Stephan: Most economists are talking about how well the economy is doing and, if one looks at the top layer numbers it is true. But when you dig deeper, it does not look so good. And that is because the economy is completely skewed to favor the rich and corporate profit. Okay you have a job, but what are you getting paid? Do you have cost free healthcare? How many weeks do you get for vacation? You have young children? What kind of daycare do you have? And on an on. We are not going to thrive until we have a government, and system of government, that makes fostering wellbeing at every level its highest priority.
Credit: Roman Samokhin / stock.adobe.com
NEW YORK, NEW YORK — In these tough financial times, a new study finds it’s getting harder and harder for people to save any of their money. In fact, seven in 10 Americans say they’re living paycheck to paycheck.
A recent survey of 2,007 adults found that 63 percent don’t see themselves reaching a level of financial security that will allow them to live the lifestyle they want.
Lack of financial education and resources may be to blame, particularly for women, who were less likely to say they had access to these tools in comparison to men (65% vs. 84%).
What does financial comfort really look like?
To educate themselves en route to financial comfort, most turn to social media (45%), their family (44%), or online media such as financial news websites (42%).
Conducted on November 22, 2021 by OnePoll on behalf of AmeriLife, the survey also explored the necessities for financial peace of mind among different groups.
While most women noted an absence of credit card […]
Robert Reich, Former US Secretary of Labor, is Professor of public policy at the University of California at Berkeley - The Guardian (U.K.)
Stephan: Robert Reich is absolutely spot on in what he says. The proceeding story lends credence to his words, and Reich explains it well, accurately, and in some detail.
The Federal Reserve building is seen in Washington. Credit: Joshua Roberts/Reuters
The January jobs report from the US labor department is heightening fears that a so-called “tight” labor market is fueling inflation, and therefore the Fed must put on the brakes by raising interest rates.
This line of reasoning is totally wrong.
Trump and his enablers unwittingly offer Democrats their best hope in the midtermsRobert Reich
Among the biggest job gains in January were workers who are normally temporary and paid low wages: leisure and hospitality, retail, transport and warehousing. In January, employers cut fewer of these workers than in most years because of rising customer demand combined with Omicron’s negative effect on the supply of workers. Due to the Bureau of Labor Statistics’ “seasonal adjustment”, cutting fewer workers than usual for this time of year appears as “adding lots of jobs”.
Fed policymakers are poised to raise interest rates at their March meeting and then continue raising them, in order to slow the economy. They fear that a labor shortage is pushing up wages, which in turn are […]
Stephan: In spite of its endless litany of flaws and failings, it is so profitable, it is not going to be easy to transition to universal birthright publicly funded healthcare. The Illness Profit System will pay whatever it takes to continue its control of American healthcare, as this story from California illustrates,
The political repercussions of upending California’s health care system were hard to overstate. Creedit: Jae C. Hong /AP
California’s single-payer dreams have been dashed again.
Legislation to create what would be the nation’s first government funded state-run health care system failed to get a vote Monday on the Assembly floor, effectively ending the push for single-payer this session.
High drama surrounding CA AB1400 (21R) by Assemblymember Ash Kalra (D-San Jose) had made it the highest-profile piece of legislation remaining from last year.
Kalratold progressive Democratic activists that he didn’t bring the bill up for a floor vote because he anticipated the bill would have failed by a double-digit margin. He concluded that a futile vote would only have made it more difficult to cultivate support from other lawmakers for a bill next year.
“Putting them in that position knowing the bill wouldn’t pass anyway would have further alienated them,” Kalra said on a Monday evening call.
But he still faced fury from supporters who had invested their hopes in the bill’s passage, many of whom challenged Kalra’s decision and urged him […]
Stephan: There are whole nations that don't deal in numbers as large as the tax dodge of the American rich described in this report. And if the tax code isn't changed wealth inequality will be baked into the American economy as the Boomers die off and pass $21 trillion to their heirs, thereby creating a permanent wealth aristocracy unlike anything seen in hundreds of years. Will the tax code be changed? Not if the Republicans have any say in the matter.
The richest families in the U.S. are set to dodge trillions of dollars’ worth of taxes in the coming decades thanks to tax loopholes, according to a new report.
If lawmakers keep the current maximum estate tax rate of 40 percent, the richest families will dodge roughly $8.4 trillion in taxes over the next 24 years, Americans for Tax Fairness found in its report. Meanwhile, between now and 2045, the top 0.5 percent of wealthy families will pass on an estimated $21 trillion to their heirs.
As the report notes, capturing $8.4 trillion in dynastic wealth would allow the government to implement the Build Back Better Act for the next four decades, as the House-passed version of the bill was slated to cost $1.75 trillion over a decade.
Tax loopholes allow families to avoid the estate tax, gift taxes and wealth transfer taxes. Although Donald Trump and congressional Republicans doubled the estate tax exemption during the first year of Trump’s presidency, Democratic lawmakers didn’t address estate and […]
Stephan: Here is some good news about the transition out of the carbon era. I live on an island we can see ships at anchor with their engines idling pumping pollution into the atmosphere for weeks or even months awaiting their turn to moor and offload. Here is an example of how once one recognizes a problem, a new technological approach can make a huge difference.
Maesrk and Ørsted are preparing to demonstrate a first-of-a-kind charging buoy for idling vessels Credit: Maersk
Shipping giant Maersk is teaming up with Danish energy company Ørsted on a new venture hoped to cut into the carbon emissions generated by vessels idling offshore. Their solution is a purpose-built charging buoy that supplies power to ships moored overnight, with the first demonstration expected to take place at an offshore wind farm towards the end of the year.
Shipping is a noteworthy contributor to the greenhouse gases accumulating in the atmosphere, responsible for around three percent of total emissions as vessels powered by fossil fuels carry cargo around the globe. And even when on standby, these vessels burn fuel for auxiliary operations, such as powering winches, air-conditioning systems or fuel pumps.
Through its spin-off venture Stillstrom, Maersk is looking to eat into these emissions by channeling clean and renewable energy instead. Idling ships can safely moor to the charging buoy, which is said to be large enough to charge a battery onboard a service operation vessel […]
