By Jacob Crosse, 3 April 2019
Retirees have been given two options—either convert all or a portion of the previously held policy into a new plan, and begin making payments, or watch it evaporate.
By Dan Conway, 1 April 2019
A small layer of investors and company employees have become multimillionaires and billionaires, while hundreds of thousands of drivers struggle to make ends meet on poverty level wages.
By Nick Beams, 30 March 2019
The issue of enforcement has been at the centre of US demands, with Washington wanting the right to impose tariffs on China without any retaliation.
By Nick Beams, 29 March 2019
Bloomberg has reported that the amount of global bonds with negative yields has topped $10 trillion, an indication of the growing uncertainty in financial markets.
By Fred Mazelis and Mark Witkowski, 25 March 2019
The development is the latest and most extreme expression of the gentrification and inequality that has reached unprecedented levels in the capital of American capitalism.
By Patrick Martin, 18 March 2019
Attacks on workers are paying off for the bosses at Ford, Boeing, Blue Cross Blue Shield and other giant corporations.
By Nick Beams, 14 March 2019
The questioning of US Trade Representative Robert Lighthizer centred almost exclusively on the content and progress of trade talks with Beijing.
By Nick Beams, 12 March 2019
The key US demand is that China must make “structural” changes to its economy, including abandoning state subsidies to major industries.
By Nick Beams, 11 March 2019
Last week the OECD cut its growth forecast for advanced economies in 2019 from 1.8 percent to 1 percent, with Europe taking the brunt of the downward revision.
US “retail apocalypse” expected to exceed annual high with more than 1,100 store closures announced in one day
By Trévon Austin, 9 March 2019
More than 6,300 stores are already set to close in 2019 already surpassing the total number of closures last year.
Some economic and political conclusions
By Nick Beams, 9 March 2019
Over the past decade, as a result of policies carried out by the US government, financial authorities and the US Federal Reserve, trillions of dollars have been pumped into financial markets, lifting the Dow and the S&P 500 by more than 300 percent.
By Nick Beams, 7 March 2019
The increased deficit is an expression of the inherent contradictions of Trump’s “America First” trade agenda, within the framework of a globalised economy.
By Nick Beams, 5 March 2019
The Trump negotiators are insisting that the US retain the right to impose tariffs if it considers a deal has been abrogated and China should not impose any retaliatory measures.
By Nick Beams, 2 March 2019
A statement from Meng’s defence lawyers objected to the Canadian decision in the face of what it called “the political nature of the US charges.”
By Nick Beams, 1 March 2019
The US Trade Representative made it clear the fundamental question is “structural reforms” in the Chinese economy.
By Andre Damon, 27 February 2019
A growing movement of the working class confronts the entrenched power of a financial oligarchy intent on expanding its wealth and domination over society.
By Jerry White, 27 February 2019
After concealing news about the strike in Mexico for six weeks, the Detroit Free Press acknowledged that it has forced Ford to halt production due to a lack of steering wheels.
By Jacob Crosse, 25 February 2019
Promoted by the unions and the pseudo-left, the “Fight for $15” campaign has been utilized by the Democratic Party to institutionalize poverty wages for millions of workers.
By Nick Beams, 23 February 2019
The Wall Street Journal has reported that the German government is “leaning towards letting Huawei … participate in building the nation’s high-speech internet infrastructure.”
By Nick Beams, 21 February 2019
A Commerce Department investigation is believed to state that auto imports constitute a “threat.”
By Nick Beams, 16 February 2019
The next round will be virtually the last chance to reach a formal agreement before March 1, after which the US will increase tariffs—from 10 to 25 percent—on $200 billion worth of Chinese goods.
By Nick Beams, 15 February 2019
The top 1 percent in the US now owns about 40 percent of household wealth, increasing its share by at least 10 percentage points since 1989.
By Jacob Crosse, 11 February 2019
The beleaguered retail chain lives to die another day as remaining workers are left with an uncertain future
By Alex Johnson, 4 February 2019
According to Reuters, drug manufacturers raised the prices of more than 250 prescription drugs, including the world’s top-selling medicine, Humira.
By Nick Beams, 2 February 2019
A statement issued by the White House at the conclusion of the discussions said Trump had reiterated that the US will increase tariffs unless an outcome is reached.
By Nick Beams, 2 February 2019
The financial elites on Wall Street, addicted to the supply of ultra-cheap money as they appropriate the wealth produced by the labour of billions of workers, dictate economic policy.
By Jacob Crosse, 1 February 2019
This is the second time the Foxconn investment, promoted by the Trump administration as proof that its tax cuts would benefit workers, has been significantly reduced.
In the wake of December’s market turbulence
By Nick Beams, 31 January 2019
The Federal Reserve’s statement yesterday dropped its language stating that further rises would be appropriate.
By Nick Beams, 29 January 2019
The US is demanding China scrap its program for future economic development by implementing so-called “structural” changes.
By Nick Beams, 25 January 2019
The decision to hand the keynote address to the newly installed fascistic president of Brazil, Jair Bolsonaro, demonstrated the political orientation of the global elites at Davos.
By Jacob Crosse, 24 January 2019
After decades of loyal service Shopko employees are to be laid off and their pensions raided so that wealthy executives can reap millions of dollars in bonuses and fees.
Head Start, school lunches and social programs targeted for elimination
The Congressional Budget Office points US spending priorities towards “great power” conflicts: Part Two
By Guillaume Garnier and Nancy Hanover, 21 January 2019
A recent CBO report insists that the vast majority of discretionary appropriations be allocated to the US military machine and its ever-expanding wars, while outlining “options” for eviscerating social services and public education.
Auto jobs massacre widens
By Marcus Day, 19 January 2019
The auto giants are seeking to terrorize an increasingly insurgent workforce into submission, as the companies confront slumping sales, a looming economic crisis and significant financial pressures.
By Gabriel Black, 19 January 2019
The US regards the “Made in China 2025” initiative as a major threat to its own global economic and strategic domination.
By Nick Beams, 18 January 2019
The gathering of global elites is very mindful of the mounting international class struggle, with “social anger” increasingly prevalent.
By Nick Beams, 15 January 2019
The bank cut its June forecast for global growth of 3 percent this year to 2.9 percent and warned that “the risks are growing that growth could be even weaker than anticipated.”
By Jessica Goldstein, 14 January 2019
Against the backdrop of Sears’ threatened liquidation, Macy’s and other department retailers suffered severe stock drops and announced plans for more store closures.
By Jessica Goldstein, 9 January 2019
Sears Holding Corp. has put liquidation on hold as hedge fund manager and asset stripper Eddie Lampert, its primary shareholder, revised a bid to purchase the company’s assets.
By Andre Damon, 5 January 2019
The Federal Reserve, responding to Thursday’s stock market selloff, declared it was “listening” to the markets and ready to scrap its plans to raise interest rates.
By Andre Damon, 4 January 2019
The economic warfare pursued by the Trump administration with the support of broad sections of the US political establishment is coming home to roost in the form of a global slowdown spreading to the United States.
By our reporters, 3 January 2019
A White House meeting Wednesday showed no change in the ongoing standoff between Trump and congressional Democrats.
Stock buybacks reach $1 trillion
By E.P. Milligan, 31 December 2018
It is now clear the vast majority of the corporate spending of the tax windfall has gone to the further enrichment of a tiny parasitic layer of investors and CEOs.
By Nick Beams, 29 December 2018
This week registered the first gain for the financial markets in three weeks, but they remain on course to record the worst December since 1931.
By Nick Beams, 27 December 2018
Even with yesterday’s jump in share prices, both the Dow and the S&P 500 are on track for their worst December since 1931, in the midst of the Great Depression.
Fed attempt at calming markets fails
By Nick Beams, 22 December 2018
Both the S&P and the Dow are on track for their worst December performance since December 1931, during the Great Depression.
By Alex González, 21 December 2018
The plan is aimed at keeping workers in Central America from migrating to Mexico and the US.
By Nick Beams, 20 December 2018
The Dow fell on the announcement of the rate increase and then dropped even further as Fed chairman Jerome Powell addressed a news conference, with traders reportedly yelling “Stop this guy talking.”
By Nick Beams, 18 December 2018
With all indexes now in “correction” territory, having fallen more than 10 percent since their highs, Wall Street is on track to record its biggest annual decline since 2008.
By Nick Beams, 11 December 2018
Concerns over global growth are a significant factor in the ongoing slide and volatility in US markets, with signs of a downturn reflected in the fall of commodity prices.
As Dow drops another 560 points
By Nick Beams, 8 December 2018
The longest bull market in history has rested on the suppression of the class struggle by the trade union bureaucracy, which is breaking apart.
At Washington’s behest
By Keith Jones and Roger Jordan, 7 December 2018
The arrest and impending extradition to the US of Meng Wanzhou is a diplomatic and geopolitical provocation that has effectively blown up the US-China trade-war “truce” after less than a week.
By Nick Beams, 5 December 2018
US share markets plunged yesterday amid fears of an escalating trade war with China as well as growing signs that the US economy is entering a recession.
Five years since Detroit bankruptcy
By Debra Watson, 5 December 2018
Moody’s Investors Service has issued major warnings about the ability to meet bond payments and financial shortfalls in the city’s public schools.
By Trévon Austin, 30 November 2018
Not since the combined impact of World War I and the Spanish Flu in 1918 has the country experienced such a prolonged period of decline in life expectancy.
By Nick Beams, 29 November 2018
Powell indicated that the Federal Reserve is not committed to further interest rate rises next year and is very attuned to the financial markets’ demands.
By Jerry White, 28 November 2018
Autoworkers and the working class as a whole cannot accept the “right” of the corporate and financial elite to shut these plants down.
For an industrial counteroffensive against job cuts!
By Jerry White, 27 November 2018
The plant closings have been facilitated by the unions and pose the need for autoworkers in the US and Canada to form independent organizations to prepare coordinated strike action.
By Nick Beams, 22 November 2018
The market has trended down since the start of October, led largely by high-tech stocks, but this week the falls broadened.
By Nick Beams, 20 November 2018
The sell-off was led by hi-tech stocks which are sensitive to heightened trade war tensions that impact on their global supply chains and could lessen demand for their products.
By E.P. Milligan, 15 November 2018
The PG&E utility company admitted Tuesday that it had submitted an “electric incident report” moments before the outbreak of the Camp Fire, the deadliest fire in California history.
By Mike Ingram, 10 November 2018
With its purchase of the open source enterprise Linux company Red Hat, IBM hopes to compete with rival tech giants, Amazon, Microsoft and Google, particularly in the area of military cloud contracts
By John Marion, 9 November 2018
As Columbia Gas cuts corners in the restoration of service to Merrimack Valley communities, more than 1,200 skilled gas workers are still locked out by National Grid.
By Nick Beams, 3 November 2018
The aim is either to extract major concessions from China or, failing that, create the best conditions for pressing ahead with trade war measures.
By Jerry White, 1 November 2018
The United Auto Workers union has played a critical role in suppressing workers’ wages and intensifying their exploitation in the factories.
By Nick Beams, 1 November 2018
The US Commerce Department has imposed restrictions on dealings with a major Chinese high-tech firm, Fujian Jinhua, citing “national security interests.”
By Nick Beams, 30 October 2018
Bloomberg reported that the US is planning to introduce new tariffs covering all Chinese imports if talks fail between US President Donald Trump and Chinese President Xi Jinping.
By Nick Beams, 26 October 2018
In remarks unprecedented for a former central banker, Janet Yellen told the Financial Times that the lessons of the financial crash of 2008 were being forgotten.
By Will Morrow, 25 October 2018
The continuous growth in profits is facilitated by the Teamsters union, which functions as an instrument of UPS management and cheap labor contractor.
By Nick Beams, 25 October 2018
The tech-heavy NASDAQ index has dropped by its biggest amount in seven years, having fallen by 12 percent since its peak in August.
By Alan Whyte, 25 October 2018
The statistics highlight a fiscal and infrastructure disaster in the making.
By Nick Beams, 19 October 2018
Market instability is being fuelled by the worsening global economic outlook and escalating trade tensions between the US, China and other countries.
By Trévon Austin, 16 October 2018
Tens of thousands of workers at Sears are the latest victims of the ongoing “retail apocalypse” in the United States.
By Nick Beams, 12 October 2018
All major US indexes are now below their 200-day moving average, which is regarded as a key indicator of the market’s direction.
By Nick Beams, 11 October 2018
The main factor behind the fall appears to be the spike in yields on US Treasury bonds, which have risen sharply in recent days to above 3 percent.
By Nick Beams, 11 October 2018
The world outlook report warns that trade tensions have shifted the “balance of risks” to the downside.
By Nick Beams, 9 October 2018
A clause in the US trade deal with Canada and Mexico is aimed at nothing less than a “reset” of global trade relationships.
By Marcus Day, 9 October 2018
Under increasing pressure from Wall Street, Ford announced further restructuring efforts last week, including the planned elimination of thousands of salaried positions.
Forbes 400 List
By Alec Andersen, 4 October 2018
The net worth of Amazon CEO Jeff Bezos, the world’s richest individual, grew by $78.5 billion over the past year.
By Andre Damon, 3 October 2018
The creation of the Troubled Asset Relief Program on October 3, 2008, was the initial step in a massive redistribution of wealth and restructuring of class relations in the United States and internationally.
By Roger Jordan, 2 October 2018
The revised trade pact forges a US-led North American protectionist trade bloc in preparation for economic and military conflict with Washington’s global rivals, above all China.
By Nick Beams, 2 October 2018
The IMF is set to downgrade its forecast for global growth amid rising trade tensions.
By Nick Beams, 29 September 2018
After being used against the European Union, the threat of auto tariffs on “national security” grounds was brought out against Japan and Canada this week.
By Jerry White, 28 September 2018
The central bank executives understand that investors tend to make far more money when the sword of mass unemployment hangs over workers’ heads.
By Nick Beams, 27 September 2018
For the first time since the Fed began its low-interest rate regime after the financial crisis of 2008, its base rate is above the level of inflation, indicating that wages are a key target.
By Nick Beams, 26 September 2018
The escalation of the conflict and the growing recognition that it is not a temporary spat, which can be solved through negotiations, has led to concerns in sections of the financial media.
By Nick Beams, 20 September 2018
While China is at present the prime target, the Trump administration sees the US as being involved in an economic war against the rest of the world.
Ten years after the financial crash
By Barry Grey, 19 September 2018
The average pay of Wall Street traders and brokers rose to $422,500.
By Peter Symonds, 19 September 2018
The escalating trade war is heightening economic instability and fueling geo-political tensions, not only between the US and China, but internationally.
By Nick Beams, 18 September 2018
The world’s two largest economies have entered a rapidly-escalating trade war with vast global consequences.
By Nick Beams, 17 September 2018
Commentaries on the anniversary of the Lehman Brothers collapse voice fears of another meltdown.
By Nick Beams, 15 September 2018
September 15, 2008 marked a milestone in the eruption of the most far-reaching and devastating crisis of the capitalist system since the Great Depression of the 1930s.
By Jason Melanovski, 3 September 2018
Amid growing strikes of miners and other workers, the IMF is using the corruption of the Ukrainian oligarchy to push for social cuts.
By Nick Beams, 1 September 2018
Trump warned that if Canada did not agree to US terms “the easiest thing we can do is tariff their cars coming in,” a threat which he repeated in remarks yesterday.
By Trévon Austin, 30 August 2018
Banks and corporations are channeling the bulk of their savings from the tax cuts into stock buybacks, dividend increases and mergers and acquisitions.
By Nick Beams, 24 August 2018
The record-breaking stock market rally is the outcome of the relentless class war pursued by the ruling elite after the 2008 financial crash.
By Matthew Taylor and Barry Grey, 18 August 2018
The typical CEO of a large firm in the US makes in a single day almost as much as the typical worker earns in an entire year.
No money for wages, schools, health care, but…
By Barry Grey, 8 August 2018
Trillions are being squandered on inflating stock prices and the fortunes of the CEOs and big investors, while the real wages of US workers continue to decline.
By Kate Randall, 6 August 2018
With rents rising and construction of affordable apartments lagging, Trump is implementing a punitive policy that will exacerbate the already dire housing crisis.
By Andre Damon, 4 August 2018
Apple, awash in profits extracted from workers all over the world, has become the first corporation to officially reach the $1 trillion milestone.
By Gabriel Black, 3 August 2018
A report by Reuters shows that nearly half of the US population does not earn enough money to cover expenses and is increasingly dependent on unsustainable levels of debt to survive.