Economy and Business
Stores are already full of Halloween costumes and scary stuff for October 31. TV stations are gearing up for reruns of “Nightmare on Elm Street” and its many sequels, when Freddy Krueger will revisit us again and again.
Remember the Great Recession? For most Americans, it’s an unforgettable nightmare that lives on. But for the CEOs of some of our nation’s biggest companies, it’s a distant memory.
It’s been two years since the Lehman Brothers collapse set off a global financial meltdown. The government bailed out big Wall Street banks and they’re now making bumper earnings. Major corporations are sitting on $8 trillion in cash reserves, the biggest pile since 1963.
Corporate America loves layoffs. No matter the cost to the affected workers, many investors see job cuts as an encouraging sign that CEOs are making the tough decisions necessary to make their company “lean and mean.”
Social Security, created by FDR in the midst of the Great Depression, recently turned 75.
The latest OtherWords editorial package includes an op-ed by Kevin Shih regarding CEOs who unnecessarily slash jobs–a practice that earns them outrageous compensation and harms our economy–and a Labor Day op-ed by AFL-CIO president Richard Trumka.
Things in Washington these days are beginning to look a lot like Dickens’ A Christmas Carol: Two ghosts from Republican administrations past have risen from political Palookaville to rattle their chains and issue dire warnings to their former colleagues.
Social Security is in trouble, but not because of any fundamental imbalances, OtherWords partner Fairness & Accuracy in Reporting (FAIR), says, citing the Aug. 5 broadcast of CNN’s Situation Room program. It’s just under attack by ideologues.