San José, CA – Real earnings, or workers’ wages after adjusting for inflation, had their biggest drop in 40 years last month, as prices continued to rise faster than paychecks. Real average weekly earnings, which best reflect workers’ paychecks after adjusting for changes in wages, prices and hours worked, fell 1% in June of 2022 according to the U.S. Bureau of Labor Statistics. Over the last year, real average weekly earnings fell 3.9% as inflation outpaced pay raises and average weekly hours fell by almost an hour.
San José, CA – On the evening of the day of the SCOTUS decision overturning Roe v. Wade, June 24, about 400 people rallied at San José City Hall. The next day, Saturday, June 25, about 2500 people gathered at San José City Hall to march through downtown.
San José, CA – 40 years ago, on June 23, 1982, Chinese American Vincent Chin died after being beaten by a Chrysler plant supervisor and his stepson. They ended up being sentenced to a $3000 fine, causing an uproar in the Chinese American community. Evidently the killers thought that Chin was Japanese American and blamed him for the success of Japanese carmakers in breaking into the American car market. This racist killing was another of a long history of violence against Chinese and other Asian Americans.
San José, CA – With Bitcoin now down 70% from its record price in April of 2021, businesses based on cryptocurrencies have started to fold. The latest victim was Celsius, a crypto “bank” which stopped withdrawals from its accounts on Sunday, June 12. Celsius had more than $20 billion in assets at its peak in August 2021, drawing investors with yields of more than 18%. But Celsius is looking more and more like a high-tech Ponzi scheme that only lasted as long as new investors kept buying in.
Working households struggle as wages don’t keep up
San José, CA – On Friday, June 10, the Bureau of Labor Statistics reported that prices for workers’ families, the so-called Consumer Price Index-Wage or CPI-W rose by 9.3% as compared to prices a year ago. This rate of inflation is near a 40-year high, only exceeded by the 9.4% increase in March. The last time that prices rose so quickly was in November of 1981.
San José, CA – Gas stations, grocery stores and car dealers are not the only places people are facing sticker shock, as anyone looking to rent can tell you. Prices to rent an apartment are up around 20% over the last year.
San José, CA – On May 16, about 50 students gathered at the Olympic Black Power Statue, at San José State University, to rally in defense of Roe v. Wade.
San José, CA – On Monday, May 9, U.S. stock prices continued to fall, with the broadest index, the S&P 500, losing more than 3%. This is the biggest one-day drop in stock prices since the onset of COVID in the United States in early 2020. The S&P 500 has fallen 17% since hitting an all-time record high in late March. This is approaching the 20% drop that is labeled a “bear market.” Stock prices of high-tech companies have fallen even more, with the technology-heavy NASDAQ index already in bear market territory.
San Jose, CA – On May 1, about 400 people had gathered at Roosevelt Park in San Jose to celebrate International Workers Day. Many leftist organizations, trade unions, and grassroots organizations like Papeles Para Todos attended.
San José, CA – On Friday, April 22, U.S. stocks fell more than 2.5%, with the Dow Jones Industry Average, dropping almost 1000 points. This led to the third week of losses for U.S. stocks, as a combination of recession fears – based on slowing corporate sales and profits, combined with the reality of higher interest rates – influenced investors.
