Friday, December 6, 2024
■ Today's Top News
"Nothing in Mr. Bisignano's career suggests that he understands the unique needs of older and disabled Americans," said the Alliance for Retired Americans' leader.
By Eloise Goldsmith
Critics of U.S. President-elect Donald Trump's pick to run the Social Security Administration, Frank Bisignano, warned this week that the Wall Street veteran may not be the best choice to run an agency that provides one of America's most important social safety nets.
"President-elect Trump has nominated financial software CEO and GOP donor Frank Bisignano to head the agency that administers Social Security benefits for some 70 million Americans. If confirmed, Bisignano will be accountable—not to corporate boards or stockholders—but to the American people, who depend on their Social Security benefits and pay for them over a lifetime of work," said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, in a Thursday statement.
Richard Fiesta, executive director of the Alliance for Retired Americans, said in a statement that "nothing in Mr. Bisignano's career suggests that he understands the unique needs of older and disabled Americans."
"We are also concerned that his decades on Wall Street will leave SSA with a cheerleader for risky schemes like allowing investment firms and crypto corporations to gamble with the trust funds and benefits that Americans paid for and earned through a lifetime of work," Fiesta added.
Bisignano was previously an executive at Shearson Lehman Brothers and also held positions at JPMorgan Chase and Citigroup. During his tenure at the firm First Data Corp., he was listed as the second-highest paid CEO in the U.S. in 2017, per The New York Times. Bisignano is currently the president and CEO of Fiserv (which merged with First Data Corp. in 2019), a payments and financial technology firm.
"Frank is a business leader, with a tremendous track record of transforming large corporations. He will be responsible to deliver on the Agency's commitment to the American People for generations to come!" Trump wrote on Truth Social earlier this week.
If confirmed, Bisignano would oversee an agency with more than 1,200 field offices and almost 60,000 employees, according to the Times, and his nomination comes at a time when money in Social Security's trust funds, a reserve that is used to make sure recipients get their full payment, could be entirely depleted by 2035.
Meanwhile, Republican lawmakers on Thursday signaled a willingness to target Social Security and other mandatory programs after meeting with Elon Musk and Vivek Ramaswamy, the duo that President-elect Donald Trump has tapped to lead a new commission tasked with slashing federal spending and regulations.
In reaction to Bisignano's nomination, Wisconsin state Sen. Chris Larson (D-7) quipped on X: "Why leave a $28 million/yr gig to work in government? My prediction: to cut Social Security."
"If he pursues trillions in tax cuts for the wealthy and implements the proposals to slash public investments that people like Musk have championed, the labor market will surely deteriorate and workers will suffer."
By Jake Johnson
Job figures released Friday showed that the U.S. labor market rebounded strongly last month following a storm-ravaged October, with the economy adding 227,000 jobs and average hourly earnings rising by a higher-than-expected 0.4%.
But observers warned that the economic agenda of President-elect Donald Trump and the incoming Republican Congress—particularly the massive tax cut package they plan to ram through early next year—could undermine job market progress made under the Biden administration in the aftermath of the Covid-19 crisis.
"The Biden administration is handing off a rock-solid labor market after their strategic investments strengthened our economy and ushered in the fastest recession recovery on record," said Lindsay Owens, executive director of the Groundwork Collaborative. "President-elect Trump would do well to continue to invest in the workers and communities that have powered this resilience."
"But if he pursues trillions in tax cuts for the wealthy and implements the proposals to slash public investments that people like [Elon] Musk have championed," Owens added, "the labor market will surely deteriorate and workers will suffer the consequences of these choices."
Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee, similarly warned Friday that "while Democrats delivered a historic recovery with millions of new jobs under President Biden, Donald Trump and his far-right allies want to take us backward."
"Trump's promises are nothing but a con," said Boyle. "He's pushing middle-class tax hikes while handing massive breaks to his billionaire donors, just like he's done before. Families like mine know the truth: Trump would sell out millions of workers in a heartbeat to line the pockets of the ultra-wealthy. House Democrats won't stand by while Trump sabotages our economy. We'll fight to protect the progress we've made and ensure working families continue to come first."
"Don't let them fool you. His plan of vengeance to deport millions of undocumented workers and impose tariffs will not create jobs."
The U.S. economy has added an average of 173,000 jobs monthly over the past three months, Economic Policy Institute senior economist Elise Gould noted in an analysis of the new Labor Department figures.
"Nominal wage growth held steady at 4.0% over the year," Gould observed. "This rate is in line with the pace of productivity improvement over the last year and a stubborn low labor share of corporate sector income. Importantly, it means that real average wages continue to rise as they have the last 18 months."
The new data came as congressional Republicans and Trump's billionaire-dominated transition team and Cabinet choices continued to map out their agenda for the coming year, with tax cuts at the center.
"Their top objective is to extend the 2017 Trump tax law and prevent $3.3 trillion in tax breaks from expiring at the end of 2025," NBC Newsreported earlier this week, detailing GOP plans to pass a "huge party-line bill" via the filibuster-proof reconciliation process.
A Congressional Budget Office analysis published Wednesday detailed how an extension of soon-to-expire provisions of the 2017 tax law—a measure that disproportionately benefited the rich—would shrink the U.S. economy, bolstering concerns about the potentially damaging impacts of the Trump-GOP agenda.
Prior to the November election, the research firm Moody's Analytics warned that a Republican sweep would likely mean "the economy suffers a recession beginning in mid-2025," resulting in 3.2 million fewer jobs and a higher unemployment rate by the end of Trump's four-year term.
Moody's argued that Trump's push for tariffs, corporate tax cuts, and the mass deportation of undocumented immigrants would broadly harm the economy, driving up inflation and pushing down Gross Domestic Product (GDP) and job growth.
While corporations would likely "navigate things reasonably well" under a Republican-dominated government, Moody's said, ordinary households would "do less well financially."
"The typical American household's real after-tax income is approximately $2,000, or 1.4%, lower by the end of Trump’s term in this scenario than in the baseline," the firm projected.
Sen. Martin Heinrich (D-N.M.), chairman of the Joint Economic Committee, said in a statement Friday that Trump "was the first president since World War II to leave office with fewer jobs than when his administration started."
"And his disastrous policies will hurt our economy once again," said Heinrich. "Don't let them fool you. His plan of vengeance to deport millions of undocumented workers and impose tariffs will not create jobs. It will not support our manufacturers, farmers, or small businesses. And it certainly will not grow our economy. It will only create an unmitigated disaster for everyday Americans who will struggle to make ends meet."
"You don't have to sanction murder to see why so many Americans detest health insurance corporations who prioritize profit goals by routinely creating arbitrary reasons to deny patient needs," said one labor movement voice.
By Eloise Goldsmith
The killing of UnitedHealthcare CEO Brian Thompson outside of a Manhattan hotel Wednesday has sparked a wave of dark humor and fresh fury at the for-profit U.S. healthcare system.
The barbs at UnitedHealthcare—the country's largest private insurer—included a mock denial of coverage letter posted to the subreddit r/nursing in a thread on Thompson's murder.
"We regret to inform you that your request for coverage has been denied," the letter reads. "Our records indicate that you failed to obtain prior authorization before seeking care for the gunshot wound to your chest." The Daily Beast reported a spoof rejection letter was also posted to a since closed thread on r/medicine.
Police are in their third day searching for Thompson's killer, who shot the healthcare executive multiple times in front of a Hilton hotel in Midtown before fleeing the scene. The New York Police Department has released an image that shows a man authorities deem "a person of interest wanted for questioning" in connection to the Wednesday killing, per CNN. The image was captured at a hostel in Manhattan, according to CNN, citing law enforcement.
The words "deny," "defend," and "depose" were found written on the ammunition used by the gunman, three words that partially echo the title of the book Delay, Deny, Defend, which details how the insurance industry avoids paying claims.
In addition to dark humor, reactions to Thompson's assassination have brought to the fore the public's downright rage at the health insurance industry.
In the comment section of Common Dreams' coverage of the murder, one commenter wrote: "I guess if you steal people's labor and deny them healthcare in order to line your own pockets, you might occasionally expect retaliation." Another wrote: "For-profit healthcare is unethical and immoral."
"Thoughts and deductibles to the family," read one comment below a video of the shooting posted by CNN, according to The New York Times. "Unfortunately my condolences are out-of-network."
One woman whose mother with Stage 4 breast cancer was forced to battle insurance to get new treatments approved toldNew York magazine that she experienced "a little surge of Schadenfreude," when she heard of Thompson's death.
"UnitedHealth CEO Brian Thompson was just 50 years old at the time of his murder, which is a lot more tragic when you know that his life expectancy as a member of the Top 1% was 88, or 15 years longer than the life expectancy of the average American male," wrote journalist and editor Moe Tkacik on X. Later, in a piece for The American Prospect, Tkacik framed the situation like this: "Only about 50 million customers of America's reigning medical monopoly might have a motive to exact revenge upon the UnitedHealthcare CEO."
Others said that the reaction to the murder was an indication that the Democratic Party ought to embrace economic populism and end its close association with corporate power.
"The mass reaction to the healthcare CEO's murder is a reminder that there is a constant deadly class war being waged against working-class Americans. If Dems ditched their billionaires and fully joined the side of the working class in that struggle they would easily win FDR-style majorities," said the political commentator Krystal Ball.
Charles Idelson, former communications strategist for National Nurses United, said that "you don't have to sanction murder to see why so many Americans detest health insurance corporations who prioritize profit goals by routinely creating arbitrary reasons to deny patient needs."
"It's not unique to UnitedHealth," he added.
"When the Consumer Financial Protection Bureau is allowed to fully do its job, Americans only stand to benefit."
By Julia Conley
In the coming weeks, as President-elect Donald Trump's second term approaches and his pledge to dismantle key agencies potentially comes closer to fruition, 4.3 million consumers are set to receive checks from one of the agencies the incoming administration wants to "delete."
The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will soon begin distributing a historic $1.8 billion to millions of people who were charged illegal junk fees or defrauded by credit repair companies including Lexington Law and CreditRepair.com.
The money will be distributed from the CFPB's victim relief fund, which was created by Congress and is financed entirely by civil penalties paid by companies and individuals who violate consumer financial protection laws.
The fund has distributed $3.3 billion to consumers since its inception, and the CFPB said the forthcoming payment will be its largest ever.
"Lexington Law and CreditRepair.com exploited vulnerable consumers who were trying to rebuild their credit, charging them illegal junk fees for results they hadn't delivered," said CFPB Director Rohit Chopra. "This historic distribution of $1.8 billion demonstrates the CFPB's commitment to making consumers whole."
A district court ruled in August 2023 that the two companies had violated the Telemarketing Sales Rule's prohibition on advance fees, which bars credit repair firms from collecting fees from consumers until they prove they have achieved the results they promise to their customers.
If the CFPB payments are divided equally among those who were wrongly charged fees by the two companies, each consumer would receive about $419.
The payments are being sent days after the CFPB proposed a rule aimed at reining in data brokers who sell people's personal information.
As Common Dreams reported, billionaire entrepreneur Elon Musk has expressed concern about the practices of data brokers—but as Trump's nominee to co-lead the Department of Government Efficiency (DOGE), a yet-to-be-created commission that would cut regulations and government spending, Musk has pledged to "delete" the CFPB.
Filmmaker and media activist Danny Ledonne said Musk and Vivek Ramaswamy, another businessman nominated to lead DOGE, likely want to do away with the CFPB because the agency acts "in the interest of regular people."
Liz Zelnick, director of the Economic Security and Corporate Power Program at government watchdog Accountable.US, said the upcoming $1.8 billion payout shows why the CFPB should remain in operation.
"When the Consumer Financial Protection Bureau is allowed to fully do its job, Americans only stand to benefit," said Zelnick. "Between surprise fees and misleading business practices, today's victory affirms the importance of the CFPB for defending people across the country from shady industry actors."
Rep. Mark Pocan (D-Wis.) said supporters of consumer protections in Congress will "fight any attempts to dismantle [CFPB], whether from Trump, Musk, or their billionaire buddies."
"The CFPB fights for everyday Americans against corporate greed, junk fees, and predatory lenders," he said. "This watchdog agency protects normal people like you and me."
"If your income was $274 million per year, you'd make more than 99.9% of Americans," wrote one activist. "Elon Musk spent that buying the 2024 elections for Republicans."
By Jake Johnson
Federal filings released Thursday revealed that Elon Musk spent significantly more than previously known to help secure a second White House term for Donald Trump and boost GOP congressional candidates, making the world's richest man the nation's largest political donor and perhaps the most influential figure involved with the incoming administration.
The Federal Election Commission (FEC) filings showed that Musk, the CEO of Tesla and owner of the social media platform X, spent around $270 million this year in support of super PACs backing Trump's reelection bid.
The filings also exposed Musk as the mysterious funding source behind RBG PAC, a Republican organization named after the late Supreme Court Justice Ruth Bader Ginsburg. Musk pumped more than $20.5 million into the super PAC, which aimed to paint Trump as more moderate on abortion than other Republicans and falsely claimed Trump shared Ginsburg's views on reproductive rights.
"In reality, RBG unequivocally supported abortion rights, believing it was a fundamental matter of equality," noted Rolling Stone's Andrew Perez. "Trump, on the other hand, pledged to appoint Supreme Court justices who would overturn Roe v. Wade and allow states to ban abortion—and his justices did just that. When Ginsburg died late in Trump's first term, he replaced her with Justice Amy Coney Barrett, creating a 6-3 conservative supermajority on the court that overturned Roe and ended the federal right to an abortion."
Musk's ability to convert his extreme wealth into political influence underscored the need for far higher taxes on the nation's economic elites, progressives said in response to the FEC disclosures. In 2018, Musk paid nothing in federal income taxes even as his wealth soared, largely due to Tesla stock appreciation.
"We need to tax the rich so much more," activist Jonathan Cohn wrote on social media. "Not just so that we can fund programs to benefit everyone, but to prevent them from rigging the political system in their favor."
Melanie D'Arrigo, executive director of the Campaign for New York Health, noted that "if your income was $274 million per year, you'd make more than 99.9% of Americans."
"Elon Musk spent that buying the 2024 elections for Republicans," she wrote. "Tax the oligarchs."
Musk's spending on the 2024 elections outpaced that of Timothy Mellon, the secretive heir to a Gilded Age fortune who pumped $197 million into races in support of Republican candidates, Bloomberg reported.
"The clear story from the final federal campaign filings of 2024 is of the damage concentrated money in politics does to our elections," said Public Citizen co-president Lisa Gilbert. "This includes being the sole backer of a super PAC that vandalized Ruth Bader Ginsburg's image to try and change Trump's public abortion position. Rich billionaires and corporate money simply ran the table in the 2024 election. They singlehandedly made the case for the aggressive campaign finance reforms we need to fix our system and get big money out of politics."
Musk, whose wealth jumped substantially following Trump's victory, is one of more than a dozen billionaires set to be either a member or close adviser to the incoming administration. The president-elect has tasked Musk and fellow billionaire Vivek Ramaswamy with leading a commission whose goal is to gut federal regulations and slash spending.
"It's not hyperbole to call this a government of billionaires," Axios reported Friday. "Trump's projected Cabinet alone is worth at least $10 billion... Trump's gilded Cabinet is the product of an election in which billionaires spent like never before in U.S. history—mostly on behalf of Republicans."
The billionaires in Trump's inner circle are set to play central roles in crafting policy over the next four years, including another tax-cut package that's expected to disproportionately benefit wealthy Americans. The 2017 Trump-GOP tax law that Republicans are looking to extend and expand helped boost the collective wealth of U.S. billionaires by over $2 trillion.
"The looters and polluters who are swarming around Trump bear careful watching," Sen. Sheldon Whitehouse (D-R.I.) said earlier this week. "Looks like no one's too rich to want to steal."
This story has been updated to include a statement from Public Citizen.
"They're going to put everything on the table," one Republican lawmaker said of Elon Musk and Vivek Ramaswamy.
By Jake Johnson
Republican lawmakers on Thursday signaled a willingness to target Social Security and other mandatory programs after meeting with Elon Musk and Vivek Ramaswamy, the billionaire pair President-elect Donald Trump chose to lead a new commission tasked with slashing federal spending and regulations.
Though the GOP's 2024 platform pledged to shield Social Security, the party has reverted to its long-held position in the weeks since Trump's election victory, with some lawmakers openly attacking the program while others suggest cuts more subtly by stressing the supposed need for "hard decisions" to shore up its finances. (Progressives argue Social Security's solvency can be guaranteed for decades to come by requiring the rich to contribute more to the program, a proposal Republicans oppose.)
On Thursday, Rep. Ralph Norman (R-S.C.) emerged from a meeting with Musk and Ramaswamy with the message that "nothing is sacrosanct."
"They're going to put everything on the table," said Norman, one of the wealthiest members of Congress.
After airing Norman's remarks, Fox Business reported that Musk and Ramaswamy told lawmakers that no federal program is safe from cuts, "and that includes Social Security, Medicare, and Medicaid."
NBC News congressional correspondent Julie Tsirkin said Thursday that after meeting with Musk, Sen. John Thune (R-S.D.)—who was recently elected Senate majority leader for the upcoming Congress—told her that "perhaps mandatory programs are areas that they're looking to make cuts in, like Social Security, for example."
"But again, no specifics were laid out there," Tsirkin added.
Thune has previously voiced support for raising Social Security's retirement age, a change that would cut benefits across the board.
In the days leading up to their Capitol Hill visit, both Musk and Ramaswamy took swipes at Social Security, Medicare, and Medicaid and made clear the programs would be in the crosshairs of their advisory commission, which is examining ways to slash federal spending without congressional approval.
Earlier this week, Musk amplified a series of social media posts by Sen. Mike Lee (R-Utah), who once said he hopes to "get rid of" Social Security, Medicare, and Medicaid. Defenders of Social Security saw Lee's thread, and Musk's apparent endorsement of it, as a declaration of war on the New Deal program.
Days later, Ramaswamy said in an interview with CNBC that "there are hundreds of billions of dollars of savings to extract" from Social Security, Medicare, and Medicaid, claiming the programs are rife with waste, fraud, and abuse.
"People love to have lazy armchair discussions about, oh, are you going to make cuts to entitlements or not, when, in fact, the dirty little secret is that many of those entitlement dollars aren't even going to people who they were supposed to be going to in the first place," said Ramaswamy, advancing a narrative that observers warned could be used to justify additional bureaucratic barriers making it harder for eligible people to receive benefits.
Sen. Sheldon Whitehouse (D-R.I.), chairman of the Senate Budget Committee, said Thursday that the Trump-GOP agenda is "so predictable."
"Tax cuts for billionaire donors; benefit cuts for people on Social Security—how the billionaires loot our country (what, not rich enough already, fellas?)," Whitehouse wrote on social media.
In a column on Thursday, MSNBC's Ryan Teague Beckwith wrote that "Republicans somehow keep coming back to the idea of cutting Social Security" despite widespread opposition to such cuts among the American public.
"Would Trump try to cut Social Security? It's hard to say. Over the years, he has staked out every possible position on Social Security—sometimes within hours of each other," wrote Beckwith, noting that Trump previously called the program a "huge Ponzi scheme" and backed calls to raise the retirement age.
"So if Republicans—or Musk—decide to propose changes to Social Security benefits," Beckwith added, "it's possible that he might go along with it."
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