Tag: Profits

Surging cost of living in US drives class tensions to the breaking point

Tina Marie (Ms. Cat)

The latest inflation data published Tuesday shows that the working class confronts months of immense hardships as wages lose their value in the face of rising living costs. The ruling class’s attempt to make the working class pay for the crisis of capitalism is driving workers into struggle across the world, including in the United States, where teachers, nurses, and possibly railroad workers are launching powerful strikes.

Surging cost of living in US drives class tensions to the breaking point

3.8 million tenants in the US could be evicted in the next two months

Tina Marie (Ms. Cat)

According to the United States Census Bureau, 3.8 million tenants are likely to be evicted in the next two months. Comparatively, only 3.6 million eviction cases were filed in the entire year of 2018. In 2018, the Eviction Lab at Princeton University estimated that there were only 898,479 evictions in 2016, although this number may be a low estimate compared to more recent reports.

3.8 million tenants in the US could be evicted in the next two months

US, Allies Agree To Implement Russian Oil Price Cap Plan

Tina Marie (Ms. Cat)

US, Allies Agree To Implement Russian Oil Price Cap Plan

If Russia responds to the attempted price cap by cutting oil production [they already have], experts have warned prices could skyrocket. In the worst-case scenario, analysts at JPMorgan Chase said oil could shoot up to a “stratospheric” $380 per barrel. Oil prices are currently hovering around $100 per barrel.

How do higher oil prices prevent a worldwide recession?! Did the Biden Administration even think this through?! 🤯

Calling a recession and blaming it on interest rates

Tina Marie (Ms. Cat)

The latest US GDP figures for second quarter of 2022 renewed the debate about whether the US economy was in a recession or not. Real GDP contracted in the second quarter of this year by a 0.9% annualised rate (or by 0.2% quarter over quarter). That meant the US economy had contracted for two successive quarters, and so ‘technically’ (by that definition) was in a recession. Real GDP is now up only 1.6% from Q2 2021. And business investment is slowing, up only 3.5% from this time last year, the slowest rate since the end of the COVID slump in 2020.

Calling a recession and blaming it on interest rates

Arizona Can’t Function Without Forced Labor, Is That Bad?

Tina Marie (Ms. Cat)

As much as we love to talk about how we have “abolished” slavery in these here United States, there is an exception to the 13th Amendment — involuntary servitude is still legal if it’s being used as punishment for a crime. In Arizona, as in many states, prisoners are required to work 40 hours a week for at little as 10 cents an hour, unless their health does not allow it (which is a very big possibility considering a federal judge just found the state’s prison healthcare system to be “plainly grossly inadequate” and “unconstitutional”).

Arizona Can’t Function Without Forced Labor, Is That Bad?

Related:

Arizona communities would ‘collapse’ without cheap prison labor, Corrections director says

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

Tina Marie (Ms. Cat)

One of Biden’s top energy aides confirmed Friday the administration won’t extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

Related:

Soaring U.S. Production Can’t Keep LNG Prices In Check

Europe has displaced Asia as the top destination for U.S. LNG, and now receives 65% of total exports.

…

According to a report by the Oil & Gas Journal, 10-year LNG contracts are currently priced at ~75% above 2021’s rates, with tight supplies expected to persist as Europe aims to boost LNG imports.

Who’s telling the truth about prices?!