Debbie Lesko wins Arizona congressional race, leaves Republicans anxious about the fall
Debbie Lesko wins Arizona congressional race, leaves Republicans anxious about the fall
Ady Barkan, the California man with ALS who confronted Sen. Jeff Flake, R-Arizona, over health care issues last year,...
Ady Barkan, the California man with ALS who confronted Sen. Jeff Flake, R-Arizona, over health care issues last year, started an organization to oppose GOP health care policies and raised money for Tipirneni. "There is no such a thing as a safe Republican seat this year. Dr. Hiral Tipirneni overcame the odds to come within striking distance of victory in a deep red district, because the Republicans put their donors' greed ahead of the health of families like mine," Barkan said Tuesday.
Read the full article here.
Why Texans Are Fighting Anti-Immigrant Legislation
Austin, Tex. — I’m a member of the Austin City Council, and this month Texas State Troopers arrested me for refusing to...
Austin, Tex. — I’m a member of the Austin City Council, and this month Texas State Troopers arrested me for refusing to leave Gov. Greg Abbott’s office during a protest against the anti-immigrant Senate Bill 4.
The bill, which Mr. Abbott signed May 6, represents the most dangerous type of legislative threat facing immigrants in our country. It has been called a “show me your papers” bill because it allows police officers — including those on college campuses — to question the immigration status of anyone they arrest, or even simply detain, including during traffic stops.
Read the full article here.
Battleground Texas: Progressive Cities Fight Back Against Anti-Immigrant, Right-Wing Forces
Battleground Texas: Progressive Cities Fight Back Against Anti-Immigrant, Right-Wing Forces
Sarah Johnson, the executive director of Local Progress, a group that works with Casar and other local politicians on...
Sarah Johnson, the executive director of Local Progress, a group that works with Casar and other local politicians on passing progressive legislation, told Salon that the initiative "brings together the way that policing impacts both immigrant communities and more broadly communities of color that are overcriminalized."
Read the full article here.
Central Bankers to Confront Stock-Market Turmoil at Fed’s Annual Jackson Hole Retreat
Gathering at the mountain getaway in recent Augusts, the stewards of global currency have contended with the looming...
Gathering at the mountain getaway in recent Augusts, the stewards of global currency have contended with the looming collapse of Lehman Brothers in 2008, global deflation worries in 2010, serial Greek fiscal meltdowns and other dramas. This time, they confront a big disparity between the world’s two largest economies, the U.S. and China.
The U.S. has recovered enough from the last financial crisis that Fed officials have been preparing to raise interest rates to prevent overheating down the road. But China appears to have lost economic momentum, driving the People’s Bank of China to cut rates and take other measures to boost growth. Markets have responded to these conflicting forces with turbulence, creating new uncertainties for policy makers about the economic outlook.
Before this week’s turmoil, Fed officials had signaled they might move as soon as next month to start lifting their benchmark interest rate from near zero, where it has been since December 2008. It was shaping up to be a tough decision even before the stock-market corrections around the globe. Now, the odds of a rate increase in September appear to have diminished, though a move is still possible if markets stabilize and new economic data show the U.S. economy is strengthening despite threats abroad.
New reports on Tuesday showed increases in U.S. consumer confidence and new home sales in August and July, respectively, reasons for Fed officials not to become too glum about the U.S. outlook.
“Prior to these market events in the last few days, I thought that this was about as close to a 50/50 call as you can get,” said former Fed Vice Chairman Alan Blinder of the odds that the central bank would raise U.S. rates in September. If markets don’t stabilize, he said, the Fed would likely hold off on a rate increase.
“If the markets are in anything close to the sort of tizzy they have been in the last few days, then the Fed will not throw a match into the fire” when it meets September 16-17, said Mr. Blinder, a Princeton University professor and friend of Fed Chairwoman Janet Yellen.
Ms. Yellen will not be attending this year’s Jackson Hole conference, but Vice Chairman Stanley Fischer is scheduled to deliver remarks there Saturday on inflation. European Central Bank President Mario Draghi won’t be there, but the ECB and many of the world’s other central banks will be represented by senior officials. The meeting has included top central bankers from Turkey, Malta, Sweden, South Korea and beyond in the past.
It is a fraught moment for all of the world’s central banks. China’s repeated efforts to stimulate growth don’t seem to be working. China’s central bank cut interest rates by a quarter percentage point on Tuesday and its stock market fell.
Many other economies are trapped in the middle of a global monetary tug of war between the two economic giants, especially emerging markets and commodity-producing countries. Their economies have been hit by China’s slowdown. At the same time, their currencies have been declining against the dollar as the Fed prepares for higher rates. If central banks in places such as Brazil, South Africa or Russia try to stimulate their economies by cutting interest rates, they risk capital flight and potentially destabilizing currency depreciation. If they don’t, they risk deep recessions.
One potential fault line that Fed officials are watching carefully: Heavy loads of U.S. dollar debt accumulated by local companies in emerging markets. Total corporate bonds outstanding in emerging markets have almost doubled since 2008 to $6.8 trillion, according to Institute of International Finance estimates. The share of this debt issued in U.S. dollars rose from less than 15% in 2008 to more than 40% in the first five months of 2015.
Those debts become harder to pay off as the dollar appreciates. It is up more than 7% against a broad basket of other currencies so far this year.
The central banks also face skepticism about the paths they are charting. “Our global economy is fixated on central banks and the latest utterance of the monetary authorities,” said Judy Shelton,senior fellow of the Atlas Network, a free-market think tank participating in a parallel conference critical of the Fed this week, also in Wyoming. The title of her panel, “What Happens if Central Bankers are Wrong?”
Central banks for the major developed economies, including the Fed, responded to the post-financial crisis period of slow economic growth and low inflation by pushing short-term interest rates to near zero and launching bond-buying programs to drive long-term interest rates down, too.
Many central bankers say the economy would have been in much worse shape, possibly a repeat of the Great Depression, without the support. Critics like Ms. Shelton say the policies failed to produce the higher inflation or faster growth desired.
As the Fed considers when to start raising rates, officials are getting pressure from several sides. While many free-market advocates would like the central bank to move, liberal activists plan to press the Fed this week to hold rates near zero to promote economic growth and more hiring.
“The economy is too weak to warrant interest-rate hikes,” said Shawn Sebastian, policy analyst at the Center for Popular Democracy, a left-leaning group, in a statement on Tuesday.
Academics don’t provide clear direction. In competing newspaper opinion pieces this week, Harvard professors Martin Feldstein andLawrence Summers, who have served as economic advisers to Republicans and Democrats, respectively, argued for and against a Fed rate increase in September.
From the maelstrom, Fed officials are trying to respond to the unfolding economic outlook.
Atlanta Fed President Dennis Lockhart on Monday said he still expects the central bank to raise rates this year, but he didn’t say when. That marked a subtle shift since Aug. 4, when he told The Wall Street Journal he believed the economy was ready for a rate increasein September.
Current developments like “the appreciation of the dollar, the devaluation of the Chinese currency and the further decline of oil prices are complicating factors in predicting the pace of growth,” Mr. Lockhart said Monday. But, he noted, “our baseline forecast at the Atlanta Fed is for moderate growth with continuing employment gains and a gradually rising rate of inflation.”
Source: The Wall Street Journal
Mind the Gap: How the Federal Reserve Can Help Raise Wages for America’s Women and Men
The American economy remains too weak. Over the past 35 years, the vast majority of workers have seen their wages...
The American economy remains too weak. Over the past 35 years, the vast majority of workers have seen their wages stagnate. And, racial and gender wage gaps have persisted. The failure to aggressively target and achieve genuine full employment explains a large part of this disappointing performance. And this failure looks poised to continue. Despite these indicators that we are far from full employment and the fact that the inflation rate remains below the Federal Reserve’s target rate, pressure is mounting on the Federal Reserve to raise interest rates to slow the pace of economic expansion and job growth in the name of fighting hypothetical future inflation. It would be a terrible mistake for the Fed to yield to this pressure.This paper makes the case that the Fed should pursue genuine full employment that features robust wage growth, rather than be satisfied with job growth that is consistent but does not boost the pace of wage growth. The paper considers the shifts in gender and racial wage gaps since 1979 and highlights the fact that because the vast majority of American workers have seen near-stagnant wages even as economy-wide productivity growth has consistently risen, there is ample room for wage-gaps to close without any group suffering wage declines.Key findings:
A significant portion of the limited progress towards closing the gender wage gap in recent decades has been due to the outright decline of men’s wages. Although there is greater gender wage equity among the bottom 10 percent of earners than among higher wage-earners, the gap between men and women has closed very little since 1979 Wage disparities between white earners and Latino or Black earners have increased in the past 35 years Productivity growth—which measures the average amount of income generated in each hour of work in the economy—has remained strong. At 64.9 percent over the 35-year period, productivity growth represents the possible increases in every worker’s wage throughout the economy. White women, the group whose median wage growth has been strongest over the period, gained at roughly one-third the rate of productivity.The Federal Reserve plays a powerful role in shaping labor market trends. To be sure, these wage gaps among groups of workers result from a long history of discrimination within the labor market, education, housing, wealth-building, and criminal justice policies, and require a full array of economic, social, and political policies.However, until we reach genuine full employment, a Federal Reserve decision to slow the economy will hamper the ability of workers’ wages to rise.Key recommendations:
The Federal Reserve should set a clear and ambitious target for wage growth, which will provide an important and straightforward guidepost on the path to maximum employment.Wage targeting can be fairly easily tailored to the Fed’s price-inflation target and pegged toincreases in productivity. The Fed should maintain a patient, but watchful posture. The history of the past 35 years shows a generally steady downward trend in price inflation and that prematurely slowing the economy results in higher than desirable unemployment. The Federal Reserve should not consider an interest-rate hike until indicators of full employment—particularly wage growth—have strengthened.Raising interest rates too soon will slow an already sluggish economy, stall progress on unemployment, and perpetuate wage stagnation for the vast majority of American workers. This harm will be disproportionately felt by women and people of color, who are concentrated in the most vulnerable strata of the workforce.
Download the report here
A 'striking lack of diversity' at the Fed distorts economic policy in ways most people don’t consider
A 'striking lack of diversity' at the Fed distorts economic policy in ways most people don’t consider
In a new report from the liberal-leaning Fed Up, a coalition of community groups advocating for continued low interest...
In a new report from the liberal-leaning Fed Up, a coalition of community groups advocating for continued low interest rates from the Fed with a view to helping the country's poorer families enjoy some of the benefits of the recovery, the group says a lot of work remains to be done despite recent progress on diversity under Yellen's tenure.
Read the full article here.
Economic Sector Bias at the Federal Reserve
In part one of this two-part posting, I looked at the gender bias at the Federal Reserve, showing how men vastly...
In part one of this two-part posting, I looked at the gender bias at the Federal Reserve, showing how men vastly outnumber women in key posts at Federal Reserve Banks throughout the United States despite the Fed's Congressional mandate. In part two of this posting, I want to take an additional look at the Fed's bias; its failure to represent the economic diversity of America.
For those of you that either didn't read part one or who are unaware of the Federal Reserve's organizational setup, here is a graphic from a report by the Center for Popular Democracy showing the link between the Federal Reserve and its Federal Open Market Committee (FOMC) and its district banks known as Federal Reserve Banks:
Here is a map showing the regions covered by each of the 12 district banks (Federal Reserve Banks) and the 24 branches within each district:
Note that Alaska and Hawaii are covered by the San Francisco district.
If we start at the top of the organizational chart, the seven members of the Federal Reserve Board of Governors are appointed by the President and confirmed by the Senate for a 14-year term of office. The President (and Senate) also confirm two members of the Board to be Chair (currently Janet Yellen) and Vice Chair for four year terms. The FOMC consists of 12 members; the seven aforementioned Board members, the president of the Federal Reserve Bank of New York and four other regional Federal Reserve Bank presidents on a rotating, one-year term basis. The Federal Reserve Banks form an important link between the Federal Reserve and their local economy and help to dictate the Federal Reserve's monetary policies. Each of the twelve district banks has their own president and boards of directors (nine directors in total for each bank); in addition, each of the 24 district branches has its own directors (seven directors in total for each branch). The Board of Directors for each Reserve Bank are appointed in two ways; the majority are appointed by the Reserve Bank and the remainder are appointed by the Federal Reserve's Board of Governors. The directors for each district bank then appoint their own president and vice president. It all sounds rather nepotistic, doesn't it?
By law, under the Federal Reserve Reform Act of 1977, the Boards of Directors of the Federal Reserve are to be
"...elected with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor and consumers.".
That is, each of the leaders/directors of the world's most influential central bank and its district banking system are to represent a wide variety of each of the economic sectors that make up the American economy.
The report by the Center for Popular Democracy compares the economic sector representation during the period from 2006 to 2010 when the Government Accountability Office examined the composition of the Federal Reserve Bank Boards and the present. Here is a graphic showing the past and present composition:
In both 2006 to 2010 and 2016, directors from the banking sector filled over one-third of the board seats, growing by 3 percentage points over the timeframe of the study. In combination, in 2016, representatives from the commercial and industrial sector and the banking sector filled 68 percent of seats, up from 63 percent in 2006 to 2010. The service sector's representation fell from 26 percent of seats to 18 percent and agriculture and food processing saw their representation fall from 6 percent of seats to 3 percent. Interestingly, even though they are relatively poorly represented compared to the other sectors, the number of directors affiliated with consumer and community organizations rose from 3 percent to 8 percent.
For your illumination, here are a few of the Directors for each of the Federal Reserve Banks that you can get a sense of who is dictating America's monetary policies:
If you are interested in who is on the boards of the other Federal Reserve Banks, please see the original report.
Interestingly, during the "financial crisis" of 2008, there was some question about directors' independence and actions taken by the Federal Reserve banks since there was at least the perception of conflicts of interest when director-affliated institutions took part in the Federal Reserve System's emergency programs. With a preponderance of representation from the banking and commercial sectors, it certainly doesn't take a genius to figure out which sectors of the economy will likely be favoured by Federal Reserve policies should there be another "financial crisis", does it?
By A Political Junkie
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Five takeaways from Colorado's campaign finance reports
KUSA - Candidates and campaigns had to file their latest round of finance reports to the Secretary of State’s office...
KUSA - Candidates and campaigns had to file their latest round of finance reports to the Secretary of State’s office Monday.
Here’s what we learned from reading those reports.
1) Tobacco companies have deep pockets.
The No Blank Checks in the Constitution committee has raised about $5 million to keep the tobacco tax in Amendment 72 from passing.
That’s more money than any other campaign has raised so far this cycle, and it all comes from one source: Altria Client Services.
The company is a subsidiary of Altria (formerly Phillip Morris) -- one of the world’s largest tobacco companies.
2) ColoradoCareYES is struggling.
The group pushing universal health care through Amendment 69 raised just $10,000 during the last filing period.
That brings their total to about $320,000. In contrast, Coloradans for Coloradans, has raised nearly $4 million this cycle.
In addition to its fundraising woes, the campaign has also suffered from some surprising opposition. Democratic Gov. John Hickenlooper and Sen. Michael Bennet both oppose the amendment. And so does the liberal group Progress Now.
3) Most of the minimum wage money is coming from out of state.
The group Colorado Families for a Fair Wage wants you to vote to raise the state’s minimum wage to $12 an hour.
But the majority of the $2.3 million it's raised comes from groups in New York and California.
The campaigns biggest donors are Civic Participation Action Fund, The Fairness Project and The Center for Popular Democracy Action Fund.
The campaign against raising the minimum wage is called Keep Colorado Working.
Most of its money comes from industry groups like the Hospitality Issue PAC, which had a Denver address.
That might make you think it’s local money fighting the minimum wage campaign, but the PAC’s funded by national companies like McDonald’s and the National Restaurant Association.
4) The physician assisted suicide campaign is raising and spending some serious cash
Yes on Colorado End of Life Options has raised about $4.8 million to pass Proposition 106, which would let terminally ill patients purchase medications to end their lives.
The campaign’s biggest expenditure is $2.9 million to Blue West Media for advertising. That means we’re likely to see a lot of ads about the proposition between now and Nov. 8.
5) Democrats are outraising Republicans in three key Colorado Senate races.
The winners of Colorado Senate districts 19, 25 and 26 will determine whether Republicans retain control of the chamber.
If Republicans lose all three races, the Democrats will likely gain control of the entire legislature.
All the Democratic candidates are ahead of their opponents when it comes to dollars raised so far.
The biggest gap is in Senate District 19. Incumbent Republican Sen. Laura Woods is $70,000 behind her challenger, Rachel Zenzinger.
We will have to wait and see whether more money translates into more votes
By 2016 KUSA
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Father with ALS asks Sen. Jeff Flake on flight to oppose tax bill
Father with ALS asks Sen. Jeff Flake on flight to oppose tax bill
An activist who suffers from ALS protesting the GOP tax cuts confronted Sen. Jeff Flake (R-Ariz.) over his support for...
An activist who suffers from ALS protesting the GOP tax cuts confronted Sen. Jeff Flake (R-Ariz.) over his support for the controversial proposal and asked him to change his mind.
“Why not take your stand now?” Ady Barkan asked Flake as they waited for their Thursday night flight to depart Washington, D.C. “You can be an American hero. You really could — if the votes match the speech.”
Read the full article here.
A Push to Give Steadier Shifts to Part-Timers
New York Times - July 15, 2014, by Steve Greenhouse - As more workers find their lives upended and their paychecks...
New York Times - July 15, 2014, by Steve Greenhouse - As more workers find their lives upended and their paychecks reduced by ever-changing, on-call schedules, government officials are trying to put limits on the harshest of those scheduling practices.
The actions reflect a growing national movement — fueled by women’s and labor groups — to curb practices that affect millions of families, like assigning just one or two days of work a week or requiring employees to work unpredictable hours that wreak havoc with everyday routines like college and child care.
The recent, rapid spread of on-call employment to retail and other sectors has prompted proposals that would require companies to pay employees extra for on-call work and to give two weeks’ notice of a work schedule.
Vermont and San Francisco have adopted laws giving workers the right to request flexible or predictable schedules to make it easier to take care of children or aging parents. Scott M. Stringer, the New York City comptroller, is pressing the City Council to take up such legislation. And last month, President Obama ordered federal agencies to give the “right to request” to two million federal workers.
The new laws and proposals generally require an employer to discuss a new employee’s situation and to consider scheduling requests, but they do not require companies to accommodate individual schedules. Many businesses have opposed these measures, arguing that they represent improper government intrusion into private operations.
In a referendum last year, voters in SeaTac, Wash. — the community near Seattle that also passed the nation’s highest minimum wage, $15 an hour for some workers — approved a measure that bars employers from hiring additional part-time workers if any of their existing part-timers want more hours. The move was a response to complaints from workers that they were not scheduled for enough hours to support their families. Some San Francisco lawmakers are seeking to enact a similar regulation.
Representative George Miller of California, the senior Democrat on the House Committee on Education and the Workforce, plans to introduce legislation this summer that would require companies to pay their employees for an extra hour if they were summoned to work with less than 24 hours’ notice. He is also proposing a guarantee of four hours’ pay on days when employees are sent home after just a few hours — something that happens in many restaurants and retailers when customer traffic is slow.
That happened to Mary Coleman. After an hourlong bus commute, she arrived at her job at a Popeyes in Milwaukee only to have her boss order her to go home without clocking in — even though she was scheduled to work. She was not paid for the day.
“It’s becoming more and more common to put employees in a very uncertain and tenuous position with respect to their schedules, and that ricochets if workers have families or other commitments,” Mr. Miller said. “The employer community always says it abhors uncertainty and unpredictability, but they are creating an employment situation that has huge uncertainty and unpredictability for millions of Americans.”
While Mr. Miller acknowledges that his bill is unlikely to be enacted anytime soon — partly because of opposition from business (and a Republican-controlled House), he said the bill would bring attention to what he called often callous scheduling practices. His bill, similar to one in the Senate sponsored by Bob Casey, Democrat of Pennsylvania, has a “right to request” provision that would bar employers from denying requests from workers with caregiving or school-related conflicts unless they had a “bona fide” business reason.
Corporate groups protest that such measures undercut efficiency and profits. “The hyper-regulation of the workplace by government isn’t conducive to a positive business climate,” said Scott DeFife, an executive vice president of the National Restaurant Association. “The more complications that government creates for operating a business, the less likely we’ll see a positive business environment that’s good for the economy and increasing jobs.”
Mr. DeFife pointed out that the daily ebb and flow of customers necessitated flexibility in scheduling.
David French, a senior vice president of the National Retail Federation, said many people chose careers in retail because of the flexible work hours.
“These proposals may sound reasonable, but if you unpack them, they could be very harmful,” Mr. French said. “Where employers and employees now work together to solve scheduling problems, you’ll have a very bureaucratic environment where rigid rules would be introduced.”
While many of these workers are not unionized, the labor movement has often battled against part-time work and ever-changing schedules. But as unions have grown weaker, employers have felt freer to employ part-timers and use more volatile scheduling. Unions still push for workers to get more hours — and those pressures are one reason Macy’s and Walmart have adopted programs letting employees claim additional, available shifts by going onto their employers’ websites.
In a climate where many retailers, restaurants and other businesses are still struggling after the recession, economists point to the increased uncertainty faced by employees. About 27.4 million Americans work part time. The number of those part-timers who would prefer to work full time has nearly doubled since 2007, to 7.5 million. According to Bureau of Labor Statistics data, 47 percent of part-time hourly workers ages 26 to 32 receive a week or less of advance notice for their schedule.
In a study of the data, two University of Chicago professors found that employers dictated the work schedules for about half of young adults, without their input. For part-time workers, schedules on average fluctuated from 17 to 28 hours a week.
“Frontline managers face pressure to keep costs down, but they really don’t have much control over wages or benefits,” said Susan J. Lambert, a University of Chicago professor who interpreted the data. “What they have control over is employee hours.”
Ms. Lambert said flexible, not rigid or unpredictable, hours would become as important an issue as paid family leave. “The issue of scheduling is going to be the next big effort on improving labor standards,” she said. “To reduce unpredictability is important to keep women engaged in the labor force.”
David Chiu, president of the San Francisco Board of Supervisors, has created a business-labor group that is trying to find the middle ground.
“We’ve learned that predictability in hours is important not just to help workers juggle their lives, but for economic security — to help workers take a second job to live in expensive cities like San Francisco or New York,” Mr. Chiu said. “We’re confident that we can move forward with policies that work for workers as well as business’s bottom line.”
Sharlene Santos says her part-time schedule at a Zara clothing store in Manhattan — ranging from 16 to 24 hours a week — is not enough. “Making $220 a week, that’s not enough to live on — it’s not realistic,” she said.
After Ms. Santos and four other Zara workers recently wrote to the company, protesting that they were given too few hours and received just two days’ notice for their schedule, the company promised to start giving them two weeks’ advance notice.
Fatimah Muhammad said that at the Joe Fresh clothing store where she works in Manhattan, some weeks she was scheduled to work just one day but was on call for four days — meaning she had to call the store each morning to see whether it needed her to work that day.
“I felt kind of stuck. I couldn’t make plans,” said Ms. Muhammad, who said she was now assigned 25 hours a week.
A national campaign — the Fair Workweek Initiative — is pushing for legislation to restrict these practices in places including Milwaukee, New York and Santa Clara, Calif. The effort includes the National Women’s Law Center, the United Food and Commercial Workers union and the Retail Action Project, a New York workers’ group.
“Too many workers are working either too many or too few hours in an economy that expects us to be available 24/7,” said Carrie Gleason, director of the Fair Workweek Initiative and an organizer at the Center for Popular Democracy, a national advocacy group. “It’s gotten to the point where workers, especially women workers, are saying, ‘We need a voice in how much and when we work.' ”
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