2019 was a very good year for the world’s wealthiest individuals. The normal workings of global capitalism created both more billionaires and more combined wealth owned by those billionaires.
Author Archive | David Ruccio
The phrase, which was used in the early nineteenth century to describe the the spoils system of appointing government workers, accurately describes the American economy today.* And it’s pretty clear who the victor is, and it’s not the working-class. Instead, a small group at the top have come out as the victor—and that’s been true […]
The American economy gained 1.8 million jobs last month, even as the coronavirus surged in many parts of the country and newly reintroduced restrictions caused some businesses to close for a second time.
All told, 54.1 million American workers have filed initial unemployment claims during the past nineteen weeks.
The existing alphabet soup of possible recoveries—V, U, W, and so on (which I discussed back in April)—is clearly inadequate to describe what has been taking place in the United States in recent months.
Yesterday morning, the U.S. Department of Labor (pdf) reported that, during the week ending last Saturday, another 1.3 million American workers filed initial claims for unemployment compensation. That’s on top of the 48.7 million workers who were laid off during the preceding fifteen weeks.
Yesterday morning, the U.S. Department of Labor reported that, during the week ending last Saturday, another 1.4 million American workers filed initial claims for unemployment compensation.
At the highest of levels of unemployment following the 2007-08 crash, there were 15.3 million jobless Americans.
More than 50 years ago (on 14 April 1967), Martin Luther King Jr. delivered one of his famous speeches, on “The Other America,” at Stanford University.* King patiently explained to the audience of students and faculty members that, while in his view “riots are socially destructive and self-defeating,” they are “in the final analysis. . […]
Will colleges and universities reopen in the fall? That’s the question on the minds of many these day—administrators, faculty, staff, students, and their families, not to mention the communities in which they live.
All told, 38.6 million American workers have filed initial unemployment claims during the past nine weeks.
OK, I’m done with all these trite catchphrases about all of us being in this mess together.
In particular, the existence of a reserve army serves to discipline labor, keeping its wage demands in check, since employed workers are forced to compete with unemployed and underemployed workers for the available jobs.
Like nursing homes, the U.S. meatpacking industry has become one of the hotspots of the novel coronavirus pandemic.
A new report from the Institute for Policy Studies, “Billionaire Bonanza 2020: Wealth Windfalls, Tumbling Taxes, and Pandemic Profiteers,” reveals that the wealth of U.S. billionaires is indeed staying at home.
The United States is currently experiencing a dystopian orgy of death and destruction.
As Donald Trump and his band of “hacks and grifters” are preparing to prematurely reopen the U.S. economy, they’re also rehearsing the language they’ll use to justify their irresponsible decisions. Here’s how Peter Navarro, the White House trade adviser, is discussing the terms of the reopening: The unfair China trade shock that hit so many […]
All told, more than 16 million American workers have filed initial claims during the past three weeks.
Although claims are at record highs, many Americans across the United States have been unable to successfully apply for unemployment insurance because an unprecedented level of claims is overwhelming state labor department websites and jamming up phone lines.
Capitalist crises are neither predictable nor do they stem from a single cause. Instead, at least as I see it, the possibility of a crisis is always there but the causes and triggers are all historical and therefore multiple and varied.