Kenya: Meta sued for 1.6 billion USD for fueling Ethiopia ethnic violence

Meta must reform its business practices to ensure Facebook’s algorithms do not amplify hatred and fuel ethnic conflict, Amnesty International said today in the wake of a landmark legal action against Meta submitted in Kenya’s High Court. The legal action claims that Meta promoted speech that led to ethnic violence and killings in Ethiopia by […] The post Kenya: Meta sued for 1.6 billion USD for fueling Ethiopia ethnic violence appeared first on Amnesty International.

With No Child Tax Credit, Families Are Slipping Back Into Poverty Amid Inflation

Originally published by The 19th A year ago, the expanded child tax credit ended. Between 2020 and 2021, the credit — which gave monthly payments of up to $300 per child — helped reduce child poverty by more than 40 percent. More than 36 million families received the credit in 2021, and the money helped push the child poverty rate below that of adults for the first time. But since the program… Source Source / Read More: With No Child Tax Credit, Families Are Slipping Back Into Poverty Amid Inflation

The Fed’s Response to Rising Inflation Protects the Wealthy at Workers’ Expense

The specter of inflation is haunting the world’s economies. Surging prices since 2020, especially in food and energy, have eroded global living standards, though inflation varies considerably across countries. However, inflation is hitting the working class and lower-income people harder than wealthier households, triggering protests around the world, especially in countries with strong trade… Source Source / Read More: The Fed’s Response to Rising Inflation Protects the Wealthy at Workers’ Expense

Companies’ Price Hikes Fuel Inflation. Why Isn’t the Fed Talking About It?

Federal Reserve Chair Jerome Powell fielded questions for around 40 minutes on Wednesday following the central bank’s decision to impose another large interest rate hike, but not a single reporter asked about the extent to which record-high corporate profits are fueling inflation even as companies openly boast about their pricing power. Progressive economists have estimated that corporate profits are to blame for at least 40% of price increases during the recovery from the pandemic-induced downturn, a disproportionate contribution to the stubbornly high inflation that is eating away at workers’ wages. Some have put the number at over 50%. The notion…

Climate-Related Cost-of-Living Increases Are a Harbinger of Future Crises

Climate conditions are putting upward pressure on global food prices, as people around the world chafe under levels of inflation not seen in decades. A prolonged drought this autumn is parching the Mississippi River watershed, pushing up the cost of producing key crops in the U.S. agricultural heartland. The lack of rain is not only hindering farm output, it’s also causing the Mississippi to slow to a trickle along parts of the massive waterway, which is burdening global supply chains by significantly slowing barge traffic critical to the global food system, a U.S. government report warned last week. “River levels…

Warren, Sanders Slam Federal Reserve’s “Disregard” for Working Families

A group of Democratic lawmakers led by Sen. Elizabeth Warren (D-Massachusetts) is pressuring the Federal Reserve to explain why it’s continuing to raise interest rates at such a rapid pace when economists across the political spectrum say that rate hikes will only hurt the working class with little upside for the economy at large. In a letter sent to Fed Chair Jerome Powell on Monday, 11 members of Congress lay out a wide swath of evidence from both Powell himself and from economists that American families will be in for “pain” in the coming months, as Powell has said, as…

“Political Game Changer:” Biden Calls for Tax on Big Oil’s Excess Profits

President Joe Biden called for a windfall tax on energy companies in a speech on Monday, a move that would deliver a major win to the climate and progressive advocates who have been calling for a tax on excess profits made amid high inflationary rates. In his response to major oil companies posting record-breaking profits, Biden cited wartime policies to stop corporations from war profiteering and said that oil companies must take steps to lower gas prices or face a tax on their profits. “If they passed the rest [of the profits] onto the consumers, the price of gas would…

Biden’s Critique of Big Oil Won’t Have Teeth Without Windfall Tax, Activists Say

President Joe Biden used a Wednesday speech at the White House to scold fossil fuel companies for raking in huge profits at the expense of U.S. consumers, who are being gashed by high prices at the pump. But instead of calling for a specific policy solution that would force the industry’s hand, Biden asked oil companies to voluntarily stop padding their bottom lines and instead “pass the savings on to consumers.” “So far, American oil companies are using that windfall, the windfall of profits, to buy back their own stock, passing that money on to their shareholders, not to consumers,”…

Russia: Vladimir Kara-Murza, jailed prisoner of conscience, awarded Václav Havel Prize

Responding to the news that Vladimir Kara-Murza, a prominent Russian political activist and journalist who has been detained since April 2022 for his anti-war views, has been awarded the Václav Havel Human Rights Prize by the Parliamentary Assembly of the Council of Europe, Marie Struthers, Amnesty International’s Director for Europe and Central Asia, said: “Vladimir […] The post Russia: Vladimir Kara-Murza, jailed prisoner of conscience, awarded Václav Havel Prize appeared first on Amnesty International.

Spain Passes “Solidarity” Wealth Tax on Top 0.1 Percent

Spain’s leftist coalition government on Thursday announced a series of downwardly redistributive fiscal reforms — including a temporary “solidarity” tax on the nation’s 23,000 wealthiest residents — that lawmakers hope will ease the cost-of-living crisis hurting millions of working people. In 2023 and 2024, the 0.1% of Spanish taxpayers who own more than €3 million ($2.9 million) in assets will be subject to a new wealth tax. According to The Associated Press: “People with holdings of €3 million to €5 million ($2.9 million to $4.9 million) will be taxed 1.7% and those whose personal worth is €5 million to €10…

México: Avances en la investigación sobre la desaparición de los 43 estudiantes de Ayotzinapa renueva esperanza de verdad y justicia 

Es necesario dar con el paradero de los estudiantes que faltan por localizar, reparar el daño integralmente y garantizar que este tipo de casos no se repitan.   El informe de la Comisión para la Verdad, que concluye que la persecución y desaparición forzada de los jóvenes fue un crimen de Estado, debe ser una ruta […] The post México: Avances en la investigación sobre la desaparición de los 43 estudiantes de Ayotzinapa renueva esperanza de verdad y justicia  appeared first on Amnesty International.

Tenants Call on Biden to Act as Rent Increases Reach a 35-Year High

Inflation cooled off and remained unchanged during the month of July, providing President Joe Biden and vulnerable Democrats a reason to celebrate ahead of the midterms. However, on Wednesday, the U.S. Bureau of Labor Statistics released its consumer price index, which reports that the cost of paying rent inflated by 6.3 percent over the past year, the largest increase in 35 years and a clear signal that the housing crisis enflamed by the COVID pandemic continues. The rent inflation index reflects landlords raising rents on existing tenants; it does not include the prices of new leases when tenants move. A…