While many Americans suffered, the richest among us kept getting richer. By Farhad Manjoo— When I called up Chuck Collins on Tuesday afternoon, I found him glued to one of the grimmest new metrics documenting America’s economic and social unraveling. Collins is a scholar of inequality at the Institute for Policy Studies, a progressive think tank, and since March he has been tracking how the collective wealth of American billionaires has…
By: Kendol Morgan— G20 Summit Declaration: We remain determined to support all developing and least developed countries as they face the intertwined health, economic, and social effects of COVID-19, recognising the specific challenges in Africa and small-island developing states. Many of us remain fascinated by the ongoing crisis of democracy and governance which is taking place in the USA as COVID-19 is increasing there unchecked. President-elect Joe Biden has named his…
By Dr. Julianne Malveaux — Economic recovery will be a long time coming. The Federal Reserve Bank says our corona recession will last into 2021, and perhaps even into 2022. If a vaccine is developed, a distribution plan still needs to be worked out, and there is still so much we don’t know about COVID. We do know that our economy has slowed and is only inching toward normalcy. We…
Leading nonprofit executives, former senior federal officials and top public policy experts release the most comprehensive analysis of small business ever undertaken in the US and lay out a five-step plan that over 10 years would generate a net new 1.5 million small businesses and grow small businesses’ share of U.S. employment by 25%. WASHINGTON, D.C. — With Congress at an impasse on a new stimulus package and permanent business…
Nearly all the improvement in the unemployment rate over the past few months has been for white workers. By Emily Peck, HuffPost — At first glance, the unemployment rate seems a lot less terrible than it did a few months ago. In April, at the start of the COVID-19 shutdown, the jobless rate was a record-high 14.7%. This month, the Labor Department announced that the unemployment rate had dropped to 8.4%. But…
A new report shows that a $50 trillion redistribution of income to benefit the richest has made America less healthy, resilient, and secure. By Nick Hanauer and David M. Rolf, TIME — Like many of the virus’s hardest hit victims, the United States went into the COVID-19 pandemic wracked by preexisting conditions. A fraying public health infrastructure, inadequate medical supplies, an employer-based health insurance system perversely unsuited to the moment—these and other afflictions are surely contributing…
The entire racial capitalist system that extracts labor and blood from Black lives must go. By Dr. Ron Daniels and Rev. Ronald Galvin — America owes Black folks. The modern-day prophet Ta-Nahesi Coates, drawing on the wisdom and generations-old fight of Black freedom fighters such as Mother Callie House, James Forman, Randall Robinson, and the Malcolm X grassroots movement, cogently made the case in his seminal article, “The Case for…
By Dr. Julianne Malveaux — On the same day we learned that the US economy contracted by 9.5 percent in the second quarter of this year, the United States Senate adjourned and went home, even though the economic contraction is the largest since growth data has been collected. They left without passing the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. They left without continuing the $600 per week…
By Dr. Julianne Malveaux — The June Employment Situation report, released on July 2, showed a continued decline in the unemployment rate. Thanks to coronavirus, the rate shot up to 14.7 percent in April and declined to 11.1 percent in June. About 4.8 million more people were on payrolls in June than in May. Just about every sector of the economy saw job gains, including the troubled leisure snd hospitality…
By Richard D. Wolff, Independent Media Institute — U.S. capitalism survived because it found a solution to the basic problem of its instability, its business cycles. Since capitalism never could end cyclical downturns and their awful effects, its survival required making those effects somehow socially tolerable. Systemic racism survived in the post-Civil War United States partly because it helped to achieve that tolerability. Capitalism provided conditions for the reproduction of…
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