New Economy

Study Shows Medicare For All Could Save $600 Billion Annually

January 12, 2020 Jake Johnson, Commondreams. Create! National Improved Medicare for All, New Economy, Single payer health care

Insurers and healthcare providers in the United States spent a staggering $812 billion on paperwork and other administrative burdens in 2017 alone, bureaucratic costs that could be dramatically reduced by switching to a single-payer system like Medicare for All. That's according to a study published Monday in the journal Annals of Internal Medicine, which found that administrative costs amounted to 34.2 percent of total U.S. national health expenditures in 2017—twice the amount Canada spent on healthcare administration that same year. The study's authors noted that U.S. healthcare providers impose "a hidden surcharge" on patients "to cover their costly administrative burden." U.S. insurers and providers spent $2,497 per person on healthcare administration in 2017 while Canada spent just $551 per capita, the study found.

Grassroots Democracy And The Social Production Of Housing

December 29, 2019 By Cira Pascual Marquina, Venezuelanalysis. Create! Democracy, Evictions, Housing, New Economy, Venezuela

Pobladoras is a platform of organizations that have worked in a coordinated way for some fifteen years. That is one of its great successes: a fifteen-year history connecting different expressions of struggle for the right to the city, for the construction of a new collective habitat, and for an urban revolution. Pobladoras brings together five different organizations that struggle for the right to housing: Movimiento de Inquilinas [tenants’ anti-eviction movement], Campamentos de Pioneros [self‐construction housing initiative], Movimiento de Trabajadoras Residenciales [residential workers movement], Comites de Tierra Urbana [Urban Land Committees, henceforth CTU, formed in the early days of the Bolivarian Process to struggle for urban land titles], and Movimiento de Ocupantes de Edificios Organizados [vacant building occupiers movement]. However, we are not merely a housing-rights organization. The organization does not limit itself to fighting for reformist claims.

World’s 500 Richest People Gained $1.2 Trillion In Wealth In 2019: Analysis

December 28, 2019 By Jake Johnson, Commondreams.org Educate! Inequality, New Economy, Ruling Class

The 500 richest people in the world, all of whom are billionaires, gained a combined $1.2 trillion in wealth in 2019, further exacerbating inequities that have not been seen since the late 1920s. That's according to a new Bloomberg analysis published Friday, which found that the planet's 500 richest people saw their collective net worth soar by 25 percent to $5.9 trillion over the last year. "In the U.S., the richest 0.1 percent control a bigger share of the pie than at any time since 1929," Bloomberg noted.

Inhuman Development Haunts The Globe

December 25, 2019 By David Ruccio, Real World Economics Educate! Inequality, New Economy, Racism

The wave of demonstrations sweeping across countries is a clear sign that, for all our progress, something in our globalized society is not working. Different triggers are bringing people onto the streets: the cost of a train ticket, the price of petrol, political demands for independence. A connecting thread, though, is deep and rising frustration with inequalities.

Major Advances In 2019 Toward A More Democratic Economy

December 25, 2019 Juliana Broad, The Next System Project. Create! Land trusts, New Economy, Public Bank, Worker Cooperatives

This past year, state and municipal lawmakers teamed up with community organizations to fight for—and win—a wide variety of policies and initiatives that will help foster a more democratic economy. New measures supporting public banking, worker co-ops, and community land trusts were launched across the country, continuing to grow a robust, cooperative economic ecosystem that builds community wealth. Here, we’ve highlighted some of the most exciting changes in local and state policy that happened in 2019. Public banks, unlike their private counterparts beholden to the profit demands of Wall Street shareholders, are owned by and accountable to the public. This year saw some important victories in the movement for these democratic financial institutions.

FERC Props Up Coal And Gas In Clime Crime Decision Subsidizing Them Against Clean Energy

December 21, 2019 Dan Gearino, Insideclimatenews.com Educate! Clean Energy, Coal, FERC, Gas, New Economy

Federal energy regulators issued an order Thursday that likely will tilt the market to favor coal and natural gas power plants in the nation's largest power grid region, stretching from New Jersey to Illinois. Critics say that it effectively creates a new subsidy to prop up uneconomical fossil fuel plants and that it will hurt renewable energy growth and, ultimately, consumers. The new rules, approved by the Federal Energy Regulatory Commission, are designed to counteract state subsidies that support the growth of renewable energy and use of nuclear power.

Yes, The U.S. Unemployment Rate Is Low, But So Is The Job Quality Index

December 21, 2019 Matt Higgins, Occupy.com Educate! Labor, New Economy, Workers Rights and Jobs

The Bureau of Labor Statistics’ November jobs report released on Dec. 6 showed a 50-year low unemployment rate of 3.5 percent, with 266,000 jobs added. This signals a strong economy. But another recent report, from the Coalition for a Prosperous America, shows that while the quantity of jobs has increased since the Great Recession, the quality of jobs has decreased. The November federal jobs report shows the health care sector leading the way with the number of jobs added, followed by manufacturing and hospitality. Nevertheless, wage growth actually dipped by a tenth of a percent, and wage growth has slowed this year compared to last year.

Ninety-One Profitable Fortune 500 Companies Paid $0.00 In Federal Income Taxes

December 18, 2019 Staff, Itep.org Educate! New Economy, Profit, Ruling Class, Taxes

This study provides a comprehensive overview of profitable corporations’ effective tax rates in 2018, the first year that companies were subject to the Tax Cuts and Jobs Act (TCJA), the tax law signed by President Donald Trump at the end of 2017. The law lowered the statutory federal corporate income tax rate to 21 percent (a 40 percent decrease from the previous 35 percent rate) and made other changes affecting what companies pay.

Kansas City, Missouri Approves Free Public Transit for All

December 8, 2019 By Julia Conley, Common Dreams Create! New Economy, Public Services, Transit, Transportation

Lawmakers in Kansas City, Missouri took a "visionary step" on Thursday by unanimously voting to make public transportation in the city free of charge, setting the stage for it to be the first major U.S. city to have free public transit. The Kansas City Council voted to direct the city manager to set aside $8 million to eliminate the $1.50 per ride fare that currently applies to the city's bus system. Some frequent riders could save about $1,000 per year under the new plan, according to KCUR, the city's public radio station.

Accelerating Equity In Electric Cars

December 8, 2019 By Gabreille Gurley, American Prospect Create! Climate Change, Electric Cars, New Economy

Electric cars will eventually be all cars, but the speed by which they displace conventional cars will depend on making them affordable for low- and middle-income drivers. This transition already risks leaving low- and moderate-income people behind at a time when the country should be accelerating this shift to meet the ambitious net-zero emission goals needed to save a habitable planet. These concerns have spurred the push for an equitable transition that avoids the apartheid that has characterized the country’s most significant economic and technological transitions.

This Holiday Season, American Workers Have Little To Celebrate

December 7, 2019 By Danny Haiphong, Ahtribune.com Educate! Class Struggle, Inequality, New Economy, Workers Rights and Jobs

Every year, much of the U.S. population celebrates Thanksgiving and Christmas to show appreciation for their families and friends. Thanksgiving normalizes the colonial origins of the United States and erases the brutality of the English settlers who massacred indigenous people to prepare the land for capitalist accumulation. Christmas is the annual holiday of big business. On no other day are workers more encouraged to spend their wages on the latest consumer product to gift to their loved ones.

“Booming” Economy Means More Bad Jobs And Faster Race To The Bottom

December 7, 2019 Glen Ford, Blackagendareport.com Educate! Inequality, Jobs and Wages, New Economy

A Brookings Institution study shows 44 percent of all American workers toil in “low-wage” jobs, with median earnings of $18,000 a year. Most of them are adults in their prime working years, whose paychecks provide the main sustenance for their families, 20 percent of which live at below 150 percent of the poverty line. Blacks and Latinos are overrepresented in low-paid employment, but more than half of these bad jobs are held by whites.

‘Ten Year Challenge’ For 400 Wealthiest Americans Shows Fortunes Doubled Since 2009 While Tax Rates Dropped

November 30, 2019 By Eoin Higgins, Nationofchange.org Educate! Inequality, New Economy, Ruling Class, Taxes

"Here's the thing: the way the system is set up, we're headed for another decade of this." Exemplifying a national economy rigged in favor of the already rich, the wealthiest 400 people in the U.S. enjoyed a drop in their tax rate from 2009 to 2019 even as they enjoyed a drop in their tax rate. University of Calfornia Berkeley economist Gabriel Zucman—citing the social media meme known as the “ten year challenge“—crunched the numbers Sunday in a tweet, finding that the total wealth of the 400 richest Americans jumped from $1.27 trillion to $2.96 trillion. The tax rate fell from 27% to 23% in that time.

China – The Belt And Road Initiative – The Bridge That Spans The World

November 27, 2019 Peter Koenig, Informationclearinghouse.info Educate! Belt and Road Initiative, China, Inter-Imperialist Rivalry, New Economy

Today, in the western world we have lost this concept. The terms of trade are imposed always by the ‘stronger’ partner, the west versus the poorer south – the south where most of the natural resources are lodged. Mother Earth’s assets have been and are coveted by the west – or north – for building and maintaining a lifestyle in luxury, abundance and waste. This trend has lasted for centuries of western colonialism: Exploitation, loot, esclavisation and rape of entire peoples of the Global South by the Global North, to use the current soothing World Bank lingo.

Opinion: Why A Surtax On Multimillionaires’ Income Is Better Than A Wealth Tax

November 18, 2019 Chuck Collins, Marketwatch.com Create! Income, New Economy, Ruling Class, Taxes

Some business leaders may be concerned about some of the tax proposals being floated by Democratic candidates for president. But plenty of them — from JPMorgan Chase JPM, -0.36% CEO Jamie Dimon to Starbucks SBUX, -0.39% founder Howard Schultz — agree that it’s time for wealthy people like them to pay more. “I believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society,” the billionaire banker Dimon told Fox Business.

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