Posts tagged with 'In These Times'
Weekly Mulch: Climate Change On Obama’s Back Burner
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By Sarah Laskow, Media Consortium Blogger
In his first State of the Union address, President Barack Obama touched on climate issues only briefly. He called on the Senate to pass a climate bill, but did not give Congress a deadline or promise to veto weak legislation. Nor did he mention the Copenhagen climate conference, where international negotiators struggled to produce an agreement on limiting global carbon emissions.
The Obama administration’s attitude towards climate change still represents a remarkable shift from the Bush years, when global warming was treated as little more than a fairy tale. But in the past year, Congressional squabbling has stalled climate legislation, and international negotiators nearly gridlocked in talks over carbon admissions at the multinational Copenhagen conference. Without strong leadership from the president, work to prevent this looming environmental crisis will stall. (more…)
Weekly Audit: Getting it Right in 2010
By Zach Carter, Media Consortium Blogger
The new decade offers a great opportunity to not only look back on the policies that led to our current economic malaise, but consider other ways of building stability that won’t wreak economic and ecological destruction.
Here’s a quick round up of some smart articles that address how economic policy changes could shift the way we work and live in the next decade. (more…)
Weekly Pulse: What’s Next For Health Care Reform?
By Lindsay Beyerstein, Media Consortium Blogger
The Senate passed its health care bill in the early morning hours of Christmas Eve. Senate Majority Leader Harry Reid (D-NV) had to make major compromises to secure the votes of fence-sitters like Sens. Ben Nelson (R-NE) and Joe Lieberman (I-CT). Reid sacrificed the public option to keep Lieberman on board and tightened the bill’s abortion restrictions to placate Nelson.
Next, representatives from the House and the Senate will merge their respective bills in a conference committee, creating a single piece of legislation that both houses will vote on. If the conference report passes both houses, it will proceed to the president’s desk to be signed into law. Conference will start after the winter recess. The whole process could be complete by late January. (more…)
Weekly Audit: Crashing the Corporate Christmas Party
By Zach Carter, Media Consortium Blogger
While Wall Street will ring in the new year with huge bonuses and taxpayer-fueled profits, there is little holiday cheer for the workers whose tax dollars funded the bank bailouts. Although bank stock prices have soared for most of the year, the unemployment rate has steadily climbed and the foreclosure crisis has swelled to epic proportions.
Nomi Prins details the disconnect between Wall Street and the rest of us for AlterNet. The government’s massive giveaways to big banks did not stop with the $700 billion Troubled Asset Relief Program. In fact, earlier this month, the Internal Revenue Service granted Citigroup a $38 billion tax break for, well, nothing. Like every other financial boon the Treasury and the Federal Reserve have granted banks since 2008, this special holiday gift will help boost Citigroup’s profits, but does little to boost lending to small businesses, lower credit card interest rates or help struggling borrowers stay in their homes. (more…)
Weekly Diaspora: ICE Perpetuating Human Rights Abuses
By Nezua, Media Consortium Blogger
Ed. Note: This week’s Diaspora is short due to the holidays. We’ll be back to full-length next week.
Immigrations and Customs Enforcement (ICE), an arm of the Department of Homeland Security, apparently isn’t beholden to US or international law. In The Nation, Jacqueline Stevens reveals the “clandestine operations, akin to extraordinary renditions” carried out by ICE.
Beyond the department’s public list of detention facilities—many of which are already sites of alleged abuse—ICE is also “confining people in 186 unlisted and unmarked subfield offices” around the nation. According to Alison Parker, deputy director of Human Rights Watch, these secret detention centers may violate the UN’s Covenant on Civil and Political Rights, to which the United States is a signatory.
But what’s most appalling is ICE’s assertion that the department is some sort of super-police with powers of rendition. James Pendergraph, former executive director of ICE’s Office of State and Local Coordination, said in late 2008 that “if you don’t have enough evidence to charge someone criminally, but you think he’s illegal, we can make him disappear.” The boldness with which a law official would state such an idea is confounding; the confession, if true, is criminal.
Last week, The Diaspora wrote about the introduction of the CIR ASAP immigration bill by Rep. Luis Gutierrez (D-IL). Freshman Congressman Ben Ray Luján (D-NM) is a recent addition to the list of 87 cosponsors on the bill, as The Colorado Independent reported last Wednesday. This is a positive step forward. The bill will most likely be sponsored in the senate by Sen. Chuck Schumer (D-NY). CIR ASAP establishes a basic layout of progressive immigration reform, but the final bill will probably become more focused on enforcement in Schumer’s hands.
Finally, David Moberg reports on the Obama administration’s controversial use of “audits” to purge employment payrolls of undocumented workers for In These Times. While the audit method is much quieter and less likely to make headlines, it is also ineffective. Not only do audits rely upon “flawed federal databases” to judge who is documented, they also purge immigrants who are “legal.”
As the Service Employees International Union (SEIU) Executive Vice-President Eliseo Medina explains, workers fired as a result of ICE probes or audits do find other, lower-paying jobs that offer even less protection to the worker. Ultimately the number of undocumented workers in the US remains the same, and the entire exercise but “a losing game of musical chairs.” Medina stresses that SEIU is not suggesting the law shouldn’t be enforced, simply that it be enforced in a way that works.
This post features links to the best independent, progressive reporting about immigration by members of The Media Consortium. It is free to reprint. Visit the Diaspora for a complete list of articles on immigration issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, and health care issues, check out The Audit, The Mulch, and The Pulse . This is a project of The Media Consortium, a network of leading independent media outlets.
Weekly Audit: House Bank Bill Fatally Flawed
By Zach Carter, Media Consortium Blogger
Last week, the House of Representatives finally approved a financial regulatory overhaul and President Barack Obama announced a new initiative to address the unemployment crisis. Both are a step in the right direction, but neither offer effective solutions to problems that still plague the U.S. economy.
The House bill doesn’t do away with too-big-to-fail banks and that’s a big problem. As John Nichols explains for The Nation, “the big banks aren’t going to get sidelined—let alone broken up—anytime soon.” Instead of splitting large, risky banks into smaller firms that could fail without wreaking economic havoc, the House bill gives regulators more power, including the ability to bail out a faltering bank with billions of taxpayer dollars. When push comes to shove, regulators are not going to risk letting a major bank fail. They’ll just bail the company out. We all saw what happened when Lehman Brothers collapsed last year.
By imposing a tougher set of rules on banks, it’s conceivable that regulators could prevent some future failures. But as Mary Kane notes for The Washington Independent, Congress carved so many loopholes in the new laws that banks will have little trouble skirting them.
Obama had hoped to create a new Consumer Financial Protection Agency (CFPA) to crack down on predatory lending, but a coalition of bank-friendly Democrats pushed through amendments that significantly weaken it. Obama wanted states to have the power to enforce stronger rules on predatory lending. Under a loophole that Rep. Melissa Bean (D-IL) pressed into the House bill, states are prevented from writing or enforcing rules that limit interest rates charged by credit card companies and payday lenders. That’s a really destructive move, Kane notes, since it was state regulators, not federal regulators, who cracked down on abusive lending over the past decade.
Obama also hoped to require that risky derivatives transactions would be conducted via exchange like ordinary stock trades. Derivatives are the type of trades that brought down AIG. But the House bill exempts a huge portion of transactions from this requirement and changes the definition of “exchange” to include private, unregulated derivatives trades, as Nick Baumann explains for Mother Jones. This is a fatal flaw in the regulatory overhaul. Derivatives are the primary technique that banks use to make themselves too-big-to-fail. Over 95% of the $290 trillion derivatives market is housed at just five banks. These derivatives tie the bank to other financial firms in a complicated web of risk that is impossible for regulators to navigate. If one of those five banks goes down, there’s no way a regulator can predict the consequences.
The only hope for meaningful reform right now rests in the Senate, which is considering a much tougher bill than what the House approved. But the Senate has yet to even conduct mark-up hearings on its legislation and the pressure from the banking lobby is going to be enormous. Progressives have to keep pushing for a better bill if we want to protect our economy from the abuses that brought on the current recession.
And while huge federal bailouts for banking giants like Citigroup and Bank of America have helped the financial sector recover, the broader economy is battling the highest unemployment levels since the early Reagan era. Things are poised to get a lot worse. As Daniela Perdomo emphasizes for AlterNet, a full 3.2 million workers will lose their unemployment benefits by the end of March 2010. Even if the unemployment rate stays where it is—and Perdomo notes that a vast majority of experts think its going to go higher—the impact on ordinary people is going to be even more severe than today’s nightmare.
In a blog post for Working In These Times, Roger Bybee highlights a piece by Harvard University Law School Professor Elizabeth Warren, who emphasizes the hardships faced by ordinary families. The statistics are grim—one-eighth of Americans are on food stamps, one-eighth cannot pay their mortgages and 120,000 families are filing for bankruptcy every month.
We need to take serious steps to get people back to work. Mass unemployment means that consumers don’t spend money, which means that companies don’t sell as much, which makes companies lay off more workers to cut costs. It’s a self-reinforcing cycle. The market can’t fix unemployment without help.
So Obama’s Dec. 8 speech announcing a new job-creation plan was a welcome event. But the concrete aspects of Obama’s plan are not effective. All the tax cuts in the world won’t necessarily put people back to work. Obama did endorse a public jobs plan which involved the government hiring people to improve the nation’s infrastructure and clean up communities ravaged by the economic crisis, but he shied away from any specific numbers.
As David Roberts explains for Grist, Obama’s willingness to sign off on a $23 billion program for environmentally friendly home renovations is a step in the right direction. The plan is being referred to as “cash-for-caulkers” and is modeled on the very successful cash-for-clunkers program. The government will pay people to increase the energy efficiency of their homes, helping people cut down on utility bills and increasing the demand for construction labor and products like new windows and doors. It’s a good idea. But if all we get are tax cuts and $23 billion for greener homes, the jobs bill is not going to assuage the unemployment crisis.
There is no reason to be concerned about the cost of a thorough jobs program. Taxpayers committed trillions of dollars to help the financial sector weather the economic storm. Anybody who is worked up about the prospect of spending money on jobs should read Amitabh Pal’s piece for The Progressive. A modest tax on speculative trades of stock and derivatives could easily raise $150 billion a year to finance a robust jobs program.
At this point in the economic downturn, the government needs to take much stronger steps to rein in Wall Street and create jobs. We know what needs to be done to protect the economy from risky banking and we can afford to fix the unemployment crisis. All we need is the political will.
This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.
Weekly Diaspora: Unemployment Feeding Anti-Immigrant Sentiment
By Nezua, Media Consortium Blogger
The nation’s 10% unemployment rate is feeding anti-immigrant sentiment, as Marcelo Ballvé reports for New America Media. Rep. Lamar Smith (R-TX) critiqued President Barack Obama’s recent jobs summit as “fatally flawed” because President Obama did not discuss wresting millions of jobs away from undocumented families. Smith’s argument is flawed.
A “known Capitol Hill immigration hardliner,” Smith asks us to assume that for every job the U.S. could theoretically “take back” from an undocumented worker, an eager U.S. citizen would flock to fill it. But, as Ballvé reports, “several studies suggest that among Americans and legal residents, it’s mainly those lacking a high school diploma who are competing directly with undocumented immigrants for jobs (and by most estimates, that’s less than one out of every 10 U.S. workers).” (more…)
Weekly Pulse: Profits, Premiums and Potassium
By Lindsay Beyerstein, Media Consortium Blogger
Ashley Ellis weighed just 87 pounds when she reported to the Northwest State Correctional Facility in Vermont to serve a 30-day sentence for “careless and negligent operation of a motor vehicle.” Two days later, she was dead.
As Terry J. Allen reports for In These Times, Ashley suffered from severe anorexia and bulimia. She died because the understaffed, profit-driven prison health service contractor, Prison Health Services (PHS), failed to give her potassium supplements that kept her heart beating normally. Investigators later learned that staffers nicknamed Ashley “Potassium Girl” because she begged so frantically for her medicine. (more…)
Weekly Audit: Jobs, Jobs, Jobs
By Zach Carter, Media Consortium Blogger
President Barack Obama invited leading economic thinkers to a job creation summit on Thursday to help combat the worst unemployment crisis in decades. The stakes couldn’t be higher: If Obama can’t build momentum for robust legislation that will create jobs, the unemployment rate could remain in double-digits all the way through 2011.
In Salon, Andrew Leonard highlights some positive comments Obama made at the jobs summit. In an exchange with The American Prospect’s Robert Kuttner, Obama said that the long-term budget deficit is an issue, but that the best way to reduce that deficit is to spur economic growth. When the economy is growing, the same tax rates reap greater returns for the government. (more…)
The Mulch: What’s at Stake in Copenhagen?
By Alison Hamm, Media Consortium Blogger
Over 15,000 people from 192 countries began to work towards an international climate deal today in Copenhagen. These discussions are part of the largest and most important United Nations climate change summit in history. After two years of contentious negotiations, heads of states are convening through Dec. 18 to curb greenhouse gases, encourage the development of clean energy, and transfer hundreds of billions of dollars to help developing nations curb climate change.
It’s going to be a lively 11 days. Jacob Wheeler has already posted video (below) of a demonstration to save the climate for In These Times‘ blog, The ITT List. For live coverage of the Cop15 summit, make sure to check out video streams hosted by The UpTake and OneWorld. (more…)