By Tom Hall, 31 December 2014
In addition to high levels of homelessness, 98 percent of students at McDonogh 32 Literacy Charter School are eligible for free or reduced school lunches.
By Nick Beams, 27 December 2014
The ever-widening gap between financial markets and the real economy is creating the conditions for economic turmoil and the eruption of social and political struggles.
By Tom Hall, 27 December 2014
The AP report, which covers a six-year period, states that the government does a “terrible job” of accounting for child deaths.
By Jerry White, 24 December 2014
While tens of millions of Americans face a holiday season of economic insecurity and rising household debt, the Dow Jones Industrial Average stock index hit a record high on Tuesday.
By Jerry White, 22 December 2014
The plant closing, which comes after the UAW accepted a 40 percent wage cut, is the latest in the area, long-known as a major automotive and manufacturing center.
By Joseph Kishore, 19 December 2014
A new report from the Pew Research Center finds that the median net worth for low-income US families has fallen by nearly 50 percent since 2007.
By Andre Damon, 18 December 2014
The US Federal Reserve pledged Wednesday it would be “patient” in raising the benchmark interest rate, sparking a sharp run-up in stock prices.
By Thomas Gaist, 13 December 2014
The ruling underscores the fact that financial criminals are held to different legal standards than the rest of the population
By Michelle Ryan, 13 December 2014
Following the 2008 subprime mortgage collapse, the firms responsible for the crisis are creating a rental empire out of the very homes they foreclosed on.
By Jerry White, 12 December 2014
A measure attached to the US government funding bill and backed by several major unions would cut pension benefits for millions of private sector workers.
By Patrick Martin, 12 December 2014
The White House said Obama would sign the bill funding the federal government, despite a provision that removes even the most limited restraints on Wall Street speculation.
By Shannon Jones, 12 December 2014
The formal implementation of the Detroit bankruptcy settlement, a massive social crime, was the occasion for further self-congratulations on the part of the political establishment.
By Niles Williamson, 6 December 2014
While the latest US jobs report continues the trend of moderate job growth, American workers’ wages remain flat, with wage increases barely outpacing inflation.
By Thomas Gaist, 3 December 2014
The blackout underscores the dangers arising from the sweeping privatizations that are part of the bankruptcy restructuring of Detroit.
By Patrick Martin, 2 December 2014
The fall in sales reflects the fact that the disposable incomes of working-class households continue to stagnate and decline.
By Jerry White, 25 November 2014
Recent reports highlight the historic reversal in the living standards of American workers that underlies Obama’s supposed economic recovery.
By Adam Soroka and Nick Barrickman, 25 November 2014
City officials latched onto the report, citing “practical realities” of implementing a plan to guarantee affordable housing for the city’s working population.
By Barry Grey, 24 November 2014
The two hearings were exercises in political theater, with politicians posturing as critics of Wall Street and bank executives and Fed officials making little effort to conceal their contempt.
By Jeff Lusanne, 24 November 2014
Metra’s board of directors has approved a plan to raise fares 68 percent over the next 10 years.
By Joseph Kishore, 21 November 2014
A new US Senate report documents yet another aspect of the criminality that pervades the American and global financial system.
By Jerry White, 20 November 2014
The release of the annual Pension Benefits Guaranty Corporation report is being seized upon to demand a new round of pension cuts for private-sector workers.
By Shannon Jones, 15 November 2014
In contrast to the official celebration by the political and corporate establishment, workers are reacting to the ruling with bitterness and anger
By Tom Carter, 14 November 2014
The decision by federal bankruptcy judge Steven Rhodes is a landmark ruling, establishing a pseudo-legal framework for suspending democracy and the rule of law.
Two years after the Libor scandal
By Andre Damon and Barry Grey, 13 November 2014
Major international financial institutions, with the knowledge of at least one central bank, conspired to rig the multitrillion-dollar foreign exchange market.
By Gabriel Black, 10 November 2014
The US government’s bailout of insurance giant AIG in September 2008 channeled tens of billions of dollars to the largest Wall Street banks.
By Andre Damon, 8 November 2014
The so-called “recovery” proclaimed by the Obama administration is premised on continued high unemployment and stagnating wages.
By Kevin Martinez, 4 November 2014
The studio is expected to lay off over 1,000 workers as part of a $200 million cost-cutting plan.
Amidst slowdown in global economy
By Barry Grey, 30 October 2014
There are growing warnings of a deflationary spiral, in which falling prices create a vicious cycle of bankruptcies and layoffs leading to more bankruptcies and layoffs.
US Federal Reserve ends “quantitative easing” program after funneling trillions to financial markets
By Joseph Kishore, 30 October 2014
The expected move by the Fed was accompanied by the pledge to keep interest rates at their current near-zero rates for a “considerable time.”
By Shannon Jones, 28 October 2014
US federal safety regulators have limited the recall of vehicles equipped with defective airbags to a restricted geographical area.
By Andre Damon, 27 October 2014
A report published in the medical journal JAMA Pediatrics found that nearly one in four US children lives in poverty, and a similar proportion do not get enough to eat.
By Jerry White, 24 October 2014
Caterpillar, Boeing, GE and GM led US manufacturers with better-than-expected third quarter profits.
By Shannon Jones, 23 October 2014
Reports indicate that Honda and other automakers knew that airbags on their vehicles could explode, posing a risk of death or injury to occupants, but dragged out a recall.
By Nick Beams, 21 October 2014
The wild swings on financial markets last week indicate that the crisis which erupted in 2008 is returning in an even more explosive form.
By Jerry White, 16 October 2014
With the mid-term elections approaching, the meeting was designed to counter the public perception that the administration is indifferent to the plight of the long-term unemployed.
By Douglas Lyons, 15 October 2014
Newly released figures show declining or stagnating wages and widening social inequality
“The rich are getting richer and they don’t care about the poor”
By Michelle Ryan, 13 October 2014
The upstate New York city’s 50.6 percent child poverty rate ranks third worst in the nation, behind Detroit (59 percent) and Cleveland (54 percent).
By Andre Damon, 9 October 2014
Wal-Mart announced this week that it would join Target and Home Depot in slashing healthcare for part-time workers in response to the Affordable Care Act.
By Andre Damon, 8 October 2014
Six years since the 2008 bank bailout, the wealth of the 400 richest people in the United States has nearly doubled.
By Thomas Gaist, 8 October 2014
After dropping their rhetorical opposition to the emergency manager, Mayor Mike Duggan and City Council President Brenda Jones were given seats on the financial control board.
By Dan Conway, 8 October 2014
The job cuts are part of HP’s plan to split into two separate organizations—computer operations and business technologies.
By Andre Damon, 6 October 2014
The net worth of the Forbes 400 grew thirteen percent this year amidst a soaring stock market and record corporate profits.
By Andre Damon, 4 October 2014
The headline figure of 248,000 jobs added in September obscures the fundamental trends of the US labor market: mass unemployment, a sharp fall in the labor force participation rate and declining wages.
By Nick Beams, 4 October 2014
The sudden departure of Bill Gross as chief executive of the world’s largest bond trading firm could be a new source of instability for financial markets
By Gabriel Black, 3 October 2014
The ruling in the Stockton case will encourage a wave of bankruptcies across America’s most populous state
By Christine Schofelt, 3 October 2014
A proposed two-tier fare scheme in Seattle is an effort to distract from rising rates and cuts in public transit service.
By Richard Vargas, 3 October 2014
A 10 percent cut at the public health department will lead to clinic closures and discontinued services such as testing for HIV and other sexually transmitted diseases.
US social inequality in two graphs
By Tom Hall and Andre Damon, 2 October 2014
Social inequality has grown far more than most people realize, recent academic papers show.
By Nick Beams, 26 September 2014
US corporations are increasingly using their profits to finance share buybacks rather than productive investment, spending more than $500 billion last year.
By Lawrence Porter, 26 September 2014
Victims of water shutoffs and public health experts gave evidence about the impact the city’s water shutoff policy.
By Andre Damon, 23 September 2014
A Rutgers University study released Monday shows that the overwhelming majority of the three million long-term unemployed receive no government assistance.
By Thomas Gaist, 23 September 2014
The present proceedings are in the main political theatre aimed at boosting the credibility of the judge as a supposedly “neutral arbiter.”
By Kate Randall, 20 September 2014
The layoffs are the second round in a plan to axe 18,000 jobs this fiscal year at Microsoft.
By Nick Barrickman, 20 September 2014
The deal would allow for the cutting of over $500 million in the next two years.
By Andre Damon, 18 September 2014
US stocks hit record highs after Federal Reserve Chair Janet Yellen said the central bank would continue to keep interest rates near zero “for a considerable time.”
By Jerry White, 17 September 2014
After reaching settlements with key players over the past week, the federal bankruptcy court is moving quickly to approve the anti-working class restructuring plan.
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.