bailout

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First Elect Obama, Then Move Left!

Published by Anonymous (not verified) on Wed, 16/09/2020 - 4:33pm in

Some liberals see politics like football, in which moving the ball closer to the goal means you are winning. Thus they are encouraging progressives to vote for Joe Biden, arguing that Biden’s centrism would be an improvement over Trump. Biden, they say, can be pressured more easily from the left than Trump. But that’ds not at all what happened when Biden’s boss was president.

Historic Levels, But Not the Good Kind

Published by Anonymous (not verified) on Wed, 22/07/2020 - 11:12pm in

July 21, 2020 One of the day’s biggest stories came from Ohio, where the House speaker, Republican Larry Householder, and four other political operatives, were arrested by federal officials for racketeering. US Attorney for the Southern District of Ohio David … Continue reading

The post Historic Levels, But Not the Good Kind appeared first on BillMoyers.com.

Aid Groups Call for Worldwide COVID-19 Bailout Amid Fears of Mass Hunger

Published by Anonymous (not verified) on Sat, 18/07/2020 - 8:54am in

The consequences of the COVID-19 pandemic have already devastated the world. Over 14 million people have tested positive for the virus, and nearly 600,000 have died since it was first identified in December. And cases continue to rise: yesterday saw 248,998 people test positive – an all-time high. World Health Organization Director-General Tedros Adhanom Ghebreyesus warned that the crisis is “not even close” to being resolved.

But the human cost from the economic fallout could be worse than the virus itself, as the world plunges into a deep and possibly prolonged recession which will lead to disease and starvation across the global south.

That is why international charity Oxfam is calling on the international community to agree to its proposal of an “Economic Rescue Package for All.” The package entails six key features that it hopes to lay out across the world, including:

  1. Mass cash grants to all that need them – The plan does not call for a universal basic income, but does stipulate that mass subsidies may be needed to keep the poor from hunger, keep the self-employed afloat, and more.
  2. A responsible business bailout package – In contrast to the 2008 bailout that saw large corporations rewarded for their recklessness, the plan states that small businesses should be given priority, that the funds must be used to primarily meet payroll, and that companies involved in fossil fuel extraction should not be bailed out at all.
  3. The suspension and cancellation of debt – After 2008, poor nations were forced into implementing harsh austerity measures to meet their payments. This cannot be allowed to happen again.
  4. Issue Special Drawing Rights (SDRs) – The International Monetary Fund created SDRs as a means to give countries more leeway to spend money on vital public services. They should be used here too.
  5. A new international aid package – Many of the poorest countries desperately need international aid to help them overcome the current medical and economic crisis.
  6. Emergency wealth taxes – To pay for this, new levies on financial transactions, luxury goods, excess corporate profits and private wealth should be implemented.

The consequences of inaction will be extremely serious; “As many as 12,000 people could die every day from COVID-linked hunger, which is more than those dying daily from the virus itself,” warned Abby Maxman, President of Oxfam America. On Monday, the United Nations released its 2020 edition of its State of Food Security and Nutrition report, estimating that a minimum of 83 million extra people, and possibly as many as 132 million worldwide will go hungry as a consequence of the coronavirus-related economic collapse that will disrupt commerce, supply lines and economic activity. The number of hungry people in the world has increased by around 60 million in the last five years, and the United Nations’ goal of eradicating extreme poverty and hunger by 2030 appears increasingly impossible.

The World Health Organization and UNICEF also expressed deep concern over the “alarming decline” of children’s immunization programs over the past four months, with three-quarters of all countries surveyed reporting disruptions in their immunization drives. “COVID-19 has made previously routine vaccination a daunting challenge,” said UNICEF Executive Director Henrietta Fore, warning of potential epidemics of preventable diseases due to the disruption, “we cannot trade one health crisis for another.”

Many see the disruption caused by the pandemic as an opportunity to redesign society for the better, implementing more sustainable forms of food production and mass transit. Oxfam describes the moment as a “once in a generation chance to build a fairer world.” However, it appears that currently, the pandemic is being used by those in power to further their own agendas. 82 percent of the benefits of Trump’s CARES Act, for example, went to those already earning at least $1 million per year, with less than three percent going to the great majority earning under $100,000 annually. According to the Institute for Policy Studies, total billionaire wealth has increased by $584 billion since the lockdown in mid-March. New York Governor Andrew Cuomo is also taking the opportunity to force through “revolutionary” change in the state’s public schools, his plan sounding very much like a privatization drive. Which direction the world will ultimately take remains to be seen.

Feature photo | A homeless man in India eats discarded eggs from a garbage bin during lockdown on the outskirts of Jammu, India, May 10, 2020. Channi Anand | AP

Alan MacLeod is a Staff Writer for MintPress News. After completing his PhD in 2017 he published two books: Bad News From Venezuela: Twenty Years of Fake News and Misreporting and Propaganda in the Information Age: Still Manufacturing Consent. He has also contributed to Fairness and Accuracy in Reporting, The Guardian, Salon, The Grayzone, Jacobin Magazine, Common Dreams the American Herald Tribune and The Canary.

The post Aid Groups Call for Worldwide COVID-19 Bailout Amid Fears of Mass Hunger appeared first on MintPress News.

In Other News: Mnuchin Refuses To Say Where $500 Billion in Taxpayer Money Went 

Published by Anonymous (not verified) on Sat, 13/06/2020 - 4:02am in

Tags 

bailout, Protests

Do You Know Steve Mnuchin’s Deputy Justin Muzinich?

Published by Anonymous (not verified) on Wed, 03/06/2020 - 4:32am in

Deputy Treasury Secretary Justin Muzinich has an increasingly prominent role. He still has ties to his family’s investment firm, which is a major beneficiary of the Treasury’s bailout actions. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin have become the public faces of the $3 trillion federal coronavirus bailout. Behind the scenes, however, the Treasury’s responsibilities have fallen largely to the 42-year-old deputy secretary, Justin Muzinich Continue reading

The post Do You Know Steve Mnuchin’s Deputy Justin Muzinich? appeared first on BillMoyers.com.

America’s Pandemic Role Reversal

Published by Anonymous (not verified) on Thu, 21/05/2020 - 1:00am in

When it comes to Covid-19, an array of dangers, deprivations, and fears that have long beset the rest of the world are coming home to roost. What was "over there," is now "over here." Continue reading

The post America’s Pandemic Role Reversal appeared first on BillMoyers.com.

Barnaby Very Keen For The Queensland Government’s Plan To Buy A Virgin

Published by Anonymous (not verified) on Thu, 14/05/2020 - 7:59am in

Barnaby

Former deputy Prime Minister Barnaby Joyce has commended the Queensland Government on their plan to buy a Virgin, with the MP saying that he will be first in line for a ride.

”I don’t usually agree with the Palasczuk Labor Government, but when it comes to their enthusiasm for virgins well that’s something I can get behind,” said Mr Joyce. ”What a great initiative for a government to buy a fleet of virgins for their people.”

”The minute the borders are open I’ll be up there ready to go.”

When asked why he was so enthusiastic for the Queensland Government to buy Virgin airlines, given his Federal colleagues like the Minister for the Dark Arts Peter Dutton had condemned the move, Barnaby Joyce said: ”Wait, they’re buying an airline?”

”I thought they were buying virgins. What good is an airline at the moment, the bloody borders are closed. True, an airline does come with air hostesses’ and a lot of empty planes, but that’s not the same thing as boarding a virgin.”

”I’m gonna have to have think about this.”

Mark Williamson

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The Bailout Is Working — For the Rich

Published by Anonymous (not verified) on Mon, 11/05/2020 - 8:18am in

The economy is in free fall but Wall Street is thriving, and stocks of big private equity firms are soaring dramatically higher. That tells you who investors think is the real beneficiary of the federal government’s massive rescue efforts. Continue reading

The post The Bailout Is Working — For the Rich appeared first on BillMoyers.com.

While We Were Social Distancing

Published by Anonymous (not verified) on Tue, 05/05/2020 - 4:16am in

With mounting deaths, unemployment at Depression-era highs, and daily presidential briefing spectacles, there’s even more news flying under the radar. The team at BillMoyers.com brings you the news you need to know — some of it good, some of it outrageous, all of it important — that’s been covered up by COVID-19. May 2, 2020. Continue reading

The post While We Were Social Distancing appeared first on BillMoyers.com.