Federal Reserve keeps key interest rate at zero, citing global turmoil
The Federal Reserve on Thursday voted to maintain its unprecedented support for the U.S. recovery, leaving a key...
The Federal Reserve on Thursday voted to maintain its unprecedented support for the U.S. recovery, leaving a key interest rate unchanged amid gathering clouds over the global economy.
In an official statement, the nation’s central bank said the job market is recovering and hiring is “solid.” But it expressed concern that inflation remains too low and exports have weakened. Meanwhile, the risk is building that turmoil overseas will drag down growth in America.
"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the central bank's official statement read.
The decision to keep the Fed’s benchmark interest rate at zero amounts to a recognition that the robust recovery central bank officials had hoped for when they launched into an uncharted era of easy money during the throes of the 2008 financial crisis has yet to materialize. The Fed has repeatedly pushed back the goal line as the economy failed to deliver. Seven years after the central bank cut its target rate to zero, Fed officials believe the recovery is not yet ready to stand on its own.
At the press conference that followed the rate announcement Thursday afternoon, Fed Chair Janet Yellen said that a rate hike was still likely by the end of the year. But she reiterated that though “domestic developments have been strong, we want to see continued improvement in the labor market," and the central bank would like "to bolster our confidence that inflation will move toward" the Fed’s 2 percent target before a rate hike.
“We have very large drags from energy prices and import prices," Yellen said, adding that the central bank views those as transitory. As the labor market heals, "we will see further upward pressure on inflation," she said. “We expect to achieve our 2 percent goal over the medium term.”
Markets grew volatile immediately after news of the rate hold, going flat by the end of Yellen's press conference. The Dow Jones Industrial average closed down 0.4 percent and the Standard & Poor’s index closed down about 0.3 percent on Thursday.
Documents released by the Fed show most of the Fed's top brass now anticipate increasing rates only once this year, instead of twice. A growing minority think the central bank should not raise its benchmark rate this year at all, and one suggested it should stimulate the economy even more by taking the rate negative.
Three officials are advocating a 2016 liftoff, while one person pinned 2017 as the date -- longer than anyone has suggested so far.
“Even though the summer stresses in financial markets have abated, the impact of the intense market volatility on domestic economic activity is yet to fully play out,” Millan Mulraine, deputy chief U.S. macro strategist at TD Securities, wrote in a research note.
The Fed lowers its target rate when it wants to stimulate the economy by encouraging businesses and consumers to spend. It hikes when the economy begins to grow too quickly and inflation picks up, making saving money more attractive.
Timing, however, is crucial. If the Fed moves too soon, it risks undercutting the recovery’s momentum. Waiting too long could stock dangerous financial bubbles.
Yellen made reference to that risk at the press conference Thursday when asked whether the Fed should be moving sooner rather than later to raise the rates. "I don't think it's good policy to then have to slam on the brakes," she said.
The Fed modestly upgraded Thursday its expectation for economic growth this year from 1.9 percent to 2.1 percent, but the forecast is still lower than the robust expansion enjoyed a decade ago. The jobless rate has already fallen below the central bank's June estimate of 5.3 percent. The Fed adjusted its forecast to 5 percent. It also nudged up its estimate of core inflation from 1.3 percent to 1.4 percent.
In May, Yellen said speech that she expected the economy would be strong enough to raise the target rate by the end of the year. Other top Fed officials had signaled the long-awaited move could come during its meeting this month.
But that was before the jaw-dropping swings in financial markets over the past few weeks, including a 1,000-point plunge in the Dow Jones industrial average. Evidence is mounting that China’s breakneck economic growth is fizzling out faster than previously thought.
In the meantime, the strong U.S. dollar and low oil prices are weighing on inflation, which has run below the Fed’s target of 2 percent for years. The World Bank, the International Monetary Fund, Nobel-laureate Joseph Stiglitz and former Treasury Secretary Lawrence Summers have all called on the central bank to hold off on a rate hike, at least for now.
“Now is the time for the Fed to do what is often hardest for policymakers,” Summers wrote in The Washington Post recently. “Stand still.”
The calls for delay are also coming from a populist campaign known as Fed Up, which protested outside of the central bank’s buildings Thursday. Several lawmakers joined the demonstration, including Michigan Rep. John Conyers, who is sponsoring a bill that would require the Fed to target a 4 percent unemployment rate.
Not everyone agrees the Fed should wait, however. Richmond Fed President Jeffrey Lacker dissented from the central bank’s vote on Thursday. In aspeech earlier this month, he pointed to strong consumer spending, the sharp decline in unemployment and a pickup in inflation measured since the beginning of the year as reasons a rate hike is warranted.
“I am not arguing that the economy is perfect, but nor is it on the ropes, requiring zero interest rates to get it back into the ring,” he said. “It’s time to align our monetary policy with the significant progress we have made.”
In its official statement, the Fed attempted to assure investors and the public that after the first rate hike, it expects to make subsequent hikes only gradually. Though most officials predicted the Fed would raise its target rate several times next year, they also forecast it would remain below its historic norm of about 4 percent for several years. Fed documents released Thursday show the long-run median estimate at just 3.5 percent.
Each hike will also likely be small, analysts expect just one quarter of one percent. That would allow the central bank to assess how an economy grown accustomed to easy money operates under a new regime.
“One should never discount the importance of an interest rate change by a central bank merely because it looks small,” said Scott Sumner, an economist at the Mercatus Center at George Mason University. “Some pretty big avalanches have started from a small pebble being dislodged.”
Source: Washington Post
Let cities better help their retirees
In less than 20 years, one in every five Americans will be over the age of 65 and we will live longer than any...
In less than 20 years, one in every five Americans will be over the age of 65 and we will live longer than any generation before us. For those without adequate savings for retirement, those added years will be a time of uncertainty and dependency rather than leisure.
Connecticut is the latest state seeking to stave off this looming crisis in elder poverty, passing legislation to provide access to a state-sponsored retirement plan for the 600,000 Connecticut residents who do not have a plan through their employers. The bill will automatically enroll workers in businesses with five or more workers in a retirement plan overseen by a new quasi-public authority. Connecticut joins California, Illinois, and more than a dozen other states pushing for state-sponsored plans to encourage workers to save for retirement.
The accelerated pace of activity follows decades of wage stagnation that have left the average American worker with just half of what workers saved in the 1970s. Half of those nearing retirement have no retirement savings at all and those that do have savings have only enough to provide a median income of around $400 per month.
At the same time, employers have largely abandoned defined benefit pension plans that once guaranteed a minimum level of security based on salary and length of service, opting instead for plans that put the onus on workers to build up their own retirement accounts. Today, more than half of American workers have no private pension coverage at all.
Those who retire without a pension or sufficient savings will depend largely on Social Security for their retirement income, a system that will grow increasingly burdened as baby boomers retire, leaving fewer workers to cover the costs of each retiree.
This daunting reality has spurred states like Connecticut to act.
Innovation at the state level, however, is currently hindered by the federal Employment Retirement Security Act (ERISA), which generally preempts state action on private sector pensions. State legislatures have had to build language into bills making any plan contingent on an exemption from federal ERISA requirements. This burden creates uncertainty for both workers and state administrators, preventing many states from even exploring the possibility of a plan.
In response, the Department of Labor (DOL) is currently developing a safe harbor rule that would clarify how states can bypass ERISA requirements. The rule would let states develop the retirement security model that best suits their residents, while also learning from the successes and missteps of other state plans.
While the proposed DOL rule is a great first step, it does not go far enough in its present form. The rule is limited to states, but cities such as New York are also considering similar plans. They should be afforded the same opportunity to ensure a secure retirement for their residents.
In developing its rule, the DOL should aim to reach the largest possible number of workers, including those whose state legislatures are unable or unwilling to address retirement security. Including cities also allows for more tailored programs when demographics and industries vary widely across a state.
Preventing an elder poverty crisis will require creative solutions at all levels of government. The DOL should ensure that federal regulations foster that creativity, rather than stifle it.
By ANDREW FRIEDMAN
Source
Report says transit times extra long for commuters of color
Star Tribune - 05-12-2015 - Twin Cities transit users of color spend almost 160 additional hours a year commuting when...
Star Tribune - 05-12-2015 - Twin Cities transit users of color spend almost 160 additional hours a year commuting when compared to whites who drive to work solo. That's according to a report out Tuesday from four advocacy groups opposing cuts to public transportation funding.
The report "It's About Time: The Transit Time Penalty and Its Racial Implications" cited infrequent service, indirect routes, delays, overcrowded vehicles, and insufficient shelter at bus stops as factors that contribute to a transit time penalty that adds time and stress to each commute. For Blacks and Asians who used public transit, that totaled an extra 3.5 weeks a year and for Latinos it was 4 hours a year of additional time required to travel between two points by public transportation, compared with going by car.
"That means that for a month a year more than white drivers, transit commuters of color are unavailable for working, helping children with homework, helping parents get to the doctor, running errands, volunteering in their communities or participating in their churches," said the report compiled by Neighborhoods Organizing for Change, TakeAction Minnesota, ISAIAH and the Center for Popular Democracy.
The groups released their findings during a news conference at the State Office Building in St. Paul.
As the legislative session come down to the wire and a transportation budget still up in the air, the advocacy groups are urging law makers to approve a bill that would not cut service but allow Metro Transit to move forward with its Service Improvement Plan. That plan calls for an expansion of service that would institute Arterial Bus Rapid Transit, which would speed up service on local urban routes by as much as 30 percent among other things, the report said.
A proposal passed by the Minnesota House would force Metro Transit to reduce regular bus service by at least 17 percent. The fate of that proposal will be decided in the overall transportation spending bill hashed out by the House, Senate and Gov. Mark Dayton
"These improvements can only happen with enough funding. If transit funding is cut, the time penalty is certain to worsen," the report said. "Funding cuts proposed by House Republicans will result in lost service—longer waits, more delays, longer travel times, and more crowded buses and trains."
About 5 percent of whites and Minnesotans of Asian descent commute by public transit, 8 percent of Latinos, 10 percent of Blacks, and 29 percent of American Indians commute to work on public transit.
Source: Star Tribune
Durham County judge, attorneys interested in filling seat held by Paul Luebke Read more here: http://www.newsobserver.com/news/local/community/durham-news/article118570918.html#storylink=cpy
Durham County judge, attorneys interested in filling seat held by Paul Luebke Read more here: http://www.newsobserver.com/news/local/community/durham-news/article118570918.html#storylink=cpy
Phil Lehman was officially sworn in to fill his longtime friend Paul Luebke’ seat last month, but his term as a state...
Phil Lehman was officially sworn in to fill his longtime friend Paul Luebke’ seat last month, but his term as a state representative will only last a month or so.
Lehman, a a longtime consumer advocate in the state attorney general’s office who retired three years ago, was appointed to the seat the night before the Nov. 8 election and plans to step down in January.
“I don’t think there was enough time to do all the vetting process and consulting with the political groups to find somebody younger than I was to be in this for the long haul,” said Lehman, 70.
Luebke, 70, a Democrat who represented Durham for 25 years in the state House, died in late October. He had been diagnosed with lymphoma in 2015 and received treatment, but suffered a sudden return of the cancer.
Luebke, who was running for re-election to a 14th term, remained on the ballot for the general election
According to elected officials, a subset of the Durham County Democratic Party Executive Committee that included precinct chairs and vice chairs and elected officials in House District 30, initially planned to fill the seat after the election. That changed after concerns were raised about procedure and possible future complications.
“The recommendation was made by the state Democratic Party that we didn’t want to go through the election cycle without having somebody appointed to serve in his place on the ballot,” said Sen. Floyd McKissick, a Durham Democrat who said he preferred taking that route from the beginning.
The subset of the Durham committee met Nov. 7 and voted to appoint Lehman to the seat as a place holder to fill the existing term and the start of the new term.
At least four candidates want the seat when Lehman steps down.
▪ Danielle Adams, 32, is an eight-year member of the Durham County Soil & Water Conservation District Board of Supervisors who was recently re-elected. She is the southern coordinator for Local Progress, an arm of the national nonprofit Center for Popular Democracy. It encourages progressive policy making at the local level.
Adams wants to bring a strong, pragmatic, progressive voice that represents young people, women and people of color.
“I don’t think my voice has been reflected, and I think part of my desire comes in wanting to see that change and being that change not only for myself but for the many others like me,” she said.
▪ Shelia Huggins, 49, is a private attorney who worked for the city for eight years, most recently as a senior administration manager with the Department of Economic and Workforce Development. Huggins said she has focused on supporting entrepreneurship by serving on the N.C. Central University School of Business Board of Visitors and Alamance Community College Small Business Center Board of Advisers.
Huggins wants to improve the economic vitality of the state.
“I would really like to see us build a business climate that is supportive of people who are trying to build businesses and people who already have business in the state of North Carolina,” she said.
▪ Marcia Morey, 61, Durham County’s chief district judge, has served on the bench for nearly 18 years. She was a driving force behind the county’s misdemeanor diversion program, which was the first in the state after it was established in 2014 to give 16- and 17-year-olds charged with certain misdemeanors a second chance. The program was later expanded to18- to 21-year-olds and has been a model for other counties across the state
Morey said she is up for a new challenge to help make better policies and laws.
“I think after 18 years in the courts, you see many issues that would come before the General Assembly,” Morey said. “It has given me a lot of awareness and experience to kind of know how to look at laws, and how they are interpreted, and the impact they have on people’s lives.”
▪ Sherri Zann Rosenthal, 59, is a senior assistant city of Durham attorney. She worked as a contract attorney for the city for six years before becoming an assistant city attorney in 1995. Rosenthal served as president of the Durham-Orange Women Attorneys and created a committee on child sexual trafficking in Durham. The committee’s advocacy lead to the creation of the Durham County Task Force Against Child Sexual Exploitation, which is providing prevention training in schools and promoting the gathering of information of cases that come through the Durham County Department of Social Services.
Rosenthal said public policy has always been her core interest.
“I think that at the state level we have really gotten away from fact-based public policy, and we have gotten very polarized. It is very important that we join together so that we solve real problem,” she said.
By Virginia Bridges
Source
Cities Are Saying ‘No’ to ICE by Canceling Their Contracts With the Agency
Cities Are Saying ‘No’ to ICE by Canceling Their Contracts With the Agency
The stunning victory of 28-year-old Democratic Socialist Alexandria Ocasio-Cortez in the New York primary on June 26...
The stunning victory of 28-year-old Democratic Socialist Alexandria Ocasio-Cortez in the New York primary on June 26 pushed the call to “abolish ICE” suddenly and powerfully onto the national stage. (ICE, of course, is the acronym for the Immigration and Customs Enforcement agency.) But even before big-name politicians like Kirsten Gillibrand and Bill de Blasio began taking up the call, a growing anti-ICE rebellion had begun reverberating across city and county legislatures in response to the Trump administration’s brutalizing “zero-tolerance” immigration policy.
Read the full article here.
The Problem With Bernie Sanders’ Bold Plan To Aid Puerto Rico
The Problem With Bernie Sanders’ Bold Plan To Aid Puerto Rico
Democratic presidential candidate Sen. Bernie Sanders, I-Vt., holds a town hall meeting at the Luis Muñoz Marin...
Democratic presidential candidate Sen. Bernie Sanders, I-Vt., holds a town hall meeting at the Luis Muñoz Marin Foundation in Trujillo Alto, Puerto Rico, Monday, May 16, 2016. Sanders arrived in Puerto Rico on Monday to talk about the U.S. territory's worsening debt crisis ahead of the June 5 primary.
The race for the Democratic nomination is in its final throes, and Sen. Bernie Sanders (I-VT) and Hillary Clinton are fighting it out for every last remaining delegate. Puerto Rico’s June 5 primary — in which 67 delegates are up for grabs — will carry more political weight than usual, and the campaigns are lavishing attention on the island.
As he campaigned in the territory’s capital on Monday, Sanders laid out a bold proposal to help Puerto Rico dig itself out from $72 billion dollars in debt, but economists and former government officials tell ThinkProgress the plan is legally impossible.
Both Sanders and Clinton have urged Congress to pass a bill giving Puerto Rico the ability to declare bankruptcy and restructure its debt. But Sanders went further this week, demanding that the Federal Reserve act unilaterally to help the island if Congress continues to drag its feet on a bill to restructure the massive debt the Puerto Rican government says it cannot pay.
Ironically, the reforms Congress passed to rein in Wall Street following the 2008 financial crisis — reforms Sanders supported — are part of why the Federal Reserve can’t do what Sanders is now demanding.
“If the Federal Reserve could bail out Wall Street, it can help the 3.5 million American citizens in Puerto Rico improve its economy and lift its children out of poverty,” he said. “Under current law, the Federal Reserve has the authority.”
Some progressive groups, like the Center for Popular Democracy, are voicing support for Sanders’ plan. In an e-mail to ThinkProgress, the director of the CPD’s “Fed Up” campaign said that if the U.S. government could find a way to prop up Wall Street during the 2008 crash, it can do the same for Puerto Rico.
“When the financial crisis hit Wall Street, they used all of their most creative legal minds and institutional power to design solutions that would protect the big banks from collapse; if they wanted to, Fed officials could similarly find appropriate solutions here.”
But other economic experts and former Federal Reserve board members told ThinkProgress that Sanders is mistaken. Ironically, the reforms Congress passed to rein in Wall Street following the 2008 financial crisis — reforms Sanders supported — are part of why the Federal Reserve can’t do what Sanders is now demanding.
“The type of assistance Senator Sanders is asking the Fed to provide would not be legally possible,” said Donald Kohn, who served on the Federal Reserve’s Board of Governors from 2002 to 2010. “[It is] not what the Congress intended. Among other things, [the law] requires that any facility be broadly based and not intended for a particular troubled borrower.”
The reforms in the 2010 Dodd-Frank bill sharply curtailed the central bank’s ability to make emergency loans to struggling banks, partnerships, or corporations in order to keep them afloat. While questioning whether the Puerto Rican government counts as a bank, partnership, or corporation in the first place, Kohn also cited another section of the law saying the Federal Reserve must “prohibit borrowing from programs and facilities by borrowers that are insolvent,” as Puerto Rico will soon be, and that emergency lending powers are “not to aid a failing financial company.”
The Federal Reserve has given Congress the same message, and other fiscal policy experts agree. University of Pennsylvania professor Peter Conti-Brown, an expert on the Fed’s legal authority, told the Washington Examiner that Dodd-Frank “specifically forbids this kind of targeted bailout,” while Cato Institute director of financial regulation studies Mark Calabria added that “the intent and clear language forbids ‘one-off’ rescues to single entities.”
Warren Gunnels with the Sanders campaign argued in an e-mail to ThinkProgress that because only a fraction of Dodd-Frank’s reforms have been finalized and implemented, the Federal Reserve can still step in. “The Federal Reserve has the authority to facilitate an orderly restructuring of Puerto Rico’s debt through a reverse auction process that will lead to major haircuts for Wall Street vulture funds,” he said.
Still, most experts say it falls on Congress to act to rescue Puerto Rico. House Republicans introduced a bill this week that would allow Puerto Rico to restructure its debt, but would also implement an un-elected control board to oversee the island’s budget and cut the minimum wage from $7.25 to $4.25 an hour for workers under 25.
We don’t need more austerity for children in Puerto Rico who are going hungry.
Sanders blasted the proposal as undemocratic and a further burden on the poor. “We need austerity for billionaire Wall Street hedge fund managers who have exacerbated the financial crisis in Puerto Rico. We don’t need more austerity for children in Puerto Rico who are going hungry,” he said.
Regardless of the feasibility of Sanders’ Federal Reserve proposal, his pro-sovereignty and anti-austerity message resonated with Puerto Ricans on and off the island. Two prominent officials, including the mayor of the capital of San Juan, rescinded their endorsements for Hillary Clinton after Sanders’ visit, while other community leaders sang his praises.
“Bernie Sanders is the only candidate dedicated to the people of Puerto Rico,” said Jose Nicolas Medina, an attorney in San Juan. “Much of our problems are due the policies of Clinton. As first lady and as Senator, Hillary did nothing to help the situation of Puerto Rico. So we punish the Clintons with our votes.”
Others watching Sanders’ speeches told ThinkProgress they were inspired by his promise to allow Puerto Ricans to vote for either independence or statehood during his first year in the White House, and his characterization of the current U.S.-Puerto Rican relationship as “colonial-like treatment.”
“To have a candidate for president finally admit that Puerto Rico is a colony is historic,” said Phillip Arroyo, the former chair of the Young Democrats of America’s Hispanic Caucus and a Puerto Rican living in Florida. “He has planted a seed in the mind of the new generation. It will ultimately bear fruit regardless of whether he’s elected.”
BY ALICE OLLSTEIN
Source
Not one of the regional Fed banks has ever been run by a black or Latino
Not one of the regional Fed banks has ever been run by a black or Latino
Atlanta, located in the heart of the South, was a center of the civil rights movement, became a corporate hub of the...
Atlanta, located in the heart of the South, was a center of the civil rights movement, became a corporate hub of the New South economy, and boasts a large black professional class.
Can it help break the Federal Reserve's color barrier?
Dennis Lockhart's retirement early next year as head of the Federal Reserve Bank of Atlanta has spotlighted the selection of his replacement as members of Congress and a coalition of activist groups call for an aggressive search among blacks and Latinos with finance or economics expertise.
African-Americans have served on the Federal Reserve's Washington-based Board of Governors three times in the Fed's 103-year history, and the central bank now has a female chair, Janet Yellen.
But none of the regional banks have ever been run by a black or Latino, a lack of diversity some argue is worrisome on its face and could make the system as a whole less attentive to how policy impacts less advantaged communities.
"Grave racial disparities exist across our nation in unemployment, wages and income. ... It is critical that incoming leadership ... be committed to doing more," four African-American members of the House of Representatives wrote in a letter this week to Yellen and Thomas Fanning, chair of the Atlanta Fed's private board of directors.
"Lockhart's recent retirement announcement presents an opportunity to enhance and expand the Federal Reserve's leadership," they said in the letter.
In a public webcast on Thursday, Fanning said he wants to hold "one of the most transparent processes ever," and that the search committee has already received nominations from the public at large.
As in other districts, the search will be national in scope. There is no requirement that the head of the Atlanta Fed come from the bank's southeastern region, and the 12 regional Fed banks often bring in a president from outside their own geographic area.
Executive search firm SpencerStuart has been hired to run the search. Consultant John Harpole said the firm has helped place 1,600 women, minorities and other "underrepresented groups" in corporate positions, and would cast a wide net among local institutions, national organizations and its "strong network" of sitting executives to find candidates.
The issue is sensitive for the Fed, whose policies affect every citizen but which is designed to be immune from the day-to-day politics that influence other U.S. government agencies.
Group says Fed is unaccountable
Because monetary policy focuses on influencing interest rates that apply nationwide, Fed officials say it is too blunt a tool to address issues like the persistent gap between unemployment rates for blacks and white.
Activists counter that those sorts of problems might improve if unemployment was driven as low as possible — even at the risk of higher inflation. The Fed sets policy with two goals in mind, low employment and stable inflation of around 2 percent annually.
The U.S. unemployment rate in August, the latest month for which data is available, was 4.9 percent.
A labor-affiliated coalition of civic groups, known as Fed Up, has taken the argument even further, arguing that the Fed's very structure makes it unaccountable.
The regional banks in particular have supervisory power over local financial institutions as well as a voice in national policymaking, but are set up as private entities owned by the banks they oversee. The regional bank presidents are chosen by a local board of directors, though the choice must be approved by the Fed governors in Washington.
In a meeting with civic activists in August, New York Fed President William Dudley agreed the institution had done a "pretty lousy" job of promoting diversity. But Fed officials in general argue that the current structure has worked well, and that changes would need to offer clear advantages without risking the central bank's independence.
In that environment, the Atlanta Fed appointment will be watched closely. Though many regional bank heads come from within the broader Fed system, tapped from its ready pool of economists with doctoral degrees, Lockhart had a varied career in private equity and banking before taking over the Atlanta Fed 10 years ago.
And while the search will be national, Atlanta has a deep pool of black professionals - 10 percent of African-Americans in the city have a graduate or professional degree, three percentage points higher than the national average.
"That would be a great thing," Fanning said. "We want the best person as well."
By Howard Schneider
Source
Youth of Color Demand Racial Justice in Gun Reform During #NationalSchoolWalkout
Youth of Color Demand Racial Justice in Gun Reform During #NationalSchoolWalkout
In the days leading up to today’s protest, young people of color released a petition that calls for gun reform and...
In the days leading up to today’s protest, young people of color released a petition that calls for gun reform and school safety measures that center racial justice. In the petition, which was signed by several social justice organizations including Advancement Project, American Federation of Teachers and Center for Popular Democracy...
Read the full article here.
Wall Street Stands to Make a Killing From Building Trump's Border Wall
Wall Street Stands to Make a Killing From Building Trump's Border Wall
The border wall with Mexico, Donald Trump's proposed monument to nativism and bigotry is, according to an October story...
The border wall with Mexico, Donald Trump's proposed monument to nativism and bigotry is, according to an October story from NBC News, at least 10 months away from "meaningful construction." It currently has no funding from Congress nor from Mexico, contrary to reports from Trump's fever dreams. This reality hasn't dimmed the visions of dollar signs in the eyes of America's largest corporations, which, according to a new report from Make the Road New York, the Center for Popular Democracy, New York Communities for Change, and the Partnership for Working Families, are behind a company making one of the wall prototypes and stand to benefit handsomely.
Read the full article here.
NY Daily News Letter to the Editor: Body Count
New York Daily News - April 15, 2014, by Josie Duffy - Re “Hardhat in fatal plunge” (April 15): How many more deadly...
New York Daily News - April 15, 2014, by Josie Duffy - Re “Hardhat in fatal plunge” (April 15): How many more deadly accidents have to happen before the construction and insurance industries drop their campaign to weaken workplace safety laws? In the past month alone, there have been two fatal construction accidents in Midtown, underscoring the dire need to protect and expand worker safety rules, especially the Scaffold Law. Instead, construction and insurance companies are pouring money into a high-priced campaign to convince Albany to weaken common-sense safety rules that hold building owners and contractors responsible if their safety lapses lead to injuries or deaths. Weakening the law would make dangerous jobs more deadly, especially for immigrant and Latino workers who, studies show, are more likely get hurt on the job. The latest construction deaths should end this debate. Source
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