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Showing posts with label Have and Have Nots. Show all posts
Showing posts with label Have and Have Nots. Show all posts

3/12/20

US Economy: The dominoes are aligned for a severe coronavirus-induced recession

The virus may prompt a severe recession that could erase much of the 11-year recovery.

Note EU-Digest: While the US Fed is pouring trillions of dollars into the financial system to prop up the US  economy, it is also exposing the enormous damage successive US Governments have done in allowing the already disproportionate income gap between the "have and have nots" to grow, nearly beyond repair.

Read more at:
https://www.axios.com/the-next-dominoes-in-the-coronavirus-economy-b73d198b-6177-4d8b-bac8-d6ecb168e2c9.html

9/2/18

US Economy: might look good based on Wall Street figures, but certainly not good for "Joe Bloke" and the "Have Not"s

US economy might look good, but reports show collectively, Americans have more than $1 trillion in credit-card debt, according to the Federal Reserve.

They have another $1.5 trillion in student loans, up from $1.1 trillion in 2013. Motor vehicle loans are now topping $1.1 trillion, up from $878.5 billion in 2013. And they have another nearly $15 trillion in mortgage debt outstanding.

EU-Digest

7/30/18

USA: Trump Administration Mulls a Unilateral Tax Cut for the Rich - by Alan Rappeport and Jim Tankersley

The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.

Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.

1/22/18

Economic Disparity: The 1% grabbed 82% of all global wealth created in 2017

For every $10 worth of wealth created last year, the world's richest 1 percent grabbed $8, according to a new report from Oxfam International.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

The report also estimated the bottom 50 percent of the world's population saw no increase in wealth.

Note EU-Digest: This disparity problem could easily be given some relief through the reduction of military budgets around the world, and funneling these funds to less fortunate countries. Looking at the Military Industry world-wide - the US spends $ 611.2 billion  per year on their military complex. This is double the amount of what China and Russia are spending together. Another remarkable fact is that the autocratic Kingdom of Saudi Arabia's military budget of $ 89.9 billion is more than that of Russia, which is $65.6 billion. And really, if we think about it,what has all that global military hardware brought us? Even more human misery and disparity. 

Read more: The 1% grabbed 82% of all wealth created in 2017 | SBJ

5/7/15

Britain - France's best-selling economist Piketty says Labour better for UK

Best-selling French economist Thomas Piketty on Wednesday said he supported the Labour Party in Britain’s parliamentary elections, claiming the gap between the rich and poor has grown in recent years under the Conservative government.

I think the Labour Party is in a better position than the Conservative Party to promote growth – and equitable growth – with more investment in education and in public services,” Piketty told reporters on Wednesday.

Piketty, whose best-selling book on global inequality “Capital in the Twenty-First Century” has made him one of the most talked-about economists on the planet, also said he feared Prime Minister David Cameron’s Tories would lead Britain out of the European Union.

“The Conservative Party’s policies with respect to the European Union strike me as very populist and very dangerous,” Piketty told members of the Anglo-American Press Association in Paris in reference to Cameron’s pledge to hold a referendum on exiting the EU in 2017 should he be re-elected.

Read more: Business - France's best-selling economist Piketty says Labour better for UK - France 24

12/31/14

Corporate Global Control: The Illusion Of Choice: These 10 Companies Are Responsible For Virtually Everything Around You

A chart via Reddit shows how ten huge corporations control the production of almost everything the average person buys, from food to clothes to hygienic products.

$84 billion-company Proctor & Gamble is the largest advertiser in the U.S. and owns enough brands to serve 4.8 million people around the world, according to LinkedIn.

Nestle is famous for its chocolate, but the $200 billion-corporation is also the biggest food company in the world. It also owns L’Oreal, Gerber, Diesel and even pet food makers Purina and Friskies.
Serving two billion people around the world is renowned soap-maker Unilever, which can attribute the majority of its success to its ownership of Q-tips and Skippy peanut butter.

For the complete report click here: The Illusion Of Choice: These 10 Companies Are Responsible For Virtually Everything Around You

10/21/14

Britain: The Return Of Class Politics In The UK - by Mark Blyth:

The British prime minister’s speech at the lord mayor’s banquet last year was notable in part because its main message, that “we need to do more with less. Not just now, but permanently,” was delivered from a throne bedecked in gold to applause from members of the financial elite. But it’s the other less commented upon aspects of last year’s speech that signal why the government felt confident enough to reveal its true colours. David Cameron’s claims simply don’t add up to a coherent explanation as to why “more with less” – perma-austerity – is a policy worth pursuing.

First of all, he insisted that “the biggest single threat to the cost of living in this country is if our budget deficit and debts get out of control again”. Yet while the deficit rose to 11.2% of GDP in 2010, the markets that fund British debt never once thought the situation “out of control”. 

Quite the contrary occurred as the interest payments due on UK bonds have gone steadily down since 2006, and have only risen now, when the UK is supposedly in recovery. A much more likely culprit for the drop in living standards is the fall in British real wages of over 5% since 2010 coupled with relatively high price inflation, but that doesn’t fit with the story of “out of control” spending needing to be reined in for the common good.

Read more: Mark Blyth: The Return Of Class Politics In The UK

6/2/14

US Economy: “Spotlight on the financial sector did make apparent how bizarrely skewed our economy is in terms of rewarded” - by David Graeber:

David Graeber is an American anthropologist who teaches at the London School of Economics. He is the author of the classic “Debt: The First Five Thousand Years” and played an important role in the launching of Occupy Wall Street. Last year, he wrote a much-discussed essay asking what happened to society’s old promise of more leisure time for workers; for the tasks that have come to occupy the hours that were once promised to be ours, Graeber invented the delicate and slightly obscure label, “bullshit jobs.”

I wanted to know exactly what he meant by that, and so we discussed the matter over email. The following conversation has been lightly edited.

Let’s start at the beginning: Keynes’ prediction, back in the 1930s, that before too long workers would have all sorts of leisure time because of improving productivity. Is there a history of this idea? I mean, others have argued this as well, correct? 

Well, radical elements in the labor movement began embracing such visions from quite early on. After the successful campaigns for the eight-hour day in the 1880s, people immediately started thinking, can we move this to seven, six, or less. Paul Lafargue, Marx’s son-in-law, and author of “The Right to Be Lazy,” was already calling for something along those lines in 1883. I have a Wobbly T-shirt with a turn-of-the-century style design that says “join the IWW for a new dawn,” it has a sun rising over the rooftops, and on the sun is written, “four-day week, four-hour day.” I don’t know how old the image really is but I’m guessing it’s from the Teens or the ’20s.

In the 1930s, a lot of labor unions did move their industries to a 35-hour week. My mom was a garment worker at the time and that’s how she ended up getting involved in the ILGWU musical review “Pins and Needles,” because everyone had moved to a shorter week and the union started providing leisure activities.

David Graeber: “Spotlight on the financial sector did make apparent just how bizarrely skewed our economy is in terms of who gets rewarded” - Salon.com

5/22/14

The Have and the Have Nots: “Bloodiest thing the world has seen”: David Cay Johnston on inequality’s looming disaster - by Elias Isquith

Long before anyone knew the name Thomas Piketty, Pulitzer Prize-winning journalist David Cay Johnston was plumbing the hidden depths of the American tax code, revealing the myriad ways it privileges the interests of corporations and the wealthy ahead of those of the 99 percent. Indeed, while it may sometimes feel as if economic inequality is the new trend, Johnston’s career reminds us that the great gulf that separates the rich from the rest in the contemporary United States didn’t happen overnight, but over a course of decades.

Despite coming out during the same year as “Capital in the Twenty-First Century,” and “The Divide,” Johnston’s newest release, “Divided: The Perils of Our Growing Inequality,” is a different kind of inequality book. Rather than a sweeping overview of centuries of economic history, or an on-the-ground examination of how our justice system ignores the powerful while brutalizing the rest, Johnston’s book is a collection of essays, speeches and excerpts — a kind of inequality reader. Featuring insights from philosophers, economists, journalists, researchers and even politicians, “Divided” reminds us how inequality is one of those rare problems that truly matters to all of us, no matter what our interests or chosen field.

Earlier this week, Salon reached Johnston via telephone to discuss “Divided,” whether American democracy can survive such great economic disparities, and how returning to a more equal society is literally a matter of life and death. Our conversation follows, and has been slightly edited for clarity and length. In addition, Johnston followed up with further thoughts via email.

Read more: “Bloodiest thing the world has seen”: David Cay Johnston on inequality’s looming disaster - Salon.com

1/20/14

Rich versus Poor: Inequality rises across the Globe: 85 richest people as wealthy as poorest half of the world

The world's wealthiest people aren't known for travelling by bus, but if they fancied a change of scene then the richest 85 people on the globe – who between them control as much wealth as the poorest half of the global population put together – could squeeze onto a single double-decker bus.

The extent to which so much global wealth has become corralled by a virtual handful of the so-called 'global elite' is exposed in a new report from Oxfam today January 20. It warned that those richest 85 people across the globe share a combined wealth of Euro 1.22 trillion ( US $ 1.65 trillion), as much as the poorest 3.5 billion of the world's population.

The Oxfam report lists five key policies governments can adopt to reduce inequality and recommends that the mix of policies should be tailored to the national context. The five are: universal health and education; progressive taxation; removal of barriers to equal rights and opportunities for women; land reform and income support programs.

Read more: Inequality rises across the G20 as economic growth fails to trickle down to poorest — Oxfam America