By Andre Damon, 2 May 2015
The ongoing global economic slump is inseparable from the parasitic activities of the financial oligarchy, aided and abetted by the state.
By Kathleen Martin, 1 May 2015
The suit alleges that the firm, owned by billionaire Dan Gilbert, encouraged employees to underwrite loans they knew would go into default.
By Andre Damon, 30 April 2015
Business investment collapsed in the first quarter, even as US companies sat atop a record $1.4 trillion cash hoard.
By Zaida Green, 25 April 2015
Some 73 percent of people enrolled in public welfare programs, including food assistance, come from families with at least one member who is employed.
By Ed Hightower, 24 April 2015
Nonfarm payroll employment declined in 31 states and the District of Columbia last month, further belying the Obama administration’s claims of an economic “recovery.”
By Niles Williamson, 18 April 2015
The world’s largest oilfield service company, Schlumberger, announced this week that as a result of declining oil production it will cut 11,000 jobs worldwide, bringing the firm’s total layoffs so far this year to 20,000.
By Andre Damon, 18 April 2015
Bernanke’s new job constitutes little more than a kickback for services rendered to Wall Street.
By Barry Grey, 8 April 2015
In America, “justice” for the working class and poor is remorseless, brutal and final.
By Andre Damon, 4 April 2015
The latest jobs report adds to a growing body of data showing that US economic growth has slowed significantly over the past six months.
By Andre Damon, 28 March 2015
US steel companies announced thousands of layoffs this week.
By Patrick Martin, 28 March 2015
Similar plans were passed by the House of Representatives Wednesday and the Senate early Friday.
By Gabriel Black, 27 March 2015
H.J. Heinz and Kraft Foods announced Wednesday that they would merge to form the world’s fifth-largest food company.
By E.P. Bannon, 23 March 2015
Only 23.1 percent of unemployed workers were receiving benefits in December 2014, the lowest level since unemployment insurance benefits were first established.
By Andre Damon, 21 March 2015
As many as 28,000 households in America’s poorest large city face having their water service shut off.
By Barry Grey, 19 March 2015
Any tightening of the central bank cash spigot threatens to bring the bull market, and the windfalls it provides the rich and the super-rich, crashing down.
By Nick Beams, 18 March 2015
Global financial markets are waiting to see how soon the Fed may begin to raise interest rates.
By Shannon Jones, 18 March 2015
The $28.5 billion in Wall Street bonuses is double the annual pay for the 1 million US workers employed full time at the federal minimum wage of $7.25 per hour.
By Gabriel Black, 14 March 2015
The sustained decline in retail sales underscores the emergence of a new economic slump threatening workers’ livelihoods.
By Samuel Davidson, 13 March 2015
Tax increases for the working class, including sales and income taxes, underwrite much of what is new in Democratic Governor Tom Wolf’s budget.
By Tom Hall, 12 March 2015
The scandal exposes the social devastation wrought by the pro-corporate charter “reform” implemented following Hurricane Katrina in 2005.
By Gabriel Black, 7 March 2015
The nominal fall in the unemployment rate ignores the millions of workers who have given up looking for a job, while those jobs that have been created are primarily low-wage.
By Matthew MacEgan, 5 March 2015
The retail giant Target announced this week that it is cutting jobs in order to save $2 billion, which will be invested in its online business.
By Joseph Kishore, 4 March 2015
The inexorable rise in the wealth of the ultra-rich, amidst economic stagnation, is an expression of the parasitic character of world capitalism.
By Andre Damon, 28 February 2015
The latest figures belie claims that the US is a counterbalance to the overall slump and deflation that now encompass most of the world.
By Nick Beams, 27 February 2015
The emergence of negative bond yields signifies that the international bond market is being transformed into a gigantic Ponzi scheme.
By Patrick Martin, 26 February 2015
Detroit, once an industrial powerhouse, now has a child poverty rate of 59 percent, while African-American child poverty rates are actually worse in the Midwest than in the Deep South.
By Andre Damon, 26 February 2015
Fed Chair Janet Yellen stressed “patience” in raising interest rates, sending stock prices to new record highs.
By Andre Damon, 24 February 2015
The White House economic report released last week seeks to justify right-wing, pro-business policies in the name of “middle-class economics.”
By our reporters, 23 February 2015
Ford workers in Chicago and Chrysler workers outside Detroit called for expanding the strike to other industries.
By John Marion, 13 February 2015
The breakdown of the Greater Boston public transportation system, caused by years of grossly inadequate maintenance funding, has deepened in the wake of another storm.
By Nick Barrickman, 7 February 2015
Media figures and politicians hailed the latest US jobs report as evidence of an economic turnaround, ignoring the thousands of store closings and layoffs announced in recent days.
By Evan Blake, 6 February 2015
The company has been squeezed by competition from Walmart and Amazon, as well as Best Buy and other traditional electronics retailers.
By Nick Barrickman, 6 February 2015
The deal, which will lead to job losses for thousands of workers, is part of the growing monopolization in all parts of the American economy.
By Jerry White, 6 February 2015
The profit-sharing checks being passed out by the Detroit automakers are a pittance compared to what auto workers have lost through wage and benefit cuts.
By E.P. Bannon, 5 February 2015
Low oil prices have sparked layoffs and pay cuts throughout all sectors of industry.
By Patrick Martin, 4 February 2015
The budget document released Monday is another attempt by President Obama to disguise his program of war and austerity with populist phrases.
By Andre Damon, 4 February 2015
The settlement amounts to yet another slap on the wrist for companies whose fraudulent activities contributed to the 2008 financial collapse.
By Gabriel Black, 2 February 2015
While the United States has been slowly adding jobs, many of these jobs are in low-wage sectors or industries that are moving in that direction.
By Trent Novak, 31 January 2015
In his first move since taking office last week, Maryland’s newly inaugurated governor, Republican Larry Hogan, unveiled an austerity budget aimed at eliminating a $750 million shortfall.
By Andre Damon, 30 January 2015
In the period between 1979 and 2007, every state in the US saw the income share of the top 1 percent grow by at least 25 percent.
By Barry Grey, 29 January 2015
The Fed has come under increasing pressure from Wall Street to delay any rate hike until the final months of this year or some time in 2016.
By Nick Beams, 28 January 2015
William White, former chief economist at the Bank for International Settlements, declared, “We’re seeing true currency wars and everybody is doing it, and I have no idea where this is going to end.”
By Douglas Lyons, 28 January 2015
Rising delinquency rates have paralleled the growth of “subprime” auto lending.
By Gabriel Black, 26 January 2015
Several major oil service companies announced that they would cut significant sections of their workforce, leading to tens of thousands of new layoffs.
By Carl Bronski, 24 January 2015
The automaker has remained silent on its plans for continued production in Canada beyond 2017.
By Andre Damon, 19 January 2015
For the first time in at least fifty years, most public school students in the US are considered low-income.
By Jerry White, 19 January 2015
Several leading newspapers and think tanks have pointed to the long-term stagnation of wages as the catalyst for a potentially explosive movement over wages by the working class.
By Andre Damon, 16 January 2015
US retail sales unexpectedly fell 0.9 percent in December, a key holiday shopping month, in the largest drop in nearly a year.
By Gabriel Black, 15 January 2015
The collapse of oil prices is reverberating throughout the US economy, with the number of operating oil rigs reduced, job cuts mounting and several states seeing a huge loss of revenue.
By Todd Mason and Nick Barrickman, 12 January 2015
Nearly 100 Maryland sanitation workers returned to work last Thursday after their union agreed to a federal mediator’s request to end the strike without securing any of the workers’ basic demands.
By James Brewer, 12 January 2015
Only months after severing its contract with the Detroit water system, the city of Flint faces a crisis.
By Gabriel Black, 10 January 2015
Although the official unemployment rate fell in December, workers’ wages declined and the labor force participation rate fell to the lowest level in 38 years.
“We’re becoming slaves”
By Hector Cordon, 10 January 2015
The United States Postal Service began closing 82 mail processing facilities nationwide this week, impacting 15,000 employees.
By Kevin Martinez, 7 January 2015
The giant steelmaker, which produces pipes for oil drilling at its Cleveland area mill, blamed falling oil prices for the downsizing.
Figure hits $4.1 trillion
By Andre Damon, 3 January 2015
The wealth of the global financial elite soared last year amid surging stock markets fueled by cash infusions from central banks.
By Juan Rodriguez and Matthew Taylor, 3 January 2015
Florida’s minimum wage is increasing from $7.93 per hour to $8.05 per hour, a difference of merely 1.5 percent.
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.