St. Paul, MN – Leaders of the Minnesota Coalition for a People’s Bailout responded to the state budget forecast, March 3. The forecast anticipates a $4 billion deficit, despite the billions that will flow in from the federal stimulus.

San Jose, CA – Latest figures from the Federal Reserve show that the basic measure of the country’s money, or M-1, rose by $100 billion in the last three months of 2008. M-1 includes coins, paper money and checking deposits, which are all used to buy goods and services and also serve as a store of wealth. This increase in money in only three months comes to an almost 25% annual rate of increase in money.

San Jose, CA – On Jan. 29 the IRS released a report on the country’s 400 richest taxpayers in 2006. The report found that this group paid only 17.2% of their adjusted gross income in federal income taxes, despite making an average of more than $263 million each that year. This was the lowest rate for the entire time (15 years) that there are records.

In January, both Fannie Mae and Freddie Mac will stop evicting tenants in foreclosed homes. Instead tenants will be able to stay on as renters. Both Fannie and Freddie were taken over by the government last year and have changed some policies to help slow the tidal wave of foreclosures and evictions. By allowing tenants to stay on, the blight of abandoned foreclosed homes will be lessened, and families who rent will not be uprooted from their schools and communities.

Three-month Job Loss Worst Since Great Depression

San Jose, CA – On Feb. 6 the Labor Department reported that 598,000 jobs were lost in January and at the same time revised upwards their report on job losses for November and December. The January report marked the first time since 1939 that the economy has lost more than a half a million jobs for three months in a row. The economy has now lost more than 3.5 million jobs since the recession began in December 2007; half the job losses have been in the last three months alone.

'Don’t balance the budget on the backs of the poor!'

Raleigh, NC – Over 4000 people, the majority African American, marched in downtown Raleigh, Feb. 14, in a show of force organized by the North Carolina NAACP. This is the third year that “HK on J” (Historic Thousands on Jones Street) has taken place, bringing together over 85 grassroots organizations, trade unions, coalitions and churches around a 14-point program for change. The 14-point program is centered around addressing the needs of the African American community, low-income people, immigrants rights and ending the war.

San Jose, CA – Representatives of the U.S. Senate and House of Representatives agreed upon a compromise economic package Feb. 11 totaling $789 billion in federal spending and tax cuts over the next two years. The bill is expected to quickly pass the House and Senate and be signed into law by President Obama within the next week.