The profits of oil, coal, and natural gas companies will have to yield to the imperative of sustaining life on earth.
The fossil fuel industry will inevitably have to experience major cutbacks and, over the longer term, near-total demise. There is simply no choice in the matter if we believe the research produced by climate scientists. The profits of oil, coal, and natural gas companies will have to yield to the imperative of sustaining life on earth.
A centerpiece for any kind of progressive social and economic program needs to be full employment with decent wages and working conditions. The reasons are starting with money. Does someone in your family have a job and, if so, how much does it pay? For the overwhelming majority of the world's population, how one answers these two questions determines, more than anything else, what one's living standard will be. But beyond just money, your job is also crucial for establishing your ability to raise a family, and your chances to participate in the life of your community.
One measure for promoting both stability and fairness across financial market segments is a small sales tax on all financial transactions - what has come to be known as a Robin Hood Tax. This tax would raise the costs of short-term speculative trading and therefore discourage speculation. At the same time, the tax will not discourage "patient" investors who intend to hold their assets for longer time periods, since, unlike the speculators, they will be trading infrequently.
Both in the US and throughout the world, there needs to be a growing presence of public development banks. These banks would make loans based on social welfare criteria - including advancing a full-employment, climate-stabilization agenda - as opposed to scouring the globe for the largest profit opportunities regardless of social costs.... Public development banks have always played a central role in supporting the successful economic development paths in the East Asian economies.
Student debt in the US has exploded in the past decade. One of the reason is that the private costs of attending college have risen sharply, with public higher education funding having been cut sharply. Average public funding per student was 15 percent lower in 2015 than in 2008, and 20 percent lower than in 1990. The burden of the public funding cuts has been worsened by the stagnation of average family incomes. By 2014, this figure had nearly doubled, to 35 percent of median household income.
There are many good reasons for young people to go off to college, open their minds, develop their skills and enjoy themselves. But probably the major attraction is the fact that income disparities have increased sharply between those who go to college versus those who do not. This pattern corresponds with the stagnation of average wages since the early 1970s. The reality under neoliberalism has been that, if you want to have a decent shot at a good-paying job with a chance for promotions and raises over time, the most important first step is to get a college education.
Virtually all student debt in the US is now held by the federal government. It would therefore be a relatively simple matter to forgive some, if not all of it. This would enable young people to transition much more easily into creating their own households and families. At the same time, if the government is going to enact a major program of student debt forgiveness, it should be at least equally committed to relieving the heavy mortgage debt burdens still carried by tens of millions of non-affluent households in the aftermath of the 2007-09 financial crash and Great Recession.
I think it is inevitable that leftist forces in the US would be divided, if not balkanized, to some extent. Among the full range of people who are committed to social and economic equality and ecological justice - i.e. to some variant of a leftist vision of a decent society - it will always be the case that some will be more focused on egalitarian economic issues, others around the environment and climate change, others on US imperialism, militarism and foreign policy, others on race and gender equality, and still others on sexual identity.
For any economy, there are two basic factors determining how many jobs are available at any given time. The first is the overall level of activity - with GDP as a rough, if inadequate measure of overall activity - and the second is what share of GDP goes to hiring people into jobs. In terms of our current situation, after the Great Recession hit in full in 2008, US GDP has grown at an anemic average rate of 1.3 percent per year, as opposed to the historic average rate from 1950 until 2007 of 3.3 percent.
It is true that building a green economy will not be good for everyone's jobs. Notably, people working in the fossil fuel industry will face major job losses. The communities in which these jobs are concentrated will also face significant losses. But the solution here is straightforward: Just Transition policies for the workers, families and communities who will be hurt as the coal, oil and natural gas industries necessarily contract to zero over roughly the next 30 years.
