For the past couple of months, the city of Detroit has been undergoing the nation’s largest bankruptcy trial in history. A date has been set for Judge Steven Rhodes to decide Detroit’s fate. On Nov. 7, we will witness either the rise of the motor city, or the ultimate end of it. The ruling will be either an up or down ruling. Judge Rhodes is not allowed to choose parts he likes and eliminate others. If approved, billions of dollars in debt would be wiped out and would give Detroit one more opportunity to get back on it’s feet. However, many are left with a puzzling question. Just how exactly did Detroit get to this rock bottom point?
Tag Archives: NAFTA
While our leaders continue to gamble away our jobs with harmful “free trade” agreements that benefit the elite 1 percent, the American public is seemingly content to do nothing to stop the slaughter of our economy.
U.S. restaurants are planning to boost prices 2 percent during the next six months due to the pressures rising beef, cheese, and pork prices. However this is causing major declines in sales due to people being price sensitive and not being able to afford higher meal prices. “If you encourage and kind of seed the notion that you can come in for a couple bucks and get some food, and then you can’t do that anymore, there’s bound to be a reaction,” said John Gordon, an adviser to restaurants and franchisees.
Mitch McConnell is no hero of the people, most of us have known that with his support for “free trade.” Now, McConnell is pressuring U.S. negotiators to ensure that multinational corporations can take part in the dispute settlement portion of the the TPP (Trans-Pacific Partnership).
The wealth gap between the rich and the poor in the United states has been widening for far too long and has finally reached a 100-year high. “By some estimates, income and wealth inequality are near their highest levels in the past hundred years,” said Federal Reserve chief Janet Yellen. “I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity.” As the rich get richer and the poor get poorer, our economy is sinking and it is sinking fast.