Recession

Why The Fed Needs Public Banks

December 2, 2020 Ellen Brown, ScheerPost.com. Create! COVID-19, Federal Reserve, Public Banks, Recession

On November 20, US Treasury Secretary Steven Mnuchin informed Federal Reserve Chairman Jerome Powell that he would not extend five of the Special Purpose Vehicles (SPVs) set up last spring to bail out bondholders, and that he wanted the $455 billion in taxpayer money back that the Treasury had sent to the Fed to capitalize these SPVs. The next day, Powell replied that he thought it was too soon – the SPVs still served a purpose – but he agreed to return the funds. Both had good grounds for their moves, but as Wolf Richter wrote on WolfStreet.com, “You’d think something earth-shattering happened based on the media hullabaloo that ensued.”

Mutual Aid Will Help Us Survive The Biden Presidency

November 30, 2020 Dean Spade, ROAR Magazine. Create! Joe Biden, Mutual Aid, Pandemic, Recession

Many people are feeling great relief that Trump has been voted out and are rightly celebrating the efforts so many people have undertaken to make that happen. But even as we celebrate, we must ensure we do not demobilize, hoping that the new administration will take care of our problems. Unfortunately, we can be certain that the Biden/Harris administration will not address the crises and disasters of climate change, worsening wealth concentration and poverty, a deadly for-profit health care system and racist law enforcement.

The Actual Effects Of Enhanced Unemployment Benefits

November 29, 2020 John Miller, Dollars and Sense. Educate! Jobs, Recession, Unemployment

No matter how hard they search, unemployed workers can’t find jobs that don’t exist. The major cause of today’s high unemployment is the lack of jobs, not workers who have stopped searching for work and have left jobs unfilled. By the end of July, there were still 11.1 million fewer jobs in the U.S. economy than there had been prior to the pandemic in January 2020. Renewing the FPUC supplemental unemployment benefits would boost spending and create jobs. Economist Mark Zandi from Moody’s Analytics estimates that $1 of renewed unemployment benefits would increase economic output by $1.64...

Evictions Have Led To Hundreds Of Thousands Of Additional COVID-19 Cases

November 29, 2020 Annie Nova, CNBC. Educate! COVID-19, Evictions, Pandemic, Recession

Expiring state eviction bans have led to hundreds of thousands of additional coronavirus cases, new research finds, raising alarm about what will happen when the national eviction moratorium lapses next month. During the pandemic, which at one point was estimated it would displace as many as 40 million people, 43 states, plus Washington, D.C., temporarily barred evictions. Many of the moratoriums lasted just 10 weeks, while some states continue to ban the proceedings. The researchers, from the University of California, Los Angeles, University of California, San Francisco, Johns Hopkins University...

As Pandemic Aid Ends, Families Face Brutal New Year

November 29, 2020 Nigel Duara, Cal Matters. Educate! California, Evictions, Recession, Unemployment

California - In late 2017, a house fell on Jacques Gene. The construction foreman in Cool, east of Sacramento, was inside a half-finished home when the rolling trusses that make up the underside of the roof fell, collapsing the whole house. Gene, 46, suffered broken ribs, a punctured lung and a concussion. When his coworkers sorted through the rubble, he says, they didn’t expect to find him alive. But he found work again, earning $70,000 annually as a foreman to support his wife, their two kids and two children from a previous marriage.

COVID-19 Economy: A Deliberate Disaster

November 26, 2020 Bruce Lesnick, Counterpunch. Strategize! COVID-19, Joe Biden, Recession, Working Class

With nearly 12 million cases and a quarter million deaths in the US so far (over 55 million cases and 1.3 million deaths world-wide), the COVID 19 pandemic is ravaging civilization. The disease is on track to be the deadliest epidemic since 1918. The economic fallout for the working class has been severe. In the US, unemployment has skyrocketed, with 45.4 million new unemployment claims since March 14. At least 1/6 of those with jobs before the pandemic are now out of work. According to The New York Times, “The economic downturn is shaping up to be particularly devastating for renters, who are more likely to be lower-income and work hourly jobs cut during the pandemic.”

US Treasury Shelves $455 Billion In Unspent Stimulus

November 26, 2020 Jack Rasmus, Z Net. Educate! CARES Act, Recession, Steve Mnuchin, Treasury

Last week the US Treasury and the US Federal Reserve Bank engaged in a rare public disagreement. US Treasury Secretary, Mnuchin, in a letter to Jerome Powell, chair of the Federal Reserve, last week directed the Fed to return $455 billion that the Fed was holding in reserve should future lending to banks and non-bank businesses become necessary if the US economy and markets further deteriorate in 2021. Fed chair Powell initially balked at Mnuchin’s request, replying that the Fed needed the funds to ensure market stability since the US economy was entering a “difficult period” in late 2020 and early 2021.

Food Insecurity In NYC Rises Precipitously

November 19, 2020 Sophia Chang, Gothamist. Educate! Food Insecurity, New York City (NYC), Pandemic, Recession

Food pantries in NYC are struggling to keep up with a dramatic increase in demand for assistance due to the coronavirus pandemic, which has inflamed the already desperate situation faced by many New Yorkers living at the poverty line. Before the virus tore a hole through the city's economy, some 12% of residents were already reporting food insecurity fears. That percentage has jumped to 32% of surveyed residents, according to a new report from the Robin Hood Foundation -- underscoring the need for immediate federal help as local food pantries are stretched to the limit.

Urgent Need For Further Relief

November 16, 2020 Chad Stone, Claire Zippel, Alicia Mazzara, Catlin Nchako and Arloc Sherman, Center on Budget and Policy Priorities. Educate! Congress, Pandemic, Poverty, Recession

Policymakers returning to work after the election must redouble their efforts to negotiate a robust relief package to address the critical health and economic challenges facing the nation. With COVID-19 still not under control — in fact, cases are spiking in many parts of the country — and the economic recovery slowing, additional well-designed relief measures are vital to relieving hardship and promoting a stronger recovery. Relief measures enacted earlier this year have mitigated hardship, but they had significant gaps; for example, the SNAP increase in the Families First Act of March left out...

Large Numbers Of People Still Filing For Unemployment Each Week

November 15, 2020 Jacob Crosse, WSWS. Educate! COVID-19, Public Education, Recession, Unemployment

For the 34th straight week, over 700,000 people filed for unemployment in the US according to the Department of Labor’s latest report. The 709,000 state claims coupled with an additional 298,154 initial claims for Pandemic Unemployment Assistance brings the weekly total once again to over 1 million new claims. Nearly 67 million claims have been filed since mid-March as the worst economic crisis to befall the working class in the United States since the Great Depression of the 1930s leaves millions on the brink of destitution.

Unemployment Crisis Continues Unabated

November 13, 2020 Patricia Gorky, Liberation News. Educate! Joe Biden, Recession, Socialism, Unemployment

More than 1 million people filed for unemployment assistance last week according to new figures released today. 709,000 workers requested filled out applications for traditional benefits, and slightly under 300,000 applied for the specially-created Pandemic Unemployment Assistance program. The Department of Labor’s reporting deceptively separates those who apply for standard unemployment benefits from those who apply for PUA. Similarly, official unemployment statistics only count people who have actively looked for work in the last four weeks.

More Than 14 Million May Have Lost Health Coverage

November 10, 2020 Samantha Liss, Health Care Dive. Educate! Health Insurance, Recession, Unemployment, Uninsured

In the latest analysis, researchers first tried to assess how many workers and dependents relied on job-based coverage as of March 2019. Then, using data from the Labor Department, they estimated how many workers lost jobs and how many of those had employer-based coverage. Researchers examined this information by industry, age and gender. Some industries were affected more than others and a few were almost spared entirely. "As a result, we would expect the number of people losing jobs with [employer-sponsored insurance] to vary greatly by industry, and possibly by other characteristics, such as age and gender," according to the report.

Calls For Universal Basic Income Increase As Government Support Fails

November 10, 2020 Jasmine Norden, The Canary. Create! Recession, Unemployment, United Kingdom (UK), Universal Basic Income

On 30 October, 520 MPs, councillors, peers, mayors and members of devolved assemblies, wrote to chancellor Rishi Sunak. They emphasised how current government support is leaving many families in poverty. In the letter, organised by UBI Lab Network, the elected representatives said: Millions of people have fallen through the cracks of the government’s support packages. The pandemic has left countless families facing poverty and extreme hardship. They added: With unemployment set to increase amid a shrinking job market, we urge you not to underestimate the wider costs to society of rising poverty and joblessness.

Ecosocialism: An Alternative To Global Capitalism

November 4, 2020 Hans Baer, Green Left. Create! Capitalism, climate crisis, Ecosocialism, Recession

Over the past four decades or so, various leftists have become more sensitive to the environmental degradation in developed and developing capitalist societies and post-revolutionary societies, particularly in the former Soviet Union and, in recent times, China. As a result, they have sought to develop an ecosocialism, ecoMarxism or ecological Marxism. Robert Albritton in Eco-Socialism for Now and the Future: Practical Utopias and Rational Action states that the earliest use of the term of the term ecosocialism he uncovered appeared in a pamphlet titled Eco-Socialism in a Nutshell, published in England by the Socialist Environment and Resources Association in 1980.

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