Why the Phrase 'Late Capitalism' Is Suddenly Everywhere
Why the Phrase 'Late Capitalism' Is Suddenly Everywhere
An investigation into a term that seems to perfectly capture the indignities and absurdities of the modern economy...
...
An investigation into a term that seems to perfectly capture the indignities and absurdities of the modern economy...
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Concerns About New Part-Time Work Trends and Proposed Remedies
The Diane Rehm Show - August 7, 2014 - The number of people working part-time who would rather work full-time is almost double what it was seven years ago at 7 million people. Despite signs of...
The Diane Rehm Show - August 7, 2014 - The number of people working part-time who would rather work full-time is almost double what it was seven years ago at 7 million people. Despite signs of economic recovery, many businesses say they are still struggling and depend on part-time workers, especially those who work on-call. New federal data show that almost half of all part-time workers under age thirty-two work unpredictable hours, leaving them with reduced paychecks and scrambling for child-care. A discussion about the latest trends in part-time work and the push for new laws that protect employees. Listen to the full program here.
Snowy Protest at Philly Fed
The Inquirer - March 5, 2015, by Joseph DiStefano - Ten cold protesters from a national group called Fed Up gathered at the Federal Reserve of Philadelphia in the storm this afternoon to urge the...
The Inquirer - March 5, 2015, by Joseph DiStefano - Ten cold protesters from a national group called Fed Up gathered at the Federal Reserve of Philadelphia in the storm this afternoon to urge the Fed to pay more attention to boosting employment and listening to groups representing wage workers and poor people.
The group, which includes labor union and church groups as well as local affilates such as North Philadelphia-based Action United, says its national leaders met with Federal Reserve Chairman Janet Yellen in Washington last year, but they have had a tough time getting Fed officials who oversee regional banks and regulatory teams, such as Charles Plosser, the free-market economist who retired in January as the Philly Fed President, to take them seriously. Other Fed Up affilates held protests in New York, Charlotte, St. Louis, and other Fed cities today. More are planned, said Shawn Sebastian of the liberal, Brooklyn-based Center for Popular Democracy, one of the groups supporting Fed Up.
"Plosser never gave us a meeting," said Action United leader Kendra Brooks, who said she's been organziing poor people to press for improved government job, education and housing programs since she was laid off from her management job at an Easter Seals affiliate in 2012. Herb Taylor, a veteran community-development manager for the Philly Fed, and other local Fed officials did meet with a Fed Up delegation last fall, and Philly Fed leaders have also held meetings with labor unions and community groups, Fed spokesman Jim Ely reminded the group.
"But they gave us crumbs," said Brooks, noting that labor and community-group leaders were not part of the inner circle who selected Plosser's replacement, University of Delaware President Patrick Harker, a Philly Fed board member who will take the top Philly Fed job in July.
Under Ed Boehne, Philadelphia Fed President from the 1970s into the 1990s, the Philly Fed forced banks to expand their inner-city direct-lending programs and ensured labor representation on the Fed board.
Brooks questioned whether Boehne's successors share that committment to listening to and serving all sectors. She said corporate executives like Comcast chief financial officer Michael Angelakis and investor James Nevels, who led the committee that chose Harker, don't represent a wide range of residents of the Philadelphia Federal Reserve district, which covers eastern Pennsylvania, South Jersey and Delaware.
"Comcast does not represent our community, the universities do not represent the community. We need our voices to be heard, also," she said.
Group leaders said they are frustrated the Fed has not pushed banks to be more flexible in setting payment terms for stressed homeowners, or show the forebearance banks often show to troubled corporate borrowers.
Action United member Lionel Rice said he's running out of time. He said he hadn't been able to find a job paying more than fast-food wages since he was laid off after 20 years at the Penn Maid dairy plant in Northeast Philadelphia three years ago. He said a housing finance agency is preparing to foreclose on his home in Olney.
Ely said he would bring the group's petition to Fed officials' attention.
Source
One city’s crime-fighting quandary: Where exactly to invest?
One city’s crime-fighting quandary: Where exactly to invest?
Chicago spends 39 percent of its municipal budget on policing, while New York spends just 8 percent and Los Angeles spends 26 percent, according to a report released last year by the Center for...
Chicago spends 39 percent of its municipal budget on policing, while New York spends just 8 percent and Los Angeles spends 26 percent, according to a report released last year by the Center for Popular Democracy. This means the city has less funds for things like schools and social services. The proposed $95 million academy comes just five years after the city announced the biggest mass closing of schools in US history, shutting down 50 schools because of a $1 billion budget shortfall.
Read the full article here.
If the Fed Raises the Interest Rate, I’m One of the Americans Who Will Lose
When I worked my way through college with a job at Chipotle, I often worked a so-called "clopen shift." I was closing the store I managed at 2 a.m. and returning to open the restaurant at 6 a.m....
When I worked my way through college with a job at Chipotle, I often worked a so-called "clopen shift." I was closing the store I managed at 2 a.m. and returning to open the restaurant at 6 a.m. The work schedule didn't leave much time for sleep, let alone schoolwork. But with graduation around the corner, I figured that soon everything was going to change.
I would graduate, and I would get a job that would allow me to pay the bills, take care of my 8-year old daughter, and sleep at night.
But, since graduating this past spring, I have sent out 75 resumés but have only been invited for one interview. I’m looking for jobs that just aren’t there.
When the Federal Reserve gathers Thursday at their Federal Open Market Committee meeting to decide whether or not they will raise the interest rate, I hope they will keep me and others like me in mind.
Congress created the Federal Reserve with a two-pronged mission: to control inflation andto promote maximum employment. All the data shows that there is no risk of inflation – in fact, inflation is still running well-below the Fed’s own conservative target. But the Fed is still considering raising the interest rates, even though raising rates would do real harm to American workers who are still looking for jobs or working for low-wages, like me.
A higher interest rate means that fewer jobs will be created, and that the wages of workers at the bottom will remain too low to live on. That’s because when the Fed raises rates, they are deliberately trying to slow down the economy. They’re saying that there are too many jobs and wages are too high. They’re saying that the economy is exactly where it should be, that people like me are exactly where we should be.
It was not supposed to be this way – after all, I have a business management degree. If the Fed chooses to slow down the economy I may have to give up on getting a job I'm qualified for – the kind of job that I went to school for. I could find a job at McDonalds or Taco Bell, and go back to a work life that will leave me sleepless and struggling to support my daughter. That would be painful for me and my family and bad for the economy. I cannot imagine that this is what Fed officials are looking to do.
And yet, the Fed is considering a rate increase, even though working families – especially Black and Latino working families –are still struggling. Today, 19.5 percent of Black people are unemployed or underemployed, and 15.8 percent of Latinos are unemployed and underemployed. For Black high school graduates in the 17-20-year-old range who haven’t enrolled in college, the unemployment rate is over 50 percent.
If the Fed raises interest rates, we are ones who lose.
That the conservative powers in the Federal Reserve would even consider raising the interest rates shows us a lot about who they’re prioritizing in their decision. It shows us who the Fed is looking out for: the wealthy, Wall Street, and bankers. They are willing to sacrifice the livelihoods and aspirations of young people like me, whole communities of color, and low-income workers all purportedly to fight an inflation threat that doesn’t even exist.
The Fed’s decision on Thursday should be simple. One of the Fed’s mandates is to foster full employment, and wages still have not shown signs of significant growth since the financial crash. That’s a clear sign that America is far from full employment — and the Fed has not yet fulfilled its mandate.
Many in the Fed are claiming that our economy is in recovery, but for who? For Black and Latino Americans, the recovery hasn’t come yet. This week, we’ll see if the Fed is serious about promoting maximum employment for all Americans or just watching out for the few who are already doing well.
Source: CommonDreams
Black Community Seeks the Power of the Ballot
Source: Vox
For black communities in the United States, presidential election participation rates are strong and momentum is building.
In 2012, black voters showed up at the polls in the largest numbers (66.2 percent) and voted at a higher rate than non-Hispanic whites (64.1 percent) for the first time since rates were published by the U.S. Census Bureau in 1996.
Black Americans tend to vote Democratic in presidential elections. This was true by historic margins in President Barack Obama's 2008 and 2012 victories— 95 and 93 percent, respectively. And their turnout rate in 2016 could be an important factor in deciding the next president of the United States, especially in a tight race.
That's good news for black community leaders who want to ensure their voices are heard and hold future leaders accountable.
Civil rights leadership
The 2014 and 2015 cases of deadly police force against unarmed African-Americans have galvanized a tech-savvy generation of activists to inject new life in an age-old push for racial, economic and social equality.
More and more, movements such as Black Lives Matter are becoming international household names and are holding candidates accountable to specifically address and push for legislation on these issues.
One such organization, Black Alliance for Just Immigration (BAJI), engages and advocates on behalf of African-American and black immigrant communities on issues of racial justice and immigrant rights.
BAJI's policy and legal manager, Carl Lipscombe, says part of the greater push nationwide to organize and bring to light instances of police brutality results from what he describes as a community-wide fear of "being killed when walking to the corner." He says these police cases are enhanced by the advent of social media and by the ability to capture events on camera that wasn't possible in the 1980s.
Lipscombe says candidates must do more than "throw a bone" if they expect communities of color to go to the polls in droves.
"It's not enough to just say we want free education for everyone," Lipscombe said. "We want to know how this is going to impact black people."
According to the U.S. Bureau of Labor Statistics, the unemployment rate among blacks in the United States, at 9.4 percent, remains significantly higher — nearly double — than the overall rate of 5 percent nationwide.
Black wealth also has declined. The non-partisan Economic Policy Institute, in coordination with the liberal research institution Center for Popular Democracy, reports that black workers' wages have fallen by 44 cents on the hour in the past 15 years, while wages of both Hispanic and white workers have increased by approximately the same amount.
African immigrant concerns
The Migration Policy Institute reports that black immigrants from Africa are better educated than the overall U.S. population, age 25 and older.
In 2007, 38 percent held a four-year degree or more, compared to 27 percent of the U.S. population. Yet, black immigrants earn lower wages and hold the highest unemployment rate in comparison to other immigrant groups, according to the Center for American Progress.
Bakary Tandia, case manager and policy advocate at African Services Committee, a Harlem-based agency dedicated to assisting African immigrants, refugees and asylees, says progress is necessary across all levels of government.
"Even if you take the case of [New York City Mayor Bill] de Blasio,” Tandia said, “he is a progressive mayor, but in his administration, I have not seen any African immigrant appointed or in a meaningful position, and the same thing goes at the state level, at the federal level."
New leadership
Grass-roots coordinators say anti-immigration rhetoric among some presidential candidates has fueled electoral participation, as well as greater community leadership.
Steve McFarland, whose organizing efforts include get-out-the-vote campaigns among disenfranchised communities in New York, says the immigration reform movement, combined with the work of Black Lives Matter, has produced a new generation of civil rights leaders.
"It doesn't look the way that it used to look," McFarland said. "It's not big organizations, but they can mobilize people, they have a clear voice, and they are winning changes across the country."
Ahead of the 2016 presidential primaries, there is good news for Democratic frontrunner and former secretary of state Hillary Clinton. She currently enjoys an 80 percent favorability rating among adult blacks, the highest positive net rating of all candidates, according to a recent Gallup poll.
Clinton, who has met privately with Black Lives Matters activists, specifically addressed racial profiling in an October speech at Clark Atlanta University.
"Race still plays a significant role in determining who gets ahead in America and who gets left behind," Clinton said. "Racial profiling is wrong, demanding, doesn't keep us safe or help solve crimes. It's time to put that practice behind us."
A Call to Action From NMAC & Housing Works
A Call to Action From NMAC & Housing Works
People in the movement might be surprised by a joint letter from Charles King of Housing Works and me, but these are not ordinary times. NMAC is writing this letter to invite constituents at this...
People in the movement might be surprised by a joint letter from Charles King of Housing Works and me, but these are not ordinary times. NMAC is writing this letter to invite constituents at this year’s United States Conference on AIDS to join Housing Works efforts on Wednesday, September 6, to greet Congress on its return from summer recess with a rally for the care we need to survive—sign up here!
These are confusing times with no clear roadmap. Since NMAC is hosting the HIV/STD Action Dayon the same day, we want everyone to be aware of our mutual support and collective goal to not just save the Affordable Care Act, but to also strengthen our vision of ending AIDS as an epidemic. This can only happen when affordable health care becomes a human right for everyone.
Read the full article here.
Toys 'R' Us and the Death of Retail
Toys 'R' Us and the Death of Retail
When Debbie Beard found out the company she'd worked at for 29 years, Toys R Us, was closing down, she was shocked--she knew the company had been having financial difficulties for a while, but...
When Debbie Beard found out the company she'd worked at for 29 years, Toys R Us, was closing down, she was shocked--she knew the company had been having financial difficulties for a while, but didn't realize it was that bad. The more she learned, though, about the way the company had been looted by private equity firms Bain Capital and KKR, the more she determined that no one else should have to go through this. Debbie and other Toys R Us workers are organizing to demand severance pay from the company, and beyond that, organizing to stop the kind of leveraged buyouts that saddle viable companies with unsustainable debt. She joins me along with Carrie Gleason of the Fair Workweek Initiative at the Center for Popular Democracy to explain what can be done.
Read the full article here.
For the undocumented, life looks different outside a sanctuary city
For the undocumented, life looks different outside a sanctuary city
The marker between two territories is not just a line on a map. Norma Casimiro knows this all too well. Seventeen years ago, she left her home state of Morelos, Mexico, with a young son. Since...
The marker between two territories is not just a line on a map. Norma Casimiro knows this all too well. Seventeen years ago, she left her home state of Morelos, Mexico, with a young son. Since then, she has lived in Westbury, New York, a suburban town in Nassau County with a population of just over 15,000. She lives in a studio in a sublet single-family home with her husband, who is also undocumented, and their eight-year-old daughter who was born in the United States.
Now, in the aftermath of the presidential election, Casimiro is anxious. Westbury is 11 miles from Queens, which means 11 miles from the protections that a so-called "sanctuary city" offers undocumented immigrants.
"We’ve never really considered moving to the city because we have jobs here and we feel as if we’re a part of the community," Casimiro said. "But it does sometimes cross our minds because of what could happen after January 20."
She knows that New York City would provide better public services for her and her family. "You can feel safer over there," she said, "especially after I heard Mayor (Bill) De Blasio say he would defend all New Yorkers, regardless of their immigration situation."
Living in the middle-class suburbs comes with a number of everyday difficulties, like limited transportation, scant social programs and high cost of living. Now, Casimiro feels even more vulnerable, anxious over the president-elect’s campaign threat to deport millions of undocumented immigrants. She also lives in fear that Trump’s anti-immigration policies may leave her son without the benefits of DACA (Deferred Action for Childhood Arrivals), a type of administrative relief from deportation created during the Obama administration.
Since the election, she's perceived a change in the way people in the community look at her. "I have noticed some disapproving looks that left me with a bad taste," she said. "In Westbury, there are more Latinos than in other parts of the island and you feel safer. But I still feel afraid of going to some stores alone."
She and her family know that Westbury law enforcement has collaborated with the US Immigration and Customs Enforcement (ICE) in the past. That's why the family generally avoids any type of conflict and rarely goes out at night.
Once, Casimiro had an incident while cleaning a house in the area, which left her shaken.
“I was taking the trash out ... and the alarm went off in the neighbor’s home," she said. "The police cornered me and asked me lots of questions. They asked for my ID. I wish I had one of those IDs they give out in New York. I told them I didn’t have it on me because the owner had brought me in her car. Luckily, the babysitter, who speaks good English, came and intervened on my behalf."
In 2014, the Nassau Sheriff’s Department ceased cooperation with ICE and stopped holding immigrants in jail for longer than allowed by law. The Sheriff’s Department also adopted a set of recommendations, such as that agents not ask anyone about their immigration status.
The organization Make The Road New York explains the difference between living in a city or the suburbs. "The very structure of a city offers more protection because of the existence of public transportation, a more dense population and lots of diversity," organizer Natalia Aristizabal said. "The mere fact of being surrounded by neighbors in an apartment building makes people feel safer than living in an isolated house."
New York City offers access to social programs and diverse community centers. A policy, passed last year, states that municipal IDs can be used as official identification and to open bank accounts. There are also a number of reliable lawyers for low-income people at risk of being deported.
Legislation also exists in New York that prohibits the Department of Corrections from sharing information about any prisoner with ICE before sentencing. Nor can other law enforcement agencies provide the federal government with any information about the immigration status of New Yorkers.
These protections disappear outside the boundaries of the five boroughs. And Long Island’s geography does not help. Immigrants usually own a car because of the lack of public transport, but driving without a license creates risk. "The racial profiling techniques used in the past to intercept a Latino in a vehicle and automatically report their immigration status are well known," said Walter Barrientos, the lead organizer for Make the Road New York in Long Island. "In some places, measures have been taken to control these actions, but not so much in Nassau."
Scattered infrastructure and lack of diversity facilitate more discrimination. "This isn’t Manhattan," Barrientos said. "It’s really easy to see who does and who doesn’t have papers here. It’s those who drive old cars or are walking towards the train station."
Nassau’s Police Department reported 32 hate crimes in 2015. The department also reports an uptick in these types of attacks since the election. "Over the last few months, our people have clearly seen how there are people who are incorrigible when it comes to expressing who they do not want in their neighborhoods," Barrientos said.
In Nassau, legal advice for immigrants is almost non-existent. So it's difficult to explain, for instance, that pleading guilty to a traffic violation could affect an immigration process. "Any problem with the justice system opens a door to deportation. This is the biggest fear of our community: that Trump’s promise to deport all immigrants with a criminal history may come true."
Ana Maria Archila, co-executive director of the Center for Popular Democracy, said it is important now to find creative ways to defend people against a Trump administration that "seeks to fulfill their promise of harassing immigrants." This includes establishing a network of allies within the community who are "willing to turn their homes into 'sanctuaries' where people can stay and feel safe," she said.
In the meantime, Norma Casimiro waits. In nearly 20 years of living in the United States, she has never felt so insecure about her future and the future of her children. "All we can do is fight so that our voices are heard," she said. "And hope that someday we will enjoy the same protections as those in New York City."
By María F. Blanco
Source
Jackson Hole Summit To Provide Forum For Policymakers Amid Market Turmoil
Also getting under way at the lodge is a protest conference organized by the Center for Popular Democracy, a liberal group that has been cajoling the Fed to hold off on raising...
Also getting under way at the lodge is a protest conference organized by the Center for Popular Democracy, a liberal group that has been cajoling the Fed to hold off on raising interest rates. Some researchers, for example, argue that “core inflation” – which strips out food and energy prices and is often used by bankers as their preferred gauge – may be less relevant in a world where futures contracts, global shipping and worldwide trade help even out retail level price swings for some of those goods.
Some analysts have also said that globalization has been a factor in holding down U.S. wages and prices even at times of solid growth.
When the Fed met in June, US oil prices had recovered to over $60 a barrel, and there had been a belief that we’d seen the lows.
Inflation has been a concern for the Fed, as it has been running well below its 2 percent goal and some signs have indicated that it may fall further. London Business School professor Lucrezia Reichlin is the discussant. Yet the theory is still a useful framework to think about monetary policy. This year central bankers, finance ministers, academics and financial market participants will chewing over why inflation is so low, whether this is unsafe and what they can do about it. Investors have cut the probability of a move at that gathering to 28 percent Tuesday from 48 percent on August 18 based on trading in fed funds futures.
They confront a big disparity between the world’s two largest economies, the U.S. and China.
China’s stock market is swooning and its economy slowing.
Goldman Sachs economists wrote Wednesday that they “expect liftoff in December, and see the recent market sell-off as another argument against a hike in September“.
U.S. counterparts will experience both advantages and disadvantages if their currencies behave according to textbooks and their currencies weaken against the dollar if the Fed raises rates.
Dudley said a final decision would reflect how the market acts over the next few weeks, as well as the end-of-montheconomic data.
The absence of Yellen and Draghi has lowered expectations for a major policy announcements at Jackson Hole.
The official roster of attendees at the invitation-only event included Fed Vice Chairman Stanley Fischer and Fed governors Lael Brainard and Jerome Powell, and presidents from eight of the 12 regional Fed banks. “So you look around the world and ask who can take up the slack, and really the answer is nobody”, said Kevin Logan, chief U.S. economist at HSBC Securities, in New York.
The opening session at 10 a.m. Eastern will examine a paper on “Inflation dynamics though firms’ pricing behavior” by Simon Gilchrist, a professor at Boston University and Egon Zakrajsek, an associate director for monetary affairs at the Fed Board of governors.
The vice chairman is considered extra inclined than Yellen to boost charges prior to later, so his statements might make clear how the talk contained in the central financial institution might transpire when officers meet September 16 and 17.
Source: Rapid News Network
7 days ago
7 days ago