Painful Reality about Jobs

From the AFL-CIO

Despite the media’s touting of 312,000 new jobs last month, the painful reality is that working people are still being left behind in an economy rigged to enrich a handful of elites. Even as wages continue to stagnate, unemployment rises and retirement plans teeter, corporate executives are still happily pocketing fistfuls of money for themselves.

 

 

Here are a few key takeaways from the December jobs report by the U.S. Bureau of Labor Statistics:

  • The overall unemployment rate rose from 3.7% to 3.9%.
  • The unemployment rate among black workers jumped from 6% to 6.6% and rose among all workers without a college degree.
  • The total number of unemployed workers increased by 276,000 to 6.3 million.
  • Wage growth continued to fall below the minimum level needed for workers to begin reaping the benefits of economic growth.

 

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Posted In: Union Matters

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed