Clean Energy Wire ) – The damaging effects of climate change are set to hit economic growth severely across most countries, said researchers from the Potsdam Institute for Climate Impact Research (PIK).

With the climate change that is already locked-in through past and “plausible” future emissions, income will be 19 percent lower on average globally over the next 26 years than in a scenario without climate change, they said in an article in Nature.

This corresponds to global annual damages in 2049 of 38 trillion dollars (in 2005 dollars), said the researchers. They also compared these damages to the mitigation costs required to achieve the Paris Climate Agreement goals and said that climate damages are larger than the mitigation costs in 2050 by a factor of approximately six.

Maximilian Kotz et al. wrote,

“Using an empirical approach that provides a robust lower bound on the persistence of impacts on economic growth, we find that the world economy is committed to an income reduction of 19% within the next 26 years independent of future emission choices (relative to a baseline without climate impacts, likely range of 11–29% accounting for physical climate and empirical uncertainty). These damages already outweigh the mitigation costs required to limit global warming to 2 °C by sixfold over this near-term time frame and thereafter diverge strongly dependent on emission choices. Committed damages arise predominantly through changes in average temperature, but accounting for further climatic components raises estimates by approximately 50% and leads to stronger regional heterogeneity.”

The red shows decreases in income, the blue increases, caused by climate change. H/t Nature

Climate advocates and policymakers often emphasise that the cost of inaction on climate change is set to be much larger than the cost of efforts to mitigate the worst effects by introducing ambitious climate policy.

German government representatives have also said that climate mitigation is of the highest priority, because the less intense the impacts of climate change are, the less money needs to be spent adapting to them.

Published under a “ Creative Commons Attribution 4.0 International Licence (CC BY 4.0)”. The text has been augmented by quotes from the original Nature article.

I want my taxes to help fund universal health care for everyone in our country.  All but 43 countries offer free healthcare or access to health care for at least 90% of their citizens.  Why cannot we, the world’s wealthiest nation for over 60 years, divorce ourselves from corporate capitalist healthcare?

What of other social and economic issues as we near Tax Day?  Take poverty:  140 million people – 40% of US people – are poor or near poor, defined as one emergency away from economic ruin, according to the Poor People’s Campaign. The “140 million” are people of every race, ethnicity, age, faith, sex and sexual orientation, while poverty is highest among Black, Latino and Indigenous peoples due to systemic racism. More women than men are poor due to systemic sexism.  The pay gap between women and men – 21.8% on average – has persisted for 30 years, an injustice that deteriorates our democracy. 

I want my federal and state taxes to lift people out of poverty and end inequality in income. It can be done. Cities are leading the way in raising minimum wage; and they outpace the best states, while the federal minimum wage languishes at a despicable $7.25 per hour

 These 10 Cities have the Highest Minimum Wage in the U.S.

• Tukwila, Washington: $20.29.
• Seattle, Washington: $19.97.
• SeaTac, Washington: $19.71.
• West Hollywood, California: $19.08.
• Mountain View, California: $18.75.
• Emeryville, California: $18.67.
• Sunnyvale, California: $18.55.
• Denver, Colorado: $18.29.

Today, the highest minimum wages, by state and Washington, D.C., are in D.C., ($17), Washington ($16.28), California ($16), Connecticut ($15.69) and New Jersey ($15.13).  New York has raised its minimum hourly wage in New York City and its suburbs to $16. 

But we need to do better: A livable wage in Connecticut, that is, an hourly wage that enables a single adult to pay for necessities, including housing, food, utilities, transportation and health care, would be $24.13.  Overall, most single Americans need to earn at least $20/hour to pay their bills, given cost of living where they live.   More than 1/3 fall short. 

I want my federal and state tax money used to raise minimum wage to a livable wage in the name of economic justice for everyone.

PBS NewsHour Video: “Families slip back into poverty after pandemic-era child tax credit expires”

In 2023, the Department of Defense (aka the Department of War) was allocated $816.7 billion dollars in our national budget, while failing to pass its sixth straight audit.  US war spending in 2023 dwarfs that of other countries, totaling more than the next ten highest military budgets combined.  Since October 7, the gunboat-diplomacy Biden administration has approved over 100 weapons sales to the government of Israel, an average of 1 every 36 hours.

I want my tax money to “beat swords into plowshares” by supplanting masculinist militarism with intelligent, committed, unrelenting diplomacy that lifts our country above our abject ranking of 131 least peaceful country out of 163 countries on the Global Peace Index.

Our arduous path back from flawed to healthy democracy will only be through engaged citizens, activist organizations and unions in cities and some states not shackled in the stranglehold of anti-abortion, anti-immigrant, Trumpian, and extreme religious right politics, nor held hostage by their weapons manufacturers.

• “Voters inCalifornia, Vermont and Michigan in November 2023 adopted amendments to enshrine abortion protections into their respective state constitutions.” More states are expected to advance similar measures, because constitutional protections are considered the most ironclad and are very difficult to amend.
• In February 2024 the city of Flint Michigan recently approved a universal cash program for babies, called Rx Kids, that provides new mothers $1,500 and $500 monthly for their child’s first year.
• The same month, Detroit became the largest U.S. city so far to pass a “Move the Money” resolution, following the lead of neighboring city Hamtramck, Michigan. The measure, approved unanimously by the City Council, calls on the U.S. Congress and the president to shift public money away from the military to fund social services.
• In June 2023 the US Conference of Mayors unanimously passed a resolution “Calling for Urgent Action to Avoid Nuclear War, Resolve the Ukraine Conflict, Lower Tensions with China, and Redirect Military Spending to Meet Human Needs.”
• In March 2024 the New York State Appellate Court ruled unanimously to affirm Kingston, New York’s Rent Guidelines Board mandating 15% rent reduction, given the scarcity of rental units and tenant organizing for housing justice.
• More than 100 US cities, including Chicago and Seattle, have passed resolutions on the genocidal Israel-Gaza war with most calling for a permanent ceasefire, exchange of Israeli hostages and Palestinian political prisoners and free flow of aid to the Gazan people.

I want my taxes to be used for our true national security: lifting people out of poverty, hunger and homelessness; providing universal health care; ensuring affordable housing for everyone needing it, assuring a livable wage, ending violence against women, affirming that Black Lives Matter, and fostering peace.

Such heat poses increasing health hazards for many groups: the old, the very young, those of us who don’t have access to air conditioning. One group, however, is at particular risk: people whose jobs require lengthy exposure to heat. Numbers from the Bureau of Labor Statistics show that about 40 workers died of heat exposure between 2011 and 2021, although, as CNN reports, that’s probably a significant undercount. In February 2024, responding to this growing threat, a coalition of 10 state attorneys general petitioned the federal Occupational Safety and Health Administration (OSHA) to implement “a nationwide extreme heat emergency standard” to protect workers from the kinds of dangers that last year killed, among others, construction workers, farm workers, factory workers, and at least one employee who was laboring in an unairconditioned area of a warehouse in Memphis, Tennessee.

Facing the threat of overweening government interference from OSHA or state regulators, two brave Republican-run state governments have stepped in to protect employers from just such dangerous oversight. Florida and Texas have both passed laws prohibiting localities from mandating protections like rest breaks for, or even having to provide drinking water to, workers in extreme heat situations. Seriously, Florida and Texas have made it illegal for local cities to protect their workers from the direct effects of climate change. Apparently, being “woke” includes an absurd desire not to see workers die of heat exhaustion.

And those state laws are very much in keeping with the plans that the national right-wing has for workers, should the wholly-owned Trump subsidiary that is today’s Republican Party take control of the federal government this November.

We’ve Got a Plan for That!

It’s not exactly news that conservatives, who present themselves as the friends of working people, often support policies that threaten not only workers’ livelihoods, but their very lives. This fall, as we face the most consequential elections of my lifetime (all 71 years of it), rights that working people once upon a time fought and died for — the eight-hour day, a legal minimum wage, protections against child labor — are, in effect, back on the ballot. The people preparing for a second Trump presidency aren’t hiding their intentions either. Anyone can discover them, for instance, in the Heritage Foundation’s well-publicized Project 2025 Mandate for Leadership, a “presidential transition” plan that any future Trump administration is expected to put into operation.

Buy the Book

As I’ve written before, the New York Times’s Carlos Lozada did us a favor by working his way through all 887 pages of that tome of future planning. Lacking his stamina, I opted for a deep dive into a single chapter of it focused on the “Department of Labor and Related Agencies.” Its modest 35 pages offer a plan to thoroughly dismantle more than a century of workers’ achievements in the struggle for both dignity and simple on-the-job survival.

First Up: Stop Discriminating Against Discriminators

I’m sure you won’t be shocked to learn that the opening salvo of that chapter is an attack on federal measures to reduce employment discrimination based on race or sex. Its author, Jonathan Berry of the Federalist Society, served in Donald Trump’s Department of Labor (DOL). He begins his list of “needed reforms” with a call to “Reverse the DEI Revolution in Labor Policy.” “Under the Obama and Biden Administrations,” Berry explains, “labor policy was yet another target of the Diversity, Equity, and Inclusion (DEI) revolution” under which “every aspect of labor policy became a vehicle with which to advance race, sex, and other classifications and discriminate against conservative and religious viewpoints on these subjects and others, including pro-life views.”

You may wonder what it means to advance “classifications” or why that’s even a problem. Berry addresses this question in his second “necessary” reform, a call to “Eliminate Racial Classifications and Critical Race Theory Trainings.” Those two targets for elimination would seem to carry very different weight. After all, “Critical Race Theory,” or CRT, is right-wing code for the view that structural barriers exist preventing African Americans and other people of color from enjoying the full rights of citizens or residents. It’s unclear that such “trainings” even occur at the Labor Department, under CRT or any other label, so their “elimination” would, in fact, have little impact on workers.

On the other hand, the elimination of “racial classifications” would be consequential for many working people, as Berry makes clear. “The Biden Administration,” he complains, “has pushed ‘racial equity’ in every area of our national life, including in employment, and has condoned the use of racial classifications and racial preferences under the guise of DEI and critical race theory, which categorizes individuals as oppressors and victims based on race.” Pushing racial equity in employment? The horror!

Berry’s characterization of CRT is, in fact, the opposite of what critical race theory seeks to achieve. This theoretical approach to the problem of racism does not categorize individuals at all, but instead describes structures — like corporate hiring practices based on friendship networks — that can disadvantage groups of people of a particular race. In fact, CRT describes self-sustaining systems that do not need individual oppressors to continue (mal)functioning.

The solution to the problem of discrimination in employment in Project 2025’s view is to deny the existence of race (or sex, or sexual orientation) as a factor in the lives of people in this country. It’s simple enough: if there’s no race, then there’s no racial discrimination. Problem solved.

And to ensure that it remains solved, Project 2025 would prohibit the Equal Economic Opportunity Commission, or EEOC, from collecting employment data based on race. The mere existence of such “data can then be used to support a charge of discrimination under a disparate impact theory. This could lead to racial quotas to remedy alleged race discrimination.” In other words, if you can’t demonstrate racial discrimination in employment (because you’re enjoined from collecting data on the subject), then there’s no racial discrimination to remedy. Case closed, right?

By outlawing such data collection, a Republican administration guided by Project 2025 would make it almost impossible to demonstrate the existence of racial disparity in the hiring, retention, promotion, or termination of employees.

Right-wingers in my state of California tried something similar in 2003 with Ballot Proposition 54, known as the Racial Privacy Initiative. In addition to employment data, Prop. 54 would have outlawed collecting racial data about public education and, no less crucially, about policing. As a result, Prop. 54 would have made it almost impossible for civil rights organizations to address the danger of “driving while Black” — the disproportionate likelihood that Black people will be the subject of traffic stops with the attendant risk of police violence or even death. Voters soundly defeated Prop. 54 by a vote of 64% to 36% and, yes, racial discrimination still exists in California, but at least we have access to the data to prove it.

There is, however, one group of people Project 2025 would emphatically protect from discrimination: employers who, because of their “conservative and religious viewpoints… including pro-life views,” want the right to discriminate against women and LGBTQ people. “The President,” writes Berry, “should make clear via executive order that religious employers are free to run their businesses according to their religious beliefs, general nondiscrimination laws notwithstanding.” Of course, Congress already made it clear that, under Title VII of the Religious Freedom Restoration Act of 1993, “religious” employers are free to ignore anti-discrimination laws when it suits them.

But Wait, There’s More

Not content with gutting anti-discrimination protections, Project 2025 would also seek to rescind rights secured under the Fair Labor Standards Act, or FLSA, which workers have enjoyed for many decades. Originally passed in 1938, the FLSA “establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments,” according to the Department of Labor.

Perhaps because the federal minimum hourly wage has remained stuck at $7.25 for a decade and a half, Project 2025 doesn’t launch the typical conservative attack on the very concept of such a wage. It does, however, go after overtime pay (generally time-and-a-half for more than 40 hours of work a week), by proposing that employers be allowed to average time worked over a longer period. This would supposedly be a boon for workers, granting them the “flexibility” to labor fewer than 40 hours one week and more than 40 the next, without an employer having to pay overtime compensation for that second week. What such a change would actually do, of course, is give an employer the power to require overtime work during a crunch period while reducing hours at other times, thereby avoiding paying overtime often or at all.

Another supposedly family-friendly proposal would allow workers to choose to take their overtime compensation as paid time off, rather than in dollars and cents. Certainly, any change that would reduce workloads sounds enticing. But as the Pew Research Center reports, more than 40% of workers can’t afford to, and don’t, take all their paid time off now, so this measure could function as yet one more way to reduce the overtime costs of employers.

In contrast to the Heritage Foundation’s scheme, Senator Bernie Sanders has proposed a genuinely family-friendly workload reduction plan: a gradual diminution of the standard work week from 40 to 32 hours at the same pay. Such proposals have been around (and ridiculed) for decades, but this one is finally receiving serious consideration in places like the New York Times.

In deference to the supposedly fierce spirit of “worker independence,” Project 2025 would also like to see many more workers classified not as employees at all but as independent contractors. And what would such workers gain from that “independence”? Well, as a start, freedom from those pesky minimum wage and overtime compensation regulations, not to speak of the loss of protections like disability insurance. And they’d be “free” to pay the whole tab (15.3% of their income) for their Social Security and Medicare taxes, unlike genuine employees, whose employers pick up half the cost.

Young people, too, would acquire more “independence” thanks to Project 2025 — at least if what they want to do is work in more dangerous jobs where they are presently banned. As Berry explains:

“Some young adults show an interest in inherently dangerous jobs. Current rules forbid many young people, even if their family is running the business, from working in such jobs. This results in worker shortages in dangerous fields and often discourages otherwise interested young workers from trying the more dangerous job.”

The operative word here is “adults.” In fact, no laws presently exclude adults from hazardous work based on age. What Berry is talking about is allowing adolescents to perform such labor. Duvan Tomás Pérez, for instance, was a 16-year-old who showed just such an “interest” in an inherently dangerous job: working at a poultry plant in Mississippi, where he died in an industrial accident. The middle schooler, a Guatemalan immigrant who had lived in the United States for six years, was employed illegally by the Mar-Jac Poultry company. If there are “worker shortages in dangerous fields,” it’s because adults don’t want to take the risks. The solution is to make the work less dangerous for everyone, not to hire children to do it.

We’re Gonna Roll the Union Over

Mind you, much to the displeasure of Project 2025 types, this country is experiencing a renaissance of union organizing. Companies that long thought they could avoid unionization, from Amazon to Starbucks, are now the subject of such drives. In my own world of higher education, new unions are popping up and established ones are demonstrating renewed vigor in both private and public universities. As the bumper-sticker puts it, unions are “the folks who brought you the weekend.” They’re the reason we have laws on wages and hours, not to speak of on-the-job protections. So, it should be no surprise that Project 2025 wants to reduce the power of unions in a number of ways, including:

• Amending the National Labor Relations Act to allow “Employee Involvement Organizations” to supplant unions. Such “worker-management councils” are presently forbidden for good reason. They replace real unions that have the power to bargain for wages and working conditions with toothless pseudo-unions.

• Ending the use of “card-checks” and requiring elections to certify union representation. At the moment, the law still permits a union to present signed union-support cards from employees to the National Labor Relations Board and the employer. If both entities agree, the union wins legal recognition. The proposed change would make it significantly harder for unions to get certified, especially because cards can be collected without the employer’s knowledge, whereas a public election with a long lead time gives the employer ample scope for anti-union organizing activities, both legal and otherwise.

• Allowing individual states to opt out of labor protections granted under the Fair Labor Standards Act and the National Labor Relations Act.

The measures covered here are, believe it or not, just the highlights of that labor chapter of Project 2025. If put into practice, they would be an historically unprecedented dream come true for employers, and a genuine nightmare for working people.

Meanwhile, at the Trumpified and right-wing-dominated Supreme Court, there are signs that some justices are interested in entertaining a case brought by Elon Musk’s SpaceX that could abolish the National Labor Relations Board (NLRB), the federal entity that adjudicates most labor disputes involving federal law. Without the NLRB, legal protections for workers, especially organizing or organized workers, would lose most of their bite. Despite the court’s claim to pay no attention to public opinion, its justices would certainly take note of a resounding defeat of Donald Trump, the Republicans, and Project 2025 at the polls.

A New “Contract on America?”

The last time the right wing was this organized was probably back in 1994, when Newt Gingrich published his “Contract with America.” Some of us were so appalled by its contents that we referred to it as a plan for a gangster hit, a “Contract on America.”

This year, they’re back with a vengeance. All of which is to say that if you work for a living, or if you know and love people who do, there’s a lot on the line in this year’s election. We can’t sit this one out.

Copyright 2024 Rebecca Gordon

Via Tomdispatch.com

Just 57 companies and nation states were responsible for generating 80% of the world’s CO₂ emissions from fossil fuels and cement over the last seven years, according to a new report released by the thinktank InfluenceMap. This finding suggests that net zero targets set by the Paris climate change agreement in 2015 are yet to make a significant impact on fossil fuel production.

The report uses the Carbon Majors database, established in 2013 by Richard Heede of the Climate Accountability Institute, to provide fossil fuel production data from 122 of the world’s largest oil, gas, coal and cement producers.

The InfluenceMap report tells a sobering but informative story of the state of production in these high-emitting industries. Cement and fossil fuel production has reached unprecedented levels, with most of the emission growth traceable to a relatively small number of large companies.

The troubling reality is that the lack of progress of these large fossil fuel companies means the world will need to undertake ever more stringent and steep decarbonisation trajectories if countries are to meet the Paris agreement goal of keeping warming well below 2°C.

The Carbon Majors database highlights how critical it is for companies and countries to be held accountable for their lack of progress on emission reductions. Companies need to define exactly how best to align with the Paris goals, and then monitor and track their progress.

To address this need, our team of researchers from the Universities of Queensland, Oxford and Princeton developed a framework that outlines strict science-based requirements for tracking the progress of companies against Paris-aligned pathways.

By applying this framework to the Carbon Majors database in a follow-up study, our team mapped production budgets for 142 fossil fuel companies against several Paris-aligned global scenarios of the Intergovernmental Panel on Climate Change.

“Surreal Oil Rigs,” Digital, Dall-E, 2024.

We considered the “middle-of-the-road” future scenario whereby business carries on as usual – this is commonly used by investors to evaluate a company’s climate risks. With this scenario, we found that between 2014 and 2020, the coal, oil and gas companies produced 64%, 63% and 70% respectively more than their budgets allow. Further details can be found on the Are You Paris Compliant? website.

Transparency is crucial

Over the seven-year period covered by the InfluenceMap report, nation states and state-owned companies are responsible for most of this growth. It is not yet clear whether such government-run companies will move towards improved reporting against climate standards, but further interventions by governments will clearly be required to meet stated national emission-reduction goals.

Fortunately, more transparency will be available for investor-owned companies. In 2023, a non-profit that aims to standardise global accounting, the International Financial Reporting Standards Foundation, released new climate-related disclosure standards. These should provide investors, politicians and the public with access to more transparent and consistent data, making it much easier for them to accurately judge companies’ climate performance – or lack thereof.

It will be interesting to read the climate reporting of the 57 companies identified by InfluenceMap in coming years. The release of the Carbon Majors data, along with the new climate-related disclosure standards, will hopefully make a huge difference. Companies being more accountable for their emissions should help reduce greenwashing in corporate sustainability reports.

Quantifying fossil fuel and cement production, and associated emissions, is a crucial step. But companies also need to act. Achieving net zero by reducing the emissions of a relatively small number of companies will be much easier than persuading 8 billion people to take collective action on climate.

Such drastic reductions in fossil fuel production must also be matched by investment in abundant and increasingly cheap sources of clean renewable energy. Without these steps, the Paris goals will be unachievable – and that’s very risky for all of us.

Matthew Carl Ives, Senior Researcher in Economics, University of Oxford; Belinda Wade, Industry Professor, School of Business, The University of Queensland, and Saphira Rekker, Senior Lecturer in Sustainable Finance, The University of Queensland

This article is republished from The Conversation under a Creative Commons license. Read the original article.

(The Conversation) – For many years, it wasn’t the economy that determined voting behaviour in Turkey. The country’s president, Recep Tayyip Erdoğan, won almost every election he contested despite a deteriorating economic outlook.

This is commonly explained by the importance of identity politics in a country that has been polarised by the policies of Erdoğan’s ruling Justice and Development (AK) Party over its 22 years in power.

However, Erdoğan’s streak came to a screeching halt on Sunday March 31 following Turkey’s local elections. His AK Party lost the popular vote for the first time since 2002 and the main opposition group claimed victory in key cities including Istanbul and Ankara.

The reason why this time was different lies in the huge accumulated costs from years of policy mistakes that are now beginning to bite in a serious way.

So, what was the economic outlook as the country went to the polls?

On March 21, Turkey’s central bank raised interest rates unexpectedly to 50%. The move was the latest in a succession of rate rises that have followed Erdoğan’s re-election as president in May 2023. It was viewed as evidence of the central bank’s determination to fight runaway inflation that is hovering close to 70%.

The rising interest rates have been widely applauded as a much-needed reversal from the unorthodox monetary policy that had gone on far too long. Erdoğan’s unconventional policy stance arose from his deep-held conviction that raising interest rates would increase inflation rather than reduce it.

The pandemic and Russia’s invasion of Ukraine caused inflation to soar worldwide. While almost every central bank raised interest rates in response, Turkey went on an interest rate cutting spree. Keeping rates artificially low contributed to the rise in domestic inflation, and has made Turkey an inflation champion on a par with Argentina and Venezuela.

Decoupling from other emerging economies

Emerging markets have been surprisingly resilient in the face of the global financial squeeze. Unlike in the past, many emerging economies have avoided huge fluctuations in their exchange rates, have not been subject to debt distress and have managed to keep inflation under control.

One reason for this is the success of emerging economies in improving their policy frameworks, particularly by enhancing the independence of their central banks. More specifically, central banks in these countries have significantly improved their communication and transparency, and have become much better at forecasting inflation. As such, countries including Chile, Czech Republic and South Africa have outperformed their counterparts in advanced economies.

Al Jazeera English Video: “Turkey inflation soars: Seniors suffer despite increase in pensions ”

Sadly, Turkey was an outlier in this sphere. The country has completely ditched the independence of its monetary policy to such an extent that its central bank has had six different governors in the last five years.

Politics has also played a disproportionate role in the making of economic policy. Changes to the Turkish constitution, which were put in place in 2018, gave Erdoğan significant executive powers to push for very generous spending ahead of the 2023 presidential elections.

Minimum wage rose substantially and costly pension schemes and subsidised housing projects were put in place. This expansion in public spending naturally contributed to the inflationary pressures that were already brewing.

Turkey’s outlier position in loose monetary policy, cutting rates between 2021 and 2023 while everyone else had been tightening, is the very reason why its central bank is now having to push rates up while others are just starting the easing cycle.

Why does this matter?

Getting monetary policy wrong matters for most countries. But it matters particularly for countries like Turkey that are highly open to trade and financial flows, and for whom exchange rate movements are a crucial source of fluctuation in the domestic economy.

One of the biggest losers of Erdoğan’s unorthodox monetary policy has been the Turkish lira. Over the past six years, the value of the lira has fallen dramatically against the US dollar. In January 2018, you would have needed to part with 3.76 liras to purchase one US dollar. Today, this figure stands at 31.9 liras.

Large fluctuations in the value of the lira matter for the Turkish economy for several reasons.

First, a significant part of Turkey’s imports are inputs used in the production process, particularly of vehicles, machinery and mechanical appliances that make up nearly half of the country’s exports. Any fall in the value of the lira will push up input costs and hence prices, reducing the competitiveness of the country’s exports.

Second, Turkey imports a substantial part of its energy from abroad. In much the same way, any depreciation of the lira will make it more expensive to import energy.

Third, Turkey is sitting on substantial external liabilities in foreign currency terms. This makes the depreciation of the lira even more costly. Any loss in its value magnifies the amount of resources required to repay a given level of foreign currency liabilities.

Moving forward

Turkey’s return to more orthodox economic policy is good news. But it is so overdue that even the sharp reversals in policy have not been sufficient to turn the tide on its economy, especially in the fight against inflation. Persistent inflationary pressures have forced citizens to increase their holdings of foreign currency, which has put further pressure on the lira.

Facing a slowdown in foreign capital inflows, the authorities have had to burn significant amounts of foreign currency reserves to prevent the lira from depreciating further. The sharp rise in interest rates on March 21 should be seen in a similar vein and as the price the country is having to pay for its past policy mistakes.

More importantly, it has been nearly a year since Turkey returned to more conventional economic policy and there is no plan for a restructuring of the economy with proper institutional reform at its core. If proof is needed as to whether robust and independent policy institutions benefit economic performance, you need look no further than the recent resilience of other emerging economies.

Brazil, for example, hasn’t only rebounded strongly from the pandemic. It has managed to control inflation and boasts one of the best performing currencies in the world.

Gulcin Ozkan, Professor of Finance, King’s College London

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Four years after the start of the Covid-19 pandemic, the United States has 737 billionaires with a combined wealth of more than $5.5 trillion.

By Chuck Collins and Omar Ocampo | –

( Inequality.org ) – Four years ago, the United States entered the Covid-19 pandemic. Forbes published its 34th annual billionaire survey shortly after with data keyed to March 18, 2020. On that day, the United States had 614 billionaires who owned a combined wealth of $2.947 trillion.

Four years later, on March 18, 2024, the country has 737 billionaires with a combined wealth of $5.529 trillion, an 87.6 percent increase of $2.58 trillion, according to Institute for Policy Studies calculations of Forbes Real Time Billionaire Data. (Thank you, Forbes!)

The last four years have been great for particular billionaires:

On March 18, 2020, Tesla CEO Elon Musk had wealth valued just under $25 billion. By May 2022, his wealth had surged to $255 billion.  As of March 18, 2024, Musk is at $188.5 billion, more than a seven-fold increase in four years.

Over four years, Amazon founder Jeff Bezos has seen his wealth increase from $113 billion to 192.8 billion, even after paying out tens of billions in a divorce settlement and donating tens of billions to charity.

Three Walton family members — Jim, Alice, and Rob — are the principal heirs to the Walmart fortune.  They saw their combined assets rise from $161.1 billion to $229.6 billion.

In 2020, only one billionaire — Jeff Bezos — had $100 billion or more. Today, the entire top ten are centi-billionaires, bringing their collective wealth to a staggering $1.4 trillion.

The only billionaire on the 2020 top 15 wealthiest Americans list to see their wealth decline in four years was MacKenzie Scott. Four years ago, on March 18, 2020, the ex-wife of Jeff Bezos had a net worth of $36 billion. It has declined to $35.4 billion due to her aggressive giving to charity.

“Rich get Richer,” Digital, Dream/ Dreamland v. 3, 2024.

For more details on how America’s billionaires have fared since the onset of the pandemic, check out our updates page.

Asked to comment on the fact that Palestinians wouldn’t be allowed to return once they were forcibly displaced from Gaza, Kushner responded, “Maybe, but I’m not sure there’s much left of Gaza at this point.” And to further discredit the enclave, Trump’s son-in-law described it as having no historical precedent – “It was the result of a war – you had tribes that went different places and then Gaza became a thing.” He’s wrong, of course; Gaza has a very long history behind it. It’s the Gaza Strip as a territorial entity that is a relatively recent construct.

The simplifications have become obscene. Gaza is the entire symbol and experience of Palestine

It holds Palestinian history and memory within a confined space that is now subjected to what is very obviously genocide according to all legal definitions, while the world debates and questions whether Israel really is, when all is said and done, committing genocide. And if it is, what about 7 October? This obscene normalisation and acceptance of genocide is built upon normalising decades of Israeli colonial violence so, unfortunately, no one should really be surprised. Nevertheless, the shame of it should stain the international community forever.

Kushner’s humanitarian pretences are equally as hypocritical as those of the international community. The international community, a euphemism for Western countries, refuses to take in Palestinian refugees on the grounds that those countries do not want to be complicit in the forced displacement of the indigenous population of Palestine. But the same countries do not appear to mind Palestinians being subjected to an Israeli genocide, which is the ultimate form of ethnic cleansing. How far fetched would it be for Israel and Kushner to have their way, and we see the international community praising settlements and real estate deals as “economics for peace”? Of course, there would be no Palestinians left to make peace with in such a scenario, or the numbers would be so low that peace would fall from the equation, leaving only economic benefits for Israel and its accomplices.

There is not much left in terms of Gaza’s infrastructure, but Kushner is wrong to say there’s not much left of Gaza. If the citizens of a country are its essence, then 2.3 million Palestinians are Gaza. His sweeping statement eliminates even the existence of Gaza — and thus its Palestinian population — which is still a territorial reality, albeit one now imbued with a new bloody history that is Israel’s doing.

Majority Report with Sam Seder Video: “Jared Kushner Sees Israel “Cleaning” Gaza And Developing Its Beachfront Property”

“I’m sitting in Miami Beach right now,” Kushner added for context, while explaining to the interviewer what he’d do if he was in Israel. This was the epitome of how international politics plays out in Palestine, and what Palestinians have suffered as a result.

Someone sitting in Miami Beach, or anywhere else for that matter, has no right to decide the genocidal fate of Palestinians. However, as much as Kushner should be called out for his complicity, so should the UN, the international entity that recognised a colonial enterprise built upon an ethnic cleansing in process which has now morphed into the world’s most complicit genocidal action.

Waterfront real estate in Gaza when Palestinians’ homes have been completely destroyed? This is what happens when the UN only speaks in terms of purportedly isolated violations and not in terms of the ongoing Zionist colonial conquest of Palestine.

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Monitor.

This work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Via Middle East Monitor

Chansley has written two books and produced a dozen or so videos about his political ideas; in October, 2023 he filed paperwork to run for Congress in Arizona’s Eighth District. Though he didn’t follow through and mount an actual campaign, had he run and won he likely wouldn’t have been the most extreme member of the House. And Donald Trump, whom Chanley and his fellow Q travelers believed was God’s anointed, is very much a contender for the highest office in the land.   

Chansley’s red-pill moment came, he says, when he discovered the writings of the arch conspiracy theorist Milton William Cooper, who was inspired in his turn by The Protocols of the Elders of Zion, the notorious forgery that purported to expose an ancient Jewish plot to destroy the Christian nations. As Chansley’s thinking evolved, he went on to embrace eco-fascism, anti-vax activism, Christian nationalism, New Age religiosity, and Libertarianism—a stew that is sometimes called “conspirituality.” I’ve written hundreds of thousands of words about the deep roots of paranoid conspiracy theory in American history, but if you want to know what they come down to, his prayer sums it up succinctly. It’s about how “they” are taking what is rightfully “ours.”

Who “they” are has changed over the centuries, but what’s “ours” has always been the privileges that white Christian men believed was their birthright, but for too many, seemed to be slipping away. In colonial times, “they” were agents of the Pope. In the 1790s and the 1820s they were atheistic members of the Illuminati and the Masons. By the mid-19^th century, the enemy was the Irish and other Catholic immigrants who were competing for jobs. The fight over slavery spawned a host of rival conspiracy theories. During the post-Civil War era, which saw the failure of Reconstruction and the rise of vast economic inequalities, the focus shifted to English and Jewish bankers and the demonetization of silver. A few decades later, Jewish anarchists and reds and integrationists were also in the crosshairs. QAnon, the first conspiracy theory to be born on social media, takes bits and pieces from its predecessors, mixes and matches them with medieval blood libels and Gnostic apocalypticism, and gamifies it all by inviting believers to participate in its world-building. Donald Trump, in their telling, is secretly battling the elite cabal of pedophile cannibals who control the Deep State.

Whether they make you laugh or cry, those theories wouldn’t be as viral and sticky as they are if their believers weren’t experiencing real stresses—and if the horrible things they accuse their enemies of doing, everything from cannibalism to pedophilia and mass murder, weren’t behaviors that really do exist. Of course, Jews as a category don’t ritually torture and murder Christian babies, but human babies of all varieties—including Jewish ones—have been horrifically abused. More than 13,000 children have been killed by a largely Jewish army in Gaza in just the last several months.

The Politics of Fear: The Peculiar Persistence of American Paranoia by Arthur Goldwag (Penguin Random House). Click here to buy.

And is it altogether delusional to imagine, as QAnon believers do, that elites get away with child abuse? The Comet Ping Pong pizza parlor might not have had a sex dungeon, as the proponents of the Pizzagate theory claimed, but Jeffrey Epstein certainly kept a harem of underaged women and had a circle of socially and politically connected friends that included billionaires, geniuses, and royalty. Epstein’s story—everything from the mysterious sources of his wealth to his odd connection to Trump’s attorney general (William Barr’s father was the headmaster of the Dalton School when it hired him as a teacher in 1974), and his mysterious suicide in jail in 2019—could have leaped fully formed from the head of an antisemitic conspiracy theorist, like Athena from the head of Zeus, but it was all true.

Trump’s voters’ feelings of dispossession are not that far off the mark either, as a host of not-so-fun facts about economic inequality make clear. A 2017 study found that the richest three Americans (none of them Jewish) controlled more wealth than the bottom 50 percent of the nation. The total real wealth held by the richest families in the United States tripled between 1989 and 2019, according to a 2022 Congressional Budget Office report, while average earners’ gains were negligible. The ten richest people in the world, nine of them Americans, doubled their wealth during the pandemic.

Our great national myth—that America is a crucible of equality, tolerance, and boundless economic opportunity—has never been our national reality. Though right-wing populism sees the world through a lens that is distorted by irrational hatreds, it nonetheless lands on a painful truth: that unregulated capitalism is brutal and unfair. Right wing conspiracists displace the blame for its crimes onto outsiders; progressives recognize that for all its very real gestures towards equity, justice, and universal opportunity, our constitutional order was erected on a rickety scaffolding of race supremacism, religious bigotry, involuntary servitude, and land theft and compromised by them from the very beginning.

Trump’s white male voters’ intuition that the system is rigged against them is more-or-less correct, even if the privileges their fathers were born to were undeserved, and their prescriptions to rejigger the fix in their favor could not be more pernicious. The fact that so many economic left-behinds look to Trump as their champion may be perplexing, but no one can doubt that they need one.

Whether Trump wins or loses this fall, the challenge for the center, the left, and even fair-minded members of the moderate right, is to create a reality-based narrative that can compete with Trump’s and Chansley’s—and that has reparation rather than retribution at its core.  

Imagine this: since March 2023, 16 million Americans — yes, that’s right, 16 million — have lost healthcare coverage, including four million children, as states redefine eligibility for Medicaid for the first time in three years. Worse yet, the nation is only halfway through the largest purge ever of Medicaid as the expansion and extension of healthcare to millions, brought on by the Covid-19 pandemic, have ended, leaving some families no longer eligible, while others need to reapply through a new process in their state.

This thrusting of tens of millions of Americans out of the national healthcare system at a moment when healthcare outfits, pharmaceutical companies, and health insurance corporations are making record profits has been termed “the great unwinding.” And it couldn’t be more cruelly ironic. After all, states have the power and authority to expand healthcare to all their residents; the federal government could similarly extend the declaration of a public health emergency that would let so many of us keep distinctly life-protecting access to healthcare. Yet millions have instead been pushed violently and rapidly from such life-saving care.

Some states are feeling the impact especially strongly. In Georgia, for instance, more than 149,000 children lost their pandemic Medicaid enrollment in just six months. Perhaps unsurprisingly, Texas is the epicenter of Medicaid’s unwinding. There, more than two million Americans have been removed from the state’s Medicaid program since federal pandemic-era coverage protections were lifted last April. As Axios reported, new state data indicates “that’s the most of any state and nearly equivalent to all of Houston — Texas’ most populous city, with 2.3 million residents — losing coverage in less than a year.” In fact, 61% of enrollees in Texas have lost Medicaid since last April.

Death by Poverty and the Lack of Healthcare

In my home state, policy analysts predict that more than 1.1 million New Yorkers will be pushed off Medicaid roles in this same unwinding. Fortunately, people are organizing in response, calling for the right to healthcare, living wages, the abolition of poverty, and more. 

On Saturday, March 2nd, I stood next to Becca Forsyth of Elmira, New York, at the Poor People’s Campaign’s Mass Poor People and Low Wage Workers Statehouse Assembly in Albany, New York. Becca was one of dozens of low-income people who testified at simultaneous assemblies held in 31 state capitals and Washington, D.C. These assemblies launched 40 weeks of the mobilizing and organizing of poor and low-income eligible voters in the lead-up to the 2024 elections, while challenging those running for office, as well as elected officials, to confront poverty as the fourth-leading cause of death in America. Becca was not the only speaker to touch on the crisis of healthcare (and its connection to poverty and death), but her words stuck with me:

“Just since December 19th, I have lost more than a dozen people I loved dearly. In 74 days, I’ve watched as people I’ve known most of my life were literally squeezed to death by poverty and the catastrophic impact it has on our entire lives. People like Missy, a 47-year-old woman who was found lying beside the railroad tracks, dead… Or Gary, who died at the hands of the police while in a hospital for a mental breakdown. Or Loretta, a friend who was a friend before I even knew what the word friend meant, who is no longer with us because my community won’t spend money on substance-use treatment. Chemung County leads this state in way too many negative ways. We rank 59 out of the 62 counties in New York for health outcomes. We have outrageous homelessness, food insecurity, premature death rates, and lead poisoning. Our chances for getting out of poverty are extinguished before we even have a chance!”

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Just two days before I stood with Becca in Albany, the state capital, demanding the right to thrive and not just barely survive, I rallied with healthcare workers and community members at SUNY Downstate Hospital. With the support of New York Governor Kathy Hochul, SUNY Chancellor John King recently announced that his outfit may close SUNY Downstate Medical Center in Brooklyn, New York, one of the few remaining public-safety-net hospitals in the state.

At that rally, community members, hospital workers, local politicians, and faith leaders shared information about the crucial role that hospital has played in the community. It served as a Covid refuge where thousands of lives were saved in the heat of the pandemic, as a critically safe birthing place for Black moms (crucial given the maternal health outcomes for so many women of color), as the only kidney transplant hospital in Brooklyn, and as one of the only remaining teaching hospitals in the area after the closure of such facilities, particularly in impoverished neighborhoods, across Brooklyn and the rest of New York.

Sadly, closing down hospitals or reducing their services in poorer neighborhoods is becoming all too typical of this nation. Big conglomerates are buying up chains of them and making decisions based only on their bottom lines, not the needs of our communities. In fact, more than 600 rural hospitals are now at risk of closing due to financial instability and that’s more than 30% of America’s rural facilities. For half of them, the possibility of closure is immediate, according to a new report from the Center for Healthcare Quality and Payment Reform (CHQPR).

Our Unwinding Health

Such Medicaid cuts and hospital closures are but two manifestations of a far larger attack on American health and healthcare in what’s fast being transformed into a death-dealing nation. They are but harbingers of an even larger “unwinding” of our health as a nation. Before the pandemic and the most recent cuts, 87 million Americans were already uninsured or underinsured. We’re talking about people sharing heart-attack medicine because they can’t afford their own prescriptions, burying their children for lack of healthcare, and relying on emergency rooms rather than preventative care, while going bankrupt in the process.

It’s simple enough. All too many of us are skipping needed care. In 2022, more than one of every four adults (28% of us) reported delaying or going without some combination of medical care, prescription drugs, mental healthcare, or dental care simply because they lacked the ability to pay.

Meanwhile, medical debt is growing all too rapidly. A Census Bureau analysis of such debt found that, in 2021, 15% of all American households owed medical debt — or 20 million people (nearly 1 in 12 adults). Indeed, the SIPP (Survey of Income and Program Participation) survey suggests that, in total, Americans owe at least $220 billion in medical debt, the biggest source of bankruptcy in the nation.

And of course, as I’ve written before, this is all connected to another reality: that life expectancy is down for everyone, while the poor can expect to die, on average, 12 to 13 years earlier than rich people. Worse yet, the death-rate gap between rich and poor in this country has risen by a staggering 570% since 1980. As the Washington Post reported, “America is increasingly a country of haves and have-nots, measured not just by bank accounts and property values but also by vital signs and grave markers. Dying prematurely has become the most telling measure of the nation’s growing inequality.”

Poor Health

In the face of all of this, you might wonder how things could get any worse. Recently, Congress announced potential cuts to another crucial food and health program for the poor. The Special Supplemental Nutrition Program for Women, Infants, and Children (known as WIC) is at risk of a $1 billion shortfall, essentially guaranteeing harmful cuts to that lifeline for low-income families and children. If Congress refuses to fully fund the program, current funding levels simply won’t cover all eligible participants.

In fact, the $1 billion shortfall now slated to occur equals 1.5 months of benefits for all program beneficiaries or six months of benefits for all pregnant women and infants participating in WIC. House Republicans are currently refusing to approve the budget for this vital program that helps mothers and children up to age five access staples like fruit, vegetables, and infant formula, and connects them to healthcare resources.

In a statement to NBC News, Agriculture Secretary Tom Vilsack called WIC, “one of the most consequential, evidence-based public health programs available.” He implored Congress to fully fund the program, which provides “life-changing benefits and services” to its participants.

And Vilsack is anything but wrong when he speaks of the importance of that pro-poor, pro-health program. An abundance of research suggests the critical role that WIC plays in “supporting maternal health and child development. WIC participation during pregnancy is associated with lower risk of preterm birth, lower risk of low birth weight, and lower risk of infant mortality.” Children on WIC are more likely to consume a healthier diet, and this impact only grows the longer a child stays in the program, which also has a significant reach. As the Department of Agriculture reports, “Nearly 40 percent of America’s infants participate in WIC, which is available only to pregnant women, new mothers, infants, and children who meet income guidelines and are determined to be at nutritional risk by a health professional.”

So Much More Is Needed

But as such programs are cut to the bone and more people experience a plethora of problems already plaguing the health of the nation, many are likely to give up entirely, assuming there’s nothing to be done and that it’s just too costly to address inequality and poor health. As someone who has been organizing among the poor for more than 30 years, however, I want to suggest that, as a nation, this just can’t be as “good” as it gets.

Across the span of my lifetime, there have been debates about how to address the larger health crisis in American society. When I was in high school, there was already debate about the effectiveness of establishing a national healthcare program, as President Bill Clinton and Hillary Clinton campaigned on expanding healthcare and actually proposed a new plan for it in 1993. At the time, I remember hearing criticism of the Canadian system of nationalized healthcare. People there, it was said, experienced long lines, way too much paperwork, and a lack of options for patients.

Today, considering the way our healthcare system is unwinding, I could almost laugh (however grimly) at what it would mean to have that Canadian system of years past. All too sadly, however, that country has followed the United States in cutting and privatizing its healthcare system.

Many consider the Affordable Care Act (ACA) one of the most important policies adopted under the presidency of Barack Obama, given that more than 20 million people gained health coverage through it and the ACA’s policies made it easier for eligible people to enroll in Medicaid. In particular, the ACA expanded Medicaid coverage to nearly all adults with incomes up to 138% of the Federal Poverty Level ($20,783 in 2024) and helped states with matching federal dollars expand Medicaid to more of their residents. Yet the ACA didn’t go nearly far enough. To date, 40 states and Washington, D.C., have adopted Medicaid expansion, while 10 states have not. Even in states with Medicaid expansion, too many of us are still not covered. And now we’re witnessing one of the greatest attacks on health and healthcare in decades (and just imagine what we’re likely to face if Donald Trump becomes our next president and/or the MAGA Republicans take Congress).

What this nation truly needs is a complete overhaul of its healthcare system. As a start, Medicaid needs to be expanded, extended, and built into a single-payer, universal healthcare plan. Workers need the right to living-wage jobs with generous benefits, including guaranteed paid family sick leave. Social welfare programs like the Supplemental Nutrition Assistance Program, WIC, and the Child Tax Credit need to be strengthened so that the abundance of this society is experienced by everyone. Household and medical debt would have to be cancelled, while drug-recovery programs would need to be fully funded. And parks and recreation centers, as well as grocery stores with quality, affordable food, would have to proliferate, starting in poor communities.

It’s not enough to protest the unwinding of pandemic Medicaid programs. Even that classic protest chant — “They say cut back, we say fight back!” — doesn’t go far enough. Instead, the 135 million poor and low-income Americans, and for that matter, the rest of us, must make healthcare and so much more into basic human rights.

Let me end then not with words of mine but with Becca Forsyth’s challenge to Americans in her Poor People’s Campaign testimony that day in Albany. “We must stop this raging storm of policy violence that is killing our friends and neighbors,” she said movingly. “It doesn’t have to be this way! We can wield our votes as powerful demands. The time for sitting on the sidelines is over. We have to move forward together like our lives depend on it… the lives of our children! Because they do!!”

How right she is!

Copyright 2024 Liz Theoharis

Via Tomdispatch.com