to the rapidly declining cost of solar hardware, such as photovoltaic panels and mounts. And it said it will next focus its efforts on addressing “solar energy’s critical challenges of grid reliability, resilience, and storage,” according to a press release. The DOE also announced $82 million in new funding for solar research, particularly for research into “concentrating solar” — which uses mirrors to direct sunlight to generate thermal energy — and into improved grid technology. It set a new goal to reduce the cost of solar even further: 3 cents per kilowatt-hour by 2030.
By Lyndsey Gilpin for Inside Climate News – Just after midnight on Sept. 11, Eugenio Pereira awoke to the sound of tropical-storm-force winds slamming his Gainesville, Florida, home. Hurricane Irma had arrived. At 1:45 a.m., the power flickered out, and he was in total darkness. Unlike large swaths of Florida that were facing days if not weeks without electricity, Pereira knew he would have power when the sun rose. He had installed rooftop solar panels two weeks before the storm, along with an inverter that allows him to use power from the solar panels without being connected to the grid. The next morning, he plugged an extension cord into the inverter, flipped it on, and let his 7-kilowatt rooftop solar array do the rest. He was able to use his appliances and his Wi-Fi, so he could continue his work as a home-based IT consultant while the neighborhood waited for grid power to came back on. “We didn’t have sun at all the day after the hurricane, but even with clouds, it was enough,” he said. Hurricane Irma cut the power to about 6.7 million customers across Florida, as well as hundreds of thousands in Georgia, South Carolina and North Carolina. Only about two-thirds of those in Florida had power back by Thursday, and Florida Power & Light said the outages could last weeks in some areas.
By Dylan Matthews for Vox Magazine – Imagine if a well-paying job, with benefits and a high enough salary to pay for rent, transportation, and food, were a human right. Imagine the US federal government established a policy whereby anyone who didn’t have a job and wanted one could go into a local office for a government agency — call it the Works Progress Administration — and walk out with a regular government position paying a livable wage ($15 an hour, perhaps) and offering health, dental, and vision insurance, and retirement benefits, and child care for their kids. Different people would do different things: teaching or working for after-school programs or providing child care or building roads and mass transit or driving buses and so on. But everyone would be guaranteed a job, including during recessions. Involuntary unemployment would be a thing of the past. No one who works would be in poverty. That’s a truly radical policy idea. But it has deep roots in the Democratic Party’s past, from the New Deal’s emergency employment programs to the Humphrey-Hawkins Act, a 1970s proposal that, as originally written, would have given unemployed Americans the right to sue the government. Today, there are even some actual proposals on the table. In May, the Center for American Progress issued a report calling for a “large-scale, permanent program of public employment and infrastructure investment.” But some labor economists, even left-leaning ones, are skeptical. None of the programs, they argue, have done enough work on the details.
By Ralph Nader for The Nader Page – The monster of economic waste—over $7 trillion of dictated stock buybacks since 2003 by the self-enriching CEOs of large corporations—started with a little noticed change in 1982 by the Securities and Exchange Commission (SEC) under President Ronald Reagan. That was when SEC Chairman John Shad, a former Wall Street CEO, redefined unlawful ‘stock manipulation’ to exclude stock buybacks. Then after Clinton pushed through congress a $1 million cap on CEO pay that could be deductible, CEO compensation consultants wanted much of CEO pay to reflect the price of the company’s stock. The stock buyback mania was unleashed. Its core was not to benefit shareholders (other than perhaps hedge fund speculators) by improving the earnings per share ratio. Its real motivation was to increase CEO pay no matter how badly such burning out of shareholder dollars hurt the company, its workers and the overall pace of economic growth. In a massive conflict of interest between greedy top corporate executives and their own company, CEO-driven stock buybacks extract capital from corporations instead of contributing capital for corporate needs, as the capitalist theory would dictate. Yes, due to the malicious, toady SEC “business judgement” rule, CEOs can take trillions of dollars away from productive pursuits without even having to ask the companies’ owners—the shareholders—for approval.
By Julia Conley for Mint Press News – With people of color projected to make up the majority of Americans by 2043, a new study warns against policies that keep many black and Latino households out of the middle class. A new study finds that if the racial wealth divide is left unaddressed, the median wealth for black Americans will fall to $0 by 2053, with Latino Americans reaching the same median wealth two decades later. According to the report by the Institute for Policy Studies and Prosperity Now, the wealth gap between people of color and their white counterparts is showing no sign of narrowing in the coming years—even as racial demographics in the U.S. are rapidly shifting, with people of color projected to make up the majority of the population by 2043. In the next three years, black households are projected to lose 18 percent of their median net worth, while white families are expected to gain about three percent more wealth. The report, “The Road to Zero-Wealth,” defines middle-class wealth as a household net worth of $68,000 to $204,000, and notes the disconnect between income and wealth: a median income for one’s racial background does not guarantee entry into the middle-class. “White households in the middle-income quintile—those earning $37,201-61,328 annually—own nearly eight times as much wealth ($86,100) as Black middle-income earners ($11,000) and ten times that of their Latino counterparts ($8,600),” write the authors.
By Dedrick Asante-Muhammad and Chuck Collins for Other Words – Since 1983, national median wealth has declined by 20 percent, falling from $73,000 to $64,000 in 2013. And U.S. homeownership has been in a steady decline since 2005. While we often hear about the struggles of the white working class, a driving force behind this trend is an accelerating decline in black and Latino household wealth. Over those three decades, the wealth of median black and Latino households decreased by 75 percent and 50 percent, respectively, while median white household wealth actually rose a little. As of 2013, median whites had $116,800 in wealth — compared to just $2,000 for Latinos and $1,700 for blacks. This wealth decline is a threat to the viability of the American middle class and the nation’s overall economic health. Families with more wealth can cover emergencies without going into debt and take advantage of economic opportunity, such as buying a home, saving for college, or starting a business. We looked at the growing racial wealth gap in a new report for the Institute for Policy Studies and Prosperity Now. We found that if these appalling trends continue, median black household wealth will hit zero by 2053, even while median white wealth continues to climb. Latino net worth will hit zero two decades later, according to our projections.
By Phil Mckenna for Inside Climate News – The Minnesota Department of Commerce recommended this week that a major tar sands oil pipeline should not be expanded and that the old, existing line should be shut down. Its reason: the state’s refineries don’t need additional crude oil, so there’s no point in taking on extra risks. The recommendation is the latest sign of opposition to fossil fuel pipelines at the state level, just as the federal government is strongly supporting them. The Minnesota Department of Commerce’s report, submitted to state regulators who will eventually decide whether or not to approve the pipeline, cites a consulting firm that determined Minnesota’s refineries are already running at peak capacity and that there’s no sign of a long-term increase in local demand for fuel. The analysis concludes that the proposed Enbridge Line 3 pipeline project, from Hardisty, in Alberta, Canada, to Superior, Wisconsin, isn’t worth the risks. “In light of the serious risks and effects on the natural and socioeconomic environments of the existing Line 3 and the limited benefit that the existing Line 3 provides to Minnesota refineries, it is reasonable to conclude that Minnesota would be better off if Enbridge proposed to cease operations of the existing Line 3, without any new pipeline being built,” the department states. Environmental advocates said that the line might still be approved, despite the report’s conclusions.
By Jill Richardson for Other Words – We all want to live in a country where all it takes is hard work and some talent for anyone to succeed. We tell ourselves that we do. We even see examples of people who “came from nothing” and ended up rich and famous. And it’s true that it sometimes happens. Sometimes a child born into poverty grows up to become the president of the United States, a multi-billionaire, or an Olympic gold medalist. Most of the time, however, they don’t. And it’s not because they’re bad, lazy, stupid, or immoral. Often it’s because of our system itself. Take our school system for a start. By funding schools with property taxes, we guarantee that the children from the richest neighborhoods go to the wealthiest schools. If we lived in neighborhoods that were economically mixed with families of all incomes, this wouldn’t be a big deal. But we don’t. Instead we have areas of very wealthy people whose children attend wonderful schools, and areas of concentrated poverty where children attend failing schools.
By Julia Pyper for GTM – It’s official. The solar industry has met the 2020 utility-scale solar cost target set by the Energy Department’s SunShot Initiative — three years early. The DOE’s National Renewable Energy Laboratory (NREL) released new research today that shows the average price of utility-scale solar is now under $1 per watt and below 6 cents per kilowatt-hour. That’s higher than the record-breaking project bids we’ve seen in the U.S. and abroad in recent years. But that’s because DOE calculations for levelized cost of energy (LCOE) do not include subsidies — such as the federal Investment Tax Credit — and are based on the average climate in Kansas City, Missouri. (Note: GTM documented the sub-$1 per watt milestone earlier this year, but the department is using its own metrics.) “Our mission is to make solar affordable for all Americans, and so our goals are defined for average U.S. climates. We use Kansas City as that example,” said Becca Jones-Albertus, acting deputy director of the SunShot Initiative. “Hitting a 6 cents per kilowatt-hour target for Kansas is a more significant metric than hitting 6 cents in sunnier parts of the country.” GTM Research reported that U.S. utility-scale fixed-tilt system pricing fell below $1.00 per watt earlier this year using a different methodology.
By Jason Margolis for PRI – Nobody from his graduating class is working in coal, says Swiger. “[They’re] honestly working in fast food, or not working at all.” Not Swiger. He has a job installing rooftop solar panels. He says his family is delighted with it. “They’re excited that I’m actually doing something different,” says Swiger. “A lot of people ain’t doing this in West Virginia, a lot of people are against it actually. A lot of people want to go back to coal. “I ain’t against it, I love solar. It’s way better than coal, I think.” Solar panels can save people money on their electricity bills and cut down on greenhouse gas emissions, which fuel climate change. With battery storage, found in some home set-ups, solar can also allow people to continue to power their homes off the grid during power outages. Swiger is working as an apprentice with Solar Holler, which was founded four years ago by 32-year-old Dan Conant. Conant doesn’t see solar energy and coal at odds with each other. “The way I think about it, as a West Virginian, is that West Virginia has always been an energy state, and this is just the next step. It’s the next iteration,” says Conant. West Virginia’s economy has long been reliant on coal. Metallurgical coal, which is found in the state, is used in the steel-making process.
By Staff of Institute for Policy Studies and Prosperity Now – While households of color are projected to reach majority status by 2043, if the racial wealth divide is left unaddressed, median Black household wealth is on a path to hit zero by 2053 and median Latino household wealth is projected to hit zero twenty years later. In sharp contrast, median White household wealth would climb to $137,000 by 2053. If current trends continue, by 2020 median Black and Latino households stand to lose nearly 18% and 12% of the wealth they held in 2013, respectively, while median White household wealth increases 3%. At that point–just three years from now–White households are projected to own 85 times more wealth than Black households and 68 times more wealth than Latino households. The declining wealth of households of color is already taking a significant toll on the broader economy. The nation’s overall median wealth decreased nearly 20% from 1983 to 2013 ($78,000 to $64,000—a period when Black and Latino median wealth went down and White wealth slowly went up. Even earning a middle-class income does not guarantee a family middle-class economic security, according to the report.
By Richard Moser for Counter Punch – During the 1960s and 1970s, radical activists set out to organize the white working class. They linked the pursuit of working class interest and economic democracy with anti-racist organizing. They discovered, and helped others realize, that white supremacy and racism are not a friend to white people but one of the main obstacles to fulfilling our own destiny as a free people. The context was the last revolution. The civil rights, black power, feminist, student movements and community organizing set the stage for working class whites to make important contributions to the democracy movements of the time. While these efforts were initiated by various groups, the Students for a Democratic Society (SDS), radicalized working class youth, and the Black Panthers, they all eventually depended on the leadership of working class communities. The organizers had been deeply radicalized by the social upheavals of the time. Yet, their own working class backgrounds often placed them on the margins of the New Left. But the activists knew the white working class had enormous untapped potential. The movement to stop the War in Vietnam, fight the bosses, and win the battle against racism needed the hard work and political vision that everyday working people could help provide.
By David Elliot for CHN – The poverty rate declined to 12.7 percent in 2016, down from 13.5 percent in 2015 and from 14.8 percent in 2014. That 2.1 percentage point drop is the largest two-year decline since 1969. Since 2014, the number of people in poverty has dropped by more than 6 million. Children remain disproportionately poor, with 18 percent (13.3 million) living in poverty, but the proportion of children in poverty also declined steeply over the past two years (down from 21.1 percent in 2014, nearly a 2.3 million decline). In part, the improvement in poverty was related to the increase in people with earnings (up 1.2 million since 2015), and the increase in the number of people working full-time/year-round (up 2.2 million since 2015). The lowest 20 percent of households saw their incomes increase by about 9 percent over two years. Also very important in reducing poverty were government programs. As shown by the Census Bureau’s Supplementary Poverty Measure, without Social Security, the total number poor would have been more than 26 million higher (with nearly 1.5 million more children poor). Low-income tax credits such as the EITC and Child Tax Credit prevented nearly 8.2 million from being poor (nearly 4.4 million children). SNAP/food stamps lifted nearly 3.6 million out of poverty (1.5 million children). Housing subsidies and Supplemental Security Income each lifted more than 3 million people out of poverty.
By Kevon Paynter for Yes! Magazine – Men and women huddle inside the St. John’s United Methodist Church in central Baltimore. The air conditioning in the church is inefficient on a day when the outside temperature is over 100 degrees. Cold water bottles get distributed, along with paper towels to wipe off sweat. Many of these people are homeless or formerly homeless. Others are longtime residents struggling to afford their rent, and they are here to advocate for an affordable housing solution that could bring relief as well as fix Baltimore’s blight. They want Mayor Catherine Pugh to dedicate $40 million in the upcoming budget to fund community land trusts. Across the U.S., cities struggle with expanding income inequality and tight housing markets that drive up rent. These factors result in an extreme shortage of affordable housing. For every 100 low-income renters, there are 31 affordable units, according to the National Low-Income Housing Coalition. Over the years, solutions have emerged. In Burlington, Vermont, and Boston, for example, community ownership of land through nonprofit community land trusts has had decades of success turning vacant lots into affordable housing.
By Staff of Reuters – CARACAS (Reuters) – Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies. Maduro was refering to Venezuela’s “DICOM” official exchange rate in which the dollar buys 3,345 bolivars, according to the central bank. At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars, a spread versus the official rate that economists say has fostered corruption. A thousand dollars of local currency bought when Maduro came to power in 2013 would now be worth $1.20. “Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in an hours-long address to a new legislative superbody, without providing details of the new mechanism. “If they pursue us with the dollar, we’ll use the Russian ruble, the yuan, yen, the Indian rupee, the euro,” Maduro said. The oil-rich nation is undergoing a major economic and social crisis, with millions suffering food and medicine shortages and what is believed to be the world’s highest inflation.
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