I often can't afford groceries because of volatile work schedules at Gap
As the movement for a $15 minimum wage grows, low-wage workers know the problem isn’t just the hourly pay rate. It’s...
As the movement for a $15 minimum wage grows, low-wage workers know the problem isn’t just the hourly pay rate. It’s also the number of hours scheduled. I’ve worked at Gap in multiple locations since October 2014. I’d like to earn a living wage – but a raise alone won’t help me pay the bills if exploitative schedules aren’t fixed too.
I spent most of 2014 unemployed while applying to dozens of jobs. Then, in October, I finally got a job at Gap. Our schedule comes out less than a week in advance. Some of the shifts leave workers “on-call,” meaning we don’t know if we’re going to be working at all that day. The earliest we find out is two hours before the shift is scheduled to start. At my first store, I had 18 hours of penciled-in shifts with only nine guaranteed hours some weeks. This is not uncommon in the industry.
The volatility of on-call scheduling, in combination with the low pay, meant my life at Gap wasn’t all that different from when I was unemployed. Though I was working, I still had to go to a food pantry for groceries. In winter, I had to choose between racking up heat bills I couldn’t afford and freezing in my apartment. My landlord would ask me when I’d have the rent money, but I couldn’t give her an answer because I never knew how many hours I’d actually work in a given week. I couldn’t afford to live in the city where I worked, so I had to transfer to a Gap store back home.
I’m not the only one struggling. Retail workers have the second-lowest average weekly earnings of workers in any sector in the US economy: $444 per week. We also have the second-lowest average weekly working hours. From 2006 to 2010, the number of people working part-time for economic reasons and not by choice, grew from 4 to 9 million. It’s called involuntary part-time work, meaning we want full-time employment but a lack of opportunities prevents us from doing so.
Unpredictable last-minute scheduling makes it difficult to budget and turns even the most basic decisions into headaches. Will we need babysitters for our children? Will we be able to make a doctor’s appointment? Will we have to rush to Gap from our second jobs?
One of my co-workers, started working at Gap as she was transitioning out of homelessness, but she wasn’t making enough to get stable housing on her own. Most so-called middle class jobs lost in the recession have been replaced by low-wage work like retail jobs. I’m thankful to be working, but gratitude born of desperation is no comfort and it certainly doesn’t pay the rent.
As the involuntary part-time worker population has drastically grown, so too has Gap’s executive compensation. Since 2010, total executive compensation packages exploded from $19m to over $42m by 2014. Former CEO Glenn Murphy’s compensation increased from $5.9m in 2010 to $16m in 2014. So-called ‘on-call scheduling’ creates a cheap on-demand workforce, enabling the Gap to pad its bottom line. The gains don’t go to us; they flow to the top-earners in the company. We make the sacrifices, they reap the rewards.
Another co-worker began working at Gap, in addition to a second retail job, as a way to escape the illicit drug trade. My colleague once told me: “everybody wants a job, no one wants to really be out hustling in the streets.” But the on-call shifts became unbearable, and he struggled to pay rent. For him, the trade-off between street money and regular employment was costly. This structural combination of low wages and unfair scheduling pressures workers into the underground economy, and is a hidden pipeline to the prison system.
I do, however, feel hope. Here in Minnesota, lawmakers are considering new legislation, supported by workers and community groups like Neighborhoods Organizing for Change, that would require three weeks’ advance notice of work schedules. Across the country, low-wage workers are fighting for fair scheduling and the tide is turning. Just this summer, Victoria’s Secret and Abercrombie & Fitch have announced an end to their on-call shifts. The Gap can be part of this rising tide.
Source: The Guardian
‘Shut This Office Down’: 128 Arrested As Anti-Kavanaugh Protesters Visit Republican Senators
‘Shut This Office Down’: 128 Arrested As Anti-Kavanaugh Protesters Visit Republican Senators
The Women’s March and the Center for Popular Democracy spearheaded a mass arrest action to kick off a week of protests...
The Women’s March and the Center for Popular Democracy spearheaded a mass arrest action to kick off a week of protests in support of Dr. Ford, whose allegations against the Supreme Court nominee have sparked turmoil.
Read the full article here.
We Can Fight Back Against Trump’s Islamophobia
We Can Fight Back Against Trump’s Islamophobia
Taif Jany is a rising young policy expert who was born and raised in Iraq and now lives in Washington, DC. His family...
Taif Jany is a rising young policy expert who was born and raised in Iraq and now lives in Washington, DC. His family is Mandaean, not Muslim, but his birthplace and brown skin make him feel like a target all the time. He sometimes looks over his shoulder when he walks through DC, where he works as policy coordinator for the Young Elected Officials (YEO) Network Action, a program of People for the American Way. Over the last year, his feelings of insecurity have only gotten worse.
This article was produced in partnership with Local Progress, a network of progressive local elected officials, to highlight some of the bold efforts unfolding in cities across the country.
“Personally I feel intimidated when I walk around the street,” said Jany. “I feel like I’m an easy target, even though I’m not Muslim. I hear from some of my Muslim friends about daily harassment in cities, suburbs, everywhere.”
And that was before Donald Trump won the presidential election.
Jany and his friends have good reason to be scared. Muslims, along with Arabs and South Asians more broadly, are under assault in the United States. While anti-Muslim bigotry has a long and grotesque history in this country, the shape and nature of the bias has intensified during the last few years, with Muslims suffering the fallout in deeds as well as words. In 2015, 78 mosques were targeted for arson or other forms of vandalism, more than triple the number of mosques targeted in the two years prior. Since 2010, ten states have passed “anti-Sharia” laws, with a majority of the rest pushing to add “anti-Sharia” measures to their books, never mind the fact that Sharia poses zero threat, legal or otherwise, to American constitutional law. And hate crimes are on the rise across the country, with official reports of anti-Muslim crimes jumping from 154 in 2014 to 174 in 2015.
Then there is the rhetoric—poison-tipped words and proposals deployed, not merely by fringe-racist characters like Pamela Geller but also by leading political figures who have turned Muslim bashing into campaign-season sport. Trump has rightly garnered the most attention with his pitch for a “total and complete shutdown of Muslims” seeking to come to the country, followed by the allegedly toned-down version of that pitch—his call for “extreme vetting.” He has also said he would “implement” a database to track Muslims. But he has hardly been the only one to embrace bigotry. Almost all of his Republican primary competitors trafficked, at some point or another, in anti-Muslim slurs, with Ben Carson comparing Syrian refugees to “rabid dogs” and Mike Huckabee describing Muslims as “uncorked animals.” And such rhetoric hurts; it has real, often violent, consequences. One recent Georgetown University study found that anti-Muslim attacks corresponded with calls from prominent politicians to ban Muslim immigrants.
That’s why Jany, along with hundreds of politicians and local leaders across the country have begun pushing back. Under the aegis of the American Leaders Against Hate and Anti-Muslim Bigotry Campaign, progressive officials at every level of local government have begun introducing legislation and pressing for policies that combat Islamophobia. From school-district initiatives in California and elsewhere that require schools to monitor religious bullying, to advertising and education campaigns in cities like New York that aim to teach non-Muslims about Muslim communities, local officials are joining forces with Muslim constituents to show what true leadership looks like. In the last month alone, the city councils of Columbus (Ohio) and New York City passed resolutions condemning Islamophobia—and affirming support for Muslim communities.
“We were regressing into more and more Islamophobia,” said Daneek Miller, who represents southeast Queens as the New York City Council’s only Muslim member and who helped pass the New York resolution. “These last six months or so, with Trump, have made things worse. We had to do something to reverse the trend.”
These new efforts are taking root in cities and towns across the country, creating oases of tolerance in some of the most unlikely states. In Kansas City, Missouri, the school board recently passed a resolution that condemns hate speech against Muslims and those who might be mistaken for Muslims, and explicitly supports its Muslim students. The Metro Nashville Public School Board in Tennessee adopted a similar resolution on October 11.
The American Leaders Against Hate campaign is the joint creation of Local Progress, a network of hundreds of progressive local officials, and the YEO Network Action, which came together earlier this year in the hope of transforming isolated local initiatives into a national platform against Islamophobia. Even before the campaign began mobilizing officials, the occasional mayor or city council would attempt isolated interventions. (In Muncie, Indiana, home state of Trump running mate Mike Pence, for instance, the City Council passed a unanimous resolution promoting religious freedom this past March.) Since the campaign’s launch, these interventions have accelerated rapidly in number as well as kind.
The campaign has thus far come up with about a dozen policy solutions to reduce Islamophobia. Some of them are relatively easy lifts that can be done on a local level. For instance, school districts can write into their bylaws explicit support for Muslim students, and a commitment to hold those who discriminate based on race or religion accountable for their actions. Many school districts have begun to take bullying more seriously; the American Leaders Against Hate campaign suggests being extra-vigilant about bullying based on religion or skin color, including a formalized tracking system for incidents.
Schools can also work anti-bullying and pro-diversity information into their curricula. They can train teachers and guidance counselors to not only know more about Muslim cultures but also to know how to spot bias within themselves and their students, and how to deal with it. While these measures are relatively minor tweaks on their own, together they add up to providing more inclusive environments for Muslim kids and others whose place of birth or religion make them susceptible to Trump-style bigotry.
Other policy changes, such as establishing anti-profiling measures for police, will need to clear more hurdles. But the first step toward clearing those hurdles is to get local elected leaders together to create a national platform capable of tackling bigger issues. The American Leaders Against Hate campaign, for instance, has recommended that states curb surveillance, which disproportionately affects Muslim communities. In the age of NSA data mining, that might be a big ask, but local officials are already making some headway. In June, Santa Clara County, California, passed a landmark ordinance that will help inform citizens about new technology the government is using for policing and surveillance, and make the legal framework for using those technologies transparent and open for debate.
While many of the efforts have been warmly received, a few have run into the buzzsaw of anti-Muslim hysteria either during or after their passage. In Kansas City, for instance, the school-board resolution condemning anti-Muslim hate speech caused an uproar that spread well beyond the city. Despite the fact that the resolution doesn’t require any major changes to school curricula, conservative websites warned of “creeping Sharia law,” and the school district received thousands of angry, sometimes violent, e-mails, many originating from an extremist group called Act for America. The barrage was so intense that the school district had to set special e-mail filters so that its employees could conduct normal business.
That backlash, Kansas City Board of Education chair Melissa Robinson said, was further proof of the amount of work needed to combat Islamophobia. “It’s an illumination of the hate that’s going on around our country,” Robinson said. “As an African-American woman, thinking about the history of what it means to be black in this country, I can relate to what they’re going through in a very deep way.”
Robinson says Kansas City Public Schools joined the American Leaders Against Hate campaign because they understood that Islamophobia wasn’t limited to the city’s school district. The campaign allows local action, like the kind Robinson is doing in Kansas, to have national impact.
Progressives at every level of local government have begun introducing legislation that combats Islamophobia.
While policy is the end goal of the nationwide campaign, its organizers also see it as a chance for ramping up pro-diversity rhetoric. Just as Donald Trump’s verbal attacks on Muslims have led to an increase in anti-Muslim violence, members of the American Leaders Against Hate campaign are hoping that by highlighting Islamophobia and the need for diversity and tolerance, they’ll be able to spur action in the other direction. That’s why the first part of the campaign has involved getting hundreds of local leaders to sign a letter pledging their support for Muslim communities: to show there is a large and effective counterweight to hateful rhetoric.
As the letter demonstrates, countering hateful rhetoric doesn’t have to involve arduous policy change. Instead, it can involve leaders using their positions of power to call for greater tolerance. Under New York City Mayor Bill de Blasio, for example, the city has begun an ad campaign to not only promote tolerance, but also ensure that Muslim New Yorkers feel welcome in the city. And in Minnesota, which has the largest Somali population in the United States, Abdi Warsame, a City Council member and Local Progress stalwart, has been using his platform to call for greater understanding between the Muslim and non-Muslim community, and to push for city services to be accessible to people who speak different languages, a boon to the city’s large Somali population.
“It’s very important to highlight the issue of Islamophobia in the same way we’d highlight anti-Semitism or homophobia, and start having a dialogue and discourse,” Warsame said. “We want to bring people together to discuss this issue. It’s not just about Muslims. It’s about who we want to be as cities, as states, as a country.”
By Peter Moskowitz
Source
Host of issues converge to bring about scrutiny of NY Fed pick
Host of issues converge to bring about scrutiny of NY Fed pick
Progressive groups focus on unemployment. The "Fed Up" campaign has advocated keeping monetary policy stimulus in place...
Progressive groups focus on unemployment. The "Fed Up" campaign has advocated keeping monetary policy stimulus in place longer to drive unemployment lower. Fed officials, including John Williams, have favored raising the federal funds rate in small steps to avoid stimulating the economy too much and generating a large burst of inflation that could prove difficult to control.
Read the full article here.
Chicago Activists, Lawmakers Deliver Petitions To SEC For Action On 'Toxic' Interest Rate Swaps (VIDEO)
Chicago Activists, Lawmakers Deliver Petitions To SEC For Action On 'Toxic' Interest Rate Swaps (VIDEO)
Chicago community activists and local elected officials delivered 88,000 petition signatures to the U.S. Securities and...
Chicago community activists and local elected officials delivered 88,000 petition signatures to the U.S. Securities and Exchange Commission's (SEC) regional office Thursday morning, urging the agency to investigate complex financial agreements called interest rate swaps.
Those who delivered the petition signatures, collected online by the Grassroots Collaborative and several other organizations, say cash-strapped local and state governments are being squeezed by the "toxic swaps" they entered into with banks before the Great Recession. The complicated deals, which come with hefty penalties and termination fees, were intended to save taxpayer-backed organizations money, but they backfired when the economy crashed.
"These are the same toxic swaps that have drained millions of dollars out of our city, state and (Chicago Public Schools) budgets and are hurting cities and states across the country," Saqib Bhatti, director of the ReFund America Project, said outside the SEC's Chicago regional office, 175 W. Jackson Boulevard.
Illinois State Reps. Robert Martwick (D-Chicago), Emanuel "Chris" Welch (D-Westchester) and Chicago Ald. Carlos Ramirez-Rosa (35th Ward) joined activists at the petition delivery.
Petitioners want the SEC to "investigate the 'toxic swaps' Wall Street is using to impoverish our cities and towns -- and make bankers return all ill-gotten profits from deceptive and fraudulent sales."
The state of Illinois has already paid $684 million for interest rate swaps and could be forced to pay an additional $870 million in November if "the state does not sue or renegotiate these deals," according to the Grassroots Collaborative.
Interest rate swaps, Ramirez-Rosa said, have cost the city of Chicago and CPS over $1 billion in combined payments, plus $600 million in costs associated with terminating the agreements.
"That $600 million in ransom to the banks went to go pad their bottom line," Ramirez-Rosa said. "The banks don't need more money. Our neighborhoods desperately need these funds. ... The SEC can act now to recuperate some of that money for the city of Chicago and the Chicago Public Schools, and they can act now to defend the state of Illinois from further payments, from paying a larger ransom, to these banks."
Welch said he is "disgusted" that "big banks continue to profit at the expense of our most vulnerable." He urged Illinois Gov. Bruce Rauner, Chicago Mayor Rahm Emanuel and CPS CEO Forrest Claypool to join the push for an SEC investigation into swap agreements.
"We ask the governor and our leaders in this city to stop putting banks before books," Welch said.
Here's more from the lawmakers at the petition delivery:
Organizers and the elected officials dropped off the petition signatures at the SEC's Chicago office, where a receptionist said she would give the documents to the regional director.
In addition to the Grassroots Collaborative, the online petition was circulated nationwide by Americans for Financial Reform, the Center for Popular Democracy, CREDO Action and Rootstrikers.
Read Progress Illinois' past reporting on how interest rate swaps work and their financial impact on the state, city of Chicago and CPS.
by ELLYN FORTINO
Source
IDNYC: Fuente de Dignidad para Miles
El Diario - January 30, 2015, by Ana Maria Archila - Se puede palpar la emoción este mes en las comunidades inmigrantes...
El Diario - January 30, 2015, by Ana Maria Archila - Se puede palpar la emoción este mes en las comunidades inmigrantes pues los neoyorquinos, incluidos miles de inmigrantes indocumentados deseosos de más acceso e igualdad, acudieron en masa a inscribirse para IDNYC. El éxito del programa es claro, ya que más de 12,000 residentes ya se han inscrito y más de 100,000 otros tienen cita para hacerlo.
Los beneficios de tener tal identificación son básicos, pero la tarjeta de identificación gubernamental es absolutamente necesaria para quienes de lo contrario enfrentarían muchos desafíos en el diario vivir.
Guadalupe Paleta, madre indocumentada y residente de Queens, hizo cita la semana pasada. Con identificación, podrá visitar la escuela de sus hijos sin necesidad de preocuparse. No le molesta tener que esperar unas cuantas semanas para solicitarla. "Esta identificación indica que estamos acá, que nos ven", dijo.
Para las familias inmigrantes como la de Guadalupe, el programa de identificación ofrece mucho más que una tarjeta con foto. Nos dice que, independientemente de nuestra situación, si hemos echado raíces aquí, pertenecemos aquí.
El entusiasmo por IDNYC es enorme. Ante la oportunidad de tener una tarjeta que simboliza su estatus como neoyorquinos, los inmigrantes acudieron en masa. Nuestras familias atestaron oficinas e hicieron largas filas. Fue prueba de la labor hecha por la oficina del alcalde, como también la comunidad –organizaciones de servicio y de activismo, medios de prensa y otros– para informar a los neoyorquinos sobre el programa.
Pero no todos nuestros vecinos tuvieron la sensatez necesaria para darse cuenta del valor histórico y cívico de lo sucedido. Opositores al programa no pudieron resistir la tentación de armar escándalo.
Hicieron que otros en el entorno de comentarios noticiosos cayeran en la trampa de perder la perspectiva y fueran tendenciosos en su opinión sobre el programa.
La indignación y las protestas sobre las fallas del programa provinieron de quienes nunca apoyaron IDNYC, y a muchos nos parecieron poco sinceras. Simplemente no se percataron de la verdadera noticia que se producía ante sus ojos: la ciudad de NY sirve de inspiración al incluir cada vez más a todo tipo de personas.
Sin embargo, este programa es demasiado importante para demasiados neoyorquinos como para convertirse en una serie de golpes editoriales bajos al alcalde.
A todos nos deben alentar y conmover las imágenes de familias inmigrantes que se inscriben para IDNYC. Confirman la importancia de una política municipal dinámica que facilita la inclusión de los inmigrantes.
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Contractors and Workers at Odds Over Scaffold Law
New York Times - December 17, 2013, by Kirk Semple - In 1885, as new engineering inventions were ushering in the era of...
New York Times - December 17, 2013, by Kirk Semple - In 1885, as new engineering inventions were ushering in the era of the skyscraper, lawmakers in New York State enacted a law intended to safeguard construction workers who were finding themselves facing increasing dangers while working at ever-greater heights.
That measure, which became known as the Scaffold Law, required employers on building sites to ensure the safety of laborers working above the ground. Since then, some form of the legislation has remained on the books despite repeated attempts to repeal it.
But a lobby of contractors, property owners and insurers has in recent months renewed a campaign against the law, arguing that no less than the future of the state’s construction industry is at stake.
They argue that the law is antiquated and prejudicial against contractors and property owners, and essentially absolves employees of responsibility for their own accidents, leading to huge settlements. The payouts, they contend, have in turn led to skyrocketing insurance premiums that are hampering construction and the state’s economic growth.
On Tuesday, a coalition of contractors, including a newly formed alliance of firms owned by women and minorities, announced the start of an advertising and lobbying blitz in Albany and New York City. But a counter-lobby of unions, workers’ advocates and trial lawyers is pushing back just as fiercely. The law, they argue, is essential to ensuring the safety of workers in some of the world’s most dangerous jobs, particularly those employed by shoddy contracting firms that cut corners to save money. The law, they say, holds developers and contractors accountable for keeping job sites safe.
Gov. Andrew M. Cuomo this week acknowledged the politically loaded atmosphere surrounding the Scaffold Law, but suggested that he was open to the possibility of modifying the law.
The law states that contractors and property owners are responsible for ensuring that scaffolds, hoists and other devices that enable aboveground building construction and repair “shall be constructed, placed and operated as to give proper protection to a person so employed.”
When injuries result from a violation of those terms, the law says, contractors and owners are liable. There is no mention of worker responsibility. Under the law, however, the plaintiff still must show that a violation of the law’s standards occurred and that the violation caused the injury.
But those seeking to change the law want to incorporate a standard of “comparative negligence.” This amendment — described in a state bill submitted earlier this year — would require a jury or arbiter to consider whether the liability of the defendants, and thus the amount of damages, should be reduced for cases in which the worker’s negligence or failure to follow safety procedures contributed to the accident.
Opponents argue that the amendment would reduce the incentive for the property owner and contractors to take necessary safety precautions.
“This law protects both union and nonunion workers and creates a sense of accountability on these job sites,” said Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York, an umbrella group for unionized construction workers. “If the law was modified, the workers would lose their voice.”
But those seeking to alter the law say the amendment would not eliminate the owners’ and contractors’ motivation to keep their workplaces safe because they would still face the possibility of shouldering large payouts, even if they were found only partly responsible for an accident.
“The notion that a contractor or owner would want to do anything to undermine the safety of the worker on the job doesn’t make sense,” said Pamela Young, associate general counsel of the American Insurance Association.
Workers’ advocates argue that erosion of the Scaffold Law would have a disproportionate impact on minority and immigrant laborers, who, the advocates say, are more likely to work for nonunion companies that may not provide proper safety training and equipment.
Immigrants, the advocates said, are less likely to speak the same language as their bosses on a job site and more likely to fear being fired if they demand a safer workplace.
From 2003 to 2011, federal safety regulators investigated 136 falls “from elevation” that killed workers on construction sites in New York, according to a recent report by Center for Popular Democracy, an advocacy group. Of those workers, about 60 percent were Latino, foreign-born or both. That rate rose to 88 percent among fatal falls in New York City.
Some trial lawyers have been effective at using the law to secure large settlements. Of the 30 largest settlements in 2012, at least 14 were in cases brought under state labor laws and most of those involved falls from ladders or scaffolding, according to The New York Law Journal. The awards ranged from $3 million to $15 million.
Weislaw, a Polish immigrant, was the plaintiff in a liability case that was settled last month. (He spoke on the condition that his surname not be used in this article, out of concern for his privacy.) He had been part of a crew repairing the roof of a one-story public school building in Long Beach, on Long Island. While he was working on the roof one spring day in 2010, he was concentrating so hard on his task that he lost track of the edge of the roof and fell, he said, suffering multiple fractures.
“I will most likely never be able to return to work,” he said.
Weislaw filed a lawsuit under the Scaffold Law arguing that he had not been provided with proper protection, such as a safety line or a spotter.
The case settled for $2.7 million, said David Scher, a lawyer from the firm that represented him.
Critics of the Scaffold Law say the way it is written makes these sorts of cases easy to win.
“It’s a gold mine for the plaintiffs’ bar,” said Mike Elmendorf, president and chief executive of Associated General Contractors of New York State. “When you get one of these cases, it’s largely about how much it’s going to cost.”
These high payouts, he and others contend, have driven up insurance rates, knocking smaller contractors, particularly those run by minorities and women, out of business and forcing others to suspend work, costing thousands of jobs.
They argue that the impact is as high on government projects as it is on private ones, and that the soaring cost of liability insurance is forestalling the repair and construction of public works projects, such as schools, bridges and roads. The New York City School Construction Authority said in a statement on Monday that its liability insurance costs for 2014 would be nearly as much as those for the three-year period from 2011 to 2013.
But in recent weeks, the law’s defenders have employed a new gambit, demanding that the insurance companies open their accounting ledgers to prove whether the Scaffold Law is, in fact, responsible for the rate increases. Insurance executives have vowed to fight any demands to disclose proprietary information that might somehow undermine their competitive advantages.
State Assemblyman Francisco P. Moya, a Democrat who represents a heavily immigrant and Latino area of Queens, said he planned to submit a bill that would expand reporting requirements for insurance companies and help lawmakers assess whether the Scaffold Law needed to be changed.
“Show us how much the payouts are,” Mr. Moya said. “Once we see that, we’ll have a better understanding.”
Source
Puerto Rico Is Not Ready for 2018 Hurricane Season, Advocates and Members of Congress Warn
Puerto Rico Is Not Ready for 2018 Hurricane Season, Advocates and Members of Congress Warn
Power 4 Puerto Rico is described as a coalition seeking to push Congress to “put Puerto Rico’s economy on the road to...
Power 4 Puerto Rico is described as a coalition seeking to push Congress to “put Puerto Rico’s economy on the road to future growth and prosperity.” The Tuesday call was led by former New York City Council Speaker Melissa Mark-Viverito, now the coalition’s campaign director and a senior advisor to the Latino Victory Project. Rep. Adriano Espaillat (D-NY), Frankie Miranda, senior vice president for the Hispanic Federation, and Ana María Archila, co-executive director for the Center for Popular Democracy, were also on the call.
Read the full article here.
Fed’s Mester Calls Case for Gradual Rate Increases ‘Compelling’
Fed’s Mester Calls Case for Gradual Rate Increases ‘Compelling’
Federal Reserve Bank of Cleveland President Loretta Mester said there’s a “compelling” case for gradually raising...
Federal Reserve Bank of Cleveland President Loretta Mester said there’s a “compelling” case for gradually raising interest rates, with the U.S. economy approaching the central bank’s targets on employment and inflation.
“Policy has to be forward-looking,” Mester told reporters Thursday following a speech in Lexington, Kentucky. “If you have a forecast and inflation is moving up to your target and you’re at full employment, then it seems like a gradual increase from a very low interest rate is pretty compelling to me. Pre-emptiveness is important.”
She declined to say precisely when she believed rate increases would be necessary.
The policy-making Federal Open Market Committee will meet Sept. 20-21 to decide whether to lift the target range for its benchmark rate. Fed Chair Janet Yellen said last week the case for an increase had “strengthened in recent months.”
Investors see a roughly one-in-four probability that the Fed will act later this month, based on pricing in federal futures funds contracts.
Too Low for Too Long
Mester, who votes this year on the FOMC, said the Fed must take seriously the risk to financial stability caused by keeping rates low for too long, although she said she didn’t think the central bank was currently “behind the curve.” Nor did she see signs of financial instability already in the economy.
In her speech, Mester rejected the argument made to a number of Fed officials last week by a coalition of community activists that continued low interest rates are needed to extend the benefits of economic recovery to disadvantaged minorities.
“I do not believe that at this point in the business cycle, the current very low level of interest rates is an effective solution to these longer-run issues,” she said.
Eleven Fed governors and regional presidents, including Vice Chairman Stanley Fischer, met with organizers from the Center for Popular Democracy’s “Fed Up” campaign on the sidelines of the annual policy retreat in Jackson Hole, Wyoming, hosted by the Kansas City Fed.
The U.S. central bank has kept rates on hold through five meetings this year following a rate hike in December that was the first in nearly a decade.
By Christopher Condon
Source
The #Resistance Trump ignited will shape politics for a generation
The #Resistance Trump ignited will shape politics for a generation
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself...
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself during a routine physical. The 43-year-old Atlanta suburbanite had avoided politics her entire life but was overcome with shock by an outcome she never saw coming.
Read the full article here.
1 month ago
1 month ago