Declining revenue, a drop in employment and large, risky Wall Street deals are the real causes of Detroit’s bankruptcy, according to a report by Demos, a liberal public policy organization.
Pension debt gets a bad rap in Detroit, but it isn’t the true cause of Detroit’s financial problems, said Wallace Turbeville, author of the Demos report.
Pension fund liabilities are not to blame for Detroit's descent into Chapter 9 bankruptcy protection, according to a report released Wednesday by Demos, a public policy advocacy group.
Detroit's bankruptcy was caused by a decrease in tax revenue due to a population decline and long-term unemployment, “not an increase in the obligations to fund pensions,” said Wallace C. Turbeville, a Demos senior fellow, and the author of “The Detroit Bankruptcy” report.
On Wednesday, Walmart workers called out or walked off the job at seven stores in Dallas, according to OUR Walmart activists, the group that has been organizing strikes and protests against the company. The company says that these were not independent actions but the result of activists being bussed between different store locations. [...]
A new report says declining revenues and bad Wall Street deals—not out-of-control spending or generous pension benefits--contributed the most to Detroit’s bankruptcy.
Walmart is the largest private employer in the country, and the company's low-wage, part-time business model has an enormous impact on our country's labor, business, and employment climate. The "Walmart Economy" is a disaster for most Americans. That's why we should all be thankful that, during this holiday season, Walmart workers across the country are again leading the fight to change the way Walmart does business.
Older Americans are disproportionately likely to be in debt. A 2012 Demos survey found that citizens 65 and older typically carried $9,300 on their credit cards, the most of any age group. Debt burdens are increasing, too.
“People across the country are starting to see the real Walmart,” said Q Knapp, a Texas Walmart worker who went on strike Wednesday. “And that’s why I will continue to stand up because the time for change is now.”
One of the most profitable corporations in America is having a holiday food drive. Sounds good -- it's the least Corporate America can do for those struggling to make ends meet while big companies rake in record profits and give so little back. But wait... there's a catch. The food drive is for the company's own underpaid, poverty-stricken workers. You really can't make this stuff up.
This month may prove to be one of the most historic in Walmart’s half-century-long existence. On Monday, Walmart announced plans to replace CEO Michael Duke, who has presided over depressed sales figures, bribery scandals, and controversy over the company’s poverty-level wages.
They walked through the parking lot of the Walmart Supercenter at Oakwood Commons, handing out fliers, then continued into the store with the same message for the Black Friday bargain hunters: Walmart pays its workers too little.
Anthony Goytia, who works nights stocking shelves at a Walmart store in Duarte, Calif., says all he wants from the retailer is a living wage and a little respect. "I'm a hard worker and take pride in my work," said the 31-year-old, who as a part-time employee earns $9.60 an hour, or roughly $12,000 a year. "I'm not a slacker. I'm there on time. I give it my all, and it's only fair I should be compensated for that."
I'm not exactly sure what it is about the hit British TV series, Downton Abbey, that has enthralled so many of us. The scenery is great, Lady Mary's wardrobe is just fabulous, but there are plot holes so huge one could drive Lady Edith's car through them.
Tens of thousands of Detroiters are waiting anxiously for 10 a.m. Tuesday. That’s when they’ll hear from Judge Stephen Rhodes whether the city is eligible for bankruptcy protection, a decision that could affect pensions, city services and healthcare for residents.
Detroit filed for bankruptcy protection July 18, making it the biggest municipality to file for Chapter 9. But it is up to Rhodes, a federal bankruptcy judge, to decide whether the city negotiated in good faith with creditors before applying for Chapter 9, and whether it was truly insolvent.
In 2012, Walmart banked $22.1 billion in profit and paid $5.3 billion in federal taxes. But if it had increased wages for its workers from $7.25 (the current minimum wage) to $12.50, it would have simply deducted the expense from its taxable income and would likely have passed along the increase to its customers, estimated at 46 cents per shopping trip or $12.49 a year for the average shopper who spends more than a $1,000, so there would have been no impact at all on pocketable profits.