Recession

COVID-19 Crisis Highlights The Need For A Much Stronger Public Sector

April 14, 2020 Subin Dennis, People's Dispatch. Create! COVID-19, health, Public ownership, Recession

It is a sign of how bad things are when the editorial board of the Financial Times, the world’s leading business newspaper, carries an editorial calling for “radical reforms… reversing the prevailing policy direction of the last four decades.” The FT editorial of April 3 has advocated, among other things, a more active role for governments in the economy, ways to make labor markets less insecure, and wealth taxes. The FT’s editorial board, increasingly concerned about saving capitalism from itself, had written about the need for “state planning” and a “worker-led economy” last year in August. But the April 3 editorial has garnered much more attention since it comes amidst a massive crisis.

Over 30% Of US Renters Didn’t Pay April Apartment Rent

April 14, 2020 Tyler Durden, ZeroHedge. Educate! COVID-19, Debt, Recession, Rent Strike

Landlords across the country have been left in the lurch after nearly one-third of apartment renters in the US didn't pay any of their April rent during the first week of the month, according to new data from the National Multifamily Housing Council to be released Wednesday. The shocking figure comes as 10 million new unemployment claims were filed in the past three weeks due to the COVID-19 pandemic. According to the report cited by the Wall Street Journal, just 69% of tenants paid any rent between April 1 and 5 vs. 81% the same week in March and 82% in April 2019. The count includes renters who only made partial payments. Many renters who haven’t yet paid may still pay later this month, NMHC said, and an uptick in paperless payments over the weekend may not be reflected in this initial count.

A “Critical-Care” Bailout For Main Street In The Face Of COVID-19

April 13, 2020 the Public Banking Institute. Create! Bailout, Public Banking, Recession

The Public Banking Institute has been working since 2011 to return control of money and credit to states and communities and create a network of publicly-owned federal, state and municipal banks that would establish a safe, low-cost alternative to the current exploitative financial system controlled by Wall Street. Our Board and Advisory Board members include noted economists, bankers, professors, authors, and organizational leaders. Our letter outlines four immediate actions needed to rescue the Main Street economy following the coronavirus shutdowns and ensuing financial collapse and shows how they can be done without imposing additional taxes or driving up consumer prices.

The Coronavirus Crisis Exposes How Fragile Capitalism Already Was

April 13, 2020 By Stephanie Luce, Labor Notes. Educate! Capitalism, COVID-19, Pandemic, Recession

When this is all over, will we be able to patch up the economy and get things back to normal? Trump certainly claims so. But he’s wrong. Weak attempts to patch up the problems of capitalism—as much as the coronavirus itself—are what got us into the current economic meltdown in the first place. Let’s define some terms. When we talk about the health of the economy, there are two parts: the “real economy,” which includes all the goods and services that we produce, and the “financial economy”: money, stock markets, banks, and credit. The coronavirus has affected the economy in stages: First, we saw the impact on the real economy as the spread of the virus in China led to slowed production in January 2020.

Spain Is Moving To Establish Permanent Basic Income

April 13, 2020 Joseph Zeballos-Roig, Business Insider. Create! Poverty, Recession, Spain, Universal Basic Income

Spain is moving to implement a permanent basic income as a measure to help workers and families battered by the coronavirus pandemic. Nadia Calviño, the country's minister for economic affairs, told the Spanish broadcaster La Sexta on Sunday evening that the government was planning to introduce the cash handouts as part of a barrage of policies meant to help people get back on their feet. She said enacting basic income was "mostly aimed at families, but differentiating between their circumstances." Calviño didn't offer a specific date as to when basic income could be rolled out in the country. But she said the government hoped it would become "a permanent instrument." "We're going to do it as soon as possible," she said. "So it can be useful, not just for this extraordinary situation, and that it remains forever."

The Choice For Global Nonviolence Is Sharper Than Ever

April 11, 2020 Ken Butigan, Pace e Bene. Strategize! climate crisis, Nonviolence, Pandemic, Recession

Violence—which individuals and whole societies chronically reach for in the hopes of defending themselves, solving their problems or resolving their conflicts—makes no sense in coping with this dangerous reality. Violence will not flatten the curve of infection or heal those who have tested positive. If anything, violent policies and behavior—attacking the sick or restricting their access to treatment, or exploding into rage—will only worsen an already bad situation. Instead, people everywhere are increasingly unleashing the power and spirit of nonviolent engagement: compassion, courage, resilience, sacrifice and concerted action for the common good. In the midst of the terror of this moment, these facets of active nonviolence are spreading everywhere as we mobilize to prevent transmission, treat the sick, console the dying, comfort survivors, and learn vital lessons from the awful toll that this cataclysm is taking.

COVID-19 And The Crisis Of Racial Capitalism

April 11, 2020 K. Sabeel Rahman, Demos.org. Organize! Racism, Recession, Voter Rights, wealth inequality

The escalating COVID-19 pandemic impacts all of us, but for Black and brown people in particular, the combined health and economic devastation is truly terrifying. Communities of color have higher rates of asthma, less access to health care centers, are more likely to live in food deserts, and are among the most vulnerable in the face of this virus. The workers most on edge in our economy—and most likely to lose their jobs—are predominantly Black and brown. Most Americans lack even $400 of savings to call upon in times of crisis, and that lack of wealth is even more pronounced for Black and brown communities. Crises reveal deeper realities of power and inequity that have always been present but are often papered over in ordinary times. The conflagration of economic crisis and ailing communities may have been sparked by the novel coronavirus, but the kindling for this fire has been laid by conservatives and liberals alike with the policy choices of the past 40 years.

US Gunning For Trouble

April 9, 2020 Finian Cunningham, Sputnik News. Educate! Economic collapse, Gun violence, Guns, Recession

The spectre of the coronavirus pandemic in the US has darkened decidedly, with President Trump warning of a harrowing next few weeks from a surging disease death toll. Into the malevolent mix are reports of American citizens buying up firearms as if there is no tomorrow. In recent weeks, gun sales have hit record highs amid public fears of a breakdown in law and order. Most of the sales were among first-time buyers, according to reports. During March, before the government-ordered shutdown of businesses due to the coronavirus epidemic, mandatory FBI background checks showed a huge spike suggesting gun sales had gone through the roof. Some 3.7 million checks were carried out in that month alone, corresponding to individuals purchasing firearms. Bear in mind too that each individual can buy several guns under the same application.

UE Union: The Relief Workers Need Now

April 8, 2020 The United Electrical, Radio and Machine Workers of America Union. Create! Congress, COVID-19, Recession, Worker Rights and Jobs

As Congress crafts a new relief package, they need to refrain from providing further giveaways to big corporations, and they need to put real restrictions on the ones they included in the CARES Act. Any private corporation that receives funding from the federal government should be subjected to stringent regulations to ensure that they are using that money to maintain good jobs and provide socially useful goods and services, not to fatten their profits. No federal loans or grants should be used to pay bonuses to any members of senior management, not just airline CEOs. Any corporation receiving financial assistance from the federal government must agree to a $15 per hour minimum wage and neutrality in union organizing campaigns.

Millions Of People Face Water Shut-Offs During The Pandemic

April 7, 2020 Jordan Davidson, Nation of Change. Educate! COVID-19, Pandemic, Recession, Water

The Centers for Disease Control has emphasized that washing hands with soap and water is one of the most effective measures we can take in preventing the spread of COVID-19. However, millions of Americans in some of the most vulnerable communities face the prospect of having their water shut off during the lockdowns, according to The Guardian. Nearly 40 percent of Americans live in areas that rely on water utilities, which have not stopped the policy of shutoffs for non-payment, according to data from and Water Watch (FWW) and The Guardian. “This is an emergency and the priority is to stop the spread so this is a no brainer, everyone must have access to water … this should not be a partisan issue,” said congresswoman Brenda Lawrence, who is pushing federal intervention, as The Guardian reported.

Was The Fed Just Nationalized?

April 5, 2020 Ellen Brown, Popular Resistance. Educate! Congress, Federal budget, Federal Reserve, Recession

Mainstream politicians have long insisted that Medicare for all, a universal basic income, student debt relief and a slew of other much-needed public programs are off the table because the federal government cannot afford them. But that was before Wall Street and the stock market were driven onto life-support by a virus. Congress has now suddenly discovered the magic money tree. It took only a few days for Congress to unanimously pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will be doling out $2.2 trillion in crisis relief, most of it going to Corporate America with few strings attached. Beyond that, the Federal Reserve is making over $4 trillion available to banks, hedge funds and other financial entities of all stripes; it has dropped the fed funds rate (the rate at which banks borrow from each other) effectively to zero; and it has made $1.5 trillion available to the repo market.

On Market Solutions To The Covid-19 Crisis

April 4, 2020 Jack Rasmus, Znet. Educate! Big Banks, Capitalism, Corporate Bailout, Federal Reserve, Recession

In 2008 the Federal Reserve provided more than $4 trillion to bail out the banks. Now it is providing more than $6 trillion (thus far)—and this time the banks haven’t even failed yet! The Fed has opened a free money spigot to investors, bankers, and to big business of all types, and has simply declared ‘come on in and take it’. And if the $6 trillion to date isn’t enough, we’ll provide more. For the first time ever the Fed is now providing free money not only to bankers, but to credit card companies, mortgage companies, corporate bondholders, and even to investors in derivatives like Exchange Traded Funds, or ETFs. Next, it will start buying stocks to prop up those markets. Its cousin central bank, the Bank of Japan, has been doing that for years now.

Here’s What A General Strike Would Take

April 4, 2020 Hamilton Nolan, In These Times. Organize! Finance and the Economy, General Strike, Labor Unions, Recession

You know that things are getting serious when #GeneralStrike starts trending on Twitter. It happened last week when Donald Trump was publicly mulling the idea of sending Americans back to work by Easter, a move that would imperil countless lives. A general strike has long held a strong utopian allure. But what would it take to actually pull one off? We spoke to the experts about the reality behind the dream. Amid a healthcare crisis intertwined with an economic crisis, with millions of people freshly unemployed and new wildcat strikes and work stoppages popping off daily, we are living through the most opportune environment for massive, radical labor actions in many decades. America has had great crises before, though—and it has never had a true, nationwide general strike.

St. Louis Fed Warns 32.1 Percent Unemployment Possible By End Of June

April 1, 2020 Miguel Faria-e-Castro, St. Louis Fed. Educate! COVID-19, Recession, Unemployment, Workers

As state and local governments implement social-distancing measures to suppress and contain the spread of COVID-19, many businesses are faced with a large decrease in sales and revenue. This slowdown of economic activity could inevitably lead to solvency and liquidity problems that result in workers being laid off. This negative shock does not equally affect all businesses, sectors or occupations. Many workers in professional services, for example, are able to work from home and continue their activities with minimal disruption. Others—who work in occupations that involve direct physical contact with customers, such as restaurant waiters—are likely to see their jobs affected by social-distancing measures. In this blog post, we combine different types of statistics on industry and occupation composition to try to arrive at a back-of-the-envelope estimate for what the unemployment rate may be at the end of the second quarter of 2020.

The Decade Of Transformation Is Here: Remaking The Economy For The People

March 29, 2020 Kevin Zeese and Margaret Flowers, Popular Resistance Newsletter COVID-19, Economic Democracy, Inequality, Recession, Workers Rights and Jobs

The pandemic, economic collapse and the government's response to them are going to not only determine the 2020 election but define the future for this decade and beyond. People are seeing the failure of the US healthcare nonsystem and the economy. The government was able to provide trillions for big business and Wall Street without asking the usual, "Where will we get the money?" However, the rescue bill recently passed by Congress provides a fraction of what most people need to get through this period. Once again, a pandemic will reshape the course of history. Last week, we wrote about the failings of the healthcare system and the need for a universal, publicly-funded system. This week, we focus on the need to change the US economic system.

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