National Peoples Action – Chicago Newstips by Community Media Workshop http://www.newstips.org Chicago Community Stories Mon, 14 Jul 2014 17:31:05 +0000 en-US hourly 1 https://wordpress.org/?v=4.4.11 GE hit on “tax dodging,” Durbin on budget cuts http://www.newstips.org/2013/08/ge-hit-on-tax-dodging-durbin-on-budget-cuts/ Wed, 21 Aug 2013 21:45:23 +0000 http://www.newstips.org/?p=7632 A dozen community and faith groups will protest “tax dodging” by General Electric and call on Senator Dick Durbin to lead the charge for corporate tax reform to fund social programs in related actions tomorrow.

Protestors will deliver a giant “cease and desist” letter calling on GE to “stop dodging taxes while lobbying for cuts to Social Security” at GE’s Chicago headquarters, 500 W. Monroe, at 12 noon on Thursday, August 22.  They will demonstrate outside Durbin’s office at 230 S. Dearborn at 12:40 p.m.

It’s part of a national week of action “outing” corporate tax dodgers across the country by Chicago-based National Peoples Action.

Tax-free profits

From 2002 to 2012, GE paid $2.1 billion in federal income taxes while earning $88 billion in profits — a tax rate of 2.4 percent, far below the official rate of 35 percent — according to Americans for Tax Fairness.

In four of those years GE reported $22.5 billion in profits but paid no taxes — and received $4.8 billion in tax rebates, according to the group.

One way it accomplished this was by investing U.S. profits overseas, according to Huffington Post.

GE’s shifting of jobs overseas came under criticism when President Obama appointed GE CEO Jeffrey Immelt to head his jobs council.  Under Immelt, GE has shed 34,000 jobs in the U.S. while adding 25,000 overseas, according to HuffPost.

The company has also spent hundreds of millions of dollars lobbying for favorable tax treatment.  One study found GE was one of 30 large corporations that paid more for lobbying than for federal income tax.

Immelt is a key leader — and GE is a major funder — of the corporate Fix The Debt campaign which calls for reducing corporate taxes while cutting Social Security benefits and raising the retirement age.

Immelt has a $15 million retirement account himself, according to reports.

“Revenue neutral” reforms challenged

Protestors including ONE Northside, IIRON, SOUL, Northside POWER, and the Jane Addams Senior Caucus want Durbin to come out against “revenue neutral” corporate tax reform — and to oppose cuts to Social Security, Medicare, and other social programs.

The Obama administration has previously backed “revenue neutral” corporate tax reform — eliminating loopholes but lowering the tax rate — but the president recently proposed using some new revenues to fund infrastructure and education.

As a leader of the Senate “Gang of Six,” Durbin supported an essentially revenue-neutral corporate tax reform scheme.

Such an approach makes little sense given federal budget needs, with corporate profits at all-time highs, while corporate taxes are now half what they were in 1960  as a proportion of profits or of GDP, according to Jared Bernstein of the Economic Policy Institute.

Durbin has repeatedly come under fire for his support for reducing Social Security benefits and raising the retirement age.

Congress will consider measures to fund the federal government for Fiscal Year 2014 in coming weeks — and after that must once again address the issue of raising the debt ceiling.

]]>
Community groups cheer DeMarco replacement http://www.newstips.org/2013/05/community-groups-cheer-demarco-replacement/ http://www.newstips.org/2013/05/community-groups-cheer-demarco-replacement/#comments Thu, 02 May 2013 00:15:34 +0000 http://www.newstips.org/?p=7169 Last week Chicagoans joined a national protest action at the home of Federal Housing Finance Agency director Edward DeMarco, demanding his resignation.

On Wednesday, President Obama responded to growing demands to replace DeMarco, naming U.S. Representative Mel Watt (D-NC) as his replacement.

“It’s long overdue,” commented Katie Buitrago of the Woodstock Institute.

“This is a good day for homeowners and families across the state of Illinois and a big step in the right direction for our economy,” said Rev. Marilyn Pagán-Banks of IIRON, a Chicago-area organizing network.

“We now encourage Congressman Watt to implement common-sense policies like principal reduction to bring relief to tens of millions of homeowners and to jumpstart the economic progress our country needs.”

Community groups and housing advocates have called for DeMarco’s replacement for over a year, faulting him for blocking principal reductions on mortgages owned or guaranteed by Fannie Mae and Freddie Mac, which the FHFA oversees.

They argue that reducing mortgage principal to reflect the fair market value of homes that since the housing crash are worth less than what homeowners owe would prevent foreclosures, stabilize the housing market, and boost the economy.

DeMarco has been “the biggest roadblock to our country’s economic recovery,” said Tracy Van Slyke of the New Bottom Line coalition, which has spearheaded a “Dump DeMarco” campaign.

At last week’s action, as 500 people from National Peoples Action gathered at DeMarco’s Washington D.C. home,  Reverend Cliff Parks of Illinois Peoples Action noted that Fannie and Freddie control over half the mortgages in the nation, including those of nearly 14 million  underwater homeowners.  (See video below.)

Elizabeth Scrafford, a DePaul student and leader with IIRON Student Network, read a resignation letter drafted for DeMarco, holding him responsible for 1,800 families facing unnecessary new foreclosures every day that he has delayed approval of principal reduction.

Watt is known as an early advocate for action against predatory lending, Buitrago said.

Noting that he faces an uphill battle to win confirmation from the Senate, Buitrago said Obama should consider installing Watt with a recess appointment.  The administration’s previous nominee for the post withdrew in 2011 after Senate Republicans refused to act on his nomination.

Republicans say they want a plan from the administration for eliminating Fannie and Freddie before they consider an FHFA appointment.  But IIRON and other groups are calling on Watt to “support the vital role [the agencies] play in ensuring housing opportunities.”

Check out “NPA knocks on Ed DeMarco’s door,” from April 22:

]]>
http://www.newstips.org/2013/05/community-groups-cheer-demarco-replacement/feed/ 1
Second term: immigration, climate, foreclosures http://www.newstips.org/2013/01/second-term-immigration-climate-foreclosures/ Sun, 20 Jan 2013 02:24:45 +0000 http://www.newstips.org/?p=6934 Immigration reform, climate change, the foreclosure crisis: with some disappointment over limited progress on these issues over the past four years, local activists hope more will be done in President Obama’s second term.

While support for comprehensive immigration reform has broadened noticeably since the November election, immigrant rights groups are concerned over dramatically stepped-up deportations under Obama, which reached 409,000 last year.

They’ll march on Inauguration Day (Monday, January 21, starting at 11 a.m. at the Daley Plaza and rallying at 12 noon at the Federal Plaza) calling on Obama to declare a moratorium on deporations.

A moratorium would be a first step toward comprehensive reform, said Eric Rodriguez, executive director of the Latino Union of Chicago.

“We want the president to be on the right side of history,” he said.  “His second term will define his legacy.  Will he be the president who deported more people than any other in history, or the president responsible for championing inclusion and equality?”

Immigration raids are a constant threat in Chicago communities today, said Tania Unzueta of the Immigant Youth Justice League; just last week scores of local residents were picked up in raids on a factory and two gathering places for day laborers.  IYJL is working to support several families who have members in detention, she said.

“Obama says he wants to do the right thing and keep families together, but we aren’t seeing it in our communities,” she said.

What should reform look like?  It should be comprehensive rather than piecemeal, and it should include a path to citizenship — not some kind of extended residency — that does not exclude large numbers of people, said Fred Tsao of the Illinois Coalition for Immigrant and Refugee Rights.

“It needs to fix the current legal immigration system, so people aren’t waiting in line for ten or twenty years,” he said.  Reform should extend to enforcement policies, which have been cited for human rights violations, for impairing community safety, and most recently for exorbitant costs, with immigration enforcement spending outpacing the combined budgets of the FBI, DEA, Secret Service, and BATF.

Immigration reform should also include measures aimed at integrating immigrants, including English language education and citizenship training, Tsao said, pointing at Illinois’s New Americans Initiative as a model.

He adds that the support of Republican leaders in Springfield for a measure providing drivers licenses for undocumented residents during the recent veto sessions offers another model for politicians in Washington.

(For more, Colorlines has a guide to immigration reform.)

 

Chicagoans will be among thousands of protestors in Washington D.C. on February 17 for Forward on Climate, called by 350.org, the Sierra Club, and the Hip Hop Caucus, urging Obama to reject the Keystone XL tar sands pipeline as “the first step in putting our country on the path for addressing the climate crisis.”

After 15,000 protestors circled the White House a year ago, Obama postponed a decision of approval for the pipeline. Tar sands oil emits far more carbon than conventional oil, and a new study points out that the use of a refinery byproduct as a coal substitute – even more carbon-intensive than coal – will add dramatically to climate damage.

“We’re trying to start the new session of Congress and President Obama’s second term by showing that the public is beyond ready for serious action on climate and clean energy,” said Jack Darin, executive director of the Illinois Sierra Club.

On clean energy, “we need to level the playing field; it’s been titled toward fossil fuels for decades,” he said.  “If we give the market a clear signal we’re going to support and buy clean energy, it will respond.”

Darin praised departing EPA administrator Lisa Jackson and several initiatives in the administration’s first term, including raising mileage standards for cars — “the single largest reduction of pollution ever” – and regulations on toxic emissions from coal plants and on carbon emissions from new sources.  “The key now is finding ways to reduce carbon from existing sources,” he said.

Obama’s “all-of-the-above” energy policy, which seeks development of renewable energy along with oil, coal, and natural gas, came in for criticism from Len Richart of the Eco-Justice Collaborative.

He points out that destructive new “extreme” technologies like fracking and tar sands extraction are making additional sources of fossil fuels available, adding to carbon emissions when we should be reducing them.

“We really need a transitional plan,” Richart said.  “We’re going to be dependent on fossil fuels for the foreseeable future, but there’s a big difference if we agree on a transition to renewables.”

He’s particularly skeptical of the “clean coal” technology that Obama supports.  “They talk about it as if it’s up and running, and that’s not the case at all.”  In the meantime, he said, coal continues to be mined and burned, contributing a third of the nation’s carbon emissions.

Working with the Heartland Coalfield Alliance, EJC sends delegations of local activists to learn about the impact of coal mining in central and southern Illinois, which includes destruction of farmland, natural areas, and entire communities, and groundwater pollution from coal slurry and unlined pools of coal ash and sludge.

Like tar sands oil, much of Illinois’s high-sulfur coal is being exported to developing countries – which Richart argues should put to rest the argument that “all-of-the-above” development is needed for “energy independence.”

 

Housing advocates seem unanimous in their top priority for Obama’s second term: replacing Edward DeMarco as interim director of the Federal Housing Finance Authority.  “We need someone there who’s looking out for homeowners and communities and not the bottom lines of banks,” said Liz Ryan Murray, policy director for National Peoples Action.

DeMarco has blocked Fannie Mae and Freddie Mac, which FHFA regulates and which control a huge chunk of the nation’s mortgages, from carrying out loan modifications with principal reductions to reflect the collapse of housing prices.   That’s a key step if the foreclosure crisis is to be stemmed.

In the Chicago area, the foreclosure rate has been up and down, said Katie Buitrago of the Woodstock Institute.  Last year several poor communities where foreclosures had been dropping saw sharp increases: up 60 percent in West Pullman, 25 percent in Englewood, she said.

If the employment situation doesn’t improve – and if long-term unemployment benefits are cut – foreclosures could continue at high levels, she said.

Obama tried to replace DeMarco, a Bush administration holdover, two years ago, but the appointment was held up in Congress.  If Congress won’t approve a replacement, Obama should made a recess appointment, Murray said.

Principal reduction has been a key proposal for housing groups since the start of the crisis, when they pushed for bankruptcy reform, a proposal that Obama supported and then backed away from.

The administration’s early efforts at foreclosure prevention were largely ineffective, in part because they sought voluntary participation by banks.  Mortgage services seemed to lack both the capacity and the interest to address the crisis on their own.

Recent settlements by state attorney generals and federal regulators have improved the framework, though according to Murray, “legal aid attorneys say the on-the-ground experience hasn’t changed dramatically.”

New servicer regulations by the Consumer Financial Protection Bureau may help, establishing strict timetables for servicers to act on modification requests and ending “dual tracking,” in which homeowners on trial modifications were simultaneously foreclosed on.

The future of Fannie and Freddie, now in government receivership after being bailed out, is under debate. The agencies should be reformed “in a way that maintains wealth building opportunities for the low-wealth communities of color that were targeted by predatory lending and really hurt by foreclosures,” Buitrago said.

“Completely privatizing the housing market and handing it all back to Wall Street couldn’t be a worse idea,” Murray said.  “We’ve already seen what that would mean.”

]]>
Bank fraud investigation hailed http://www.newstips.org/2012/01/bank-fraud-investigation-hailed/ Thu, 26 Jan 2012 00:21:41 +0000 http://www.newstips.org/?p=5583 President Obama’s State of the Union announcement of a new investigation into bank fraud represents a victory for community groups, said National Peoples Action on Wednesday.

“We’ve been calling for a full investigation for over a year,” said Liz Ryan Murphy of NPA.  “This is a big win, but we still need to see results.

“We need a complete investigation to get to the bottom  of what they’ve done, with penalties and restitution that are commensurate with the crimes.”

The Woodstock Institute also hailed the announcement.  “Making it clear that criminal activity in the financial sector will not be tolerated is necessary to restore confidence in the mortgage market and the broader financial system,” said Tom Feltner.

Obama announced that New York Attorney General Eric Schneiderman will head a new task force looking into abuses in the mortgage origination and securitization sector.

Schneiderman’s appointment came as NPA and other groups (including IIRON in Chicago) expressed concern that the administration was pressing for a settlement in the robo-signing scandal that would release banks from legal claims covering a sweeping range of misconduct.  Schneiderman was among state attorney generals said to be raising similar concerns

Principal reduction

If it is narrowly focused on relieving claims arising from fraudulent foreclosure filings, a settlement could begin to bring relief to hard-hit communities in the form of loan modifications which reduce principal to reflect depressed home values, Feltner said.

Principal reduction is “a critical missing piece in the response to the foreclosure crisis,” he said.

NPA has argued that homeowners have lost billions of dollars of equity since the housing market collapsed due to the malfeasance of big banks, and that wholesale principal reduction would constitute a massive economic stimulus.

Both groups have called on the Federal Home Finance Authority to direct Fannie Mae and Freddie Mac, which own 70 percent of home mortgages, to allow principal reduction.

Murray said Obama should replace Edward DeMarco, acting director of the FHFA, who has ruled out principal reduction.

The president “should consider a change in leadership” at FHFA, Feltner said.

]]>
Lakeview protest targets record bank bonuses http://www.newstips.org/2011/12/lakeview-protest-targets-record-bank-bonuses/ Thu, 15 Dec 2011 00:44:59 +0000 http://www.newstips.org/?p=5012 Lakeview residents plan to move $170,000 out of big banks Thursday as a protest against astronomical – and growing – executive compensation at big banks.

They’re targeting branches of JPMorgan Chase and Bank of America in an action planned for Thursday, December 15, 5 p.m.,  at Clark and Belden.

Lakeview Action Council members are among thousands of community activists across the country who have signed a letter to the CEOs of Chase, BofA, and Wells Fargo, calling on them to forgo bonuses and use the money to keep families in their homes, provide credit for businesses, and pay their fair share of taxes.

While media reports have suggested bank executives will face a pay cut this year, the New Bottom Line campaign analyzed compensation pools for the first three quarters of the year and projects that compensation will be up by 3.7 percent.

At BofA, despite heavy losses and plummeting stock prices this year, compensation setasides have increased by 7 percent, according to the group.

Last year JPM Chase CEO Jamie Dimon earned $10,400 an hour, according to NBL.

“These bonuses [represent] families facing foreclosure that can’t stay in their homes, taxes not paid, student loans not made.,” said Liz Ryan Murray of National People’s Action, which is part of NBL.   “These execs are rewarding themselves for damaging our communities and economy.”

Changes in executive compensation are credited with driving the high-risk investment strategies that crashed the economy three years ago.  With longterm unemployment and foreclosures still climbing, recovery is still a long way off.

But with the help of federal bailouts, big banks have recovered nicely; they currently sit on $2 trillion in cash reserves.  Rather than using the money to create jobs, they have spent lavishly on mergers and acquisitions, stock buy-backs, dividend payments, and executive bonuses, Murray said.

]]>
’99 Percent’ vs. CME tax break http://www.newstips.org/2011/10/99-percent-vs-cme-tax-break/ Tue, 25 Oct 2011 21:10:57 +0000 http://www.newstips.org/?p=4856 CME has been successfully bidding for the attention of Illinois politicians – and now regular folks are starting to notice.

On Tuesday, a statewide allliance is protesting at City Hall and then marching to State Senate President John Cullerton’s office to protest his legislation granting a $50 million tax break to CME, owner of the Chicago Mercantile Exchange and Chicago Board of Trade.

On Wednesday, a coalition of community and labor groups will launch a campaign to derail CME’s tax break – and press for a small financial transaction tax on CME trades – with a march on protest at the Chicago Board of Trade and a stand with Occupy Chicago.

“It’s a shakedown,” said Mehrdad Azemun of National Peoples Action, of the new tax break.  NPA is one of several regional and statewide networks of community and church groups that are joining to protest the measure on Tuesday.

“Corporations as large as these need to pay their fair share, especially at a time when every day brings news of more cuts to state and city programs, more police stations being closed.”

He points out that just a few years ago, CME threatened to leave – and then promised to stay, after it received a $15 million TIF subsidy and millions more in property tax breaks.

“Our sense is that the state leaders and the Chicago mayor are just giving in to threat after threat,” he said.  “It’s really not a responsible way to govern – and it’s not a responsible way to run a budget.”

To Cullerton and Mayor Emanuel, who have made the tax break a top priority for the veto session, Rev. Marilyn Pagan Banks of Northside POWER said, “We are demanding that you reverse your position, and stop acting only for the 1 percent.  We need you to stand with the 99 percent.”

On Wednesday, the community-labor coalition Stand Up Chicago will march from the Chase Plaza at Dearborn and Monroe (starting at 11:45 a.m.) and join Occupy Chicago at LaSalle and Jackson for a press conference.  Members of Workers United will be donating winter wear and sleeping bags to Occupy Chicago.

Speakers will include Workers United president Noel Beasley.

They’ll proceed for more activity across the street to the Chicago Board of Trade, where they’ll protest Cullerton’s tax break and continue building a campaign for a financial transaction tax.

“In this age of austerity, it’s obvious that we can’t afford to be offering more tax breaks to corporations that are most assuredly in the black,” said Susan Hurley of Chicago Jobs with Justice, part of the Stand Up coalition.  (CME’s profits last year were over $950 million, and they’re even higher this year.)

“And we need to create tax instruments to generate funds to keep our ship of state afloat,” she added.

The transaction tax – just 25 cents on an average trade of $233,000 – would be charged to traders, not the exchanges themselves.  But with 12 million trades a day, the fee would generate over a billion dollars a year, supporters say.  (See our earlier report for more detail.)

Cullerton’s tax break would also apply to the Chicago Board of Options Exchange; with additional tax breaks in the legislation, its total cost could be $100 million a year.  The transaction tax would also apply to trades on the CBOE.

NPA’s Azemun and Stand’s Catherine Murrell said members of their coalitions would be contacting their legislators to oppose Cullerton’s bill.

]]>
‘An amazing convergence’ http://www.newstips.org/2011/10/an-amazing-convergence/ Thu, 13 Oct 2011 22:34:42 +0000 http://www.newstips.org/?p=4821 It’s been a remarkable week in Chicago, a nonstop whirl of protests targeting the financial industry and government collusion with corporations, and demanding action on jobs, housing, and schools.

Coming Friday:  a rally for “jobs not cuts,” with MoveOn, Stand Up Chicago, Chicago Jobs With Justice and Occupy Chicago joining forces, at noon at the Federal Plaza.

Occupy Chicago gets much credit for capturing the public’s imagination – and for their 24-7 commitment and important organizational innovations.  But it was community groups and unions that staged some of the most dramatic and creative actions here this week.

“It’s an amazing convergence,” said Adam Kader of Arise Chicago.

It was activists from National People’s Action who kayaked down the Chicago River, past the Mortgage Bankers Assocation meeting, dressed as Robin Hood, on Monday.

It was Rev. Patrick Daymond of Southsiders Organized for Unity and Liberation and others who “embedded” themselves in an MBA session and took the floor there.  “We asked how they could sleep at night,” Dayden said, according to Progress Illinois.  “We asked how they can show their faces in Chicago knowing the devastation they have brought to our communities.”

On Tuesday, it was Action Now members who dumped garbage taken from a foreclosed, bank-owned inadequately-secured West Side home on the floor of Bank of America (five women aged 56 to 80 were arrested in the action).

Also Tuesday, Brighton Park Neighborhood Council members boarded up a vacant home owned by JPM Chase and brought a bill for the work to the bank’s downtown office; Albany Park Neighborhood Council members protested at the Chicago Association of Realtors.

Outside the MBA meeting, members of the Jewish Council on Urban Affairs erected a sukkah, inviting MBA participants inside the ritual shelter (constructed for Sukkot, the holiday which marks the Israelite’s period of homeless wandering in the desert) to hear personal testimony from victims of the housing crisis.

Members of SOUL were arrested trying to enter the MBA conference.

On Wednesday, it was the Grassroots Collaborative which set up a giant Slushie – symbolizing the use of TIF as a corporate slush fund – and then held a “corporate welfare” trolley tour of downtown TIF subsidy recipients.

Also Wednesday, 100 teachers marched through the lobby of Bank of America, demanding the bank renegotiate “toxic rate swaps” they say are robbing Chicago schools of millions of dollars.

Thursday there was a series of protests at low-wage employers – and in the afternoon, Stand Up Chicago set up a casino outside the Chicago Board of Trade while demanding a financial transaction tax to pay for a Chicago Jobs Fund (discussed here last Saturday).

“It feels different,” said Kader, who’s been involved with Stand Up Chicago in planning the week’s actions – timed for two financial industry summits – for several months.  “In the past we would turn out our members,” but this time he’s been struck by the number of unaffiliated folks and passersby joining in.  “There’s something out there, and we just have to say here’s a time and place to come together.”

Media attention was notably greater than past protests – for example, see this Newstip on “anemic” local coverage of NPA’s 5,000-strong demostration at the American Bankers Association here in October 2009.

Only Mary Bottari of the Center for Media Democracy notes another convergence, tying the week’s protests to Mayor Emanuel’s efforts “to balance budget deficits on the back of public workers.”  (She also notes the recent revelation of Emanuel’s role as White House chief of staff in dissuading President Obama from his initial inclination to break up big banks, which progressives argue became dangerously oversized after the wall between commercial and investment banking was torn down in 2000.  Since then they’ve gotten bigger.)

What happens now?  Van Jones of Rebuild The Dream sees a period of “innovation and improvisation.”  He tells Alternet that Occupy Wall Street “is a huge, big deal; there will be other huge, big deals. There is a big thaw happening.  People have gone through a grieving process, and people want to fight.”

“The economic crisis [will get] worse,” says Jones, and “you’re going to have a lot of people suffering due to the economy.  That’s going to create a need for a response….That’s going to be a driver of innovation, the economic crisis.  People have to eat.  People have to live indoors.  People aren’t going to just lay down and die because Wall Street wants to hold up the economic recovery.”

His group has called for nationwide actions – leaving the details up to local groups – on November 17 on the theme of “jobs not cuts.”  Before that, according to Think Progress, a new group  has called for actions around the world to “demand true democracy” – on Saturday, October 15.  They report actions planned in over 800 cities in 71 countries.

And they’ve posted a short video highlighting the year in protests: Tunisia, Egypt, Spain, Greece, Israel, New York.  Who knows what’s next?  And as Phil Rosenthal points out in the Tribune, “one can only imagine what will greet visiting leaders in Chicago for the G8 and NATO summits next May.”

Take Back Chicago shows what can happen when diligent, energetic organizing, rooted in communities, aligns with the zeitgeist.

]]>
This could be the start of something big http://www.newstips.org/2011/10/this-could-be-the-start-of-something-big/ http://www.newstips.org/2011/10/this-could-be-the-start-of-something-big/#comments Fri, 07 Oct 2011 19:57:14 +0000 http://www.newstips.org/?p=4789 New and old strands of youth, community, labor and peace organizing – voicing growing anger over the state of our economy and our democracy – will come together in a series of events here over the next week, with thousands expected for a major Columbus Day demonstration.

Holding their ground outside the Federal Reserve on LaSalle Street, Occupy Chicago – one of many ongoing actions inspired by Occupy Wall Street, which is now backed by the AFL-CIO – has brought new momentum and visibility to concerns that labor-community coalitions have been pressing since the 2008 bank bailout.

The Tribune reports that Occupy Chicago’s numbers are growing; In These Times has the inside story. We Are The 99 Percent offers the demonstrators’ own pointed and poignant tales.

On Friday, October 7, Stand Up Chicago and the Chicago Political Economy Group are releasing a report analyzing unemployment in Chicago and proposing a Chicago Community Jobs Fund to create 40,000 jobs (more below).

Also Friday, Chicago Jobs With Justice (which celebrates its 20th anniversary Tuesday) is holding its monthly unemployment report event, pointing out that of 100,000 jobs added last month, half were striking Verizon workers returning to their jobs.  “The private sector cannot create jobs in a weak economy with little demand,” said Susan Hurley.  “We can only create jobs with major federal investment.”

On Saturday, October 8, Occupy Chicago will join scores of groups protesting the tenth anniversary of the war in Afghanistan.  They’ll rally at noon at Michigan and Congress; speakers include Alejandro Villatoro of Iraq Veterans Against the War, who recently returned from a deployment in Afghanistan; Mary Dean of Voices for Creative Nonviolence, who spent a month in Afghanistan this summer; and former Chicago activist, Black Agenda Report editor Bruce Dixon.

They’ll march past Obama 2012 campaign headquarters at the Prudential Building, where they’ve held a two-day vigil, and end up joining Occupy Chicago at the Federal Reserve building at Jackson and LaSalle.

The cost of the war is now approaching $500 billion, by one calculation.

On Monday, thousands of Chicagoans – people “fed up with big bank greed and Wall Street corrupting our democracy” — will protest at two financial industry conventions and converge for a mass rally at the Art Institute, sponsored by the Take Back Chicago coalition.  Their goal:  “To begin taking back the jobs, homes, and schools stolen from us by the greed of big banks and big business.”

Local groups belonging to National Peoples Action will protest outside the annual conference of the Mortgage Bankers of America at the Hyatt Regency, Wacker and Stetson, at 4 p.m.  MBA includes the nation’s largest banks along with independent mortgage companies.

Protestors will demand that banks reduce principals on all underwater mortgages in order to stop foreclosures and spur the economy (see Newstips, Communities to Banks: You can fix housing crisis, economy).

Also at 4 on Monday, college students will protest at the Futures and Options Expo (which includes the Chicago Mercantile Exchange) at the Chicago Hilton at Balbo and Michigan.  “We’re going to the source – to the people who have hurt us in this recession,” said Haley Leibovitz, a Roosevelt University student active in Next Up Chicago, a network of young labor activists.

At the same time, the Chicago Teachers Union will rally at the Chicago Board of Trade, where $15 million of TIF money was spent on remodeling, and labor groups will rally for jobs at the Daley Plaza and the Federal Plaza – all marching to the Art Institute at 5 p.m., where the Futures Expo holds its opening reception.

Further actions, focused on taking back jobs, homes, and schools, will continue through the week.

A new report analyzes unemployment in Chicago and proposes a plan to add 40,000 jobs here.  Chicago has been particularly hard hit by the jobs crisis, according to the report; unemployment is double what it was five years ago, and remains in double digits.  “Chicago is rapidly losing its jobs base” and the stability it brings to communities and families, according to the report.

Over 272,000 Chicagoans are unemployed, with strong negative ripple effects – foreclosures up, vacancies and crime up, property values and local government revenues down, and cuts to education and public safety.  Nearly two-thirds of unemployed workers come from the service sector.

Researchers interviewed 14,000 unemployed Chicagoans and found they identified lack of jobs, particularly youth jobs, as a root cause of many community problems.

The report proposes a series of Chicago job corps focused on the social infrastructure – schools, health care, child care, neighborhood improvement and youth.

They’d pay for it with a financial speculation fee of 25 cents for each futures or options contract sold on the Chicago Mercantile Exchange or the Chicago Options Exchange.

Since the average contract is valued at $233,000, a 25-cent charge would have no impact on trades – but since over 12 million such contracts are executed each day, it would generate nearly $1.4 billion a year, based on last year’s trading volume.

It would be paid by traders, not by the exchanges;  it would cover financial instruments licensed to Chicago exchanges, which cannot be traded elsewhere.  (See Newstips 6-12-11 re. CME’s ongoing threats to leave the state unless they get a tax break.)

The Tribune recently reported that Bill Gates now backs a financial transaction fee, and in his new book, Ron Susskind reports that President Obama originally favored such a fee, but was blocked by advisers.

Last year 25 aldermen backed a hearing on a proposal for a voter referendum on instituting a financial transaction tax, but it was never brought to the Council floor.  Ald. Richard Mell proposed such a fee in the ’90s.

“Our city is facing a massive jobs crisis, one that requires direct and targeted job creation for those groups and communities hit hardest by unemployment,” according to the report.

“Our jobs plan will not only provide 40,000 Chicagoans with living wage, full-time jobs that match their existing skills and experience, but will serve as an investment in our communities, making them safer, stronger and more vibrant.”

]]>
http://www.newstips.org/2011/10/this-could-be-the-start-of-something-big/feed/ 1