Monday, February 02, 2015
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The Economy

Worried About the Future?

ForeclosureAccording to a recent CNN/Research Corp. national poll, only half of all U.S. homeowners are confident they can make their mortgage payments and less than forty percent are confident they can maintain their standard of living in the next year. Moreover, just one in four parents of children less than eighteen feel they can afford their child’s college education, and a scant one in five Americans who have yet to retire are very confident they’ll be able to save enough money to do so comfortably.

A Working Class Program for the Economic Crisis

 The Workers International League's working class program for the current economic crisis.

"Bloody Monday" and the Changing Consciousness in America"Bloody Monday" ran the headlines, as jobs continue to hemorrhage from the U.S. economy with no end in sight. Since Monday, even more companies have announced layoffs. The list of companies laying off workers is a "who's who" of corporate America: 20,000 from Caterpillar, 10,000 from Boeing, 8,000 from Pfizer, 8,000 from Sprint Nextel, 7,000 from Home Depot, 6,700 from Starbucks, 6,000 from Intel, 5,000 from Microsoft, 5,000 from Schlumberger, 2,000 more from General Motors, 1,200 more from Ford, S1,000 more from United Airlines, 700 from AOL, 600 from Target, 350 from Brooks Automation, and on and on.

State and Local Governments in Crisis

 The present crisis of U.S. capitalism is now spilling over into a fiscal crisis for state and local governments.  American Big Business, through its control of the Democratic and Republican parties, has set up a system where money for war is funded through the coffers of the Federal government in Washington, DC, while education and many other public and social services are largely funded by the states, counties, cities and towns. In the past year, as the private sector has shed jobs, state and local governments have been creating them, which has slowed the growth of unemployment. Now, however, the economic crisis is leading state and local governments to cut back on workers.


The crisis of world capitalism is gathering speed

The crisis of world capitalism is gathering speedThe crisis of world capitalism is unfolding relentlessly and with gathering speed. First came the financial crisis (the so-called credit crunch), but now the second phase has begun - the crisis of the real economy - and it is accelerating as each day goes by. This is leading to sharp changes in consciousness, rising working class militancy and the beginnings of polarisation within the labour movement itself.

No to Big Business Bailouts: Nationalize the Auto Industry!

Auto Industry BailoutThis article makes note of General Motors facing bankruptcy, with Ford and Chrysler not far behind. GM is requesting a $25 billion bailout from the federal government, and in spite of this bailout, the automakers have announced severe cuts and additional plant closings.  The only way forward is to nationalize the auto industry under democratic workers' control.


This Bud’s for You: Nationalize Anheuser-Busch

Anheuser-BuschIn July, Anheuser-Busch, maker of Budweiser and Bud Light beer, joined the long list of companies to be gobbled up in yet another big corporate merger. The largest U.S. brewer was bought out by Belgian-based InBev, the world’s second largest brewer. After a flurry of patriotism that was whipped up in the capitalist media, this “American icon” was sold off and Budweiser’s mostly unionized workers are already facing cuts and layoffs.

Panic in world markets

Panic in world marketsPanic has gripped the stock markets of the world. Things are completely out of control, and there is nothing that governments can say or do that can stop it. As in 1929, every time people thought that the worst had come, further falls were just round the corner. Nobody knows how far share prices have still to go. The world economy now finds itself in unsheltered waters.

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Socialist Appeal Issue 86

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