USW International President Leo W. Gerard and USW Member Jim Savage Discuss Hillary Clinton and Trade on Eve of Democratic National Convention
I was with USW member Jim Savage – and about 500 other union members from across the country – at a hotel meeting room in Philadelphia last night when AFL-CIO President Rich Trumka fired us up to promote our values these next few months.
“We will work together, we will march together, and come November, we will win together,” Trumka said to cheers from the crowd.
To do that, Trumka said each person in the room had to talk to union brothers and sisters about Hillary Clinton.More ...
One of the main themes of Donald Trump’s presidential campaign has been the idea of getting tough with our trading partners. He has attacked President Obama and his predecessors for negotiating bad deals. Trump promises to get tough with the Chinese, Mexicans, and other trading partners and thereby bring jobs back to the United States.
While many working people would agree that recent trade deals have not benefited them, they have good cause to be skeptical about Trump’s get tough promises. Most immediately his vice-presidential pick, Governor Mike Pence, has been a strong supporter of NAFTA and other trade deals. But choosing vice-presidents with differing views certainly has precedents.
More importantly, it is not clear what Trump thinks he is going to do when he gets tough with the Chinese and the other bad guys in his story. It’s true that China and Mexico and many other countries are running trade surpluses with the United States. And it’s also true that these surpluses have cost the jobs of millions of workers. In some cases these workers have been able to find new jobs, generally at much lower pay. However in many cases these workers remain unemployed and end up dropping out of the labor force altogether.
The trade deficit poses an especially severe problem in the context of secular stagnation: a situation in which the economy faces a sustained shortfall in demand. In the years prior to the collapse of the housing bubble most economists did not take the idea of a secular stagnation seriously. Their view was that if we saw a loss of demand due to a trade deficit, we could simply make it up with increased demand from consumption or investment spending.
CLEVELAND (PAI)--Inside the Republican National Convention, Donald Trump made himself "grate again" on our nerves.
Outside the convention hall, people were interesting, thought-provoking and in some cases, inspiring.
The first time Trump came on stage, it was with highly orchestrated special effects, appropriate for a presidential candidate hiding his actual goal: capturing the White House to institute polices that would further enrich billionaires like himself.
He walked onto the convention platform from the rear, emerging through a cloud of artificial fog. Through the magic of stage lighting, a shining halo surrounded his silhouette. As the music swelled, a podium slowly rose from the ground as Trump came into sharper view.
All of this was for the purpose of Trump giving a speech to introduce his wife, Melania, who, in turn, gave a speech introducing Trump. Later, it turned out that whoever wrote the speech stole a lot of it from a speech given years ago by Michelle Obama.
The show went downhill from there.More ...
Lloyd Blankfein, one of America’s most powerful bankers, a few years ago told a reporter that his Goldman Sachs financial colossus was doing “God’s work.”
Last week, one of Blankfein’s high-finance peers, JPMorgan Chase CEO Jamie Dimon, made some headlines of his own. In a widely heralded New York Times op-ed, Dimon proudly announced that his bank is making a major move to “create more widely shared prosperity.”
JPMorgan, Dimon declared, will be raising the minimum pay of 18,000 of the bank’s workers to “between $12 and $16.50 an hour.”
Every business, the JPMorgan chief pronounced, needs to do its part to “address economic inequality.” As a nation, he added, “we must find ways” to help Americans “move up the economic ladder.”
Is Jamie Dimon serious about all this? Of course not. Like his CEO rival Lloyd Blankfein, Jamie Dimon is only kidding. Modern banks like JPMorgan Chase don’t “address inequality.” They create it.More ...