New Economy

A Kentucky Power Plant’s Demise Signals A Reckoning For Coal

June 15, 2019 James Bruggers, Inside Climate News. Create! Coal, New Economy, Renewable Energy

Louisville, KY—When the six smokestacks of the Cane Run Generating Station came tumbling down in a cloud of dust last weekend as part of a controlled implosion by its utility owner, nearby resident Kathy Little was flooded with emotion. "I was in tears," said Little, a grandmother, who with her neighbors joined a Sierra Club campaign called Beyond Coal that successfully pressured the plant to curb toxic ash from blowing into their community. "It was so symbolic to me because of all the work we have done." The 1,000-megawatt coal plant on the banks of the Ohio River hadn't produced toxic ash—or electricity—since it was retired by its owner, LG&E, in 2015. But its demise, which took less than a minute, symbolized the broader decline of coal in both generating capacity and the production of electricity.

Northgate Apartments Celebrate 30 Years Of Resident Ownership, Affordability

June 15, 2019 By Courtney Kramer, Mychamplainvalley.com Create! Affordable Housing, Housing, New Economy, Ownership, Vermont

Burlington, Vt - Vermont's largest affordable housing community marked a special milestone Saturday with a neighborhood-wide celebration. The Northgate Apartments in Burlington's New North End is celebrating 30 years of housing affordability and resident ownership. "We're celebrating 30 years of ownership, resident ownership," said Linda Romeo, a longtime resident. Romeo has lived at Northgate for the past 48 years. She raised her family there and can remember a time when conditions were poor.

Eight Reasons Why Inequality Ruins The Economy

June 12, 2019 By Chris Dillow, Evonomics.com Educate! History, Inequality, New Economy

I fear, however, that there might be something missing here – the impact that inequality has upon economic performance. My chart shows the point. It shows the 20-year annualized rate of growth in GDP per worker-hour. It’s clear that this was much stronger during the relatively egalitarian period from 1945 to the mid-70s than it was before or since, when inequality was higher. This might, of course, be coincidence: maybe WWII caused both a backlog of investment and innovation which allowed a subsequent growth spurt and a desire for greater equality.

Retail Workers Nationwide Are United For Respect

June 12, 2019 By Andrea Dehlendorf and Ann Marie Reinhart, Inequality.org Resist! Class Struggle, New Economy, Retail, Workers

Toys ‘R’ Us workers won a crucial severance pay victory last year after the company closed its US stores. Private equity firms KKR, Bain, and Vornado had bought up the legendary toy store just a decade before, saddled the company with debt, and left the 33,000 laid-off employees without access to the millions they were owed in severance. But rather than letting private equity vultures enrich themselves on the backs of employees who’d been with the store for decades, workers fought back, taking creative actions across the country and pushing legislators and pension funds to get on board...

Baltimore Teachers Unseat Incumbents, Who Demand A Do-Over

June 11, 2019 Samantha Winslow, Labornotes.org Create! Baltimore, Education, New Economy, Teachers, Unions

What happens when new leaders run for office and beat an eight-term incumbent? In the Baltimore Teachers Union, it seems, the incumbent tries for a second bite at the apple. A slate called “The Union We Deserve,” backed by two rank-and-file caucuses, ran for office this spring. Its platform was to open the union up to its own members and join with parents to fight for fully funded public schools. To the surprise of many, the challengers won the union presidency as well as the 19 executive board seats for teachers. The incumbents held onto the 20 paraprofessional seats, producing a split board.

98.3% Of Ghana’s Gold Remains In The Hands Of Multinational Corporations

June 11, 2019 By Celina della Croce, Commondreams.org Educate! Africa, Corporations, Ghana, Imperialism, New Economy

Every year, the vast majority of Ghana’s natural wealth is stolen. The country is among the largest exporters of gold in the world, yet—according to a study by the Bank of Ghana—less than 1.7 percent of global returns from its gold make their way back to the Ghanaian government. This means that the remaining 98.3 percent is managed by outside entities—mainly multinational corporations, who keep the lion’s share of the profits. In other words, of the $5.2 billion of gold produced from 1990 to 2002, the government received only $87.3 million in corporate income taxes and royalty payments.

Court Sides With Trump On Keystone XL Permit, But Don’t Expect Fast Progress

June 11, 2019 Neela Banerjee, Insideclimatenews.org Educate! Courts, New Economy, Pipelines, Trump Administration

A federal appeals court on Thursday threw out a lower court decision to halt construction of the Keystone XL pipeline. But several major obstacles remain to the controversial project's progress, ensuring that the much-delayed Keystone XL will likely not be built soon. The Ninth Circuit Court of Appeals decision hands a victory, at least for now, to the Trump administration and tar sands oil interests that have sought to jump-start construction of the northern leg of the pipeline from Alberta to Nebraska.

Debt To Society

June 10, 2019 Mark Huelsman, Demos.org Create! Education, New Economy, Reform, Student Loans

Americans believe that every qualified student—regardless of their color, gender, or financial situation—should be able to pursue their educational dreams, and that no one should face massive financial pain simply because they decided to get an education. Yet over the past several decades, state and federal policymakers have failed to adequately address the rising cost of college, respond to an increased demand for higher education, or ensure that students’ families have adequate resources to save for the future or deal with unexpected financial emergencies.

Millennials Are Dramatically Financially Worse Off Than Previous Generations

June 6, 2019 Hillary Hoffower, Businessinsider.in Educate! Inequality, Millennials, New Economy

They have an average net worth of less than $8,000, reported Abha Bhattarai for The Washington Post, citing a new Deloitte study. According to the study, the net worth of Americans ages 18 to 35 has decreased by 34% since 1996, making them "dramatically financially worse off" than older generations, Business Insider's Kate Taylor reported. These findings underscore previous research indicating that millennials are financially behind. Millennials are less wealthy than previous generations were at their age at any point between 1989 and 2007, according to The Economist, citing a recent paper by the Brookings Institution.

US Has Regressed To Developing Nation Status, MIT Economist Warns

June 6, 2019 Chloe Farand, Independent.co.uk Educate! Development, Inequality, New Economy, United States

Peter Temin says 80 per cent of the population is burdened with debt and anxious about job security America is regressing to have the economic and political structure of a developing nation, an MIT economist has warned. Peter Temin says the world's’ largest economy has roads and bridges that look more like those in Thailand and Venezuela than those in parts of Europe. In his new book, “The Vanishing Middle Class", reviewed by the Institute for New Economic Thinking, Mr Temin says the fracture of US society is leading the middle class to disappear.

We Have The Means To Fund Reparations. Where Is The Political Will?

June 5, 2019 By Dedrick Asante-Muhammad and Chuck Collins, Truthout.org Create! Inequality, New Economy, Racism, Reparations

Between 1983 and 2016, the median net worth for Black Americans actually went down by 50 percent. Paired with a growing Latinx population that also lags far behind whites in household wealth, the U.S.’s overall median wealth trended downward over those decades, even as median white wealth increased. These trends go hand-in-hand with the rigging of the overall economy. Over the last 30 years, the wealthiest 20 percent of households have captured almost 97.4 percent of all increases in wealth, leaving only scraps for the rest.

U.S. Workers Are Standing Up For Their Rights. A New Law Would Back Them Up.

June 4, 2019 By Alan Barber and Liz Watson, Inequality.org Create! Class Struggle, New Economy, Reform, Workers

More workers engaged in collective action last year than in any other year in the past three decades. In 2018, 485,000 people participated in work stoppages — from teachers to hotel workers to workers in the telecommunications industry and more. In 2019, working people’s appetite for collective action shows no signs of slowing down. And they’re getting results. In April, workers at Stop & Shop ended the largest retail strike in nearly two decades, when their employer finally agreed to back off of proposed cuts to their paychecks and pensions.

The Bankers’ ‘Power Revolution’: How the Government Got Shackled by Debt

June 2, 2019 Ellen Brown, Web of Debt. Educate! Debt, New Economy, Public Banks

US debt is unnecessary. has been financially sovereign ever since President Franklin D. Roosevelt took the dollar off the gold standard domestically in 1933. This was recognized by Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, in a 1945 presentation before the American Bar Association titled “Taxes for Revenue Are Obsolete.” “The necessity for government to tax in order to maintain both its independence and its solvency is true for state and local governments,” he said, “but it is not true for a national government.” The government was now at liberty to spend as needed to meet its budget, drawing on credit issued by its own central bank. It could do this until price inflation indicated a weakened purchasing power of the currency.

Corporate Trade Tribunals Used By Mining Companies Against Communities And Governments

May 30, 2019 By Manuel Perez-Rocha and Jen Moore, Inequality.org Educate! Abuse, Mining, New Economy, Trade Tribunals. Corporations

The right of foreign investors to sue governments in international tribunals is one of the most extreme examples of excessive power granted to corporations through free trade agreements and investment treaties. For decades now, corporations have used this power to demand massive compensation for public interest regulations and other government actions that may reduce the value of their investments. Widespread outrage over this “investor-state dispute settlement” system is among the key issues in the renegotiation of the North American Free Trade Agreement.

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