More than two of every five middle class New Yorkers in their 50s are headed for poverty or near-poverty in retirement. Typical workers in the bottom 90 percent of earnings will need almost a third more income in retirement to maintain their standard of living. And fewer workers of color have access to workplace retirement savings option than whites – escalating their potential for experiencing ‘downward mobility.’
Gothamist — In September, months after declaring the city’s intention to divest its pension fund from fossil fuels and “sue Big Oil,” Mayor Bill de Blasio published an op-ed in the Guardian touting New York City’s effort to tackle climate change through sustainable financial policies. Alongside London Mayor Sadiq Khan, he announced the launch of a new global initiative, and encouraged local governments to “use our economic might to accelerate the transition to a low-carbon economy.”
As global leaders assemble for the United Nations-backed 4th Annual Climate Finance Day, New Yorkers, including representatives of environmental, community and student groups, rallied at City Hall and called on NYC to divest public money from banks that fuel climate change and to establish a municipal public bank to help fund the transition to a just, sustainable economy.
This month, the New York Times reported on the lack of enforcement activity at the Securities and Exchange Commission and Justice Department, showing yet another way corporations engaged in various forms of malfeasance get a free pass from the Trump administration.
Same goes for the Consumer Financial Protection Bureau, where enforcement actions have all but screeched to a halt.
El Diario — ¿Los cobradores de deudas te están acosando? ¿Has sido demandado por un cobrador de deudas? ¿Un cobrador ha embargado tu cuenta bancaria? En caso de que así sea, no eres el único. Cada año los cobradores de deudas persiguen a decenas de miles de neoyorquinos, enfocando sus esfuerzos en inmigrantes y neoyorquinos de color y bajos ingresos.
A group of class action attorneys announced today that funds remaining from a groundbreaking class action lawsuit they brought against a debt collection ring will be awarded to nonprofit legal clinics across New York State that provide free assistance to New Yorkers sued by debt collectors.
Crain’s New York Business — Debt collectors in New York hit upon a big idea last decade: They would buy defaulted credit-card or health-care bills, sue debtors without notifying them and then falsely state they had been properly served. Defendants, often poor minorities, didn’t show up in court. Default judgments were routinely entered, leaving collectors free to garnish debtors’ wages.
Inside City Hall — New Economy Project’s Campaigns Director Andy Morrison imagines what would happen if “the enthusiasm that were seeing from the Governor and the Mayor toward Amazon was directed at real, community-based development and community-led initiatives that are proven – whether it’s Community Land Trusts, worker co-ops, or other things – to build wealth from the roots.”
Next System Project Podcast — This week on the Next System Podcast David Jette from Public Bank LA and Juleon Robinson from the New Economy Project, a member of Public Bank NYC, a broad-based coalition of community, worker rights, economic justice, and environmental groups to sit down to discuss the transformative potential of public banks.
On August 3, 2018, nearly two dozen people from NYC community organizing and cooperative development organizations packed into our conference room for an engaging lunch discussion with Álvaro Porro, Social Economy Commissioner for the City of Barcelona. Barcelona’s story presents a powerful model for New York City, and we were eager for this extended opportunity to hear about his work.