How to Help Puerto Rico, Even When the President Won't
Donald Trump's idea of humanitarian aid to Puerto Rico is throwing paper towel rolls to a crowd. His callous and grandstanding attitude following Hurricane Maria's devastation is breathtaking,...
Donald Trump's idea of humanitarian aid to Puerto Rico is throwing paper towel rolls to a crowd. His callous and grandstanding attitude following Hurricane Maria's devastation is breathtaking, even for a man who uses a golden toilet. His cheap imitation of a T-shirt cannon was enough to make America collectively throw the phones we watched it on into the sea. If you're looking for less expensive ways to channel your rage, consider donating time, money or supplies to organizations and individuals on the ground in Puerto Rico.
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Immigrant rights demonstrators find locked doors at Bank of American HQ
Immigrant rights demonstrators find locked doors at Bank of American HQ
A group of about a dozen activists tried to deliver a list of demands at Bank of American Headquarters in Charlotte Monday but found the doors locked as they attempted to enter the building. A...
A group of about a dozen activists tried to deliver a list of demands at Bank of American Headquarters in Charlotte Monday but found the doors locked as they attempted to enter the building. A security guard accepted a letter from the group.
It was part of the grassroots fight to shield Mecklenburg County’s estimated 54,000 undocumented immigrants from deportation.
Read full article here.
Progressive New Yorkers Launch “13 Bold Progressive Ideas for NYC In 2013”
NEW YORK, NY
Progressive Council Members Rally with Broad Coalition of Community Groups, Grassroots Leaders, Policy Experts and Labor Unions
...
NEW YORK, NY
Progressive Council Members Rally with Broad Coalition of Community Groups, Grassroots Leaders, Policy Experts and Labor Unions
Today, the Progressive Caucus of the City Council, in partnership with over 30 endorsing organizations, launched “13 Bold Progressive Ideas for NYC in 2013.” This policy platform, available at the interactive website www.13boldideas.org articulates a progressive vision for New York City in the new legislative session. By uniting around this shared agenda, New York’s major progressive organizations will inform the debate in the upcoming elections and push for key priorities such as police accountability, low-wage worker organizing, paid si ck days, and equitable Hurricane Sandy recovery.
“It’s time to restore New York City’s place as a beacon for equality, compassion, and democracy,” said Progressive Caucus Co-Chair Brad Lander. “ In this important election year, the City Council’s Progressive Caucus is proud to stand united with NYC’s labor, community, and civil rights organizations in pursuit of these 13 Bold Ideas for the investments, policies, and reforms that our city so badly needs.”
“The 2013 elections provide a unique opportunity to promote a pro-worker, pro-immigrant, racial justice agenda in New York City and to unify around key progressive policy issues, such as police accountability, low-wage worker organizing, paid sick days, and equitable Sandy recovery,” said Andrew Friedman, Executive Director, Center for Popular Democracy. “The Center for Popular Democracy is honored to support the Progressive Caucus’ work to build a more just New York City.”
“We are proud to have the support of so many organizations and unions as we unveil our vision of building a more livable, affordable, and sustainable city,” said Progressive Caucus Co-Chair Melissa Mark-Viverito. “When low-wage workers thrive, all New Yorkers are better off. That’s why improving the lives of these workers is such a central component of our policy agenda. Whether it’s paid sick time, boosting wages or defending the right to organize, we in the Caucus stand ready to improve working conditions for this vital sector of our economy.”
“Bold and progressive are words long associated with this great city,” said Hector Figueroa, President of 32BJ SEIU. “This platform offers an exciting – and attainable – vision for a livable, affordable and sustainable city. We’re ready for new ideas and new energy, and have a unique opportunity in 2013 to rebuild our infrastructure, recommit to responsible development, confront climate change, and make New York City the most immigrant and working family-friendly city in the world.”
“Though the New York Civil Liberties Union can only address portions of this progressive agenda, we share the commitment to a New York City where all people are treated fairly, equally and with dignity,” said Donna Lieberman, Executive Director, NYCLU. “That’s why we welcome the Progressive Caucus’ bold ideas to ensure that all children have the opportunity to get a decent education, in a respectful and supportive environment, and to ensure equal justice for all — fair and just policing , meaningful accountability and oversight of the NYPD, protection for immigrants and government transparency. These bold ideas are a significant part of the progressive agenda and will enhance the lives, liberty and dignity of New Yorkers and help make New York a fairer and more just city.”
“I am excited to be a part of the 13 Bold Ideas that will transform our City in a positive and progressive direction,” said Council Member Jumaane Williams. “This mission statement is a blueprint for ensuring that every New Yorker is able to live up to their potential. Action items like greater police accountability, reforming local government and ensuring a quality education for our children are issues we can all rally around in the coming year.”
“I am proud to lend my voice to help articulate a progressive vision for New York City,” said Council Member Margaret S. Chin. “Our vision is a City where prosperity is shared among all New Yorkers – not just the very wealthy; where all of our civil rights are upheld; where a hard day’s work is rightfully compensated; and where all New Yorkers have access to quality public education, health care, and childcare. Now is the time for change. I want to thank all the organizations that have pledged to support a more sustainable, more equal and fairer New York City.”
“We are thrilled to be part of this effort to make New York City a truly progressive city,” said Sherry Leiwant, Co-President, A Better Balance, “and we are delighted that paid sick days which we have been trying to pass for almost four years is a major part of this agenda.
“We applaud the Progressive Caucus and their Council Members for the launch of 13 Bold Ideas,” said Javier H. Valdes, Co-Executive Director of Make the Road Action Fund. “The elections of 2013 provide us with the opportunity for us to come together and create a collective vision for a more equitable New York.”
“The diversity of the groups represented in the Progressive Caucus is a symbol of what we are trying to achieve across the city — to provide a voice for ALL New Yorkers,” said Council Member Stephen Levin. “By launching 13 Bold Ideas we stand together to move New York City forward.”
“These 13 bold ideas will help cement a solid agenda within the New York City Council that will help us to continue toward building a city that is affordable and sustainable for all,” said Council Member Jimmy Van Bramer. “There is no opportunity like the present to shed light on issues which are close to New York City’s working class. I stand by my fellow progressives in pushing to implement these initiatives which I believe will strengthen and develop our City’s middle class. Together we will build a coalition of partnerships that will continue to enact equal justice for all and enhance our government in an effort to provides results for all people.”
“New York City — one of the most economically unequal cities in the nation — desperately needs bold ideas like these,” said Dave Palmer, Executive Director of the Center for Working Families.
“The Local 1180 motto is ‘We make New York work for all New Yorkers,’” said Arthur Cheliotis, President, Local 1180. “It reflects our belief that the work the members do in our complex government facilitates government services to all New Yorkers. These 13 Bold Progressive Ideas will help make our government work for all New Yorkers. It offers a vision and plan of a city government that will act in the interest of New Yorkers in every walk of life by offering an equal opportunity to excel and contribute to the common good. These 13 Bold Progressive Ideas offer concrete proposals to ensure that our government protects us from intimidation, manipulation and exploitation by the rich and powerf ul. They move us closer to a transparent, accountable and effective government, by and for all the people, which is at the core of the democratic principles we cherish as New Yorkers and Americans. We must make these 13 Bold Progressive Ideas the bulwark of New York City’s Government.”
“This is a bold platform for a more just city,” said Bill Lipton, Working Families Party. “The City Council will see tremendous turnover this year. A platform like this will help the voters know which candidates share a vision for a city that works for all of us.”
“Hurricane Sandy exacerbated many long-standing economic and social inequities – making worse homelessness, unemployment, and health disparities for many low-income New Yorkers,” said Brian Pearson, Community Organizer, VOCAL-NY. “Yet this tragedy also presents an opportunity to rebuild in a way that is equitable and just. We must build back a better, more sustainable New York where all New Yorkers have access to affordable housing, good jobs, and quality health care.”
“The 13 Bold Ideas are a rallying cry for progressive New Yorkers,” said Alex Low, President, New Kings Democrats. “This is a blueprint for creating a more just, fair and equitable New York City, and for ushering in real democracy to the New York City Council.”
“This is a strong policy agenda built on justice, fairness, and a high quality of life and would make New York a model for cities around the world,” said Té Revesz, Chair of Citizen Action of New York City. “If implemented, these ideas would allow all residents the opportunity for success, revitalizing the concept of the American dream.”
“To move New York City forward in a meaningful and fair way, our elected officials must address key issues facing our city such as police accountability, paid sick leave for all workers and improving the quality of mass transit and public education,” said Aliya Quraishi, Board Member, Greater NYC for Change. “13 Bold Ideas sets out to bring these issues to the City Council and I strongly support this initiative.”
“Demos is proud to support the Progressive Caucus’ 2013 agenda,” said Amy Traub, Senior Policy Analyst, Demos. “These principles and policies are essential to building a New York where we all have an equal say in our democracy and an equal chance in our economy.”
“The 13 Bold Ideas advance good jobs that provide sustainable wages, strengthen the social safety net, further the call for permanent affordable housing, and build a stronger and more direct democracy,” said John Medina, a member-leader of Community Voices Heard Power. “ In this important and historic year, these Bold Ideas would move New York to be a beacon in the fight for the working poor and for those unable to work. We are proud to unite with the Progressive Caucus and the other organizations supporting the 13 Bold Progressive Ideas because this is the year for action.”
“2013 is a unique opportunity for young people to help shape New York City to truly realize its progressive potential: for many young voters, it will be the first time they will elect a new Mayor, a new Comptroller, a new Public Advocate, a new Borough President and a new City Council Member,” said Stefan Ringel, President, Brooklyn Young Democrats. “The Brooklyn Young Democrats represent the voice of students, young professionals and activists all across Kings County; we are the current and future stakeholders in our communities. By advancing legal and economic equality, investing in our youth and creating sustainable and affordable neighborhoods, the 13 Bold Ideas will ultimately change the Borough for the b etter for years to come. The Brooklyn Young Democrats will continue work to see that progressive ideas don’t just remain ideas, but become successfully implemented and ensure that the future for all Brooklynites – young and old – is a bright one.”
“For a fully functionally 21st Century economy, New Yorkers need a government that fosters connectivity, educates them for the future, and supports an innovative economy,” said Noel Hidalgo, Open NY Forum / Code for America’s NYC Brigade. “Through Local Law 11 of 2012 and BigApps, all New Yorkers are starting to take advantage of participatory, transparent and innovative government. With further public and private collaboration, we can build a New York for all New Yorkers.”
Endorsing Partner Organizations 1199 SEIU 32BJ SEIU 350.org A Better Balance Association of Neighborhood and Housing Development ALIGN Barack Obama Democratic Club Brooklyn Movement Center Brooklyn Young Democrats CAAAV Center for Popular Democracy Center for Working Families Citizen Action of NY – NYC Chapter Civic Engagement Table Coalition for the Homeless Community Service Society Community Voices Heard Power CWA Local 1180 Demos FUREE Greater NYC for Change Hell’s Kitchen for Change Hotel Trades Council Lambda Independent Democrats Make the Road Action Fund Metropolitan Council on Housing NEDAP New Kings Democrats New York Communities for Change Professional Staff Congress CUNY South Bronx Unite UnitedNY Urban Justice Center VOCAL-NY Working Families Party
Part-Time Schedules, Full-Time Headaches
New York Times - July 18, 2014, By Steven Greenhouse - A worker at an apparel store at Woodbury Common, an outlet mall north of New York City, said that even though some part-time employees...
New York Times - July 18, 2014, By Steven Greenhouse - A worker at an apparel store at Woodbury Common, an outlet mall north of New York City, said that even though some part-time employees clamored for more hours, the store had hired more part-timers and cut many workers’ hours to 10 a week from 20.
As soon as a nurse in Illinois arrived for her scheduled 3-to-11 p.m. shift one Christmas Day, hospital officials told her to go home because the patient “census” was low. They also ordered her to remain on call for the next four hours — all unpaid.
An employee at a specialty store in California said his 25-hour-a-week job with wildly fluctuating hours wasn’t enough to live on. But when he asked the store to schedule him between 9 a.m. and 2 p.m. so he could find a second job, the store cut him to 12 hours a week.
These are among the experiences related by New York Times readers in more than 440 responses to an article published in Wednesday’s paper about a fledgling movement in which some states and cities are seeking to limit the harshest effects of increasingly unpredictable and on-call work schedules. Many readers voiced dismay with the volatility of Americans’ work schedules and the inability of many part-timers to cobble together enough hours to support their families.
In a comment that was the most highly recommended by others — 307 of them — a reader going by “pedigrees” wrote that workers were often reviled for not working hard enough or not being educated enough. “How can they work more jobs or commit to a degree program if they don’t know what their work schedule will be next week, much less next month?” the reader wrote. “It’s long past time for some certainty for workers. They drive the economy.”
Some readers were shocked by the story of Mary Coleman, who, after an hourlong bus commute, arrived for her scheduled shift at a Popeyes in Milwaukee only to be told to go home without clocking in because the store already had enough employees working. She wasn’t paid for the day.
“What happened to Ms. Coleman should be criminal,” wrote “JenD” of New Jersey in the second-most-recommended comment. “These types of stories sound like they were written by Charles Dickens in the mid-19th century.”
A reader from South Dakota, “JDT,” wrote that he was baffled as to why so many employers created turmoil for their workers by assigning them a different schedule every week, making it hard to juggle their jobs with child care or college.
“As a small-business owner for over 30 years, I have always been able to provide my part-time employees with a firm, steady and predictable schedule,” JDT wrote. “My employees are a vital and important asset. I treat them right, and they do their best for me. It’s so easy ... Why can’t big business run by M.B.A.s and highly compensated executives figure that out?”
JDT, whose name is Jim D. Taylor, runs a combined law and real estate firm in Mitchell, S.D. In a follow-up interview, he said: “In a small business, if you’ve scheduled someone to work, there should always be enough to do — you don’t send them home. I don’t know why big business is any different.”
“Why is it so hard to schedule someone for regular shifts?” Mr. Taylor asked.
A reader calling himself “Polish Ladies Cleaning Service” wrote that in the housecleaning business, it was “a particularly devilish problem” to maintain predictable schedules for employees. “If a client cancels and there’s no work, there’s no work,” he wrote. “We try to let everyone know ASAP, of course, but there are times when clients do cancel literally at the very last minute!”
In a follow-up interview, David Chou, the spokesman for Polish Ladies Cleaning Service, a company based in Brooklyn, told of a woman with a $19,000-a-month apartment who failed to confirm a housecleaning appointment scheduled for that day. So the company had to tell the scheduled housekeeper she was not needed that morning.
“We try to reschedule the ladies with other clients if that’s possible, but probably about half the times that’s not possible,” Mr. Chou said.
“Mary,” a reader from Atlanta, said it was understandable why so many employers relied on part-time workers. “We do still have issues with supply and demand that make it difficult for some businesses to hire full time (e.g., retail brick-and-mortar stores struggling with seasonal slowdowns and competition from Internet stores),” she wrote.
“How is it so many, and Obama, believe that workers have the right to tell their employer what hours they will work?” she added. “I’m thinking many here need to go to Europe or some other country. See how that works for you. Our government has no right to dictate, only to protect workers from abuse, and part-time is not abuse.”
One reader, a sales employee at an Apple store, complained in a letter that her work schedule varied every week, although she praised Apple’s medical, dental and vision benefits, even for part-timers. In a follow-up interview she said she was essentially required to be available anytime from 7 a.m. to 10 p.m. six days a week — she has designated Wednesday as her day off.
“Having to give them that much availability, it means you’re at their mercy,” she said, noting that her husband works Monday through Friday. “You don’t know until the schedule comes out what your life will look like.”
Courtney Moore, a cashier at a Walmart in Cincinnati, said in an interview that she had been assigned about 40 hours a week until she told store management in June that she would begin taking college classes most mornings and some afternoons. She said she asked her manager to put her on the late shift, but to her dismay, the store reduced her to 15 hours a week.
“They said they need someone they could call whenever they need help — and they said I’m not that person,” Ms. Moore said. She said she would prefer being a dedicated full-time employee at Walmart but had to take a second job at McDonald’s instead.
A middle-aged New Yorker who lost his teaching job of two decades because of a budget squeeze in his school district said he had applied for retail jobs and was shocked by what he found.
“You had to be available every minute of every day, knowing you would be scheduled for no more than 29 hours per week and knowing there would be no normalcy to your schedule,” he wrote. “I told the person I would like to be scheduled for the same days every week so I could try to get another job to try to make ends meet. She immediately said, ‘Well, that will end our conversation right here. You have to be available every day for us.’
“I asked, ‘Even though I’m trying to get another job?’ ‘Yes.’ Then she just stared at me and asked me to leave. What kind of company does this? What kind of company will not even let you get another job?”
Source
Charter Schools Are Failing and Our Democracy Pays the Price
Charter Schools Are Failing and Our Democracy Pays the Price
Taxpayer dollars are filling the bank accounts of those who manage charter schools which is evident as research by In the Public Interest and the Center for Popular Democracy that exposed the...
Taxpayer dollars are filling the bank accounts of those who manage charter schools which is evident as research by In the Public Interest and the Center for Popular Democracy that exposed the financial fraud and corruption running rampant in these schools. In California, $6 billion of public funding has been funneled into charter schools and their respective management companies leaving public schools starved for required public monies.
Read the full article here.
The public compact
It is always amusing to be the subject of a John McClaughry jeremiad. While I don’t mind being labeled as the “foremost defender” of public education, he insists on giving me full personal credit...
It is always amusing to be the subject of a John McClaughry jeremiad. While I don’t mind being labeled as the “foremost defender” of public education, he insists on giving me full personal credit for what is a state school board position.
In the instant case, John appears to be affronted by the suggestion that private (independent) schools that take public money must actually be held accountable for that money. This principle is at the core of the state board’s review of the independent school rules. Now this seems like a straightforward and fundamentally democratic concept that is generally accepted, but it has been a long-standing problem for some.
The law (16 VSA 166) provides a list of reporting requirements for independent schools if they want to chow down at the public trough. Unfortunately, as far back as the 1914 Carnegie Commission, we find evidence of the refusal of some independent schools to provide private school data even though it was the law of the land. (At that time, the Cubs were still basking in the glory of their World Series victory.)
The second paramount principle is that we have to educate all the children — regardless of needs and handicaps. That’s a necessity in a democracy. Denying a child admission on the basis of a handicap is, in most cases, illegal. Furthermore, it’s wrong. Public schools serve every child. The false fear John peddles is that the private school can’t afford to serve these children. That’s incorrect. It’s really quite simple. While great eruptions of umbrage are displayed, this problem has been solved for years. The private school contracts with (or hires) a specialist who bills the costs back to the public school. Approval in a given area requires that one sheet of paper be filed with the state. As simple as the solution actually is, some independent schools refuse to adopt an equal opportunity policy.
Instead, John proposes that Vermont “clone” Florida’s McKay Scholarship program where parents can choose the school for their handicapped child. That hasn’t worked out too well. If you think a “business management class” that sends students onto the street to panhandle is an acceptable education, then the McKay program may be just your thing. The Florida Department of Education has uncovered “substantial fraud,” including schools that don’t exist, non-existent students, and classes held in condemned buildings and public parks. And the state of Florida does not have the staff to adequately monitor the program. This is a recipe for abuse. Last May, the Center for Popular Democracy estimated that $216 million in charter school money went out the back door.
Finally, John raises the cost question and says private school scholarships would be “less expensive.” Yet he also criticizes the cost of the state’s excess public school capacity. Now let’s look at Vermont’s private independent school numbers. In 1998, there were 68 independent schools, and by 2016, the number had exploded to 93. In the decade 2004-14, independent school enrollments went down from 4,361 to 3,392. A 37 percent increase in schools with a 29 percent drop in students suggests somebody needs to revisit their business plan.
Taking it all together, (1) all who profit from the public treasury must be accountable for that money, (2) children have the right to be admitted to private schools, free of discrimination, on an equal opportunity basis, (3) private schools are a part of our system, (4) the public purse must be protected from fraud and abuse, and (5) directly or indirectly building and operating a parallel school system would be inordinately expensive and wasteful. Do these principles sound reasonable?
William J. Mathis is managing director of the National Education Policy Center and a member of the Vermont state Board of Education. The views expressed here are his own and do not represent the views of any group with which he is associated.
Source
Corporate power on the agenda at Jackson Hole
Protesters from the Fed Up group will once again be on hand this year.
Protesters from the Fed Up group will once again be on hand this year.
Read the full article here.
U.S. lawmakers urge Yellen to diversify the Fed
U.S. lawmakers including Senator Elizabeth Warren and Democratic presidential candidate Bernie Sanders on Thursday sent a letter to Federal Reserve Chair Janet Yellen urging more diversity at the...
U.S. lawmakers including Senator Elizabeth Warren and Democratic presidential candidate Bernie Sanders on Thursday sent a letter to Federal Reserve Chair Janet Yellen urging more diversity at the U.S. central bank.
Ten of the Fed's 12 regional bank presidents are men; 11 of them are white, the letter noted.
"Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country cannot be understated," said the letter, signed by 116 members of Congress and 11 Senators.
The Fed has come under fire in recent months from both Republicans and Democrats, including candidates for the 2016 presidential campaign, for a range of perceived failings, from its process to deciding monetary policy to its governance. Those calls have emboldened lawmakers who seek to limit the Fed's powers and are prompting some current and former Fed officials to call for steps to placate the bank's harshest critics.
A Federal Reserve Board spokesman said the U.S. central bank was committed to diversity and was already taking steps to bring more women and minorities into its leadership ranks.
Minorities now make up 24 percent of regional Fed bank boards, up from 16 percent in 2010; 46 percent of all directors are either non-white or a woman, the spokesman said, adding, "we are striving to continue that progress."
Reporting by Ann Saphir; Editing by James Dalgleish
Source
Avoiding 'Regressive Mistake,' Fed Holds Off on Rate Hike — For Now
Update 3 PM EDT:
In a decision that aligns with progressive demands, the Federal Reserve ...
Update 3 PM EDT:
In a decision that aligns with progressive demands, the Federal Reserve announced on Thursday that it would keep interest rates near zero in light of "recent global economic and financial developments" and in order to "support continued progress toward maximum employment and price stability."
Presidential candidate Bernie Sanders issued the following statement today after the Federal Reserve announced that it would hold off on raising interest rates:
“It is good news that the Federal Reserve did not raise interest rates today. At a time when real unemployment is over 10 percent, we need to do everything possible to create millions of good-paying jobs and raise the wages of the American people. It is now time for the Fed to act with the same sense of urgency to rebuild the disappearing middle class as it did to bail out Wall Street banks seven years ago.”
The New York Times reports that the Fed’s decision, "widely expected by investors, showed that officials still lacked confidence in the strength of the domestic economy even as the central bank has entered its eighth year of overwhelming efforts to stimulate growth."
Progressives cheered the news, with Josh Bivens of the Economic Policy Institute saying, "Today’s decision by the Federal Reserve to keep short-term rates unchanged is welcome. [...] We hope they continue their pragmatic, data-based approach and allow unemployment to keep moving lower, and only tighten after there is a significant and durable increase in inflation."
He continued: "Tightening before the economy has reached genuine full-employment is not just a mistake, it’s a regressive mistake that would hurt the most vulnerable workers—low-wage earners and workers from communities of color—the most."
However, Reuters reports that "the central bank maintained its bias toward a rate hike sometime this year, while lowering its long-term outlook for the economy."
Which means that pro-worker organizations, which have largely opposed a rate increase that they say would slow the economy and stifle wage growth, will have to keep up the fight.
"We applaud Chair Yellen and the Federal Reserve for resisting the pressure being put on them to intentionally slow down the economy," said Ady Barkan, campaign director for the Fed Up coalition, which rallied outside the Federal Reserve on Thursday.
"Weak wage growth proves that the labor market is still very far from full employment," Barkan continued. "And with inflation still below the Fed’s already low target, there is simply no reason to raise interest rates anytime soon. Across America, working families know that the economy still has not recovered. We hope that the Fed continues to look at the data and refrain from any rate hikes until we reach genuine full employment for all, particularly for the Black and Latino communities who are being left behind in this so-called recovery."
Earlier...
Progressives are cautioning the U.S. Federal Reserve against slowing the economy by raising interest rates "prematurely"—a decision the Fed will announce Thursday.
The U.S. central bank will issue its highly anticipated short-term interest rate decision following a two-day policy meeting, with a 2 pm news conference led by Fed Chair Janet Yellen.
As CBS Moneywatch notes, "[t]he decision affects everything from the returns people get on their bank deposits to how much consumers and employers pay for credit cards, mortgages, small business loans, and student debt." That's because a higher rate makes it more expensive for individuals and businesses to borrow, with rising bank lending rates shrinking the nation's money supply and pushing up rates for mortgages, credit cards, and other loans.
Just before the announcement, the advocates, economists, and workers of the Fed Up coalition will be joined by Rep. John Conyers (D-Mich.) at a rally outside the Fed, calling on the central bank to keep interest rates low to allow for more jobs and higher wages.
"The point of raising rates is to rein in an overheating economy that is threatening to push inflation outside the Fed’s comfort zone," explained Josh Bivens of the Economic Policy Institute in the Wall Street Journal on Wednesday. "But inflation has been running below the Fed’s target for years—and its recent moves have been down, not up."
Furthermore, wrote economist Joseph Stiglitz at the Guardian earlier this month: "If the Fed focuses excessively on inflation, it worsens inequality, which in turn worsens overall economic performance. Wages falter during recessions; if the Fed then raises interest rates every time there is a sign of wage growth, workers’ share will be ratcheted down—never recovering what was lost in the downturn."
Progressive activists opposed to an interest rate hike overwhelmed the Fed's public comment system on Monday in a last-minute effort to sway the central bank. Raising the rate, they said, would be catastrophic for working families, particularly in communities of color that are still struggling. The Fed Up campaign, which includes groups like the Center for Popular Democracy, Economic Policy Institute, and CREDO Action, say the central bank "privileges the voices and needs of corporate elites rather than those of America's working families."
"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," wrote Rod Adams, a member of Neighborhoods Organizing for Change in Minneapolis, in an op-ed published Wednesdayat Common Dreams. "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."
However, at this point, "many observers believe the Fed will not raise rates this week," analyst Richard Eskow wrote on Wednesday.
"The Fed is really the central bank of the world. If the Fed raise rates a little bit, it will have an impact all over the world, particularly in emerging markets," billionaire private equity professional David Rubenstein told CNBC's "Squawk Box" on Thursday.
"I think the Fed is sensitive to that," Rubenstein said, "and I think therefore the Fed is likely to wait for another month or two to get additional data and probably telegraph a little bit better than it has now that it's about ready to do it at a particular time."
Meanwhile, global markets are fluctuating wildly in anticipation of Yellen's announcement and subsequent news conference.
But as Eskow noted, Thursday's real surprise "is that there’s any question at all what [the Fed] will do. That suggests that our economic debate is not yet grounded in economic reality, at least as most Americans experience it."
While the Guardian is providing live updates on the Fed's decision, others are making comment under hashtags that reflect the unbalanced economic recovery:
Source: CommonDreams
Can these Cities Block Texas’s Vile Anti-Immigrant Agenda?
Raul Reyes is the 34-year-old mayor of El Cenizo, Texas, a sweltering border town of 3,200 that sits beside the Rio Grande, where nearly all the residents are Latino, many are immigrants, and...
Raul Reyes is the 34-year-old mayor of El Cenizo, Texas, a sweltering border town of 3,200 that sits beside the Rio Grande, where nearly all the residents are Latino, many are immigrants, and quite a few are undocumented too. It’s a sanctuary of sorts, a town that, since 1999, has had a policy prohibiting local police officers from asking about someone’s immigration status. It’s the town where Reyes was born and raised and a town whose residents he cares for fiercely.
Read the full article here.
4 days ago
4 days ago