Economic Justice

Corey Dolgon on Kill It to Save It: An Autopsy of Capitalism's Triumph Over Democracy

 

 How have powerful Americans convinced their fellow citizens to support policies beneficial only to the wealthy? Why have so many given up on public education, safe food and safe streets, living wages – even on democracy itself? 

 

Kill it to Save it lays bare the hypocrisy of US political discourse by documenting the story of capitalism’s triumph over democracy. 

 

As the Progressive Left tries to understand how President Trump came to power, Corey Dolgon documents his historical, political and cultural road map. Dolgon argues that American citizens now accept policies that destroy the public sector and promote political stories that feel right “in the gut”, regardless of science or facts.

 

 

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Donald Trump Criticizes Corporate "Inversions" During Presidential Debate

 Republican Presidential candidate Donald Trump criticized the practice of corporations moving their headquarters overseas in name only to avoid US taxes during the presidential debate in South Carolina. Trump called these corporate "inversions" "one of the biggest problems" facing the United States. Democratic presidential candidates have also criticized the practice.

Argentina Negotiates Debt Dispute with "Holdout" Hedge Funds

Argentina's new government begins negotiations in New York with groups that sued the country for more than $1 billion after the country defaulted on its debt in 2001. President Mauricio Macri took office in December and announced his intention to reach a settlement. The investor groups are known as "holdouts" because they refused to participate in Argentina's debt restructuring deals that 92 percent of investors accepted.

Congress Excludes Puerto Rico Bankruptcy Provision in Omnibus Bill

As Congress releases the "omnibus" package, bankruptcy provisions for Puerto Rico remain noticeably absent according to Jubilee USA, which closely followed the budget negotiations. Over the last week, bipartisan efforts to include Puerto Rico bankruptcy protection in the massive spending bill failed to move forward. Congress will vote on the legislation in as little as 72 hours.

"I'm deeply disappointed by the lack of Congressional action," commented Eric LeCompte, Executive Director of the religious development group, Jubilee USA. "We are failing millions of Americans on the island."

Representatives Pedro Pierluisi (D-Puerto Rico), Sean Duffy (R-WI) and Senators Chuck Schumer (D-NY) and Richard Blumenthal (D-CT) have all introduced separate bills to extend Chapter 9 bankruptcy protection to Puerto Rico.

Puerto Rico faces a January 1 deadline to pay nearly $1 billion in debt or default.

"It's not too late for Congress to pass bankruptcy protection for Puerto Rico," noted LeCompte. "Time is running out to act and the lives of our fellow Americans hang in the balance."

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

 

United Nations Votes for Global Bankruptcy Principles

 

A United Nations committee adopted nine principles to create a global bankruptcy process for countries. Nobel Laureate Joseph Stiglitz addressed the final session of "The UN Ad Hoc Committee on Sovereign Debt Restructuring" that the UN General Assembly established last fall. Countries currently cannot access bankruptcy protection when they face economic crisis. The World Bank notes that 49 countries face worrying levels of debt distress and the International Monetary Fund notes debt is the root cause of inequality. In recent months, governments across the Caribbean, Greece and Argentina expressed an immediate need for a global bankruptcy process.

"With so many countries facing debt crises, we urgently need solutions to protect investors and poor people," noted Eric LeCompte, who is participating in the UN meetings. LeCompte is the executive director of the religious development organization Jubilee USA Network. "The UN's work is a step in the right direction, but we still have a lot of work to do if we want a legally binding process."

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