Recession

Common Ground Collective Teaches Us About Surviving Crisis Together

August 26, 2020 Shane Burley, Waging Nonviolence. Strategize! COVID-19, Mutual Aid, New Orleans, Recession

It started in Malik Rahim’s kitchen, as the waters from the broken levees continued to flow through New Orleans’ lower 9th Ward. A small group of activists from the city and Austin, Texas, including former Black Panthers, began scratching down notes and trying to figure out exactly what they could do to provide support to the neighborhoods obliterated by Hurricane Katrina. This was in 2005, just days after the storm had battered the city and demolished the levees, overwhelming the surrounding blocks with a toxic water sludge.

How Co-operative Architecture Shaped Britain

August 24, 2020 By Tess Pinto, Tribune Magazine. Create! Co-operatives, New Economy, Recession, United Kingdom (UK)

In the 19th and 20th centuries, Britain's growing co-operative movement provided an alternative to capitalist business practices – and made its mark on cities and towns with ambitious building projects. Co-operative forms of organization have proliferated in the UK during the pandemic, with self-organizing networks of mutual aid groups forming and thriving at street and neighborhood level to meet people’s needs in a collective way. These kinds of relationships feel novel, but co-operative organization has a long history in Britain. Throughout much of the last 170 or so years, the co-operative consumer movement has comprised a vast national system of mutual enterprise, giving rise to the Co-operative Wholesale Society (now known as the Co-op) which has been a stalwart institution on the Left.

Will COVID-19 Spur A Wave Of Unionization?

August 20, 2020 Steven Greenhouse, Dissent Magazine. Organize! COVID-19, Labor Unions, Recession, Worker Rights

In mid-March, someone asked me whether COVID-19 would spur a wave of unionization. My first reaction was no. How could workers possibly unionize when there was all this social distancing and people couldn’t even meet in groups? Moreover, I thought workers would be so cowed by the horrors of the pandemic that they wouldn’t give much thought to unionizing. That response was short-sighted. I didn’t realize how furious many workers would become about the uncaring, even callous way their companies have treated them during this crisis—about the many employers that didn’t lift a finger to provide masks or hand sanitizer.

More Than One Out Of Five College Students Won’t Return This Fall

August 20, 2020 Justine Coleman, The Hill. Create! College, COVID-19, Higher Education, Recession

More than 1 in 5 college students reported they do not plan to enroll in the fall amid the coronavirus pandemic, according to a poll released Wednesday. A College Reaction-Axios poll determined that 22 percent of students said they will not return to college in the fall as the pandemic has flipped the college experience on its head. Those not enrolling are making different plans, with 73 percent saying they will work full time, about 4 percent saying they will take classes at a different university and 2 percent doing volunteer work. Freshmen reportedly make up a “big chunk” of the population not enrolling in the fall, according to Axios, with Harvard University saying 20 percent of the incoming class of 2024 are deferring.

Record Number Of Mortgage Delinquencies In The United States

August 20, 2020 Hermina Paull, The Deep Dive. Educate! Economic collapse, Housing, Mortgages, Recession

As many Americans continue to struggle to meet their debt obligations amid the coronavirus pandemic, it appears first-time homeowners have been hit the hardest. According to a recent report by the Mortgage Bankers Association, the second quarter of 2020 saw mortgage delinquencies soar by 8.22%, after increasing 4% from the previous quarter. This is the sharpest jump in the survey’s history, suggesting that the economic effects from the coronavirus pandemic are far from over. The report also found that some homeowners are struggling significantly more than others.

The Basic Case For A Wealth Tax

August 19, 2020 By Bob Lord and Lee Price, Inequality.org. Create! Inequality, Recession, Tax cuts for the rich, Wealth Tax

Changes in tax policy since 1980 have been driving U.S. inequality to levels not seen since the original Gilded Age. Reversing that trajectory — and restoring a more egalitarian society — will require a complete overhaul of the changes in tax policy we’ve seen over the past four decades. Taxes as a share of national income have now been remarkably stable for 40 years. Total federal tax revenue last year stood at 17 percent, about the average for the last half-century. Income taxes, meanwhile, have stayed steady at 8 percent of the economy. According to Saez and Zucman, a 10 percent tax rate on wealth in excess of $1 billion would have, if begun in 1982, kept the Forbes 400 share of the nation’s wealth at its 1982 level of 1 percent. We can’t turn the clock back to 1982. But we can take serious steps to undo the inequality damage we’ve experienced since then. Our suggestion: Let’s add a third tier to Senator Warren’s proposal. On wealth in excess of $5 billion, let’s now impose a 10 percent tax.

Make Corporate Landlords Pay For Housing Crisis

August 18, 2020 Sofia Lopez and Sara Myklebust, Inequality. Create! COVID-19, Economic collapse, Housing, Recession

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. At least six leading residential property owners — Essex Property Trust, Brookfield Property Partners, Equity Residential, Related Companies, Irvine Company, and Blackstone — have top executives on the Forbes billionaires list. The U.S. real estate industry is led by some of the richest, most powerful people in the world. They have profited handsomely from the last foreclosure crisis, the commodification of housing, and decades of racist housing policy, all while actively lobbying to avoid paying their fair share in taxes. The Covid-19 pandemic has magnified what we already knew: Corporate landlords’ bill is long past due. It’s time to make them pay for the cancellation of rent, mortgages, and utilities for the duration of the Covid-19 pandemic. Making them pay will help millions of tenants, homeowners, and struggling property owners who are struggling to survive.

After 300 Years, It’s Time To End Capitalism, Not Reform It

August 10, 2020 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Capitalism, Pandemic, Recession, Ruling Class

The United States is facing multiple crises with no signs of improvement on the horizon - a deep recession, high unemployment, millions of people soon to be displaced from their homes, a failed healthcare system in the midst of a pandemic, the climate crisis and more. We speak with Professor Richard Wolff, an economist and the author of "Democracy at Work", about the history of capitalism and how it is inherently unstable. Prof. Wolff posits that the United States is now in a situation where capitalism is unlikely to survive. He describes why that is and the lessons we must learn from the fatal mistakes made when the US was in a similar situation one hundred years ago.

Trump’s Order To Bypass Congress On COVID-19 Relief Faces Likely Legal Challenges

August 9, 2020 Chris Megerian, Anna M. Phillips and Sarah D. Wire, LA Times. Resist! Congress, COVID-19, Pandemic, Recession

Washington, DC - President Trump on Saturday said he was bypassing Congress and taking unilateral action to provide financial relief to Americans struggling during the coronavirus crisis, despite uncertainty about his legal authority to do so. Following the breakdown of talks on Capitol Hill to reach a bipartisan deal, Trump signed four orders that he said would extend enhanced federal unemployment benefits, defer some employees’ payroll taxes, continue a temporary ban on evictions and reduce the burden of student loans.

General Strike: The Eviction Crisis Escalates

August 8, 2020 General Strike 2020. Resist! Cancel the Rent, COVID-19, Evictions, General Strike, Housing, Recession

With an estimated 17 to 40 million people at risk of losing their homes by the end of September, and with the failure of the federal government to pass an eviction moratorium or an unemployment benefits extension, the greatest eviction and foreclosure crisis since the Great Depression is now upon us. In some states in the Southeast, as many as 60% of renters are at risk of being evicted, and people of color are likely to be hit disproportionately hard. The Census Bureau’s Household Pulse survey in July, for example, highlighted that 42% of Black renters felt little to no confidence in their ability to pay rent this August, compared to 21% of White renters. For the percentage of renter households at risk of eviction in each state.

Trump Scuttles Economic Stimulus Negotiations

August 8, 2020 Jack Rasmus, Popular Resistance. Educate! Congress, COVID-19, Recession, Trump

In recent days, the Democrats’ leaders, Nancy Pelosi and Chuck Shumer, reportedly reduced the cost of their original ‘Heroes Act’ proposals by $1 trillion. Instead of the original cost of $3T in the Heroes Act passed last June, they were willing to agree to a reduced package of $2 trillion. Never mind the attempt to reach a compromise on some middle ground. The White House, through his assigned negotiator, staffer Mark Meadows, Trump rejected the Democrats' offer. Meadows reportedly slammed the table (a two-bit amateur negotiating tactic) and walked out of negotiations with Pelosi-Shumer in a huff.

As New York Eviction Moratorium Ends, Tension Escalates

August 7, 2020 Popular Resistance. Resist! Cancel the Rent, Evictions, New York City (NYC), Recession

Dozens of New Yorkers marched through the streets of Brooklyn Wednesday morning before entering two landlord attorney firms buildings and Brooklyn Borough Hall calling for a ban on evictions and cancellation of rent in the Big Apple. The demonstration comes just hours before New York's residential eviction moratorium expires, leaving thousands of tenants vulnerable to homelessness. Fears are mounting over how many residents will manage to keep a roof over their heads as dismal research released at the end of July revealed almost half of New York renters were unable to pay rent.

Consequences Of Inadequate Action By Congress

August 7, 2020 By Kirstyn Flood, Economic Policy Institue. Educate! Congress, COVID-19, Jobs, Recession

Without federal aid to state and local governments, millions of jobs in the public sector will be lost by the end of 2021, severely impacting Black workers, women, and veterans, who are disproportionately employed in these jobs. Additional jobs will be lost—in both the private and public sectors—if Congress fails to reinstate the $600 weekly unemployment benefit that expired last week. EPI experts weigh in on what could happen if Congress fails to act to prevent further economic shock. (1) The coronavirus shock was historically large—and the bounceback has already likely stalled. (2) UI claims and GDP growth are historically bad, (3) State and local governments have lost 1.5 million jobs since February, and (4) The Senate’s failure to act on federal aid to state and local governments jeopardizes veterans’ jobs.

Mutual Aid Unites NYC Neighbors Facing COVID-19

August 5, 2020 James Ives, News Medical. Create! COVID-19, Mutual Aid, New York City (NYC), Recession

Nancy Perez, a 45-year-old resident of the Brooklyn neighborhood of Bedford-Stuyvesant, contracted COVID-19 in March. She stayed quarantined in her room for a month to isolate from her two sons and grandson. A few days before she got the virus, she'd met a volunteer with Bed-Stuy Strong — one of the many mutual aid groups around the country that have rallied to provide help in the face of the pandemic. Bed-Stuy Strong assembled an army of volunteers to help vulnerable neighbors with food deliveries and basic supplies.

US GDP Collapses And Economic Rebound Fades

August 4, 2020 JackRasmus.com. Educate! Congress, Employment, Housing, Recession

This past week US economy collapsed in the 2nd quarter by 32.9% at annual rate and nearly 10% just for the April-June period. Never before in modern US history—not even in the worse quarters of the 1930s great depression—has the US economy contracted so quickly and so deeply! All the major private sectors of the US economy—Consumption, Business Investment, Exports & Imports—collapsed in ranges from -30% to -40% in the April-June period. That followed first quarter prior declines in single digits as well.

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