By Andre Damon, 17 September 2014
Figures released by the Census Bureau Tuesday showed that the number of people in poverty remained at the highest level on record, while household incomes stagnated last year.
By Thomas Gaist, 17 September 2014
Jones Day, the former law firm of Emergency Manager Kevyn Orr, has charged the city nearly $50 million.
By Nick Beams, 15 September 2014
Six years after the collapse of Lehman Brothers, the world economy has not only failed to recover, the conditions for a new financial catastrophe are in the making.
By Gabriel Black, 13 September 2014
Electronics retailer RadioShack said Thursday that it is likely to file for bankruptcy unless it can secure a funding lifeline.
New Federal Reserve report
By Andre Damon, 6 September 2014
The Federal Reserve’s Survey of Consumer Finances, released Thursday, shows that the income of a typical US household has fallen by 12 percent in just six years.
By Andre Damon, 6 September 2014
The latest US jobs report shows that the US labor force participation rate fell to the lowest level in three and a half decades.
By Andre Damon, 23 August 2014
The Obama administration’s latest settlement with Bank of America imposes a wrist-slap fine and shields bankers from prosecution.
By Nick Beams, 23 August 2014
Speaking at the Jackson Hole conference, Yellen tried to balance between the financial markets’ demands for continued cheap cash and pressure from within the Fed for a more normal policy.
By Nick Barrickman, 20 August 2014
The Bureau of Labor Statistics reports that joblessness grew in 30 out of 51 states during July.
By Shannon Jones, 19 August 2014
Fourteen percent of Americans rely on food pantries to feed themselves and their families.
By Gabriel Black, 13 August 2014
The outcome of the 2008 crash and the government’s response has been a further concentration of economic power in the hands of the biggest banks.
By Thomas Gaist, 13 August 2014
Mayor Mike Duggan's “10-point plan” is part of political maneuvers being orchestrated by Detroit’s political establishment to dampen popular outrage over mass water shutoffs
By Andre Damon, 12 August 2014
While Obama and the political establishment proclaim economic “recovery,” new reports show that the majority of US households are worse off now than they were five years ago.
By Adam Soroka, 12 August 2014
Fewer than 6,000 jobs, the majority of which are low-paying, have been created in the DC area this year.
By Andre Damon, 9 August 2014
More than two-thirds of Americans are no better off now than they were in the worst part of the 2008 downturn, according to a Federal Reserve survey released Friday.
By Gabriel Black, 9 August 2014
Bank of America’s deal with the Obama administration is designed to ensure that no banker will be prosecuted for the bank’s role in the criminal practices that crashed the world economy.
By Nick Beams, 4 August 2014
US markets fell this week on fear that the Fed may tighten interest rates sooner than expected and a report showing a rise in labour costs.
By Thomas Gaist, 4 August 2014
A New York judge ruled that the US government has jurisdiction over all data stored overseas by US companies.
By our reporters, 4 August 2014
The Detroit Water and Sewerage Department held a public relations event on the city’s impoverished east side as it prepares to resume mass water shutoffs.
By Gabriel Black, 2 August 2014
The US economy added 209,000 jobs in July, below analysts’ predictions and less than the amount of jobs needed to keep up with population growth.
By Nick Barrickman, 2 August 2014
The increasing number of traffic accidents and fatalities takes place under conditions where Detroit’s public lighting system is collapsing.
By Andre Damon, 31 July 2014
The US economy grew at an annualized rate of 4.0 percent in the second quarter, following a 2.1 percent contraction in the first three months of 2014.
By Andre Damon, 30 July 2014
About one-third of adults in the US—some 77 million people—have debt in collections, meaning it is six months past due or more.
By Andre Damon, 28 July 2014
The open secret of the US economy is that the extraordinary rise in the stock markets is entirely disconnected from the real economy.
By Hector Cordon, 28 July 2014
In a discussion with Wall Street analysts on Boeing’s second quarter showing, CEO McNerney bragged that “employees will still be cowering” if he stays on a few more years as chief executive.
By Todd Mason, 25 July 2014
A new report documents the steep rise in social inequality that has developed in Washington, DC since the economic crisis of 2008
By David Brown, 25 July 2014
The Socialist Equality Party and the Detroit Workers Committee held a rally at the water department’s central facility even as city officials continued shutoffs despite the so-called 15-day “pause.”
By David Brown, 22 July 2014
The announcement comes only days after Microsoft announced plans to lay off 18,000 workers.
By Jerry White, 22 July 2014
The temporary suspension of shutoffs is a public relations move as the city prepares to escalate a brutal policy that has left thousands without water.
By James Brewer, 22 July 2014
In this video, Detroit residents speak out against water shutoffs at a bill payment center and rally against water shutoffs.
“We are not living in a democratic society”
By our reporters, 21 July 2014
The shut off of water to tens of thousands of Detroit residents has provoked widespread anger and opposition throughout the city and beyond.
By Andre Damon, 18 July 2014
Software giant Microsoft announced plans to eliminate 18,000 jobs over the next year, becoming the fourth major US technology company to announce mass layoffs since January.
By Niles Williamson, 17 July 2014
The destruction of manufacturing jobs in America’s “Rust Belt” has left Milwaukee’s workers fighting high unemployment, poverty and food insecurity.
By Barry Grey, 16 July 2014
Testifying before the Senate Banking Committee Tuesday, Federal Reserve Chair Janet Yellen reiterated her determination to keep interest rates at historic lows for the indefinite future.
By Nick Barrickman, 15 July 2014
Child poverty in the DC area has increased by nearly 25 percent since the recession began, from 8.2 to 10.7 percent today.
By Mike Head, 15 July 2014
Falling commodity prices and restructuring by mining and auto companies are expected to send the jobless rate even higher.
By Jake Dean, 15 July 2014
A Detroit-area teacher said, “To shut off water and give no alternative to these people, the whole world should be appalled.”
By Philip Guelpa, 14 July 2014
The owners of the Trump Plaza resort casino in Atlantic City announced on Saturday that it would close in September, laying off approximately 1,000 workers.
By Gabriel Black, 12 July 2014
Citigroup, the third-largest US bank, is set to reach a $7 billion settlement with the Department of Justice over charges that it sold fraudulent mortgage-backed securities in the run-up to the 2008 crash.
By Andre Damon, 11 July 2014
Stocks plunged in Europe and the US Thursday amid a sell-off in the Portuguese banking sector, prompting fears of a resurgence of the European debt crisis.
“It is inhumane”
By a WSWS reporting team, 10 July 2014
Thousands more Detroit families had their water shut off this week as part of the city administration’s plan to cut service to 150,000 households who are overdue on their water bills.
By Tim Rivers, 9 July 2014
World Socialist Web Site reporters spoke to Detroit residents as they waited in line at water payment centers, doing their best to get running water turned back on to their homes.
By Nick Beams, 7 July 2014
Explosive contradictions in global finance are building up as stock markets continue to rise.
”I take my elderly aunt four buckets of water a day”
By Muhammad Khan and Shannon Jones, 7 July 2014
The city of Detroit is racing ahead with its plans to shut off water to some 150,000 families who cannot afford to pay their water bills.
By Nick Beams, 4 July 2014
The US Federal Reserve chairwoman Janet Yellen has committed to continuing the policies that are preparing the conditions for another financial crash.
By Andre Damon, 4 July 2014
The jobs created last month were largely part-time and low-wage, continuing the trend of replacing workers laid off during the 2008 crash with lower-paid, highly exploited employees.
By Khara Sikhan and Matthew MacEgan, 3 July 2014
Forty percent of young people in the US call their student debt “overwhelming, ” according to a survey published by Wells Fargo last month.
By Shannon Jones, 30 June 2014
Detroit Emergency Manager Kevyn Orr is backing a brutal shutoff policy aimed at residents who are behind in their water bills.
By Samuel Davidson, 30 June 2014
Governor Tom Corbett is demanding pensions be cut and liquor stores privatized as part of any budget deal.
By Andre Damon, 25 June 2014
Bill and Hillary Clinton have earned more than $100 million in speaking fees from corporations and business foundations.
By our reporters, 23 June 2014
Workers in US cities spoke to the WSWS about how they are affected by higher gasoline prices, with many taking the opportunity to denounce war in Iraq.
By Andre Damon, 21 June 2014
A former Goldman Sachs trader who helped the bank bet against toxic mortgage-backed securities it was palming off to investors claims he was underpaid for his efforts.
By Barry Grey, 20 June 2014
The Federal Reserve cut its estimate of US economic growth this year and scaled back its longer-term projection, a virtual admission that slump and falling living standards for the masses of people are here to stay.
By Andre Damon, 18 June 2014
Stress Test, the memoir published last month by former US Treasury Secretary Timothy Geithner, documents the conspiracy to prepare and execute the 2008 bank bailout from the point of view of the operation’s leading architect.
By Gabriel Black, 17 June 2014
The IMF warned Monday that unemployment and financial instability would continue to plague the US economy and recommended extending record low interest rates.
By Jerry White, 17 June 2014
Nearly 5,000 retired Detroit city workers will be forced to pay back tens of thousands of dollars in earnings from their annuity savings accounts.
By Gabriel Black, 10 June 2014
A Federal appeals court overturned a judge’s 2011 decision against a sweetheart deal between the Securities and Exchange Commission (SEC) and Citibank.
By Samuel Davidson, 9 June 2014
The state is facing a $1.3 to $1.5 billion deficit for the 2014-15 fiscal year that begins July 1.
By Patrick Martin, 7 June 2014
Federal Reserve figures show total US net worth rising to a record $81.8 trillion at the same time that the vast majority of working people are struggling to make end meets.
By Barry Grey, 7 June 2014
The fact that it has taken six-and-a half years to replace the millions of jobs lost in the recession is a measure of the depth of a crisis that continues to undermine the living standards of US workers.
By Matthew MacEgan, 4 June 2014
New reports show US gross domestic product, wage growth and consumer spending either stagnated or declined in the first quarter of 2014.
By Thomas Gaist, 2 June 2014
Kevyn Orr used his remarks at an elite policy conference to warn retirees of severe consequences if the Plan of Adjustment is voted down.
By Andre Damon, 30 May 2014
Nearly six years after the 2008 financial meltdown, the US economy remains mired in stagnation and slump.
By Andre Damon, 27 May 2014
Six years after the 2008 economic crisis, unemployment, poverty, stagnant wages, and temporary employment continue to be realities of life for broad sections of the US population.
By the Socialist Equality Party, 21 May 2014
In this statement, the SEP clarifies its position on a vote currently being carried out on a plan of adjustment submitted by Detroit’s emergency manager.
“More Detroits are on their way”
By Thomas Gaist, 21 May 2014
Writing in the Wall Street Journal, Richard Ravitch called for federal measures forcing states to slash pension and health care spending.
By Samuel Davidson, 19 May 2014
In April, the state collected $495 million less in tax revenue than projected.
By Andre Damon, 14 May 2014
The vast redistribution of wealth from the bottom to the top that has taken place since the 2008 crash is expressed in the colossal rise in stock prices, which have nearly tripled since March 2009.
By Hector Cordon and Jerry White, 12 May 2014
The Seattle City Council to consider a complicated $15 minimum wage ordinance.
By Diana Green, 12 May 2014
Over the past two weeks, whistle-blowers have confirmed that a Department of Veterans Affairs medical center in Phoenix allowed 40 patients to die.
By Steve Filips and Don Barret, 12 May 2014
The low-income workers in Syracuse, NY are left little choice but to live in substandard housing.
By Patrick Martin, 8 May 2014
In testimony before Congress, Yellen indicated that the US Federal Reserve would keep interest rates at their current near-zero level for the foreseeable future.
By Jerry White, 7 May 2014
After merging with rival OfficeMax, the giant office supply retailer is eliminating thousands of jobs.
By Thomas Gaist, 7 May 2014
The Plan of Adjustment approved by Judge Rhodes Monday contains major cuts to pensions, eviscerates retiree health care and paves the way for a fire sale of the city’s water system and electrical grid.
Mortality rate higher than China and Saudi Arabia
By Andre Damon, 6 May 2014
The incidence of maternal death in childbirth in the US has soared by 50 percent since 1990, according to an international study published Friday in the British medical journal Lancet .
By Patrick Martin, 3 May 2014
While the official jobless rate declined, 800,000 workers dropped out of the labor force and stopped looking for work.
By Andre Damon, 1 May 2014
The US economy grew at a rate of just 0.1 percent in the first quarter of this year, pointing to continued economic stagnation nearly six years after the 2008 Wall Street crash.
By Anthony Bertolt, 1 May 2014
Billions of dollars in sequester cuts to the National Institutes of Health and National Science Foundation will result in untold delays in life-saving medical and biological research.
By Andre Damon, 29 April 2014
While the jobs lost in the 2008 crisis were primarily higher and medium-wage, a disproportionate amount of new jobs pay less than about $13 per hour, according to a report issued Monday by the National Employment Law Project.
By Julien Kiemle, 22 April 2014
Larry Ellison, the highest paid CEO in the US, exemplifies the parasitism of today’s super-rich.
By Nick Barrickman, 22 April 2014
The Washington, DC region added only 4,800 jobs in the twelve months ending in February.
By Andre Damon, 21 April 2014
The pervasiveness of hunger in the United States is an indictment of the capitalist system.
By Andre Damon, 19 April 2014
Feeding America released its annual report on local food insecurity Thursday, showing that there are dozens of counties in the US where a third of children do not get enough to eat.
By Shannon Jones, 19 April 2014
The cars have defective ignitions that have been tied to fatal crashes in which airbags failed to deploy.
By Andre Damon, 16 April 2014
The eruption of US militarism is bound up with the enormous growth of social inequality.
By Jake Dean, 12 April 2014
Discount retailer Family Dollar said it plans to close about 5 percent of its 8,100 locations in the next six months.
By Shannon Jones, 12 April 2014
UBS and Bank of America are being paid to unwind illegal swap deals that have already cost the city hundreds of millions of dollars.
By Thomas Gaist, 10 April 2014
The offer is a huge increase from the 15 cents on the dollar previously proposed.
While wages, jobs stagnate
By Patrick Martin, 5 April 2014
The median worker would have to work 257 years to earn as much as the typical top 500 CEO made in 2013 alone.
By Andre Damon, 5 April 2014
The latest US jobs report points to a continued slump following the economic collapse five-and-a-half years ago.
By Nick Beams, 3 April 2014
Fed Chair Janet Yellen’s speech on Monday was a nauseating attempt to conceal her deep commitment to the interests of Wall Street behind expressions of concern for working people.
By Nick Barrickman, 27 March 2014
A paper published by the Brookings institution last week shows that economic distress is far more widespread than is shown in official poverty statistics.
Jamie Dimon continues to escape prosecution
By Andre Damon, 27 March 2014
A federal jury on Monday convicted five former employees of Bernard Madoff for helping him run the biggest Ponzi scheme in US history.
By Andre Damon, 22 March 2014
Robert D. Marcus the chief executive of Time Warner Cable, is set to receive an $80 million payout if the company goes through with its planned acquisition by Comcast
By Thomas Gaist, 22 March 2014
The Detroit Water and Sewerage Department is launching an aggressive campaign to shut off between 1,500 and 3,000 customers per week.
By James Cogan, 21 March 2014
The fine agreed by Toyota and the US Justice Department sets a precedent that can be used by General Motors.
By Andre Damon, 20 March 2014
Federal Reserve chair Janet Yellen reassured US financial interests that the central bank would continue to keep interest rates near zero.
As retiree letters flood the bankruptcy court…
By Thomas Gaist, 17 March 2014
Taking into account the end of cost-of-living adjustments (COLA), non-uniformed city worker pensions will be cut by 47 percent.
By Andre Damon, 15 March 2014
A group of bipartisan Senate negotiators said they had reached an agreement to extend federal emergency jobless benefits for five months, to be offset by cuts to pension funding and increased user fees.
By Marc Wells, 11 March 2014
The purchase of Safeway by Cerberus, a private equity firm, portends an assault on workers’ wages and benefits.