Capitalism and inequality
A revealing report on the mid-March financial crisis
By Nick Beams, 19 November 2020
The most significant feature of the crisis was that it struck at the very foundations of the global financial system—the $20 trillion US government bond market—as Treasuries were sold off.
New Zealand government rejects calls to increase welfare payments
By John Braddock, 18 November 2020
Prime Minister Jacinda Ardern again repudiates her promise to eliminate child poverty and the housing affordability crisis.
New China-led trade bloc sets stage for further tensions with the US
By Peter Symonds, 17 November 2020
While relatively limited in scope, the Regional Comprehensive Economic Partnership is a further blow to US ambitions for economic domination of the Asia-Pacific.
Australian governments impose wage freezes on public sector workers
By Mike Head, 17 November 2020
Coalition and Labor governments alike are exploiting the pandemic to deepen a decades-long attack on working class pay and conditions.
Windstorm leaves hundreds of thousands without power across the northeastern and midwestern US
By Kathleen Martin, 17 November 2020
The storm wreaked havoc on the country’s shoddy power grid Sunday, leaving masses of people and businesses without electricity amid the ongoing coronavirus pandemic.
German federal government demands faster destruction of Lufthansa jobs
By Ulrich Rippert, 17 November 2020
Lufthansa is to be made more competitive in relation to other European airlines and prepared for a worldwide trade war.
Boeing announces 7,000 additional layoffs
By Steve Filips, 17 November 2020
Boeing intends to make these cuts despite receiving $17 billion in federal bailout money earlier in the year.
US food banks and homeless shelters struggle to meet record demand ahead of Thanksgiving
By Alex Findijs, 17 November 2020
The economic disaster triggered by the pandemic has placed an ever increasing burden on food banks and charities to meet the growing demand for food aid.
Second major hurricane hits Central America in two weeks
By Andrea Lobo, 17 November 2020
Combined with the pandemic and the effects of storm Eta, Category 5 Hurricane Iota is expected to greatly deepen an ongoing humanitarian crisis and mass migration.
Texas educators demand fully online learning to save lives
Texas Educators Rank-and-File Safety Committee, 16 November 2020
As the coronavirus pandemic tears across Texas, teachers, education workers and parents call for a broad struggle to protect their lives and those of students.
Grenfell Tower refurbishment company supplied cladding that could burn the “entire height” of a tower block
By Charles Hixson, 16 November 2020
A 2013 email from Deborah French, Arconic’s UK sales representative, referring to ACM (aluminium composite material) panels noted, “using PE is like a chimney which transports the fire... in the shortest times.”
Auto parts company ordered to pay $1.5 million following death of Alabama worker
By Aaron Murch, 16 November 2020
Ajin, a Korean parts manufacturer, was ordered to pay over a million dollars in fines and settlements after a 20-year-old contract worker was killed after safety procedures were blatantly ignored.
Closure of Louisiana’s Shell Convent Refinery will impact 1,100 jobs and create economic hardship
By James Langley, 16 November 2020
The refinery is being closed as part of a corporate-wide restructuring triggered by falling oil demand due to the pandemic.
Another 709,000 file for unemployment in the US as evictions resume, food lines grow and job cuts continue
By Jacob Crosse, 14 November 2020
Massive job losses in education, coupled with the expiration of unemployment benefits, has left millions on the brink of destitution.
Tropical Storm Eta causes widespread flooding in southeastern US as record-setting hurricane season continues
By J. L’Heureau, 14 November 2020
After devastating large swathes of Central America and Southern Mexico last week, the storm system named Eta, the 28th of the 2020 Atlantic hurricane season, made two separate landfalls in Florida this week.
The mental health of young adults is being ravaged by the pandemic—the suffering needs to stop
By Kate Randall, 13 November 2020
Many months into the pandemic, with a surge in COVID-19 cases affecting virtually every US state, a new study shows that there is a veritable tsunami of depression flooding over the nation’s young adult population.
Orchestra, opera musicians face severe pay cuts, furloughs, uncertainty in the midst of the pandemic
By David Walsh, 12 November 2020
Management at various orchestras, operas and other cultural organizations are taking full advantage of the COVID-19 crisis to press forward with their demands as part of an offensive for pay and other cuts under way for more than a decade.
Australian government slashes JobSeeker to force more workers into low-paid jobs
By Mike Head, 12 November 2020
Both major parties agree on using the mass unemployment and financial distress triggered by the COVID-19 pandemic to further restructure economic and social relations in the interests of the capitalist class.
Young people hit hard by UK jobs massacre
By Margot Miller, 11 November 2020
More than one in 10 people aged 16-25 have lost their jobs, and just under six in 10 have seen their earnings fall since the coronavirus pandemic began.
Wall Street and global stocks boosted by news of COVID-19 vaccine
By Nick Beams, 11 November 2020
The surge in the equity markets does not indicate any underlying strength in the economy but is more an expression of the highly speculative character of shifts by Wall Street investors.
Spain’s PSOE-Podemos regime rejects lock-downs as COVID-19 soars
By Alice Summers, 10 November 2020
The priorities of the ruling class in Spain are clear: even if lockdown measures could largely eliminate the virus in only a few weeks, they would rather see mass contagion and death in order to ensure the working class keeps producing profits.
Possible COVID-19 vaccine breakthrough makes measures to stop virus spread now more urgent
By Andre Damon, 10 November 2020
The announcement of progress on a COVID-19 vaccine makes all the more necessary urgent measures to stop the spread of the virus until the vaccine is widely available.
Hundreds dead and missing after Eta devastates Central America and southern Mexico
By Andrea Lobo, 10 November 2020
As of this writing, 98 people have been found dead and 187 have been reported missing, while many more casualties are feared as rescuers reach isolated communities.
Why did some working class regions vote for Trump?
By Eric London, 10 November 2020
A review of social conditions and historic voting patterns in southern West Virginia, eastern Ohio, the Rio Grande Valley, Texas and central Indiana discredits the claim that Trump voters are merely white fascists and racists.
The deliberate sabotage of online learning in the US
Part 2
By Chase Lawrence, 10 November 2020
The underfunded and chaotic implementation of online education is being used to force students back into unsafe classrooms.
Australian university workers speak out on the destruction of their jobs and conditions
By our reporters, 10 November 2020
“It’s how the system is designed, it facilitates exploitation.”
US jobless rates falls but long-term unemployment up sharply as millions remain out of work
By Shannon Jones, 7 November 2020
More than seven months since the start of the pandemic only about one half the 22 million jobs lost earlier in the year have been recovered as the upsurge of new COVID-19 cases is likely to hammer service and retail jobs.
Australian report reveals widespread food insecurity
By John Harris, 6 November 2020
Currently, 43 percent of all food insecure people are going a whole day without eating at least once a week, compared to 30 percent in 2019.
Another 751,000 US workers file for unemployment benefits as job growth slows
By Jerry White, 6 November 2020
The pandemic and the economic and social crisis in America are worsening even as Wall Street celebrates its best week since April.
Chinese government blocks Jack Ma’s major IPO
By Nick Beams, 5 November 2020
The decision to block the listing of Ma’s fintech company Ant, which would have been the biggest initial public offering in history, was clearly taken at the highest levels in Beijing
Australian billionaires celebrate skyrocketing wealth while pandemic forces workers into poverty
By Max Boddy, 5 November 2020
The combined fortunes of Australia’s richest 200 individual and families increased by a staggering $82 billion during the past year.
In closed-door meeting, top CEOs give Quebec Premier his marching orders
By Laurent Lafrance, 5 November 2020
Although the meeting was held in the greatest secrecy, there is no doubt that Legault was ordered to keep the economy “open” as COVID-19 cases surge, no matter the cost in human life.
Breonna Taylor’s mother demands an independent investigation into police killing after exposure of grand jury whitewash
By Steve Filips, 5 November 2020
Tamika Palmer is demanding a new investigation after three jurors revealed that Republican Kentucky attorney general Daniel Cameron did not follow procedure and present the possibility of six homicide charges against the officers who killed Taylor.
The fraud of IMF-World Bank “debt relief” for poor countries
By Nick Beams, 4 November 2020
Even where money is provided by the IMF, in many cases it is used not to finance health and other necessary measures, but to pay off private-sector lenders.
Large bonuses awarded to executives of bailed-out US companies
By Kevin Martinez, 31 October 2020
Major companies such as Hertz and JCPenney paid their executives millions in bonuses before filing for bankruptcy and cutting thousands of jobs during the pandemic.
Mass layoffs in the US as states face unprecedented budget crisis
By Shannon Jones, 31 October 2020
Walt Disney, Raytheon and Boeing were among the major corporations announcing huge job cuts this week as the total projected budget shortfall facing state governments has reached $434 billion.
New report outlines accelerating inequality in Australia, amid rising social distress
By Linda Tenenbaum, 30 October 2020
The University of NSW and the Australian Council of Social Services have co-authored a significant report on income wealth and inequality, both before and during the pandemic.
Nearly 10,000 eviction actions filed across the US since September despite CDC moratorium
By Aaron Murch, 29 October 2020
According to a recent clarification issued by the CDC, landlords can proceed with the legal procedures required for an eviction as long as tenants are not forced out before the end of the year.
Significant fall on Wall Street amid rising COVID-19 infections
By Nick Beams, 29 October 2020
The market sell-off has not been confined to Wall Street as Europe’s Stoxx 600 index closed down 3 percent, losing 6 per cent since the end of last week, and now at its lowest level since May.
WSWS coverage of political economy is scientific and therefore partisan
By Nick Beams, 29 October 2020
The WSWS approaches the myriad questions that arise from an analysis of what is called the “economy” on the basis of the historical materialist method elaborated by Karl Marx.
Australian university union runs limited “wage theft” campaign
By Gabriela Zabala, 29 October 2020
The NTEU claims to have been unaware of the level of exploitation and underpayment, especially of casuals.
Hunger and social misery soar in Washington D.C. during the pandemic
By Nick Barrickman and Dominic Gustavo, 28 October 2020
Local charities reported a nearly 300 percent increase in demand in the months following the COVID-19 pandemic.
Gig workers hired to evict people from their homes as millions struggle to pay rent
By Dominic Gustavo, 28 October 2020
A new startup is recruiting temporary “gig” workers to evict people from their homes during the most severe housing crisis since the Great Depression.
Rally welcoming relaunch of WSWS
The pandemic has only accelerated the underlying contradictions of capitalism
By Cheryl Crisp, 27 October 2020
The remarks below were given by Cheryl Crisp, national secretary of the Socialist Equality Party of Australia.
Metropolitan Police arrest first person in relation to Grenfell inferno after 40 months
By Charles Hixson and Robert Stevens, 26 October 2020
It was reported in January that the police’s own study of the Grenfell Inquiry’s final report may take until 2025— eight years after the fire. Given this situation, it is possible that a decade will have passed since the fire before the police make any decisions.
Modern Monetary Theory and the crisis of capitalism: Part two
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton
By Nick Beams, 26 October 2020
Modern Monetary Theory is the latest in a long line of attempts by “left” theorists to maintain that capitalism can be made to work for society if only outmoded thinking about the monetary system is abandoned.
Thousands of furloughed US aviation workers see no relief from US Congress
By Steve Filips, 24 October 2020
Tens of thousands of airline workers remain furloughed as relief remains stalled in by US Congress.
Detroit City government insists demolitions go forward, ignoring health dangers and unmet housing needs
By James Brookfield and Debra Watson, 24 October 2020
The City of Detroit is pushing ahead with its home demolition program despite a critical shortage of affordable housing.
Catastrophic job losses continue in the US as nearly 800,000 new unemployment claims reported
By Jacob Crosse, 23 October 2020
Over 65 million claims have been filed since mid-March as state and federal assistance expires for millions.
Support for socialism jumps by nearly 10 percent among US youth amid pandemic depression
By David Fitzgerald and Gabriel Black, 23 October 2020
These statistics quantitatively express a significant shift in political mood and perspective that has occurred over just the last year, as the COVID-19 pandemic has ravaged the US and the world.
Goldman Sachs fined $2.9 billion over role in 1MDB corruption case
By Nick Beams, 23 October 2020
The case involved the embezzlement of billions of dollars from the 1MDB fund, including by two Goldman bankers.
Corporate America puts its money on Biden and the Democrats
Part two
By Patrick Martin, 23 October 2020
Biden and the Democrats have significantly outraised Trump and the Republicans, with cash from Wall Street and Silicon Valley accounting for much of the difference.
Ten percent of US households face eviction by year’s end
By Katy Kinner, 22 October 2020
As the CDC eviction moratorium order reaches its expiration date on January 1, the eviction and homelessness crisis in the US is heading toward an explosion of unprecedented proportions.
On the brink: A photographic examination of social cleansing in London
By Paul Mitchell, 22 October 2020
“My aim is to focus on existing council properties that have been neglected due to the lack of maintenance. It’s imperative to showcase the decay of these buildings as it’s been a deliberate strategy to run them down.”—photographic artist Sarah Douglas
Marcus Rashford’s fight against child poverty exposes Labour and trade unions’ partnership with Johnson government
By Barry Mason and Robert Stevens, 22 October 2020
Marcus Rashford has more fight in his little toe than the entire Labour and trade union bureaucracy.
US Justice Department and eleven states file antitrust lawsuit against Google
By By Kevin Reed, 22 October 2020
The US Department of Justice submitted a lawsuit against Google on Tuesday saying the $1 trillion corporation was in violation of the Sherman Anti-Trust Act.
Europe on course for double-dip recession
By Nick Beams, 21 October 2020
The IMF’s forecast for a global recovery in 2021 is looking increasingly shaky in the face of a second wave of COVID-19 infections.
Further signs of the “devastating impact” of the pandemic on arts and artists: What are the implications?
By David Walsh, 21 October 2020
The ongoing destruction of the jobs, incomes and aspirations of tens of thousands of artists of every kind in the US and elsewhere has a significance that goes beyond the immediate cultural sphere.
Federal Reserve data shows over 100 million in US out of labor force
By Jacob Crosse, 21 October 2020
The number reveals that despite claims of a falling unemployment rate, millions remain out of work as Congress refuses to pass coronavirus relief.
US health insurance companies see profits soar while mounting medical bills bankrupt Americans
By Alex Johnson, 20 October 2020
Insurance companies saw their profit margins soar during the first half of this year, while millions of American families are being sent into bankruptcy under the weight of massive medical debts during the coronavirus pandemic.
Cost-cutting and “visual appearance” main concerns for Grenfell Tower refurbishment
By Charles Hixson, 19 October 2020
David Gibson, KCTMO former heard of capital investment, explained last Wednesday that all his discussions at the time had been about cost and appearance. “The discussions we were having were: what does it look like, is it acceptable for planners and what’s the cost”.
Chilean government mobilizes police and military on anniversary of social revolt
By Mauricio Saavedra, 19 October 2020
In response to planned demonstrations, Chile’s ultra-right government is placing tens of thousands of militarized Carabineros police, Special Forces and military troops on alert.
Trump administration reverses decision to not send $350 million in federal aid to fight California fires
By Alexa Castro, 17 October 2020
As wildfires continue to destroy millions of acres throughout the US West Coast, the social and economic crisis continues to deepen in the region.
Trump administration tipped off wealthy investors about coronavirus while it downplayed threat in public
By Jacob Crosse, 16 October 2020
The revelations reveal the overriding concern of the US government was the protection of the financial aristocracy at the expense of the health and safety of the population.
Nearly 900,000 new jobless claims in US as benefit cutoffs lead to spike in poverty
By Shannon Jones, 16 October 2020
New unemployment claims reached 898,000 last week as researchers report that the cutoff of federal supplemental unemployment benefits has fueled a surge in poverty.
IMF reports on global economy: Political conclusions
By Nick Beams, 16 October 2020
The IMF has forecast that the cumulative loss of global output compared to the pre-pandemic path will to grow from $11 trillion in 2020–21 to $28 trillion in the period 2020–2025.
Amid record long-term unemployment, US government denies aid to workers
By Jerry White, 15 October 2020
Whatever the political maneuvering in Congress, the bottom line is that both parties are denying relief to tens of millions of people who are confronting the worst economic and social crisis since the Great Depression.
After rejecting UAW-backed contract, Ventra workers in Ohio press for strike
By J. Cooper, 15 October 2020
Auto parts workers at the Flex-N-Gate subsidiary have consistently rejected the concessions made by the UAW Local 1216 leadership since negotiations began in late July.
Hefty profits for top US banks as millions face social disaster
By Shannon Jones, 14 October 2020
As long-term unemployment rises, major Wall Street Banks JP Morgan and Citigroup have reported booming third quarter profits.
Michigan Supreme Court overturns governor’s executive orders on COVID-19 pandemic
Benefits for hundreds of thousands of jobless workers in jeopardy
By James Brookfield, 14 October 2020
The rulings coincide with the demands of the ruling elite that workers return to work under dangerous conditions so that profitability can be restored.
IMF report points to ongoing plunge in world economy
By Nick Beams, 14 October 2020
The IMF said the “scarring” effects of the pandemic would compound forces that dragged down productivity growth across many economies in the years leading up to it.
Merger between Beaumont Health and Advocate-Aurora Health collapses amid expanding staff opposition
By By Kevin Reed, 14 October 2020
The deal to merge the midwestern hospital chains collapsed as a result of mass opposition among doctors, nurses and health care workers.
Australia: New South Wales wage freeze approved by Industrial Relations Commission
By Martin Scott, 14 October 2020
Growing numbers of workers are demanding industrial action while the unions are advocating impotent appeals to big business politicians.
Cuts to healthcare system responsible for Victoria’s coronavirus resurgence
By Margaret Rees, 13 October 2020
Mass health worker infections are the direct outcome of the gutting of the sector by successive state and federal governments, Labor and Liberal alike.
UK jobs cull continues as thousands more redundancies are announced
By Margot Miller, 13 October 2020
The pandemic is having a devastating impact on lives and livelihoods, thanks to the disastrous policies of the Johnson-led Conservative government—fully supported by the Labour opposition and trade unions.
Poverty in Germany: Power cuts for 289,000 households
By Elisabeth Zimmermann, 13 October 2020
Hundreds of thousands had no lights, no warm water, could use neither stoves nor refrigerators, could not do laundry and had no access to radio, television or the internet.
New Jersey projected to face disproportionate growth in food insecurity
By Erik Schreiber, 13 October 2020
The Community Food Bank predicts that the number of food-insecure New Jersey residents will surpass 1.2 million—a staggering 13.5 percent of the state’s population.
Grenfell Tower landlord rejected safety checks to save £30,000
By Charles Hixson, 12 October 2020
The 2014-16 refurbishment, including enveloping the tower in flammable cladding, turned the building into a death trap that claimed 72 lives.
Richest 50 Americans now have as much wealth as bottom 165 million
By Gabriel Black, 10 October 2020
Data from the Federal Reserve demonstrates that the pandemic has accelerated trends toward social inequality in the United States.
New Zealand debates reveal bipartisan support for austerity and US alliance
By John Braddock, 10 October 2020
Both Labour Prime Minister Jacinda Ardern and opposition leader Judith Collins pledged continued support for the US, as it prepares for war against China, while proposing nothing to stop the worst social crisis since the Great Depression.
Deaths of Sydney delivery drivers expose dangerous conditions in the “gig economy”
By Max Boddy, 10 October 2020
The conditions in the sector are the direct result of the destruction of permanent full-time jobs, enforced by the trade unions.
The California wildfires: A disaster of capitalism and climate change
By Rafael Azul and Peter Ross, 10 October 2020
Even as record-breaking fires rage across the US West Coast, the ruling class has refused neither to address the climate crisis nor protect those in the path of destruction.
Percentage of young adults living with parents higher than during the Great Depression
By Noah Ryan, 9 October 2020
According to a new study, 52 percent of young people ages 18-29 lived with their parents in July this year, nearly six months after the onset of the pandemic in the US.
No relief for unemployed in sight as 840,000 in US file new jobless claims
By Shannon Jones, 9 October 2020
Airlines began mass layoffs and furloughs this week as new claims for unemployment remain at historically unprecedented levels amidst ever widening destitution.
Australian Labor’s budget reply: Bipartisan backing for tax cuts to the rich, austerity for workers
By Oscar Grenfell, 9 October 2020
Anthony Albanese made clear yet again that Labor and the government march in lockstep when it comes to the pro-business response to the pandemic and the accompanying onslaught against the working class.
The objective roots of social inequality
By Nick Beams, 8 October 2020
Desperate efforts are being made to obscure the fact that the unprecedented growth of social inequality, accelerated by the COVID pandemic, is grounded in the very functioning of the capitalist economy.
Global billionaire wealth tops $10 trillion as COVID-19 deaths mount
By Jacob Crosse, 8 October 2020
The unprecedented surge in wealth takes place amidst a global pandemic that has killed more than one million people worldwide, including more than 215,000 in the United States alone.
Pandemic exposes Australian employers’ exploitation of young backpackers
By Michael Smith, 6 October 2020
The political establishment’s only response to the abuses has been to expand such visa programs and extend them to jobless workers and school leavers.
Ranks of long-term jobless soar as US unemployment aid dries up
By Jerry White, 6 October 2020
Both parties are using mass unemployment and the threat of destitution as a bludgeon to force workers back into unsafe factories and workplaces.
Two charged in Massachusetts nursing home catastrophe that left 76 veterans dead from COVID-19
By Alex Johnson, 3 October 2020
Both indictments represent the first criminal case in the country brought against administrators at nursing homes during the coronavirus pandemic.
Russia prepares health care cuts as COVID cases rise
By Andrea Peters, 3 October 2020
The Kremlin’s proposed budget axes spending on health care and allocates 27 percent of all federal expenditures to the army, national guard and security forces of the interior ministry.
Former coal boss Robert Murray, who fought coal-dust standards, files for black lung benefits
By Samuel Davidson, 3 October 2020
Former mining company executive Robert Murray, notorious for opposing mine safety standards, is now seeking black lung benefits.
Drop in September job growth shows slowdown in US recovery
By Kevin Reed, 3 October 2020
The September employment report from the US Bureau of Labor Statistics shows that the economic recovery—largely based on the CARES Act infusion of government money into Wall Street and corporate America—is stalling, as millions of workers remain unemployed and a new round of corporate layoffs is being carried out.
Australian budget to slash taxes for the rich while hitting workers
By Mike Head, 3 October 2020
While mounting a further assault on working-class conditions, this is a crisis budget like no other in living memory.
The pandemic Depression: Bailed-out US airlines slash tens of thousands of jobs
By Genevieve Leigh, 2 October 2020
Millions of workers are being forced to choose between putting themselves at risk of catching the deadly virus and putting food on the table for their families.
Nineteen-year-old North Carolina university student in “tremendous shape” dies from COVID-19
By Harvey Simpkins, 2 October 2020
Chad Dorrill contracted the virus after his return to Appalachian State University for fall classes.
UK schools told “anti-capitalist” teaching prohibited
By Julie Hyland, 2 October 2020
The guidance builds on the Prevent strategy, first implemented by the Blair Labour government, which targeted Muslims as potential extremists and required schools to report anyone they deemed “vulnerable to radicalisation.”
Sudden forced eviction of Tennessee encampment leaves 50 homeless inhabitants struggling to find shelter
By Zac Thorton, 2 October 2020
Despite having lived at the site for years, the Chattanooga camp’s inhabitants received no notice of the impending evictions, leaving them desperate and scrambling to find shelter this week.
Desperation swells among millions of unemployed in the US as layoffs mount and aid dries up
By Jacob Crosse, 30 September 2020
Audits conducted within the last month in California, Wisconsin, Florida and Nevada reveal that millions of calls to unemployment agencies have gone unanswered.
Australian government boosts bank profits as social misery deepens
By Mike Head, 26 September 2020
The lending law changes would see a return to the predatory policies that saw the impoverishment of thousands of households, small businesses and family farmers.
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