SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
corporate profits
Take Back America From the Oligarchs
What we are witnessing is not just economic decline—it is a calculated transfer of power, wealth, and dignity from the people who built this country to the corporate and political class who believe they own it.
Apr 12, 2025
America is not being lost. It's being taken.
Taken from the factory worker in Michigan whose job was shipped overseas. From the farmer in Indiana watching crops wither while markets close, subsidies disappear, and tariffs crush their bottom line. From the mother in Ohio who can't feed her children because her food stamps have been cut. From the young man in Kentucky forced to choose between insulin and rent. From the senior in Pennsylvania being told to drive to a Social Security office to collect their check—only to find their local office closed, and the nearest one hours away.
This isn't just mismanagement—it's betrayal.
We are not spectators. We are not statistics. We are the heart of this nation. And it's time we acted like it.
Major companies that were built by American labor—Ford, Caterpillar—are moving out. They're being driven out by a political agenda that's sent material costs soaring through reckless tariffs. To stay afloat, they chase cheaper labor overseas, leaving hollowed-out towns and broken families in their wake.
Meanwhile, politicians slash food assistance, threaten Social Security and Medicaid, and then have the audacity to tell us the economy is strong and it's in our best interest. They smile on TV while the working class suffers.
The elites in Washington tell us to be patient. To wait. That it's complicated. But we know what we see. Our communities are drying up. The jobs are gone. The wages are stagnant. Our groceries are more expensive. The promises are broken.
What we are witnessing is not just economic decline—it is a calculated transfer of power, wealth, and dignity from the people who built this country to the corporate and political class who believe they own it.
The Human Cost
Consider the typical of a lifelong resident of a small town in Ohio. A person who worked at the local manufacturing plant for over 20 years, a job that provided her family with stability and a sense of pride. When the plant closed due to outsourcing, she found herself unemployed, struggling to make ends meet. The ripple effect was felt throughout the community—local businesses shuttered, schools faced budget cuts, and the town's spirit diminished. Her story is not unique; it's a narrative echoed in countless towns across America.
The Illusion of Prosperity
Politicians tout stock market highs and corporate profits as indicators of economic health, but these metrics are detached from the reality most Americans face. While the wealthiest accumulate more, the average worker sees little improvement. The gig economy grows, offering precarious employment without benefits or security. The middle class shrinks as the dream of upward mobility becomes increasingly elusive.
A Call to Action
Enough.
We are not spectators. We are not statistics. We are the heart of this nation. And it's time we acted like it.
Rise Up.
Get off your knees. Don't just sit on the couch and watch it happen. Rise up! Use your voice. Post your grievances. Use social media. Call your representatives. Write letters. Talk to your neighbor. See what's happening. What they're doing isn't how a country should treat its people—and it damn sure isn't right.
Rise up by showing up. At the ballot box. At the school board. At the union hall. At the town meeting. Wherever decisions are made, do what you can. Your presence matters.
Rise up because this country wasn't built by the connected—it was built by the committed. By steelworkers and carpenters. Nurses and truck drivers. Teachers and veterans. People who worked with their hands, loved with their hearts, and built the greatest nation on Earth.
Reclaiming Our Future
It's time to take it back.
Take back our jobs. Demand fair trade policies that protect American workers and hold corporations accountable for outsourcing. Support local businesses and invest in community initiatives that foster economic resilience.
Take back our towns. Advocate for infrastructure projects that create jobs and improve our communities. Push for affordable housing and quality education that ensure a brighter future for the next generation.
Take back our dignity. Stand up against policies that favor the wealthy at the expense of the working class. Demand transparency and integrity from our leaders.
Take back our rights. Protect the social safety nets that safeguard our most vulnerable. Fight for healthcare, fair wages, and the right to organize.
And take back America.
We are many. Let them hear us. Let them know—we will not be silent.
To the politicians in power—the ones slashing our benefits, outsourcing our jobs, gutting our economy—then turning around and telling us it's for our own good... I've got one thing to say to you:
Don't piss on my leg and tell me it's rain.
Take Back America.
Keep ReadingShow Less
Look Around: The Signs of a Trump Recession Are Everywhere
The latest signs from the American heartland are not encouraging. The average voter’s confidence about their economic prospects is falling quicker than at almost any other time on record.
Mar 31, 2025
Once you start looking, the signs of an American recession are everywhere.
The second-hand market is heating up, a classic pre-recession indicator. People are unloading luxury goods. Second-hand clothes apps, such as RealReal, Depop and Grailed, are filling up with designer handbags and sneakers bought during the la-la economy of the pandemic. This always happens before a crash.
You might remember that eBay boomed before the 2008 recession. People panic-sold designer handbags faster than you could say Anglo Promissory Note. Splurges always lead to sell-offs.
It looks like 2025 will be the year the pandemic chickens come home to roost. When the plague hit five years ago this week, governments closed down our economies and rather than impoverish workers who were forced to stay home, national treasuries opened the fiscal and monetary spigots. Government spending soared and interest rates were cut to negative territory. About $15 trillion (€13.85 trillion) of fiscal/monetary sweeties were doled out by the world’s richest governments to protect their stay-at-home electorates. (The governments had no choice; a great depression would have accompanied the plague.)
Investment and speculation took off in a splurge of credit, consumption and debt. As sure as night follows day, the credit cycle rolls and we are about to pay a terrible price for the emergency economics of Covid-19.
In tune with our always-on age, the coming American recession will be live-streamed on Instagram. Every small change in consumer confidence and business sentiment will be videoed, shared, commented on and thus amplified. We are witnessing the TikTok-isation of the business cycle, meaning the economic cycle – previously a slow-moving, deliberate phenomenon – will pick up pace, becoming fitful and immediate.
In the past, it took people time to realise that the economic backdrop was changing. Today, with social media and a US president who behaves more like a near-bankrupt day trader than a long-term investor, our collective time horizons have been slashed from years to months, weeks to minutes. The impact of a slowing economy on investment and spending will be almost instantaneous.
The latest signs from the American heartland are not encouraging. The average voter’s confidence about their economic prospects is falling quicker than at almost any other time on record. The litany of surveys pointing to recession, or more accurately a Trump-cession, not to mention the sell-off in American stock markets, suggests we are on the cusp of something enormous. The incoherence of Trump economics – with its on-and-off tariffs – is making already indebted consumers and businesses even more anxious.
Punters across all income brackets are panicking and consumer confidence is collapsing, although it is richer workers who are most worried. This probably reflects the fact that middle-class Americans are heavily invested in the stock markets, which are back to where they were in September and falling farther. Since Trump was inaugurated, the percentage of voters who are worried about their job has shot up from 30 per cent to close to 80 per cent of all those surveyed. The number of consumers worried that businesses might close has spiked up to the highest level since records began in the middle of the 1980-81 recession.
People’s confidence about where their income will be in a year has plummeted to the lowest level since 2009, right after the Great Crash. Worse still, the average American is now more worried about inflation than at any time since the beginning of the pandemic, when prices shot up because of the shutdown of industry.
This combination of a rapidly weakening economy and fear of inflation points to an old enemy not seen since the 1970s: stagflation, where unemployment and inflation rise together. In such an environment, prices rise at the same time as incomes fall. The main trigger is the broad electorate’s understanding that tariffs are a tax on spending that will raise the price of goods for working Americans.
What is going on in corporate America, the part of the economy that was supposed to be boosted by Trump? Earnings are an important leading indicator, as profit squeezes foreshadow lay-offs and investment cuts. Corporate profits surged in 2021 but have now entered a slower growth phase. By the third quarter of 2024, US corporate profits fell 0.4 per cent quarter-on-quarter, the first decline in years. By late 2024, year-on-year profit growth was 5.9 per cent, down from more than 20 per cent in 2023 – this is a huge slowdown in margins.
All the while the nonsense that is Trump’s economic plan continues to be “sane-washed” by many writers and commentators as if there is some brilliant economic rabbit about to be pulled out of a hat by the sages of Mar-a-Lago. Declaring a trade war on your four biggest trading partners – Canada, Europe, China and Mexico – will simply push up American prices, robbing US consumers.
Tariffs are a way of taking something away from somebody. Trade allows better, cheaper products to come in from abroad, putting manners on local crony businesses. Tariffs protect second-rate local businesses, allowing them to sponge off consumers, flogging second-rate goods when punters could be buying superior imported stuff. In the end, tariffs take from buyers and give money to yellow-pack local sellers who can’t compete in the international market. There’s a reason that low tariffs, which have been reduced continuously in the past 50 years, corresponded with the greatest expansion of the global economy ever seen.
Protectionism is a sign of weakness, not strength. Americans are not being “ripped off”; in fact, they are being enriched by having access to better, cheaper, superior products made by more productive people. Rather than being the beginning of a great new era of American prowess, tariffs are a sign of insecurity and fear, marking the end of the great American century that began after the end of the first World War.
The fascinating thing is that the average “Joe Six Pack” American appreciates this; otherwise, why is he so fearful about the future?
Keep ReadingShow Less
Sure Looks Like Hegseth's Proposed Pentagon 'Cuts' Wouldn't Be Cuts at All
"It seems that this announcement may amount to a money-moving exercise within the agency itself rather than an overall Pentagon topline reduction," said one watchdog.
Feb 20, 2025
On the surface, a widely reported memo authored by Pentagon chief Pete Hegseth appears to call for significant cuts to the massive U.S. military budget over each of the next five years—a proposal that quickly received positive feedback from some progressives.
But the details of Hegseth's proposal, and a public statement from the defense secretary's deputy, raise serious doubts about whether the floated spending "cuts" would be cuts at all.
The Washington Postreported Wednesday that Hegseth, in an internal memo, "ordered senior leaders at the Pentagon and throughout the U.S. military to develop plans for cutting 8% from the defense budget in each of the next five years." Hegseth instructed officials to hand in their proposals by this coming Monday.
In response to the Post's reporting, Sen. Bernie Sanders (I-Vt.), long a vocal proponent of cutting the military budget as it approaches $1 trillion a year with bipartisan approval, wrote on social media that "when the Pentagon cannot complete an independent audit, we should cut military spending by 8% a year over the next five years."
"These savings should go to increasing Social Security benefits and strengthening VA healthcare," Sanders added.
That is not what the administration appears to have in mind.
In a statement issued Wednesday as headlines in major media outlets characterized Hegseth's memo as a striking call for "cuts," Acting Deputy Defense Secretary Robert Salesses described the proposal as a push for "offsets" that could be used to fund other military-related efforts favored by President Donald Trump, including an "Iron Dome for America" that experts have ridiculed as a wasteful "fantasy."
"The department will develop a list of potential offsets that could be used to fund these priorities, as well as to refocus the department on its core mission of deterring and winning wars," said Salesses. "The offsets are targeted at 8% of the Biden administration's FY26 budget, totaling around $50 billion, which will then be spent on programs aligned with President Trump's priorities."
The U.S. military budget for Fiscal Year 2025 is roughly $850 billion.
I don’t understand the stories about the supposed cuts to the defense budget. If you “cut” parts of the defense budget and say you’re going to spend that money on a missile defense system…. that’s not really cutting the defense budget?
[image or embed]
— Matt Novak (@paleofuture.bsky.social) February 20, 2025 at 1:14 AM
Hegseth's memo also reportedly exempts more than a dozen categories from being used for offsets, including nuclear weapon modernization, military operations at the southern U.S. border, and one-way attack drones.
Robert Weissman, co-president of Public Citizen, said Wednesday that "there is plenty of opportunity—and a desperate need for—deep cuts in Pentagon spending, if that is in fact what Secretary of Defense Pete Hegseth is proposing."
"However, it seems that this announcement may amount to a money-moving exercise within the agency itself rather than an overall Pentagon topline reduction," said Weissman. "The Hegseth proposal wrongly exempts 17 categories from cuts, including areas that are ripe for savings and which should themselves be curtailed in the name of national security, like the nation's nuclear arsenal, missile defense, and drones. These protected categories give clues to the administration's priorities that may be disguised in partial reports about the Hegseth memo: increased militarization and ever-increasing corporate profits."
"It's too soon to know exactly what the Hegseth proposal entails, or if it would deliver actual cuts, and so not possible to issue even a preliminary assessment," he added. "But this much remains clear: It's time to cut—not increase—the Pentagon budget, and to devote the savings to human needs."
The details of Hegseth's memo emerged as Trump threw his support behind a House GOP budget blueprint that calls for a $100 billion increase in U.S. military spending, underscoring the administration's contradictory posture on the issue.
CNNnoted Wednesday that "Hegseth himself called for an increase to the defense budget one week ago."
"While visiting Stuttgart, Germany," the outlet reported, "Hegseth said, 'I think the U.S. needs to spend more than the Biden administration was willing to, who historically underinvested in the capabilities of our military.'"
Keep ReadingShow Less
Most Popular