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NEWS
August 15, 2011
At the Republican debate in Iowa, presidential contender Mitt Romney answered a question from the audience about corporate profits by saying: "Corporations are people, my friend. Everything corporations earn ultimately goes to the people. Where do you think it goes?" No wonder the man was heckled. The question is not whether those profits go to people, but how many people they go to, and how much each person in the corporation gets. In the world Mitt Romney does not inhabit, people at the lowest rungs of the ladder toil for a pittance, with one person doing the job of two or three, no pay raises or adjustments for inflation, and always threatened with the ax in full knowledge that they are expendable and can be replaced by cheaper workers somewhere else.
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NEWS
By Robert B. Reich | September 5, 2013
Congress will reconvene shortly. That means more battles over taxes and spending, regulations and safety nets, and how to get the economy out of first gear. Which means more gridlock and continual showdowns over budget resolutions and the debt ceiling. But before the hostilities start again and we all get lost in political strategies and petty tactics, it's useful to consider what's really at stake for our economy and democracy. For much of the past century, the basic bargain at the heart of America was that employers paid their workers enough to buy what American employers were selling.
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NEWS
January 5, 2012
As we enter the fourth year of an economic collapse and witness the remarkable emergence of "people power" across the country and around the world, the current crisis can be seen as an opportunity. Rather than rebuild the old status quo we should build smart, since all our societal problems are interrelated. Building smart means restructuring the health care system to serve the needs of people and their communities rather than to serve corporate profits. Because so many Americans' health care is tied to their jobs, when they lose those jobs their families' health care goes with them.
NEWS
September 4, 2013
You don't have to be a Marxist to conclude that the working conditions of millions of American workers today are akin to wage-slavery ("Jobs are coming back, but they don't pay enough," Aug. 27). According to columnist Robert Reich, the shareholders of the mega-corporation that operates Taco Bell, KFC and Pizza Hut received a 15 percent return on their investment. Meanwhile, large numbers of the fast-food workers who deliver their products don't earn enough to rise above the poverty line.
BUSINESS
By BLOOMBERG BUSINESS NEWS | February 24, 1996
NEW YORK -- U.S. stocks staged a late recovery yesterday, fueled by expectations that corporate profits will blossom later this year.PepsiCo Inc. and Sears, Roebuck & Co., joined by bank, computer and insurance companies, helped drive the market to records for a second day.Share prices seesawed, sending the Dow Jones industrial average up more than 50 points and down almost 50 points, before the 30-stock average closed at 5,630.49, up 22.03, for its 16th record of the year.For the week, the Dow climbed 127.17 points, or 2.3 percent, bring the year-to-date gain to 10.03 percent.
BUSINESS
By Robert D. Hershey Jr. and Robert D. Hershey Jr.,New York Times News Service | May 30, 1991
WASHINGTON -- In the latest sign that the recession may be ending, corporate profits in the first quarter of 1991 fell markedly less than in the two preceding quarters, the Commerce Department said yesterday.The decline, to an annual rate of $288 billion, was just 0.3 percent. Profits had fallen 1.9 percent and 3.9 percent, respectively, last summer and autumn."We are getting a clear moderation," observed Michael P. Niemira, an economist at Mitsubishi Bank in New York. Referring to the recession, he added, "maybe the worst is behind us."
BUSINESS
By Bloomberg Business News | March 27, 1993
...TC NEW YORK -- U.S. stocks slumped yesterday as concern about rising interest rates outweighed evidence of a stronger economy and corporate profits."
BUSINESS
By Robert J. Cole and Robert J. Cole,New York Times News Service | November 10, 1990
NEW YORK -- A strong decline in interest rates and the prospect of more to come, lifted the stock and bond markets sharply yesterday.Trading was slow, but the advance carried the Dow Jones industrial average ahead 44.80 points, to 2,488.61.Heavy declines Tuesday and Wednesday, however, sent the Dow to a loss for the week of 2.23 points.Abby Joseph Cohen, market strategist for Goldman, Sachs & Co., attributed yesterday's strong showing partly to "the hope that we're closer to a resolution in the Middle East."
NEWS
October 10, 1997
THE GUARDIAN of this country's seven-year expansion has once again urged investors to temper their expectations. Stock markets around the globe shuddered. Prices on Wall Street plunged 116 points in two days. But they are likely to recover, as they have in the past after Alan Greenspan's warnings.Still, the Federal Reserve Board chairman's cautionary words served their purpose. Investors cannot be reminded often enough that the business cycle of ups and downs has not been repealed, despite talk of a technology-driven ''new paradigm.
BUSINESS
By Ameet Sachdev and Ameet Sachdev,CHICAGO TRIBUNE | May 19, 2004
Despite an expanding economy and improved productivity in recent years, American workers are experiencing sluggish growth in wages. Adjusted for inflation, many workers essentially took home the same pay last year that they did in 2001. Some wage increases aren't keeping up with inflation. This is an unusual period in American history. Labor's share of the increase in national income since November 2001, the end of the most recent recession, is the lowest for any recovery since the end of World War II. That's the finding of a new study from the Center for Labor Market Studies at Northeastern University in Boston.
NEWS
By Robert B. Reich | June 5, 2013
Economic forecasters exist to make astrologers look good. But the recent jubilance is enough to make even weather forecasters blush. "The economy is going gangbusters! Just look at consumer spending!" "Look at home prices! Look at the bull market!" Please. I can understand the jubilation in the narrow sense that we've been down so long, everything looks up. Plus, economists who are paid by Wall Street or corporations tend to cheerlead because they believe that if consumers and businesses think the future will be great, they'll buy and invest more -- thereby creating a self-fulfilling prophecy.
NEWS
May 9, 2013
In his remarks to the Greater Baltimore Committee's annual meeting Wednesday night, T. Rowe Price Chairman Brian C. Rogers noted a contradiction in how the world sees Maryland as a place to do business. On the one hand, it is universally recognized for its top-ranked school systems and universities, skilled workforce, research activity, potential for innovation, and great quality of life. On the other, it frequently winds up toward the bottom of rankings of business competitiveness — most recently, by CEO Magazine — largely because of our tax system and regulatory environment.
NEWS
April 1, 2013
A moment of silence, please, for the death of the combined reporting bill in the General Assembly. The corporate tax reform measure passed away suddenly last week, the result of a 7-6 vote by the Senate Budget and Taxation Committee, which has developed a nasty habit of killing the bill annually. In lieu of flowers, supporters ask that angry letters be sent to lawmakers. It came as no surprise, of course, but that doesn't make the death of combined reporting any less frustrating.
NEWS
By Robert B. Reich | March 13, 2013
Last Friday, the Labor Department reported that 236,000 new jobs were created in February. That's good news -- but not nearly good enough. Even if this rate were to continue, which seems unlikely, the United States wouldn't be back to pre-recession levels of unemployment for another four years. American workers remain in a bear market. More than 12 million Americans are still without work. Another 8 million are working part time but would rather be working full time. Many have given up looking.
NEWS
By Alison Matas, The Baltimore Sun | February 21, 2013
Some members of the Rev. David Carl Olson's congregation are homeless. A few work minimum-wage jobs, he said, but they still cannot afford to leave shelters. His faith calls him to live in a world with "profoundly more justice," said Olson, who oversees First Unitarian Church of Baltimore, and that starts with increasing wages. Olson spoke to about 25 people gathered to protest the corporate profits of low-wage employers Thursday morning at a Walmart store in Catonsville. Demonstrators chanted "Raise the minimum wage!"
NEWS
January 5, 2012
As we enter the fourth year of an economic collapse and witness the remarkable emergence of "people power" across the country and around the world, the current crisis can be seen as an opportunity. Rather than rebuild the old status quo we should build smart, since all our societal problems are interrelated. Building smart means restructuring the health care system to serve the needs of people and their communities rather than to serve corporate profits. Because so many Americans' health care is tied to their jobs, when they lose those jobs their families' health care goes with them.
NEWS
By Robert B. Reich | November 29, 2011
For most of the last century, the basic bargain at the heart of the American economy was that employers paid their workers enough to buy what American employers were selling. That basic bargain created a virtuous cycle of higher living standards, more jobs and better wages. Back in 1914, Henry Ford announced he was paying workers on his Model T assembly line $5 a day -- three times what the typical factory employee earned at the time. The Wall Street Journal termed his action "an economic crime.
NEWS
September 4, 2013
You don't have to be a Marxist to conclude that the working conditions of millions of American workers today are akin to wage-slavery ("Jobs are coming back, but they don't pay enough," Aug. 27). According to columnist Robert Reich, the shareholders of the mega-corporation that operates Taco Bell, KFC and Pizza Hut received a 15 percent return on their investment. Meanwhile, large numbers of the fast-food workers who deliver their products don't earn enough to rise above the poverty line.
NEWS
By Robert B. Reich | November 29, 2011
For most of the last century, the basic bargain at the heart of the American economy was that employers paid their workers enough to buy what American employers were selling. That basic bargain created a virtuous cycle of higher living standards, more jobs and better wages. Back in 1914, Henry Ford announced he was paying workers on his Model T assembly line $5 a day -- three times what the typical factory employee earned at the time. The Wall Street Journal termed his action "an economic crime.
NEWS
August 15, 2011
At the Republican debate in Iowa, presidential contender Mitt Romney answered a question from the audience about corporate profits by saying: "Corporations are people, my friend. Everything corporations earn ultimately goes to the people. Where do you think it goes?" No wonder the man was heckled. The question is not whether those profits go to people, but how many people they go to, and how much each person in the corporation gets. In the world Mitt Romney does not inhabit, people at the lowest rungs of the ladder toil for a pittance, with one person doing the job of two or three, no pay raises or adjustments for inflation, and always threatened with the ax in full knowledge that they are expendable and can be replaced by cheaper workers somewhere else.
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