There are a lot of root causes to Puerto Rico’s debt. But one overarching part of this narrative is the fact that Puerto Rico has been a colony of the United States since 1898.
While inflation-hawks are quick to highlight the cost of higher prices, they rarely, if ever, mention the costs associated with the higher interest rate policy they recommend, costs that include higher unemployment and lower wages for working people.
Workers used the additional resources of the past year to demand better pay and conditions.
Top 1.0% of earners see wages up 179% since 1979 while share of wages for bottom 90% hits new low
The rise in the index of aggregate hours would be equivalent to more than 630,000 jobs with no changes in workweeks. Drop in unemployment in Novembers were largest for the groups that face labor market discrimination.
Companies are raising prices well above increases in their costs. The only antidote is to finally take action against corporate power.
When China and the United States cooperate, the two countries and the world will benefit; when China and the United States are in confrontation, the two countries and the world will suffer, Chinese Pres. Xi Jinping to Pres. Joe Biden, Sept. 10, 2021
Seventeen recipients of the Nobel Memorial Prize in Economic Sciences have signed an open letter in support of President Biden’s Build Back Better package currently being considered in Congress.
A reckoning with America’s failed national security policy is long overdue. America’s current vision of security has been ruinous both to the world and to the American people. A different future is possible.
Democrats don’t lose elections because of rising prices. They lose when they cut spending and raise interest rates, sacrificing other goals at the altar of price stability.
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