Tuesday, October 4, 2022. The 'answer' to inflation is to up
unemployment according to 'experts,' Iraq sees more protests and the US
State Dept screws up again.
Jake Johnson (COMMON DREAMS) reports:
An analysis published Tuesday shows that the top
executives of the largest corporations in the United States have seen
their pay soar by nearly 1,500% over the past 43 years, helping to fuel a
massive surge in inequality as workers' wages lag.
Between 1978 and 2021, according to new research
from the Economic Policy Institute (EPI), CEO compensation at the 350
largest publicly traded U.S. companies rose by an inflation-adjusted
1,460%, far outstripping the 18.1% pay increase that the nation's
typical worker saw during that period.
The trend of soaring CEO
pay has continued during the coronavirus pandemic, which caused mass
economic chaos and job loss among ordinary workers. EPI found that
"while millions lost jobs in the first year of the pandemic and suffered
real wage declines due to inflation in the second year, CEOs' realized
compensation jumped 30.3% between 2019 and 2021."
"Typical worker
compensation among those who remained employed rose 3.9% over the same
time span," note EPI's Josh Bivens and Jori Kandra, the authors of the
new report.
The findings come amid mounting fears of a global recession triggered by central banks' attempts to fight inflation via increasingly aggressive interest rate hikes, a strategy aimed at crushing economic demand.
Federal
Reserve Chair Jerome Powell, the world's most powerful central banker,
has been forthright about the primary goals of rate hikes: A weaker labor market and lower wages. According to the Fed's own projections, rate increases could throw around 1.5 million people in the U.S. out of work by the end of next year.
And
where's Joe Biden. He's president and this all happened under his
watch. Now there's a good chance he doesn't know what's going on.
That's always a risk for a man of his age.
And right on queue, you have The Brookings Institute offering a podcast this morning calling for higher unemployment:
While President Biden has officially declared the COVID-19 pandemic
“over,” America now faces a new challenge in the form of an overheating
economy and high inflation, and the prospect of a Federal
Reserve-induced recession is looming. In the latest Brookings Podcast on Economic Activity,
David Wessel, director of the Hutchins Center on Fiscal and Monetary
Policy, spoke with Laurence Ball of Johns Hopkins University about his
new paper, “Understanding U.S. inflation during the COVID era.”
In the study, Ball and his co-authors find that the Fed may need to
push unemployment higher than its 4.1% projection to return inflation to
the 2% target.
In a world like this, when unemployment is
seen as the 'answer,' you need real leaders. Will Lehman is running to
become president of the United Auto Workers union. WSWS reports:
On Saturday, Will Lehman, socialist candidate for president of the
United Auto Workers (UAW), held an online meeting to bring his campaign
to graduate student workers and other university employees in the UAW.
The meeting was attended by grad students and tenured faculty, as well
as workers and supporters of Lehman’s campaign from around the US.
The meeting took place amid ongoing struggles of university workers in both California and New York. As of September 30, 48,000 UAW members across the University of California (UC) system—including
graduate student workers, academic researchers, tutors, postdoctoral
scholars (postdocs) and other academic employees—are working either
without a contract or under a contract that had been extended. There is
also an ongoing strike authorization vote of adjuncts at New York
University (NYU), where the UAW extended the previous contract by two
months, with the new expiration set for October 30.
At the start
of the meeting, Lehman—who is a second-tier worker at Mack Trucks in
Macungie, Pennsylvania, and the only socialist candidate in the UAW
election—summed up his campaign’s call to abolish the corrupt UAW
apparatus and put power in the hands of workers.
The UAW is
comprised of two distinct layers, he explained: The rank-and-file
workers within the factories and other workplaces who pay dues, versus a
bureaucracy sitting on $1.1 billion in assets that enforces sellout
contracts and keeps workers divided. The UAW bureaucracy accepts
capitalism and is deeply tied to the companies it claims to be fighting
against. Two of the last four UAW presidents were jailed as part of a
far-reaching corruption scandal, in which large sections of the union’s
leadership were shown to be accepting bribes or embezzling dues.
The
bureaucrats, Lehman said, “operate within the framework of capitalism
and believe they can win that way. They are absolutely wrong. That is
why we need to force our own way forward, and that comes with linking
up, and it might not be a traditional way.”
As part of the fight
to unify and empower workers, Lehman advocated the formation of
rank-and-file committees as a means of staying informed and coordinating
actions with other workers, whether they are UAW members or not.
Workers need a means to share information and unify their struggles, he
said, and break out of the isolation imposed by the UAW apparatus.
“I’ll
give the example of the HarperCollins workers earlier this year,”
Lehman stated. “Their CEO is billionaire Rupert Murdoch. Nobody was
informed of the HarperCollins one-day strike by the UAW, and they should
have been, we all should have been. They should have been on strike
until their needs were met. They’re making $30 an hour, but living in
New York City. And I’m sure that workers from the University of
California could relate to that, with one of the highest cost of living
in the country.”
Responding to a comment from a UC student worker that UAW Local 5810
(which includes postdocs and academic researchers) had reportedly again
extended its previous contract with the university for another month to
October 31, Lehman said, “They’re being strung out on contract
extensions. And this is a typical UAW play. When a contract runs out,
they keep workers on the job, while they’re also appealing to the
Democratic Party, which has absolutely no interest in advancing anything
for the working class. The Democratic and Republican parties both are
not representative of the working class.”
He
added, “The way forward won’t be found in an appeal to any Democratic
Party politician or any politician from either of the two parties of the
ruling class. It’s going to be through struggle.”
A graduate student at New York University (NYU), Karsten, spoke during the meeting about the UAW’s betrayal of the NYU grad workers’ strike in 2021.
“Last
year, we struck for three weeks,” Karsten said. “And we were not only
in a struggle up against the university, but the UAW as well, which
isolated the strike and forced through a completely rotten contract,
which has been promoted widely as this ‘historic agreement.’ But really,
this is an agreement that did not meet any of the demands of graduate
student workers. It’s a six-year agreement with a no strike clause.
“There
was a big hullabaloo made over the fact that the wage increases for
hourly workers went from $20 per hour to $26 per hour for the 2020 to
2021 year. But this is $20 or more under what is a living wage
in New York City, one of the most expensive cities in the world, and a
wage cut essentially, with inflation at over 8 percent.
“Most
significantly, the union dropped the demand for ‘unit erosion,’ which
would have essentially prevented the university from cutting positions.
So any raises in wages that the university made won’t have an impact on
the university’s coffers, because they’ll be able to cut positions. And
the same was true at Columbia University, which graduate students struck
at the same time, but our struggles were isolated from one another by
the UAW.”
Worthless Joe does nothing but send the country's tax dollars to Ukraine. He loves supporting racist regimes
because it reminds him of the good old days when he'd pull a chain on
Cock Roach. While he does nothing but stare into space and drool,
people might want to look to see what California is doing.
Kaitlyn Koterbski (FORTUNE) reports:
Qualifying Californians will begin receiving relief payments of up to $1,050 this week to soften the blow of inflation.
Gov. Gavin Newsom signed a $308 billion state budget in June to deliver direct tax refunds to 23 million Californians as they struggle with inflation, which jumped 8.3% year over year.
“California’s budget addresses the state’s most pressing needs and
prioritizes getting dollars back into the pockets of millions of
Californians who are grappling with global inflation and rising prices
of everything from gas to groceries,” said Gov. Newsom, Senate President
Pro Tempore Toni G. Atkins, and Assembly Speaker Anthony Rendon in a joint statement.
It's
a one time payment which, honestly, isn't enough. But it's still more
than Joe Biden's managed to do for any US citizen -- unless he's
thinking Ukraine is the 51st state of America. CNN notes:
Several
states are sending taxpayers money to help them cope with inflation,
but some economists warn that the payments will do little to alleviate
the pain of rising costs and could further fuel inflation.
In California, for example, about 23 million qualifying taxpayers are expected to receive up to $1,500,
with smaller payments going to higher earners. The payments, which are
technically tax refunds, will start going out October 7 and are meant
"to help address rising costs," according to Democratic Gov. Gavin Newsom's office.
In Georgia, taxpayers received up to $500 in one-time tax refunds over the summer.
"As
hardworking Georgians face rising inflation caused by failed federal
government policies, we are doing what we can to provide relief by
returning their money back into their pockets," said Republican Gov.
Brian Kemp in a May statement.
In other places, like Colorado, states are required by law to return excess state revenue to taxpayers. Tax rebates
that went out this summer are worth $750 for individual tax filers and
$1,500 for joint filers. Labeled as a "Cash Back" program, Democratic
Gov. Jared Polis said the state moved up sending the refunds out by
about a year "because they need it now," according to an interview with Colorado Public Radio in August.
Yet Joe Biden does nothing.
Emma Kinery (CNBC) notes:
Economic issues like inflation are of top mind for midterm voters a
month out from Election Day, giving Republicans a slight edge over
Democrats in a new poll released Monday by Monmouth University.
For
the first time since the Supreme Court’s Dobbs v. Jackson Women’s
Health decision overturned the constitutional right to abortion, a
majority of voters polled by Monmouth say they think Republicans should
take back control of Congress.
The
poll found 47% of voters want or prefer Republicans to control Congress
compared with 44% who want or prefer Democrats. It’s a 4 percentage
point gain for Republicans, up from 43% in August, and a 6 percentage
point loss for Democrats, down from 50%.
The poll was conducted from Sept. 21 to 25 and has a margin of error of 3.5 percentage points.
While
Democrats care about a variety of issues from climate change to
abortion and Republicans home in on inflation and immigration, the poll
found independent voters are primarily concerned with rising prices.
Overall,
82% of Americans ranked inflation as an extremely or very important
issue, compared with 56% who ranked abortion as a top worry and 32% who
said the coronavirus pandemic
was a big concern. More broadly, anxiety about the economy and cost of
living supersede concerns about losing fundamental rights or threats to
democracy 54% to 38% among all Americans.
Yet Joe Biden does nothing.
Mid-term elections are next month, yet Joe Biden does nothing.
Is there a strategy or do they just thinking having a Brit go around endorsing in US elections is a plan.
Someone tell pop king Harry that membership in One Direction does not
qualify for political expertise and that this country fought revolution
to ensure that the British didn't tell us what to do. And no one was
waiting for you to release your political opinions. No one thinks
you're smart enough -- or that anyone is -- to become an insta-expert on
another country's voting system and on various candidates running for
election.
If people are kind enough to enjoy the art you produce,
you shouldn't abuse the relationship by attempting to tell them how to
vote -- especially when you can't vote in this country, you do not this
country's system and you're just a visitor.
I will endorse and have -- but only in races I can vote in.
I'm
very happy with my non-C.I. fan base and I don't abuse them by telling
them to do this or to do that. I don't mistake our relationship for
master-servant. Clearly, Harry's under the belief that the British
empire continues and that we are his subjects.
If he wants to do his civic duty, he can take his ass back to England which is dealing with a number of issues and problems.
At CNN, Linda Stewart writes:
One year into the pandemic lockdown, I retired from my job of 14
years as program coordinator and academic adviser at the University of
New Mexico’s School of Engineering. I loved the work I did, but it was
time to move on. I was in my early 60s, and being old enough to retire
suddenly made that option more appealing. Finances would be a little
tight for a while, but some outside projects would supplement my income,
so I felt confident I would be able to handle it.
But by the end of the second year of lockdown, inflation started
taking a toll and money was getting uncomfortably tight. Soon I was in
the red each month, just trying to keep up. The usual suspects were
groceries and gas, which meant cutting back on some of the more
expensive food items and cooking meals at home.
I stopped driving for anything other than essentials. And with the
continuing drought here in the Southwest, utility bills went through
the ceiling. I cut back on watering my garden and turned the furnace
down a few degrees in the winter and the air conditioning up a few in
the summer. I switched to washing clothes mostly in cold water and only
running the dishwasher once a week.
I also take care of my elderly mother, who lives alone, and we are
both on fixed incomes. My freelance projects slowed down during
lockdown, so my income did, too. The COLA (cost of living adjustment)
for our Social Security benefits was very welcome, but it certainly
didn’t cover price increases elsewhere.
Everything medical jumped at the beginning of the year. Co-pays
went from $35 to $45. Prescription prices rose from $10 for a 90-day
supply of medicine to $20 for a 90-day supply. Meanwhile, insurance
benefits dropped from covering 90% of surgery costs to 80%.
My mother now hesitates to go to a doctor until it’s really
necessary due to her higher co-pays, and I’ve switched all of my
medications to generic brands that my insurance fully covers. They only
cover the name brand of my asthma medicine.
And Joe does nothing.
When his administration does manage to get around to action, they still manage to screw it up.
Yesterday, the US State Dept issued the following:
On behalf of the Government of the United States of America, I
offer Prime Minister Kadhimi and the Iraqi people congratulations on
their National Day, October 3.
This is a day to reflect on and be proud of Iraq’s achievements and
the perseverance of its people. For 90 years, Iraq has endeavored
through adversity to foster a more inclusive and equitable society for
its citizens and for future generations of Iraqis.
The United States remains firmly committed to its strategic
partnership with Iraq and to deepening and strengthening our relations
under the U.S.-Iraq Strategic Framework Agreement. I look forward to
continuing our work together on our shared priorities and enhancing the
bond between our peoples.
I wish the people of Iraq best wishes and prosperity in the coming year.
They
issued it at 1:00 pm EST. Which means it was nine p.m. in Baghdad with
the workday over. Has there been a more incompetent Secretary of State
than Tony Blinken?
You kinda picture Tony's
16-year-old child all excited all day looking around. Then, after
dinner, the child gets less excited. Eventually, it's 8:30 and the
child turns in. About 20 minutes later, Tony turns to his wife and
asks, "Is today a birthday?" They rush to the kitchen, slap a candle on
a Twinkie and wake up the kid while singing "Happy Birthday" and
insisting, "We didn't forget!"
"Late or never" -- the two speeds he works in.
Meanwhile Haydar Karaalp (ANADOLU AGENCEY) reports:
Protesters set fire to a government building Monday in Dhi Qar Governorate, Iraq, according to security sources.
A group of masked men took to the streets of the city center of Nasiriyah to stage demonstrations, the sources said.
The demonstrators then set fire to the governor's office with Molotov cocktails, they added.
A curfew was declared in the city over the incident.
Nasiriyah,
located 350 kilometers (217 miles) south of the capital Baghdad, is
mired in poverty and plagued by poor infrastructure and joblessness,
especially among young people.
Daniel Stewart (360 NEWS) adds:
Shortly after, the
governor of Di Qar, Muhamad Hadi al Gazi, announced a curfew and
stressed that "the situation is under control", as reported by the INA
news agency.
On
the other hand, during the last hours armed clashes have been reported
in Basra (south), with no information so far on possible casualties.
Witnesses quoted by the Kurdish television channel Rudaw have indicated
that hostilities have broken out due to the arrest of several people by
the Popular Mobilization Forces (PMF), a coalition of pro-Iranian
militias.
Iraq
has been the scene in recent days of new mobilizations, coinciding with
the third anniversary of the October 2019 protests, which resulted in
at least 600 deaths across the country due to the reaction of the Iraqi
Police and pro-Iranian militias. The protests were active for several
months to demand an end to the system of government in place since the
U.S. invasion of Iraq in 2003, an end to corruption, better basic
services and employment.
The
protests led to the resignation of the then prime minister, Adel Abdul
Mahdi, who was replaced - after the rejection of several nominees - by
Mostafa al-Kazemi, who initiated a series of reforms and called for
early elections, held on October 10, 2021.
The following sites updated:
