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Archive for the ‘economy’ Category

Obama’s prime time conference

7:13 pm By la Macha · Obama| Politics| economy · Comments Off

24 Mar 2009

090224_obama1_brownAre you interested in live, up-to-date coverage? Head over to Al Giordano’s blog over at Narco News (which also has amazing coverage of how the “war on drugs” is treating South America).

So far:

Update 8:04 p.m. ET: Making it clear that he stands by his economic recovery pilot, he mentions Secretary Geithner’s work in the first two minutes of his opening statement. (I hear the exploding of various heads out there somewhere.)

Democracy Now! has a really good show today–the first segment in particular was really good. We all know that communities of color are hit hardest by economic recessions–generally, we all are surviving on a day to day basis, so when something harder hits, we go into tailspin. The DN interview showed very clearly how this crisis is not just hitting communities of color hardest, but how the stimulus package may continue the downfall of our communities.

MAYA WILEY: But the other is, we’re going to stimulate jobs through the recent stimulus act through construction, right? I mean, a big part of that is “shovel ready,” projects that are ready to start digging in order to get those construction jobs going, to get people working, to get money flowing into the economy. Well, blacks and women of all races are deeply underrepresented in the construction trades. So if we’re stimulating those jobs, we’re not actually stimulating jobs for the communities that have the highest unemployment rates, unless—unless—unless we learn from some of the lessons of cities like Los Angeles, where both the city and the unions really took leadership in making sure that they got tracked people of color, women into apprenticeship programs, so that when those construction contracts came, there were real community benefits. That’s the model that’s very important, and our implementers, our public officials that are going to be looking at stimulus implementation, should also be taking the leadership to demand, for example, that 30 percent of the jobs that are part of the construction jobs that are stimulated go to people who are living at poverty level at the time that they’re hired.

AMY GOODMAN: I’m always amazed when we hear unemployment numbers. They say they could hit double digits, when the

unemployment figures for African Americans that are over 12.6 percent—in some communities, young black men at 50 percent.

MAYA WILEY: Correct. If you look at the demographic, particularly for black and Latino males between the ages of eighteen and twenty-five, those statistics can get as high as 50 percent in some communities. And I think nationally it’s in the high twenties. So we’re talking about communities where you literally have no economy that is supporting those communities.

Here’s the segment if you want to watch it:

You can also read it here.

Cell Phone Bills Through the Roof, Consumers Look for Options

10:42 am By Jennifer Woodard Maderazo · Money| Telecomm| economy · Comments Off

17 Mar 2009

sticker-shockIn this time of economic difficulty, it seems that more and more people are getting the short end of the stick when it comes to paying what’s fair for the basics — which in this day and age means a cell phone. I’ve had my fair share of through-the-roof cell phone bills myself, but a report in The Christian Science Monitor this week made my jaw drop: according to a consumer advocacy group, cell users in San Diego are paying a whopping $3.00 per minute for their calls. Excessive text messaging can also make your bill go through the roof. Are unlimited cell phone plans the answer? It depends on your usage, according to experts.

This average is driven up by a small slice of consumers who buy large plans but rarely use them. If you cut out these big-spenders, the average falls somewhere between 50 cents and $1 per minute – far more than the “10 cents a minute” claim made in many ads.

That means if you are a big talker/texter an unlimited plan is the way to go. But if you aren’t, you’ll be selling yourself short.

I experienced sticker shock a few years back when I went over my minutes on my cell phone: a $300 bill was my punishment for not watching the clock. That decreased when I went on an unlimited plan but the problem was I wanted to use the Internet, and an unlimited data plan was also really expensive on my carrier. I sucked it up and paid — and continue to pay.

As people start looking for creative ways to cut costs, some are turning to pre-paid cell phones. That sector has reportedly grown some 13% this year, as a result of the economic downturn.

If I weren’t on contract with another company, I’d be interested in this offer, which came to us via Boost Mobile, and that you might find attractive as well: an unlimited plan WITH Internet for only $50. Check it out.

Are you cutting back on your cell phone use as a result of the recession? Let us know what you think in the comments.

Via / Chicago Tribune

constructionDespite the fact the Center for Immigration Studies has proven itself to be less than unbiased with it’s ties to hate groups, that hasn’t stopped mainstream news sources from citing them and fanning the flames of anti-immigrant sentiment this time using the Obama stimulus program as it’s jumping off point.

CIS latest rallying cry is that 300,000 undocumented workers will “steal” jobs created under President Obama’s stimulus plan. See how they connect the dots:

CIS asserts that the stimulus bill will create two million new construction jobs based on a 2007 estimate by the Federal Highway Administration (FHWA) on how many “construction- oriented” jobs are directly created by each $1 billion of “federal highway expenditures. ” Yet “construction- oriented” jobs include technical and management positions for which undocumented immigrants, who tend to be less-skilled, are unlikely to qualify.

CIS then claims that 15% of these two million new construction jobs (roughly 300,000) will go to undocumented workers because an estimated 15% of construction workers were undocumented in 2005-before the economic collapse and before the huge job losses in construction.

See! So if undocumented workers were working in construction before, you know that they will now. Right? Never mind that the stats used are old stats and don’t take into account CIS’s own stats on how undocumented workers are leaving the country. So que? They are all going to run back over the border to take the new jobs?

This build of fear serves one purpose, to stir hate in tough economic times, to distract our vision from why the economy is failing and the why has nothing to do with the undocumented.

Via / Immigrant Solidarity Network

The following is a tragic story–and hits a little too close to home. A Californian couple committed suicide after killing all their children–why? Because both the mother and the father had lost their jobs and they didn’t see any way to make it through the situation.

Although I’ve been without a job and know how to survive in dire circumstances (thus would never turn to suicide), I most definitely know that feeling of out of control desperation that this couple must have felt. Like so many other people out there, paying bills is a struggle in this economic time-to the point I’ve had to decide between food to feed my family and pay off utilities.

It’s time for Congress to *forget* about the companies and businesses and start paying attention to the people that are employing them and elected them into office. We all need help–but that doesn’t seem to matter, even in the worst of cases.

May this family rest in peace.

I don’t know about you, but I personally don’t really find much of anything useful about the various stimulus packages that have gone through Congress since the U.S. economy began to fail. They don’t create jobs, they don’t pay my student loans off, they don’t make my roads any better. So I haven’t been a big fan of Obama’s proposed stimulus package–and was even less so when I found out that he (the big mighty feminist) was asking Congress Democrats to cut funded birth control out of the package. And then I discovered that the stimulus package is *also* going to fund E-Verify.

NILC explains why this is not a good thing:

The amendment represents a massive expansion of the E-Verify program. As has been well documented by three different House committees in five separate hearings, the E-Verify program is deeply flawed, inaccurate, and subject to substantial employer abuse. Bottom line – it is not ready for a massive expansion and especially not during the economic crisis.

E-Verify is a voluntary internet-based program intended to allow employers to electronically verify the information that workers present to prove their employment eligibility by accessing information in databases maintained by the Department of Homeland Security (DHS) and the Social Security Administration (SSA). Approximately 100,000 employers are enrolled in (though not necessarily using) E-Verify — slightly more than 1 percent of the approximately 7.4 million employers in the U.S.

Read more…

Obama’s latest speech on the economy

1:39 pm By la Macha · economy · Comments Off

8 Jan 2009

I did not vote for Obama for very specific reasons. I prefer to give my vote to 3 party candidates, for one thing. And for another thing, I think he’s too much of a moderate. But every once in a while, he does certain things that catch my ear. This speech was one of them:

One of the better parts:

This crisis did not happen solely by some accident of history or normal turn of the business cycle, and we won’t get out of it by simply waiting for a better day to come, or relying on the worn-out dogmas of the past. We arrived at this point due to an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington, DC. For years, too many Wall Street executives made imprudent and dangerous decisions, seeking profits with too little regard for risk, too little regulatory scrutiny, and too little accountability. Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn’t afford. Politicians spent taxpayer money without wisdom or discipline, and too often focused on scoring political points instead of the problems they were sent here to solve. The result has been a devastating loss of trust and confidence in our economy, our financial markets, and our government.

The full text to it can be found here.

Wonder Why So Many People Were Against the Bank Bailout?

9:25 am By Maegan La Mala · economy · Comments Off

22 Dec 2008

08-01-17_money8.jpgAccording to the AP, many of the banks who were given millions of dollars, were throwing money away as the economy tanked.

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.

So the banks, who in large part are responsible for this crisis by creating a whole subprime mortgage system and inventing types of trade transactions basically rewarded themselves for a job well done, while the average working person struggles to survive.

Merry Christmas.

Via / Yahoo!

U.S. Auto Industry Hits Pause as They Await $

7:09 am By Maegan La Mala · economy · Comments Off

18 Dec 2008

chrysler_lg.JPGAfter the U.S. Congress failed to come up with a deal for the country’s top auto makers, the companies are taking drastic steps to save money and survive.

Chrysler said it would extend the normal two-week holiday shutdown that begins Friday to at least Jan. 19 at all 30 of its factories due to slumping sales. They and General Motors were looking for Congress to approve $14 billion in loans.

Chrysler spokesman Dave Elshoff said four plants will be temporarily closed beyond Jan. 19: two plants in Toledo, Ohio, and one each in Ontario and Detroit.

Workers at the shuttered factories will get their regular vacation pay for the scheduled two week shut down. For the extended shut down, the workers will be hitting the unemployment rolls and also receive a supplement from the company, earning 85 percent of their normal pay.

Read more…

Ecuador to Default on External Debt

11:45 am By Maegan La Mala · Ecuador| Money| economy · Comments Off

15 Dec 2008

3103294814_ab00cd35a1.jpgEcuadorian President Rafael Correa announced that his country would not pay back the remaining balance on it’s external debt, saying that the debt is immoral and illegitimate.

The decision of defaulting on the global bonds (2012, 2015 and 2030) was taken by Correa after the official presentation of the final report from the Public Credit Audit Commission (Comision para la Auditoria Integral del Crédito Público, CAIC [es]) audit regarding Ecuador’s foreign debt. Ecuador’s decision to stop payments on the interest on its national debt is it’s second in two decades, the other coming in 1999, when it defaulted on $10 billion. In 2008, the figure stands at $3.9 billion.

Read more…


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