"There’s no mistaking what Washington’s seasonally adjusted, “official” unemployment numbers for September show; the recession is far from over at the level that most working class Americans feel it – jobs. The state’s “official” unemployment rate increased to an estimated 9.3 percent in September, up from a revised rate of 9 percent in August [...] Among Americans of color, who traditonaly experience higher unemployment rates in good times and bad, the current recession is particularly stressful."
Read the full article in the Sky Valley Chronicle.
"Some rich Germans have launched a web petition to call for the resumption of a wealth tax to help the country bounce back from an economic crisis, because, as one said, he had 'a lot of money I do not need.' [...] [Retired physician Dieter Lehmkuhl] got the idea when Berlin stumped up billions of euros to save banks and give the recession-hit economy a boost. Lehmkuhl said, 'It made me mad to think that we suddenly found all this money for the banks, money that we did not have before for urgent programmes like education and the environment.' [Dr. Lehmkuhl] would like Germany to have its own version of the the US group United for a Fair Economy."
Read the full article on The Local: Germany's News in English.
"Economic friendship is an invitation to begin living God's economy with the people closest to us. Because it is a tactic, no act of sharing is too small. Any of us can do it, even if all we have to offer is the truth about our debt. A tactical imagination teaches us to be faithful in small things - to know the truth both about our brokenness and about God's grace in relationship with fellow members of God's family. Nothing prevents these small acts of faithfulness from growing into bigger partnerships."
Read the full blog post by Jonathan Wilson-Hartgrove on Tikkun.org.
"Since the Clinton administration I have repeatedly warned about the triumph of Wall Street and the defeat of Main Street, the destruction of the Middle Class and the dismemberment of the poor; acts of economic terrorism that undermine the very foundations of our democracy - for no democracy can long stand when the ratio of executive to workers pay is 344 [to] 1 (source, 15th annual [Executive Excess report] issued by United for a Fair Economy)."
Read the full article by George Mitrovich on HuffingtonPost.com.
"There is ample evidence of the disproportionate impact of economic recession on Black and Latino communities. United for a Fair Economy (UFE) recently found that while the U.S. has been in a recession for more than a year, 'people of color have been in a recession for nearly five years and have entered a depression during the current economic crisis.' ... The foreclosure crisis has resulted in immense loss of wealth in Black and Latino communities, and it has been estimated that people of color may have lost as much as $213 billion due to subprime loans taken out between 2000 and 2008."
Read the full report (PDF) by the Research Institute on Social and Economic Policy (RISEP), the Miami Workers' Center, and the Kirwan Institute.
View the press release on CommonDreams.org.
"According to the U.S. Census Bureau, in 2007, 37.3 million people, or 12.5 percent of the U.S. population, lived in poverty. Yet these numbers may do more to distort than clarify the presence of poverty. First, it is important to note that people of color represent a disproportionate percentage of people living in poverty. United for a Fair Economy, in their report "The Silent Depression: State of the Dream 2009," revealed that 10 percent of whites live in poverty, as compared to 24 percent of Blacks and 21 percent of Latinos."
Read this article by Katie Beran and Celine-Marie Pascale in Z Magazine.
"The NAACP is very supportive of the creation of a strong and effective Consumer Financial Protection Agency with the protection of civil rights and a directive that it seek out and work to eliminate discrimination as a core part of its mandate. [...] in the American mortgage market predatory lenders have, for decades, targeted African American borrowers and other racial and ethnic minorities as well as the elderly with their nefarious products. [...] In fact, United for a Fair Economy estimates that people of color are 2 to 5 times more likely to receive a predatory loan than white borrowers."
Read Mr. Shelton's testimony in the Huffington Post.
In this issue:
• Letter to Members: Responsible Wealth Helps Break Down Walls
• "Say on Pay" Success: Shareholders and Congress Making Progress
• Lobby Day 2009
• New Yorkers Say: "Raise Our Taxes"
• UFE Highlights
• Estate Tax Legislative Update
- Sustaining OUR Movement
- Whose Deficit is it Anyway?
- Wealth inequality Declining! But wait...
- What's in a job?
- All Work and No Pay