More Bad News as the Economy Points to a “Double-Dip”

The following article by Masao Suzuki is from Fight Back! News:

San Bruno, CA – On Aug. 25, the Commerce Department reported that new home sales in July fell 12.4% from the level of sales in June, and were 32.4% lower than July of 2009. This report, which was much worse than most economists expected, followed a report by the National Association of Realtors the day before that sales of existing homes in July fell 27.2% from June, and were 25.5% lower than a year earlier.

Freedom Road looks at the U.S. domestic situation

The following is the Domestic section of the Main Political Report from the 6th Congress of the Freedom Road Socialist Organization. The Economic section has been previously published, and the section on the international situation is forthcoming.

Decline of American Power, Leftward Shift Define New Period

For the past three years, the conditions shaping domestic politics in the United States have been marked by the economic crisis, a qualitative shift away from the free market capitalism of Ronald Reagan on the part of the bourgeoisie, and a leftward political shift amongst the people. The massive economic and financial crisis, which began in December 2007, and the continuing decline of U.S. imperialism globally, have come together to judge the Reagan Era and its aftermath as a failure.  The economic crisis swept from power the party of George Bush and brought into office the first African-American President of the United States–Barack Obama.

This set of qualitative changes is in part the foundation of and in part manifestations of a new period.  It is this new set of conditions which sets the context for the peoples struggle against U.S imperialism.

How the Communist Party of China Safeguards Workers’ Interests During Crisis

The following is the contribution of the Marxist Institute – Academy of Social Sciences People’s Republic of China, Prepared by Enfu Cheng and Shuoying Chen, researchers at Marxism Institute, Chinese Academy of Social Sciences, P.R. China, to the nineteenth International Communist Seminar on “The consequences of the economic crisis and the intervention of communist parties,” Brussels, 14-16 May 2010.

Since the global financial crisis broke out, the Communist Party of China has let government and trade unions play their full role in safeguarding workers’ interests with regard to employment and social security, etc.

Unemployed face a perfect storm

The following article by Masao Suzuki is from Fight Back! News:

Almost a million lose benefits while layoffs continue and businesses refuse to hire the unemployed

San José, CA – On June 18, a Republican filibuster, aided by pro-war independent Joe Lieberman and Nebraska Democrat Ben Nelson, blocked an extension of federal unemployment benefits. The U.S. Department of Labor estimates that more than 900,000 laid-off workers will have had their unemployment benefit checks cut off as of June 19.

Continue the Struggle Against Effects of the Economic Crisis

The following is a resolution from the 6th Congress of Freedom Road Socialist Organization:

We face the biggest economic crisis to hit working people since the Great Depression of the 1930s. Millions are out of work and collecting unemployment benefits, people are out looking for jobs, worrying about the day when the politicians stop the checks, and poor people are hitting the welfare time limit with no hope for finding jobs. People across the country are losing their homes after being misled and cheated by lenders and big banks. Outrageously, the U.S. government bailed out the very same banks, while hard working people are tossed out on the streets with their belongings. This is wrong, wrong, wrong.

19th International Communist Seminar held in Brussels on the crisis and the action of the communist parties

The following is from the website of the International Communist Seminar: www.icsbrussels.org.

From May 14-16, 2010, 41 communist and workers parties from 37 countries gathered in Brussels for the 19^th International Communist Seminar, hosted by the Workers’ Party of Belgium. Among the participants were representatives of communist parties from three socialist countries: the Lao People’s Revolutionary Party, the Communist Party of Vietnam and the Communist Party of Cuba.

FRSO analyzes the U.S. economy

The following is the section on the U.S. economy from the Main Political Report of the 6th Congress of Freedom Road Socialist Organization:

Introduction: The Current Crisis

In December of 2007, the United States entered a recession.  Nine months later, the failure of investment bank Lehman Brothers triggered a financial crisis that spread across the Atlantic to Europe.  As the recession in the United States and Europe deepened, the world economic crisis spread to Asia as their export-oriented economies slowed.  The greatest economic crisis of capitalism since the Great Depression of the 1930s has engulfed almost every major economy of the world, with the exception of China. [1]

Jobs report raises new doubts about economic recovery

The following article by Masao Suzuki is from Fight Back! News:

San José, CA – On June 4, the Department of Labor reported that there were 431,000 more jobs in May than the month before. But almost all of these new jobs were temporary workers hired for the 2010 Census. Only 41,000 jobs were added by businesses, down sharply from the 218,000 private sector job gain in April. This number was far worse than the 150,000 new jobs that economists expected private businesses to add in May. And of these 41,000 new private sector jobs, 31,000 were temporary help service workers. Despite the job gains this year, the economy is still down some 8 million jobs since the recession began in December of 2007.

Newark rally attacks crisis of foreclosure and homelessness

The following article is from Fight Back! News:

Newark, NJ – The Community Coalition against Foreclosure and Homelessness rallied here, May 22, to demand that effective measures be taken by government to help victims of the housing bubble. Coalition members include the People’s Organization for Progress (POP), the Newark Teachers’ Association (NTA) and New Jersey Citizen Action (NJCA). In all there were 12 organizational sponsors.

KKE’s proposal: Solution for the crisis in Greece

The following statement by by Al. Papariga, General Secretary of the CC of KKE, is from the website of the Communist Party of Greece (KKE). It is useful to understand the strategic and tactical approach of the Greek Communists in the current crisis:

KKE has always exposed, especially after 1991, the deception concerning the ceaseless development of capitalism, competitiveness and productivity with the supposed common benefit for workers and capitalists alike. It spoke of the inevitable economic crisis in all the capitalist economies. It predicted the crisis, the inevitability of a deep and sudden sharpening of all social contradictions and intra-imperialist ones.