Businesses behaving badly
In past posts, I have explained actions that businesses–usually large corporations–have taken that are decidedly contrary to the interests of the general public. For this, commentors have claimed that I’m anti-business, that I’m using scare tactics, I’m just a socialist, or some combination thereof. However, in the news over the past month or so we [...]
For MetLife and Rhode Island, size matters
In the brouhaha about MetLife leaving, I did see and hear people try to blame this on the too-high RI taxes. Of course; it’s always about the taxes, isn’t it? I would like to make one point about that. For 2012, MetLife reported $1.4 Bn of operating earnings. In comparison, the $80-90 Mn of tax [...]
Help Wanted: Job(less) Fair At The State House Today
Calling all un- and underemployed! Tired of pounding the pavement and dredging craigslist to find a job? Sick of sending out resumes only to get no response, or a “Thanks, but no thanks?” Unemployment benefits running out, forcing you closer to the brink of financial collapse? Make your voice heard today! Today, at 3 p.m. [...]
The Unemployed: Jesus, Socrates, Buddha, Gandhi
Jesus, Socrates, Buddha and Gandhi all had long periods of unemployment. Sure these guys were once employed as a carpenter, soldier, prince and lawyer but they are best remembered for their years of wandering around and being unemployed. In fact, their unemployment played a key role in the successes each had. Would Jesus have had [...]
Beware Recent Grads: Sequester Tolls For Thee
I’m surprised we haven’t seen more sequester protests from the ranks of the recently graduated given this demographic will likely be most-affected by the long term cuts being rolled out. Here’s why. Since the recession hit, the number of underemployed college graduates has skyrocketed. According the Associated Press, about 50 percent are either out of [...]
Poem: ‘Meditation On The Economy’
John Kenneth Galbraith, were he here and breathing, would probably be biting his nails with worry. This week we learned that the economy contracted for the first time since 2009. In words reminiscent of what was said in the midst of the Great Depression, economic commentators have said it’s just a one off event in [...]
ProJo Belittles, Misinforms Unemployed Letter Writer
The Providence Journal is entitled to its opinions. But as the state’s paper of record, it should also respect the opinions of others. Instead, the ProJo editorial page has a habit of tacitly belittling those it disagrees with – one of the most insidious forms of mainstream media bias – evidenced today by a demeaning [...]
RI Not As ‘Generous’ As GoLocal Report Indicates
GoLocalProv reported on Monday that Rhode Island owes the federal government $200 million for unemployment benefits. When the Great Recession hit, there wasn’t enough money in the state’s unemployment trust fund and we had to borrow to make up the difference. But about a third of the way through the article a subhead asks, “Is [...]
OSA Hires Mark Gray for ‘Where’s the Work’ Project
Ocean State Action today announced the addition of Mark Gray to their organizing staff, naming him the new Where’s the Work? campaign organizer after the departure of Aaron Regunberg, who has moved on to serve as Director of the Providence Student Union. As Where’s the Work? campaign organizer, Gray will spearhead Ocean State Action’s continuing [...]
Why Stock Buybacks Benefit Corporate Greed
One of my last posts touched on how corporations are spending their money, what they are doing and not doing with the piles of record profits they’ve been making in the past few years while median wages have stagnated or fallen. Here’s some additional information. First, the cites: online.wsj.com/article/SB10000872396390444657804578052472320753336.html www.thereformedbroker.com/2012/10/12/the-buyback-epidemic/ If you piece the two [...]
Income Inequality and Entry Level Wages
Evidence shows that real wages for college grads fell in 2011. More: real wages for college grads are down from 2000, and real wages for college grads are down from 2004, the trough of the Bush recession. These wages did go up–sharply–in 2005, and then began a long, not-so-slow slide from which they have not [...]
Gemma’s Jobs Plan Isn’t Right for Rhode Island
In a world where self-described “leaders” show their “leadership” largely by describing it in press releases, and politicians routinely praise their own bold choices, it is refreshing to see one who actually lives up to his own billing. Anthony Gemma, on the other hand, has a jobs plan that is indeed as “innovative, strategic, and [...]
Progress Report: ‘Marketplace’ Looks at DLT Cutbacks; WPA Plaques Disappear; Bad News for Citizens Bank; Olympics
Marketplace, the public radio program that makes economics fun and easy to follow, reached out to RI Future yesterday. They are doing a piece – for tonight’s show, I believe – on layoffs at local unemployment offices and wanted to talk with our contributor, Jonathan Jacobs, who has been filing stories for us on losing [...]
Many Unemployed, Fewer DLT Equals Big Problems
So Governor Chafee has justified the reduction in key staff of the Unemployment Insurance and Workforce Development sectors of the Department of Labor & Training by saying that our economy is improving sufficiently enough to justify the layoffs. In a June 7th interview with WPRO, the Governor stated: “Well, the DLT is the opposite of [...]
Budgeting for Disaster: Taxing History
Is it really too soon to modify our tax code? In the discussions of taxes at the State House, one line you hear a lot this year is that our state’s new income tax code is new and we should give it time to see how it works out. That’s what House Speaker Gordon Fox [...]
RI Progress Report: Tax Day, Central Falls, Callista Gingrich
Happy Tax Day, says Ted Nesi. Meanwhile, our own Tom Sgouros uses the occasion to report that the Tax Foundation says Rhode Islanders have the second lowest tax burden in the region. Speaking of Tax Day, this from Ocean State Action: “Years of misguided tax policy that benefit Rhode Island’s highest income earners have starved [...]
VP Candidate Talks Politics, Race, Music at RIC Friday
There is room at every election for new voices – including the ideas of former communists and those of modern-day socialists. That’s my premise and I’m sticking to it. Well actually, I’m doing more than that this Friday at a panel discussion I’m facilitating at RI College called “Race, Politics and Music: A Look at [...]
Dear RI: Where’s the Work?
For those who have never had a day of unemployment that they did not choose, there are no words which can describe the state. For those who, like me, have, you know the feelings. You know the self-loathing, the worthlessness, the despondence, the anger. But most of all, the fear. There is a special terror [...]
Are Tides Turning Toward Tax Equity Legislation?
URI students lobbied state legislators last night at the State House on the Miller-Cimini tax equity bill that would raise income taxes on Rhode Island’s richest residents. And the bill might just be gaining traction. I asked Speaker Gordon Fox about its chances for passage after the session. “I’m not going to say yes no [...]
Proposal to tax the richest Rhode Islanders
As Rhode Island struggles to pull itself out of the recession many have been asked to sacrifice. Cities and towns have seen drastic cuts in state aid, schools have had their budgets cut, the poor have endured program cuts and public sector employees have had their benefits slashed. Now it’s time to ask Rhode Island’s [...]
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