News and Views from the People's Struggle
Tallahassee, FL – On November 7, students, activists and community members from around the Tallahassee area gathered at The Plant Arts Center to celebrate the 101st anniversary of the 1917 October Revolution in Russia. The event was organized by the Freedom Road Socialist Organization (FRSO).
San José, CA – U.S. stocks couldn’t hold on to early gains, November 21, as their attempt to bounce after two days of large losses largely fizzled. The Dow Jones Industrial Average, which had gained more than 200 points in early going, actually ended with a tiny loss, while other averages were able to hold on to small gains of less than 1%. Despite this break from heavy losses, the U.S. stock market is off to its worst start for the third quarter (October to December) since the 2008 financial crisis.
San José, CA – On Friday, October 26, the U.S. stock market fell again. The broadest measure of U.S. stocks, the S&P 500, which measures the prices of 500 of the largest corporations in the United States, fell 1.7%, ending the day below where it started the year in January. One of the hardest hit stocks was Amazon, which fell almost 8% on Friday, down nearly 20% since it hit a high in September, giving the corporation a market value of $1 trillion.
San Jose, CA – On October 15, the U.S. Treasury department said that the federal government budget deficit for Fiscal Year 2018 soared 17% from the previous year, to $779 billion. This was equal to 3.9% of the Gross Domestic Product, or GDP, the official measure of total production of goods in services in the United States in a year.
San José, CA – On Wednesday and Thursday, October 10 and 11, U.S. stock markets slumped, with the widely followed Dow Jones Industrial Average or Dow down over 800 points on Wednesday and another 500 points on Thursday. While the market did recover a bit at the of trading week on Friday, with the Dow up about 250 points, uncertainty about the bull market in stocks and the ongoing economic expansion are back.
On, Sept. 30, Canada agreed to changes in NAFTA pushed by the Trump administration following an earlier agreement by Mexico. The New NAFTA still needs to be approved by the legislators of all three countries, and a vote is not expected in the U.S. Congress until early next year. Wall Street seemed satisfied with the agreement, with most U.S. stock market indices going up the next day.
Strike authorized
Washington, DC – Contract negotiations between United Steelworkers (USW) and U.S. Steel have failed to make headway after an overwhelmingly successful strike authorization vote took place earlier this month. In what has been described by the negotiating committee as a “frustrating series of negotiations,” the company continues to offer the same concessionary proposals by shifting around wages, benefits and bonuses.
Por la Organización Socialista Camino a la Libertad
San José, CA – On Sept. 17, President Trump announced that tariffs of 10% will be slapped on $200 billion of Chinese goods starting Sept. 24. These tariffs will rise to 25% at the beginning of 2019. Trump also said that he would put tariffs on another $267 billion dollars of imports from China if China responds to his tariffs. Along with the tariffs on $50 billion of Chinese imports already in place, this would mean steep tariffs on virtually all of the $500 billion in goods that the United States buys from China.
Hurricane Florence set to hit Carolinas
