We hear every day just how the markets are doing (that would be stock markets not the food markets…although they are doing well as well with the increase in prices….you know profits are far more important than the well being of the people)…..
But reality is a lot different than the Fantasy that if markets are up then the economy is in great shape……that is a stupid statement that keeps getting regurgitated day after day……
Ask the 47% workers that are unemployed.
According to newly released Bureau of Labor Statistics (BLS) figures, 47.2 percent of working-age Americans were without work in May, the highest level recorded since the end of World War II.
The numbers are based on the BLS employment-population ratio, which takes the total labor force and divides it by the number of those actually working. It is a more accurate measure of joblessness than the monthly unemployment report, which only counts those actively seeking work.
At the end of May the employment-population ratio stood at 52.8 percent; it stood at 61.2 percent at the start of the year. The employment-population ratio reached a postwar high of nearly 65 percent in 2000.
Poverty is expanding….regardless what some right wing dolts try to tell you…..I have written about this some 12 years ago…..https://lobotero.com/why-poverty/
Then there is the “inequality” thing……again many years ago a blog post…..https://lobotero.com/2010/03/09/the-creeping-cancer-known-as-inequality/
The virus has done little to change the slide of the workers into poverty….and it appears that the world economy will have a bad couple of years to come thanks to the pandemic…..
The International Monetary Fund (IMF) has significantly increased its forecast for the contraction in global economy, warning that it will take a cumulative $12 trillion hit over 2020–2021. Updating its forecast yesterday, the IMF said the global contraction for 2020 would be -4.9 percent, some 1.9 percentage points below the forecast it issued in April.
It said the COVID-19 pandemic “has had a more negative impact on activity on the first half of 2020 than anticipated, and the recovery is expected to be more gradual than previously forecast.” Overall, this would leave 2021 gross domestic product (GDP) some 6.5 percentage points lower than the pre-pandemic projections of 2020.
We have an election approaching…you can help change the trajectory of the economy by voting……and it needs a change….
Trump’s nationalism is clear, but is U.S. capitalism turning nationalist too?
Broadly, U.S. employers neither think nor care much about racism. Some use it to divide employees, keep them from unifying around workplace issues, labor unions, unwanted political initiatives, etc. Most ignore it unless and until gross racism brings victims and anti-racists into the street in ways that threaten their commerce or the economic status quo. Then lip service against racism flows. Corporations make mostly cosmetic adjustments hyped by major public relations efforts. At best, a few genuine, usually marginal improvements are achieved in racial integration and the excruciatingly slow decline of institutional racism.
I Read, I Write, You Know
“lego ergo scribo”