Recession

Building Power To Win Is The Revolutionary Approach To Bourgeois Electoralism

June 19, 2020 Ajamu Baraka, Black Agenda Report. Strategize! Capitalism, Elections, Recession, Worker Rights and Jobs

The great African revolutionary, Amilcar Cabral, reminded us that without revolutionary theory there can be no revolution. His reminder was not a call for abstract theorizing, quite the contrary. What he meant was that one cannot advance in practice unless that practice is guided by the most advanced understanding of the material and ideological conditions that revolutionary forces face. Over the next two days we will ground ourselves in our particular realities as they relate to our strategic and tactical engagement with bourgeois electoral system in the United States. Let’s begin: The ongoing and current capitalist crisis has created the most serious crisis of legitimacy since the collapse of the capitalist economy during the years referred to as the Great Depression.

Second COVID-19 Wave And The US Economy

June 18, 2020 Jack Rasmus. Educate! COVID-19, Depression, Finance and the Economy, Recession

It is increasingly likely that things are about to get worse in terms of US public health. And as that happens, so too will the US economy experience a further negative impact from the virus. A second wave now emerging means not just a further decline in public health, but an eventual second wave of problems for the US economy as well. What a second wave all but ensures is that the US economic recovery will not be ‘V-Shape’ but will be ‘W-Shape’; that is, a W shape recovery characterized by periods of short and shallow GDP growth, followed by brief periodic economic relapses thereafter. These short, shallow recoveries and relapses may repeat and continue for years to come. Following such a duration of economic stagnation, a major threat grows that could usher in an economic depression perhaps even worse than the 1930s: should the economic stress building from weak, short and shallow recoveries—i.e. an extended deep economic stagnation for years to come—result in an inevitable flood of business, local government, and household debt defaults and bankruptcies, it will eventually overwhelm the financial system.

Black Workers Face Two Of The Most Lethal Preexisting Conditions For COVID-19

June 11, 2020 Elise Gould and Valerie Wilson, Economic Policy Institute. Educate! COVID-19, Racial disparities, Recession, wealth inequality

“We’re all in this together” has become a rallying cry during the coronavirus pandemic. While it is true that COVID-19 has affected everyone in some way, the magnitude and nature of the impact has been anything but universal. Evidence to date suggests that black and Hispanic workers face much more economic and health insecurity from COVID-19 than white workers. Although the current strain of the coronavirus is one that humans have never experienced before, the disparate racial impact of the virus is deeply rooted in historic and ongoing social and economic injustices. Persistent racial disparities in health status, access to health care, wealth, employment, wages, housing, income, and poverty all contribute to greater susceptibility to the virus—both economically and physically.

Debt Strike Needed As Debt Collectors Keep Coming After Millions Of People

June 9, 2020 By Paul Kiel and Jeff Ernsthausen, ProPublica. Educate! COVID-19, Debt, Debt Strike, Healthcare costs, Recession

Over the past couple decades, Capital One, Lugo’s pursuer, helped lead the way in transforming the nation’s local courts into collection machines. As recently as the 1990s, these courts conformed to the picture most people have in their heads, primarily working as a venue where a judge resolved disputes between two sides represented by a lawyer. Now the most common type of case is debt collection, a recent Pew Charitable Trusts report found. Lining up against debtors who are almost never represented by an attorney, debt collection companies win millions of court judgments each year, which then allow them to seize debtors’ wages for years into the future. An old unpaid bill will fall off a credit report after seven years, but a court judgment can haunt someone forever.

The Movement Gets Big – And Its Enemies Reveal Themselves

June 8, 2020 Glen Ford, Black Agenda Report. Educate! Black misleadership class, COVID-19, Democrats, Rebellion2020, Recession

The scope and intensity of the convulsion that has shaken the United States since the police murder of George Floyd in Minneapolis on Memorial Day, is breathtaking. Hundreds of thousands of people of all ethnicities have participated in actions ranging from silent vigils to pitched battles with police in at least 140 cities, by the New York Times’ estimate – or nearly 500 localities nationwide, according to a marvelously detailed Wikipedia page. The National Guard has been called out in 26 states and Washington, DC, and U.S. Army units, including a battalion of paratroopers from the 82nd airborne division, await deployment to cities by the self-proclaimed “law and order president,” Donald Trump.

‘Misclassification Error’ Is Making Unemployment Rate Look Lower Than It Really Is

June 8, 2020 Jake Johnson, Commondreams. Educate! Jobs, Labor Department, Recession, Unemployment

Buried at the bottom of the Bureau of Labor Statistics' May jobs report—which President Donald Trump and Republican lawmakers touted Friday as evidence that the U.S. economy is rebounding from the Covid-19 crisis at an extraordinary clip—is a note conceding that a "misclassification error" during the agency's data-collection process made the unemployment rate look significantly lower than it really is. BLS, a Labor Department agency staffed with more than 2,000 career officials, admitted at the end of its report that "a large number of workers... were classified as employed but absent from work." Those workers, the agency explained, should have been classified as "unemployed on temporary layoff" by household survey interviewers but were not.

Lee Camp: Robert Scheer On The Fall Of American Journalism

June 6, 2020 Lee Camp, Redacted Tonight. Resistance Report China, Media, Recession, US military

Robert Scheer is a veteran journalist with a legacy of fearless reporting on the US Empire. Lee interviews Scheer in this special episode of VIP. They discuss the anti-China sentiment in the US, the fanfare of the two party political system, the state of the US economy and how it contributed to Trump's victory, the insane size of the military industrial complex, Russiagate, and more. Natalie McGill reveals the origins of the US Pledge of Allegiance. It evolved from a salute to the flag from a Civil War veteran, to a children's magazines attempt to get kids pumped about Christopher Columbus, to a patriotic group's jingoistic push to strengthen nationalism.

Black Misleaders Seek To End Protest

June 5, 2020 Margaret Kimberley, Black Agenda Report. Strategize! Black misleadership class, COVID-19, Rebellion2020, Recession

The aftermath of George Floyd’s murder at the hands of Minneapolis, Minnesota police has created a national political crisis. The revulsion caused by this latest killing caught on camera spawned protests in Minneapolis and all over the country. Black people are the angriest, knowing they are at risk of the same treatment and because most police killings rarely result in convictions. But the mass actions present a problem for the rulers. Anger boiled beneath the surface after years of the race to the bottom austerity regime, the worsening economic collapse in the wake of the COVID-19 quarantine, and another Democratic presidential primary rigged by that party’s donor class to defeat the prospect of even minimalist reforms.

Millions Of Tenants Are Ready For A Rent Strike Revolution

June 4, 2020 By Jason Wu, Truthout. Resist! Cancel the Rent, Housing, Recession, Rent Strike

Calls to “cancel rent” are catching fire. First came a couple of tweets on Twitter. Then progressive firebrands like Congresswoman Alexandria Ocasio-Cortez endorsed the #CancelRent movement. Now, millions are on a rent strike. Even presumptive Democratic presidential nominee Joe Biden has declared his support for rent and mortgage forgiveness. As millions of tenants mobilize to cancel rent, they are not asking nicely or relying on lip service from politicians. Rather, millions of tenants are taking action by using a powerful time-tested strategy: rent strikes. As the desperation builds and another month of bills and rent arrears accrues, tenants are no longer politely asking for help. Tenants are rightfully taking matters into their own hands by organizing rent strikes to bring the fight to their landlords and elected officials to cancel rent. “When we fight, we win!

US Firms Shield CEO Pay As Pandemic Hits Workers, Investors

May 31, 2020 Jessica DiNapoli and Ross Kerber, Reuters. Educate! Recession, Wall Street, wealth inequality, Workers

New York/ Boston - Sonic Automotive Inc (SAH.N), which operates 95 U.S. car dealerships, started laying off and furloughing about a third of its workforce as the coronavirus pandemic crushed its sales. Then it changed its executives’ pay packages - handing them a multimillion-dollar windfall. On April 10, Sonic’s board gave its top executives stock options to replace performance-based share awards, regulatory filings show. The options it gave Chief Executive David Smith, whose family controls the company, are now worth about $5.16 million - more than four times the value of the performance-based stock awards he got last year. Some of Sonic’s terminated employees, meanwhile, face hard times.

Capitalism’s ‘Dirty Little Secret’

May 30, 2020 Gabrielle Pickard-Whitehead, Occupy.com. Educate! Capitalism, COVID-19, Debt, Recession

At a time when wealth is concentrated in the hands of a tiny elite, maintaining comfortable living standards for the majority requires reliance on abundant borrowing. Too much lending, as we saw in the financial crisis of 2008 with the collapse of global investment banks like Lehman Brothers, can have devastating impacts on everyday people. Nevertheless, somehow lending is now described as “the answer to capitalism’s dirty little secret.” That dirty little secret is coming back to haunt us amid the current crisis where lending is being treated as an immediate "solution" to help businesses and economies weather the financial storm. The COVID-19 pandemic has pushed the global economy on to a cliff edge, even as there were encouraging signs of an economic recovery from the 2008 banking collapse.

Mutual Aid In Public Housing Continues After Housing Authority Pushback

May 23, 2020 By Sarafina Harper, The Real News. Create! COVID-19, Food and Agriculture, Mutual Aid, Poverty, Recession

In early April, Baltimore City’s Housing Authority threatened Reverend Annie Chambers with arrest and eviction for distributing food to her neighbors at Douglass Homes, citing a policy barring non-government organizations from giving food donations to public housing residents. Rather than stopping Chambers’ mutual aid initiative, the incident led to widespread support for her work. Chambers says that the Housing Authority has not interfered with a giveaway since and that the public attention has resulted in an increase in donations. ”We have not had any trouble from them since. People called The Housing Authority from Washington, New York, Philadelphia and Virginia,” Chambers told The Real News Network. “Senator [Mary] Washington and the Teachers Union called the Housing Authority. Many single individuals have called the mayor and The Housing Authority on our behalf.”

Corporate Landlords Should Cancel Rent, Mortgages And Utlities During COVID-19

May 23, 2020 Sophia Lopez and Sarah Mykelburst, ACRE Action Center. Create! COVID-19, Housing, Recession, Rent Strike

While so many of us struggle to survive, some of the richest billionaires in the world dominate the residential real estate industry in the United States. These corporate landlords are companies owned by extremely wealthy individuals, Wall Street entities like private equity firms and hedge funds, and institutional investors. Corporate landlords include many well-known entities like Kushner Companies, Mosser Capital, Equity Residential, Related, Essex, Starwood Capital, CBRE, Blackstone, and Irvine Company. Across the country, from New York and California to Arizona, Georgia, and Florida, these companies own large apartment complexes, office buildings, hotels, single-family homes, and a significant chunk of our mortgage debt. Corporate landlords do not pay their fair share in taxes at the local, state, or federal level.

Home Mortgage Delinquencies Rise By 1.6 Million In April

May 22, 2020 By Tal Axelrod, The Hill. Educate! Housing, Mortgages, Pandemic, Recession

Delinquencies on home mortgages spiked by a record amount last month as the coronavirus pandemic’s economic fallout continued to explode and government programs began allowing payment delays without punishment. Roughly 3.6 million homeowners were past due on their mortgage in April, a 1.6 million jump from March, according to data from Black Knight. The national delinquency rate nearly doubled to 6.45 percent from 3.06 percent, a record increase. Nevada, New Jersey and New York led all 50 states in delinquency increases as each state saw a rise of roughly 5 percent from March.

Another Bank Bailout Under Cover Of A Virus

May 20, 2020 Ellen Brown, Web of Debt. Educate! Bailout, Big Banks, Public Bank, Recession

When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans. Then bail-ins were tried in Europe. The results were disastrous. Many economists in the US and Europe argued that the next time the banks failed, they should be nationalized – taken over by the government as public utilities. But that opportunity was lost when, in September 2019 and again in March 2020, Wall Street banks were quietly bailed out from a liquidity crisis in the repo market that could otherwise have bankrupted them.

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