truthout--2020-12-01--World AIDS Day Is Grim Reminder of an Ongoing Epidemic Amid COVID-19

December 1 is World AIDS Day , and as the world waits on an effective vaccine for COVID-19 , we look at the ongoing AIDS epidemic and how the coronavirus has threatened treatment for those living with HIV .
Author and journalism professor Steven Thrasher says the coronavirus has amplified racial , class and other disparities , just as AIDS has done for decades , and that treatments must have an antiracist and anti-capitalist foundation in order to be successful .
“ HIV/AIDS has continued to kill way too many people .
Almost 700,000 people died last year , ” @ @ @ @ @ @ @ not just the drugs .
It ’ s the conditions around people ’ s lives that lead them to become affected by viruses.
” This is a rush transcript .
Copy may not be in its final form .
AMY GOODMAN : This is Democracy Now !
I ’ m Amy Goodman , with Juan González .
Today is World AIDS Day .
As the world waits on an effective COVID-19 vaccine and the U.S. sees skyrocketing cases that shatter every world record , we turn now to look at the ongoing AIDS @ @ @ @ @ @ @ treatment for those living with HIV .
Around 33 million lives have been lost to AIDS in the past four decades .
This is the head of the World Health Organization speaking Monday .
AMY GOODMAN : Well , for more , we go to Chicago to speak with Steven Thrasher , professor at the Medill School of Journalism at Northwestern University , author of the forthcoming book , The Viral Underclass : How Racism , Ableism and Capitalism Plague Humans on the Margins .
His new piece is out in Scientific American @ @ @ @ @ @ @ AIDS Day Is a Grim Reminder That We Have [ Many Pandemics ] Going On.
” Welcome back to Democracy Now !
, Professor Thrasher .
Talk about that more than one pandemic and what today means .
STEVEN THRASHER : Thank you , Amy .
According to the World Health Organization , there are actually about 20 pandemics going on , that include , of course , COVID-19 , Zika and HIV/AIDS .
And HIV/AIDS has continued to kill way too many people .
Almost 700,000 people died last year .
As @ @ @ @ @ @ @ the sort of good news , as good as that kind of devastating news can be , is that it ’ s declined a great deal .
But we really real risk — as the clip was just saying a moment ago , we risk the possibility that that could go back up .
And what ’ s really concerning to me , as the previous two doctors were speaking about vaccination coming out , is that a pharmacological intervention alone is not going to get us out of the death and destruction @ @ @ @ @ @ @ been various effective medications for HIV for the past quarter of century , and yet tens of millions of people have died since that time .
The problem is not just the drugs ; it ’ s the conditions around people ’ s lives that lead them to become affected by viruses .
JUAN GONZÁLEZ : And could you explain that , why , despite the antiretroviral drugs that have come on the scene over these 25 years or so , that rates of AIDS continue to increase ?
STEVEN THRASHER : Yeah @ @ @ @ @ @ @ the problem is capitalism .
The drugs work .
We have to get them to people .
And it ’ s not just a matter of getting the drugs to people ; it ’ s that the whole conditions of their life have to be life-sustaining and valuable .
So , there ’ s a fantastic paper that I ’ m citing in my piece by Emily Benfer and a number of co-authors in the Journal of Urban Health , and it writes about the connection — they write about the connection between @ @ @ @ @ @ @ from their homes is creating an increased amount of COVID-19 transmission .
And something very similar has happened with HIV and AIDS .
The viruses transmit very differently , but they affect similar populations because people are subject to the same overall terrible conditions .
So , if somebody doesn ’ t have a home , if somebody is homeless and doesn ’ t have employment , they don ’ t have health insurance , they ’ re not going to be able to get HIV medication .
And HIV meds work .
@ @ @ @ @ @ @ they not only saved the life of the person , they keep them from transmitting the virus onward , and that way , they sort of act like a vaccination .
But certain populations never really got the drugs .
And as I ’ m writing about in my book , according to CDC data , in 2015 , the rate of AIDS for Black America was actually slightly higher than it had ever been for white America before there were any drugs at all .
And that was after there had been @ @ @ @ @ @ @ So , if we ’ re only depending upon drugs to address a crisis , it ’ s not going to help the people who are most at risk .
JUAN GONZÁLEZ : And I ’ m wondering if you could extrapolate that , the issue of racial disparities around HIV/AIDS and how they have emerged or continue to develop in terms of the coronavirus , because already , obviously , the coronavirus , from the very beginning , was afflicting African Americans , Latinos , Native Americans at much higher rates than @ @ @ @ @ @ @ , certainly .
So , to look at only one variable , that ’ s an easy one to understand what ’ s happening , is to look at the issue of who is unhoused in America .
White people are the majority of people in the United States still , and they are a minority of those who are unhoused .
African Americans are only about 13 % of the population and are a majority of the unhoused .
And so , everything that comes along with not having a home — @ @ @ @ @ @ @ , jobs , ending up in the informal economy , where you ’ re more likely to be arrested and sexually assaulted — all of that is one of the reasons why HIV is more prevalent amongst African Americans .
And if you don ’ t get the drugs , then the virus will concentrate in a certain population .
And now we ’ re seeing something very similar happening with COVID-19 .
People who don ’ t have the structural support that they need for a healthy life , who are not @ @ @ @ @ @ @ are not able to live with space — some of it ’ s just kind of mathematics .
If you look at how influenza moved before and how much square footage people need , Latinx people , Native Americans , African Americans have less living space .
And when they ’ re more likely to be evicted — which is one of the brilliant things about this paper , is that when people are evicted , sometimes they end up on the street , but usually the first stop is that they end @ @ @ @ @ @ @ and so the households get even more dense , and there ’ s more COVID transmission likely to be happening .
And that ’ s what we ’ re really seeing with Latinx , Black and Native American communities now , is that as they are more likely to be evicted , as they ’ re more likely to lose work in the COVID-19 pandemic , they ’ re living in denser populations , in denser homes , with other people who are more likely to be frontline workers and more likely to @ @ @ @ @ @ @ not have jobs where they can work from home .
AMY GOODMAN : I wanted to ask you quickly , before we end , about the nomination of Neera Tanden .
President-elect Biden has nominated two women of color in key economic positions : Cecilia Rouse , a Princeton labor economist , to chair the Council of Economic Advisers , and Neera Tanden , head of the Center for American Progress , as director of the Office of Management and Budget .
She would be the first woman of color and first South @ @ @ @ @ @ @ many progressives object to her playing a role in the incoming administration , citing CAP ’ s cozy relationship with corporate funders , her record of antagonizing and undermining progressive Democrats , and her hawkish foreign policy positions , also has come under criticism for her support of slashing Social Security .
Can you comment on the nomination of Neera Tanden to head OMB ?
STEVEN THRASHER : Well , I understand why progressives are upset , and I was very upset , because she represents what a lot of us are frustrated @ @ @ @ @ @ @ people that they ’ re responding to are not the majority of Americans .
They ’ re responding to Wall Street .
They ’ re responding to pharmacological producers .
And those are the kind of people that want to keep drugs high , and think that the profit on drugs , for HIV , potentially for COVID-19 , is more important than actually saving people ’ s lives .
And I think that when we ’ re looking at other people of color — I ’ m very honored to be on @ @ @ @ @ @ @ .
Peek — we have to look at people who have an active commitment to racial justice and ending healthcare disparities .
That does not apply to everyone who ’ s coming into the Cabinet .
And we don ’ t want someone — I don ’ t want someone like Neera Tanden not taking into account that we must keep people from being unhoused .
They have to have healthcare access ; otherwise , how are they going to get access to a vaccination that has to be given over two or @ @ @ @ @ @ @ : Finally , 10 seconds .
Do you see Medicare for All as a racial justice solution ?
AMY GOODMAN : Well , Steven Thrasher , I want to thank you for being with us , professor at the Medill School of Journalism at Northwestern University , faculty member of Northwestern ’ s Institute of Sexual and Gender Minority Health and Wellbeing .
We ’ ll link to his piece in Scientific American , just out today , “ World AIDS Day Is a Grim Reminder That We Have [ Many Pandemics ] @ @ @ @ @ @ @ our show .
Democracy Now !
produced with Renée Feltz , Mike Burke , Deena Guzder , Libby Rainey , Nermeen Shaikh , María Taracena , Carla Wills , Tami Woronoff , Charina Nadura , Sam Alcoff , Tey-Marie Astudillo , John Hamilton , Robby Karran .
Special thanks to Julie Crosby , Becca Staley .
I ’ m Amy Goodman , with Juan González .
Stay safe .
Wear a mask .

December 1 is World AIDS Day, and as the world waits on an effective vaccine for COVID-19, we look at the ongoing AIDS epidemic and how the coronavirus has threatened treatment for those living with HIV. Author and journalism professor Steven Thrasher says the coronavirus has amplified racial, class and other disparities, just as AIDS has done for decades, and that treatments must have an antiracist and anti-capitalist foundation in order to be successful. “HIV/AIDS has continued to kill way too many people. Almost 700,000 people died last year,” says Thrasher. “The problem is not just the drugs. It’s the conditions around people’s lives that lead them to become affected by viruses.”
This is a rush transcript. Copy may not be in its final form.
AMY GOODMAN: This is Democracy Now! I’m Amy Goodman, with Juan González.
Today is World AIDS Day. As the world waits on an effective COVID-19 vaccine and the U.S. sees skyrocketing cases that shatter every world record, we turn now to look at the ongoing AIDS epidemic and how the coronavirus has threatened treatment for those living with HIV. Around 33 million lives have been lost to AIDS in the past four decades. This is the head of the World Health Organization speaking Monday.
TEDROS ADHANOM GHEBREYESUS: There is some evidence that people living with HIV may have an increased risk of severe disease and death from COVID-19. This increased risk has been compounded by disruptions to treatment for people living with HIV. In a WHO survey of 127 countries earlier this year, more than a quarter reported partial disruption to antiretroviral treatment for people with HIV. Related Story Op-Ed | Prisons & Policing HIV Prison Activists Are Leading a Freedom Movement in the Face of COVID-19 People who have long organized against HIV in prisons are demanding the release of incarcerated people amid COVID-19. Truthout
AMY GOODMAN: Well, for more, we go to Chicago to speak with Steven Thrasher, professor at the Medill School of Journalism at Northwestern University, author of the forthcoming book, The Viral Underclass: How Racism, Ableism and Capitalism Plague Humans on the Margins. His new piece is out in Scientific American. It’s headlined “World AIDS Day Is a Grim Reminder That We Have [Many Pandemics] Going On.”
Welcome back to Democracy Now!, Professor Thrasher. Talk about that more than one pandemic and what today means.
STEVEN THRASHER: Thank you, Amy. According to the World Health Organization, there are actually about 20 pandemics going on, that include, of course, COVID-19, Zika and HIV/AIDS. And HIV/AIDS has continued to kill way too many people. Almost 700,000 people died last year. As I write about in my piece, the sort of good news, as good as that kind of devastating news can be, is that it’s declined a great deal. But we really real risk — as the clip was just saying a moment ago, we risk the possibility that that could go back up.
And what’s really concerning to me, as the previous two doctors were speaking about vaccination coming out, is that a pharmacological intervention alone is not going to get us out of the death and destruction we’re seeing. There have been various effective medications for HIV for the past quarter of century, and yet tens of millions of people have died since that time. The problem is not just the drugs; it’s the conditions around people’s lives that lead them to become affected by viruses.
JUAN GONZÁLEZ: And could you explain that, why, despite the antiretroviral drugs that have come on the scene over these 25 years or so, that rates of AIDS continue to increase?
STEVEN THRASHER: Yeah. So, in a word, the problem is capitalism. The drugs work. We have to get them to people. And it’s not just a matter of getting the drugs to people; it’s that the whole conditions of their life have to be life-sustaining and valuable.
So, there’s a fantastic paper that I’m citing in my piece by Emily Benfer and a number of co-authors in the Journal of Urban Health, and it writes about the connection — they write about the connection between eviction and COVID-19, that evicting people from their homes is creating an increased amount of COVID-19 transmission. And something very similar has happened with HIV and AIDS. The viruses transmit very differently, but they affect similar populations because people are subject to the same overall terrible conditions.
So, if somebody doesn’t have a home, if somebody is homeless and doesn’t have employment, they don’t have health insurance, they’re not going to be able to get HIV medication. And HIV meds work. For the populations that got them, they not only saved the life of the person, they keep them from transmitting the virus onward, and that way, they sort of act like a vaccination. But certain populations never really got the drugs. And as I’m writing about in my book, according to CDC data, in 2015, the rate of AIDS for Black America was actually slightly higher than it had ever been for white America before there were any drugs at all. And that was after there had been drugs around for about 20 years. So, if we’re only depending upon drugs to address a crisis, it’s not going to help the people who are most at risk.
JUAN GONZÁLEZ: And I’m wondering if you could extrapolate that, the issue of racial disparities around HIV/AIDS and how they have emerged or continue to develop in terms of the coronavirus, because already, obviously, the coronavirus, from the very beginning, was afflicting African Americans, Latinos, Native Americans at much higher rates than white Americans.
STEVEN THRASHER: Well, certainly. So, to look at only one variable, that’s an easy one to understand what’s happening, is to look at the issue of who is unhoused in America. White people are the majority of people in the United States still, and they are a minority of those who are unhoused. African Americans are only about 13% of the population and are a majority of the unhoused. And so, everything that comes along with not having a home — being policed, not having health access, jobs, ending up in the informal economy, where you’re more likely to be arrested and sexually assaulted — all of that is one of the reasons why HIV is more prevalent amongst African Americans. And if you don’t get the drugs, then the virus will concentrate in a certain population.
And now we’re seeing something very similar happening with COVID-19. People who don’t have the structural support that they need for a healthy life, who are not able to work from home, who are not able to live with space — some of it’s just kind of mathematics. If you look at how influenza moved before and how much square footage people need, Latinx people, Native Americans, African Americans have less living space. And when they’re more likely to be evicted — which is one of the brilliant things about this paper, is that when people are evicted, sometimes they end up on the street, but usually the first stop is that they end up doubling up with other people, and so the households get even more dense, and there’s more COVID transmission likely to be happening. And that’s what we’re really seeing with Latinx, Black and Native American communities now, is that as they are more likely to be evicted, as they’re more likely to lose work in the COVID-19 pandemic, they’re living in denser populations, in denser homes, with other people who are more likely to be frontline workers and more likely to be exposed in the service industry and not have jobs where they can work from home.
AMY GOODMAN: I wanted to ask you quickly, before we end, about the nomination of Neera Tanden. President-elect Biden has nominated two women of color in key economic positions: Cecilia Rouse, a Princeton labor economist, to chair the Council of Economic Advisers, and Neera Tanden, head of the Center for American Progress, as director of the Office of Management and Budget. She would be the first woman of color and first South Asian woman in the role. But many progressives object to her playing a role in the incoming administration, citing CAP’s cozy relationship with corporate funders, her record of antagonizing and undermining progressive Democrats, and her hawkish foreign policy positions, also has come under criticism for her support of slashing Social Security. Can you comment on the nomination of Neera Tanden to head OMB?
STEVEN THRASHER: Well, I understand why progressives are upset, and I was very upset, because she represents what a lot of us are frustrated with the Democratic Party, that the people that they’re responding to are not the majority of Americans. They’re responding to Wall Street. They’re responding to pharmacological producers. And those are the kind of people that want to keep drugs high, and think that the profit on drugs, for HIV, potentially for COVID-19, is more important than actually saving people’s lives.
And I think that when we’re looking at other people of color — I’m very honored to be on the show with Dr. Pernell and Dr. Peek — we have to look at people who have an active commitment to racial justice and ending healthcare disparities. That does not apply to everyone who’s coming into the Cabinet. And we don’t want someone — I don’t want someone like Neera Tanden not taking into account that we must keep people from being unhoused. They have to have healthcare access; otherwise, how are they going to get access to a vaccination that has to be given over two or three doses over weeks?
AMY GOODMAN: Finally, 10 seconds. Do you see Medicare for All as a racial justice solution?
STEVEN THRASHER: Absolutely.
AMY GOODMAN: Well, Steven Thrasher, I want to thank you for being with us, professor at the Medill School of Journalism at Northwestern University, faculty member of Northwestern’s Institute of Sexual and Gender Minority Health and Wellbeing. We’ll link to his piece in Scientific American, just out today, “World AIDS Day Is a Grim Reminder That We Have [Many Pandemics] Going On.”
That does it for our show. Democracy Now! produced with Renée Feltz, Mike Burke, Deena Guzder, Libby Rainey, Nermeen Shaikh, María Taracena, Carla Wills, Tami Woronoff, Charina Nadura, Sam Alcoff, Tey-Marie Astudillo, John Hamilton, Robby Karran. Special thanks to Julie Crosby, Becca Staley. I’m Amy Goodman, with Juan González. Stay safe. Wear a mask.


truthout--2020-12-01--Trump Lawyer Says Official Who Disputed Trump’s Election Claims Should Be “Shot”

Christopher Krebs , the former director of the Cybersecurity and Infrastructure Security Agency ( CISA ) at the Department of Homeland Security , indicated Tuesday he would likely take legal action in response to comments from Trump campaign lawyer Joseph diGenova that seemed to be advocating violence against Krebs .
DiGenova said during an interview on Newsmax ’ s “ The Howie Carr Show ” on Monday that Krebs , who was fired by President Donald Trump last month for contradicting Trump ’ s baseless claims of election fraud , “ should be drawn and quartered .
Taken out at @ @ @ @ @ @ @ ’ s comments seemed to imply that not only Krebs , but that anyone who contradicted the unproven notion that the election was rife with fraud deserved a similar fate .
“ Anybody who thinks the election went well , like that idiot Krebs who used to be the head of cybersecurity , that guy is a class A moron , ” diGenova said .
The following morning , Krebs , appearing on NBC ’ s “ TODAY ” show , responded to those comments , implying that he would be taking legal @ @ @ @ @ @ @ “ It ’ s certainly more dangerous language , more dangerous behavior .
And the way I look at it is that we are a nation of laws , and I plan to take advantage of those laws , ” Krebs explained .
“ I ’ ve got an exceptional team of lawyers that win in court , and I think they ’ re probably going to be busy.
” Krebs was fired from his position at CISA after he directly rebuked Trump ’ s words about the election .
Rather than agreeing @ @ @ @ @ @ @ his election loss to President-elect Joe Biden was due to it being rigged or stolen from him , Krebs , in his role as CISA director , issued a joint statement with other agencies calling the election “ the most secure in American history.
” Shortly after , Trump removed Krebs from his position .
“ The recent statement by Chris Krebs on the security of the 2020 Election was highly inaccurate , in that there were massive improprieties and fraud – including dead people voting , Poll Watchers not allowed into polling @ @ @ @ @ @ @ voting machines which changed votes from Trump to Biden , late voting , and many more , ” Trump alleged in a statement , providing no proof for the allegations he included in his justification for terminating Krebs from his role .
This past weekend on CBS ’ “ 60 Minutes , ” Krebs expressed no regrets over his decision to refute the president ’ s assertions .
“ There was no indication or evidence that there was any sort of hacking or compromise of election systems on , before or after November @ @ @ @ @ @ @ segment on the program .
Immediately afterward , Trump on Sunday again tweeted unsubstantiated claims of fraud .
“ Our 2020 Election , from poorly rated Dominion to a Country FLOODED with unaccounted for Mail-In ballots , was probably our least secure EVER !
” Trump wrote , distorting the same words Krebs used in his joint statement while still the head of CISA .
While Trump continues to push ahead with these unfounded claims , his legal team has been unable to convince courts that widespread fraud took place .
Most of @ @ @ @ @ @ @ judges have been dismissed , some in embarrassing ways — including a recent opinion from the United States Third District Court of Appeals , which unanimously ruled against Trump over the Thanksgiving weekend .
“ Charges of unfairness are serious .
But calling an election unfair does not make it so , ” Judge Stephanos Bibas , who was appointed by Trump himself , wrote in the opinion .
“ Charges require specific allegations and then proof .
We have neither here.
” Polling has also shown that most Americans believe the election @ @ @ @ @ @ @ although distrust in the outcome is higher than in past years .
When asked in a recent Economist/YouGov poll whether they had confidence that the election was held fairly , 39 percent of voters overall said they had “ only a little ” confidence or “ none at all.
” That rate is higher than usual , but is likely being driven upward due to Republicans buying into Trump ’ s false narratives .
While 73 percent of GOP voters said they couldn ’ t trust the election results , a majority of @ @ @ @ @ @ @ trusted the outcome at least a moderate amount , with 39 percent of independents saying they trusted it more than moderately .
A majority of Democratic respondents in the poll said they trusted the outcome a “ great deal ” or “ quite a bit .
”

The lawyer said Christopher Krebs should be “drawn and quartered” for correcting Trump’s false allegations.
Christopher Krebs, the former director of the Cybersecurity and Infrastructure Security Agency (CISA) at the Department of Homeland Security, indicated Tuesday he would likely take legal action in response to comments from Trump campaign lawyer Joseph diGenova that seemed to be advocating violence against Krebs.
DiGenova said during an interview on Newsmax’s “The Howie Carr Show” on Monday that Krebs, who was fired by President Donald Trump last month for contradicting Trump’s baseless claims of election fraud, “should be drawn and quartered. Taken out at dawn and shot.”
Indeed, diGenova’s comments seemed to imply that not only Krebs, but that anyone who contradicted the unproven notion that the election was rife with fraud deserved a similar fate.
“Anybody who thinks the election went well, like that idiot Krebs who used to be the head of cybersecurity, that guy is a class A moron,” diGenova said.
The following morning, Krebs, appearing on NBC’s “TODAY” show, responded to those comments, implying that he would be taking legal action against diGenova for his words.
“It’s certainly more dangerous language, more dangerous behavior. And the way I look at it is that we are a nation of laws, and I plan to take advantage of those laws,” Krebs explained. “I’ve got an exceptional team of lawyers that win in court, and I think they’re probably going to be busy.”
Krebs was fired from his position at CISA after he directly rebuked Trump’s words about the election. Rather than agreeing with Trump’s wrongful insinuations that his election loss to President-elect Joe Biden was due to it being rigged or stolen from him, Krebs, in his role as CISA director, issued a joint statement with other agencies calling the election “the most secure in American history.”
Shortly after, Trump removed Krebs from his position.
“The recent statement by Chris Krebs on the security of the 2020 Election was highly inaccurate, in that there were massive improprieties and fraud – including dead people voting, Poll Watchers not allowed into polling locations, ‘glitches’ in the voting machines which changed votes from Trump to Biden, late voting, and many more,” Trump alleged in a statement, providing no proof for the allegations he included in his justification for terminating Krebs from his role.
This past weekend on CBS’ “60 Minutes,” Krebs expressed no regrets over his decision to refute the president’s assertions.
“There was no indication or evidence that there was any sort of hacking or compromise of election systems on, before or after November 3,” Krebs said during a segment on the program.
Immediately afterward, Trump on Sunday again tweeted unsubstantiated claims of fraud.
“Our 2020 Election, from poorly rated Dominion to a Country FLOODED with unaccounted for Mail-In ballots, was probably our least secure EVER!” Trump wrote, distorting the same words Krebs used in his joint statement while still the head of CISA.
While Trump continues to push ahead with these unfounded claims, his legal team has been unable to convince courts that widespread fraud took place. Most of the cases the team has brought before judges have been dismissed, some in embarrassing ways — including a recent opinion from the United States Third District Court of Appeals, which unanimously ruled against Trump over the Thanksgiving weekend.
“Charges of unfairness are serious. But calling an election unfair does not make it so,” Judge Stephanos Bibas, who was appointed by Trump himself, wrote in the opinion. “Charges require specific allegations and then proof. We have neither here.”
Polling has also shown that most Americans believe the election was conducted in an honest way, although distrust in the outcome is higher than in past years. When asked in a recent Economist/YouGov poll whether they had confidence that the election was held fairly, 39 percent of voters overall said they had “only a little” confidence or “none at all.”
That rate is higher than usual, but is likely being driven upward due to Republicans buying into Trump’s false narratives. While 73 percent of GOP voters said they couldn’t trust the election results, a majority of independent voters in the poll said they trusted the outcome at least a moderate amount, with 39 percent of independents saying they trusted it more than moderately. A majority of Democratic respondents in the poll said they trusted the outcome a “great deal” or “quite a bit.”
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truthout--2020-12-01--Trump Reportedly Raises Over $150 Million for Nonexistent Election Defense Fund

After bombarding supporters daily with emails blaring lies about the election and soliciting donations to overcome virtually non-existent voter fraud , President Donald Trump ’ s political operation has reportedly raised more than $ 150 million since November 3 , a staggering windfall that is being funneled into a Republican joint fundraising committee and a Trump PAC established to fuel his post-White House activities .
While the Trump team ’ s aggressive emails — sometimes as many as 15 per day — purport to be raising money for an “ Official Election Defense Fund ” set up to finance the @ @ @ @ @ @ @ overturn the election , the fund does not exist .
“ There is no such account , ” the Washington Post reported late Monday .
“ The fundraising requests are being made by the Trump Make America Great Again Committee , a joint fundraising committee that raises money for the Trump campaign and the Republican National Committee .
As of November 18 , that committee also shares its funds with Save America , a new leadership PAC that Trump set up in early November and which he can use to fund his post-presidency @ @ @ @ @ @ @ initiative has all the markings of a shameless grift , with much of the money likely going toward paying off the Trump campaign ’ s debts , financing events at the president ’ s properties , and other purposes .
The Post noted that “ there are very few limitations on how money going to ” the Trump leadership PAC can be spent .
Brendan Fischer , director of federal reform at the Campaign Legal Center ( CLC ) , told the Post that “ small donors who give to Trump thinking they @ @ @ @ @ @ @ Fund ’ are in fact helping pay down the Trump campaign ’ s debt or funding his post-presidential political operation.
” “ The average donor who gives in response to Trump ’ s appeal for funds to ‘ stop the fraud ’ likely doesn ’ t realize that their money is actually retiring Trump ’ s debt or funding his leadership PAC , ” Fischer said , pointing out that “ only bigger donors who ’ ve maxed-out to Trump ’ s campaign or the RNC will see any portion of their contribution @ @ @ @ @ @ @ ” Buried in the fine print of the early barrage of Trump ’ s post-election fundraising emails , as Common Dreams reported last month , was language informing those who read far enough that a percentage of donations would go toward “ general election debt retirement.
” “ According to the fine print in the latest fundraising appeals , ” the Post reported , “ 75 % of each contribution to the joint fundraising committee would first go toward the Save America leadership PAC and the rest would be shared with the party @ @ @ @ @ @ @ ’ s operating expenses .
This effectively means that the vast majority of low-dollar donations under the current agreement would go toward financing the president ’ s new leadership PAC , instead of efforts to support the party or to finance voting lawsuits.
” News of the Trump operation ’ s massive fundraising haul came shortly after two additional battleground states , Wisconsin and Arizona , certified President-elect Joe Biden ’ s victories there and dealt yet another blow to the president ’ s disastrous court fight .
In a tweet late Monday @ @ @ @ @ @ @ the Biden campaign , called Trump ’ s “ election defense ” fundraising ploy a “ plain and simple grift .
”

Much of the money will likely be used to pay off campaign debts and finance events at Trump’s properties.
After bombarding supporters daily with emails blaring lies about the election and soliciting donations to overcome virtually non-existent voter fraud, President Donald Trump’s political operation has reportedly raised more than $150 million since November 3, a staggering windfall that is being funneled into a Republican joint fundraising committee and a Trump PAC established to fuel his post-White House activities.
While the Trump team’s aggressive emails — sometimes as many as 15 per day — purport to be raising money for an “Official Election Defense Fund” set up to finance the president’s flailing legal effort to overturn the election, the fund does not exist.
“There is no such account,” the Washington Post reported late Monday. “The fundraising requests are being made by the Trump Make America Great Again Committee, a joint fundraising committee that raises money for the Trump campaign and the Republican National Committee. As of November 18, that committee also shares its funds with Save America, a new leadership PAC that Trump set up in early November and which he can use to fund his post-presidency activities.”
Observers said the post-election fundraising initiative has all the markings of a shameless grift, with much of the money likely going toward paying off the Trump campaign’s debts, financing events at the president’s properties, and other purposes. The Post noted that “there are very few limitations on how money going to” the Trump leadership PAC can be spent.
Brendan Fischer, director of federal reform at the Campaign Legal Center (CLC), told the Post that “small donors who give to Trump thinking they are financing an ‘Official Election Defense Fund’ are in fact helping pay down the Trump campaign’s debt or funding his post-presidential political operation.”
“The average donor who gives in response to Trump’s appeal for funds to ‘stop the fraud’ likely doesn’t realize that their money is actually retiring Trump’s debt or funding his leadership PAC,” Fischer said, pointing out that “only bigger donors who’ve maxed-out to Trump’s campaign or the RNC will see any portion of their contribution go to dedicated recount or legal funds.”
It’s all about the grift. Always and forever. https://t.co/jTjadQrWpo — Dan Froomkin/PressWatchers.org (@froomkin) December 1, 2020
Buried in the fine print of the early barrage of Trump’s post-election fundraising emails, as Common Dreams reported last month, was language informing those who read far enough that a percentage of donations would go toward “general election debt retirement.”
“According to the fine print in the latest fundraising appeals,” the Post reported, “75% of each contribution to the joint fundraising committee would first go toward the Save America leadership PAC and the rest would be shared with the party committee, to help with the party’s operating expenses. This effectively means that the vast majority of low-dollar donations under the current agreement would go toward financing the president’s new leadership PAC, instead of efforts to support the party or to finance voting lawsuits.”
News of the Trump operation’s massive fundraising haul came shortly after two additional battleground states, Wisconsin and Arizona, certified President-elect Joe Biden’s victories there and dealt yet another blow to the president’s disastrous court fight.
In a tweet late Monday, Rob Flaherty, digital director for the Biden campaign, called Trump’s “election defense” fundraising ploy a “plain and simple grift.”
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
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truthout--2020-12-01--Pharma Money Colors Operation Warp Speed’s Quest to Defeat COVID-19

April 16 was a big day for Moderna , a Massachusetts biotech company on the verge of becoming a front-runner in the U.S. government ’ s race for a coronavirus vaccine .
It had received roughly half a billion dollars in federal funding to develop a COVID shot that might be used on millions of Americans .
Thirteen days after the massive infusion of federal cash — which triggered a jump in the company ’ s stock price — Moncef Slaoui , a Moderna board member and longtime drug industry executive , was awarded options to buy 18,270 shares in @ @ @ @ @ @ @ Exchange Commission filings .
The award added to 137,168 options he ’ d accumulated since 2018 , the filings show .
It wouldn ’ t be long before President Donald Trump announced Slaoui as the top scientific adviser for the government ’ s $ 12 billion Operation Warp Speed program to rush COVID vaccines to market .
In his Rose Garden speech on May 15 , Trump lauded Slaoui as “ one of the most respected men in the world ” on vaccines .
The Trump administration relied on an unusual maneuver that @ @ @ @ @ @ @ companies that would benefit from the government ’ s pandemic efforts : They were brought on as contractors , doing an end run around federal conflict-of-interest regulations in place for employees .
That has led to huge potential payouts — some already realized , according to a KHN analysis of SEC filings and other government documents .
• Slaoui owned 137,168 Moderna stock options worth roughly $ 7 million on May 14 , one day before Trump announced his senior role to help shepherd COVID vaccines .
The day of his appointment , @ @ @ @ @ @ @ ’ s board .
Three days later , on May 18 , following the company ’ s announcement of positive results from early-stage clinical trials , the options ’ value shot up to $ 9.1 million , the analysis found .
The Department of Health and Human Services said Slaoui sold his holdings May 20 , when they would have been worth about $ 8 million , and will donate certain profits to cancer research .
Separately , Slaoui held nearly 500,000 shares in GlaxoSmithKline , where he worked for three decades , @ @ @ @ @ @ @ corporate filings .
• Carlo de Notaristefani , an Operation Warp Speed adviser and former senior executive at Teva Pharmaceuticals , owned 665,799 shares of the drug company ’ s stock as of March 10 .
While Teva is not a recipient of Warp Speed funding , Trump promoted its antimalarial drug hydroxychloroquine as a COVID treatment , even with scant evidence that it worked .
The company donated millions of tablets to U.S. hospitals and the drug received emergency use authorization from the Food and Drug Administration in March .
In the @ @ @ @ @ @ @ doubled .
• Two other Operation Warp Speed advisers working on therapeutics , Drs .
William Erhardt and Rachel Harrigan , own financial stakes of unknown value in Pfizer , which in July announced a $ 1.95 billion contract with HHS for 100 million doses of its vaccine .
Erhardt and Harrigan were previously Pfizer employees .
“ With those kinds of conflicts of interest , we don ’ t know if these vaccines are being developed based on merit , ” said Craig Holman , a lobbyist for Public Citizen , a @ @ @ @ @ @ @ spokesperson said the advisers are in compliance with the relevant federal ethical standards for contractors .
These investments in the pharmaceutical industry are emblematic of a broader trend in which a small group with the specialized expertise needed to inform an effective government response to the pandemic have financial stakes in companies that stand to benefit from the government response .
Slaoui maintained he was not in discussions with the federal government about a role when his latest batch of Moderna stock options was awarded , telling KHN he met with HHS Secretary @ @ @ @ @ @ @ for the first time May 6 .
The stock options awarded in late April were canceled as a result of his departure from the Moderna board in May , he said .
According to the KHN analysis of his holdings , the options would have been worth more than $ 330,000 on May 14 .

The Trump administration has allowed executives to keep investments in companies profiting from their COVID-19 efforts.
April 16 was a big day for Moderna, a Massachusetts biotech company on the verge of becoming a front-runner in the U.S. government’s race for a coronavirus vaccine. It had received roughly half a billion dollars in federal funding to develop a COVID shot that might be used on millions of Americans.
Thirteen days after the massive infusion of federal cash — which triggered a jump in the company’s stock price — Moncef Slaoui, a Moderna board member and longtime drug industry executive, was awarded options to buy 18,270 shares in the company, according to Securities and Exchange Commission filings. The award added to 137,168 options he’d accumulated since 2018, the filings show.
It wouldn’t be long before President Donald Trump announced Slaoui as the top scientific adviser for the government’s $12 billion Operation Warp Speed program to rush COVID vaccines to market. In his Rose Garden speech on May 15, Trump lauded Slaoui as “one of the most respected men in the world” on vaccines.
The Trump administration relied on an unusual maneuver that allowed executives to keep investments in drug companies that would benefit from the government’s pandemic efforts: They were brought on as contractors, doing an end run around federal conflict-of-interest regulations in place for employees. That has led to huge potential payouts — some already realized, according to a KHN analysis of SEC filings and other government documents.
Slaoui owned 137,168 Moderna stock options worth roughly $7 million on May 14, one day before Trump announced his senior role to help shepherd COVID vaccines. The day of his appointment, May 15, he resigned from Moderna’s board. Three days later, on May 18, following the company’s announcement of positive results from early-stage clinical trials, the options’ value shot up to $9.1 million, the analysis found. The Department of Health and Human Services said Slaoui sold his holdings May 20, when they would have been worth about $8 million, and will donate certain profits to cancer research. Separately, Slaoui held nearly 500,000 shares in GlaxoSmithKline, where he worked for three decades, upon retiring in 2017, according to corporate filings.
Carlo de Notaristefani, an Operation Warp Speed adviser and former senior executive at Teva Pharmaceuticals, owned 665,799 shares of the drug company’s stock as of March 10. While Teva is not a recipient of Warp Speed funding, Trump promoted its antimalarial drug hydroxychloroquine as a COVID treatment, even with scant evidence that it worked. The company donated millions of tablets to U.S. hospitals and the drug received emergency use authorization from the Food and Drug Administration in March. In the following weeks, its share price nearly doubled.
Two other Operation Warp Speed advisers working on therapeutics, Drs. William Erhardt and Rachel Harrigan, own financial stakes of unknown value in Pfizer, which in July announced a $1.95 billion contract with HHS for 100 million doses of its vaccine. Erhardt and Harrigan were previously Pfizer employees.
“With those kinds of conflicts of interest, we don’t know if these vaccines are being developed based on merit,” said Craig Holman, a lobbyist for Public Citizen, a liberal consumer advocacy group.
An HHS spokesperson said the advisers are in compliance with the relevant federal ethical standards for contractors.
These investments in the pharmaceutical industry are emblematic of a broader trend in which a small group with the specialized expertise needed to inform an effective government response to the pandemic have financial stakes in companies that stand to benefit from the government response.
Slaoui maintained he was not in discussions with the federal government about a role when his latest batch of Moderna stock options was awarded, telling KHN he met with HHS Secretary Alex Azar and was offered the position for the first time May 6. The stock options awarded in late April were canceled as a result of his departure from the Moderna board in May, he said. According to the KHN analysis of his holdings, the options would have been worth more than $330,000 on May 14.
HHS declined to confirm that timeline.
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
If you like what you’re reading, please consider making a tax-deductible donation today. We’re not asking for a handout, we’re asking for an investment: Invest in a nonprofit news site that’s not afraid to ruffle a few feathers, not afraid to stand up for what’s right, and not afraid to tell it like it is.
This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.


truthout--2020-12-01--Dems Demand Increase in IRS Funding to Pursue Rich Tax Shirkers — Like Trump

More than two dozen House Democrats are demanding that congressional leaders secure adequate funding for the Internal Revenue Service in an upcoming appropriations bill to ensure that “ wealthy tax cheats ” like President Donald Trump are no longer able to skirt their obligations while the poor continue to face intense government scrutiny .
In a letter to Democratic and Republican leaders on Monday , 25 House Democrats led by Reps. Bill Pascrell , Jr. ( D-N.J. ) and Judy Chu ( D-Calif. ) called for a fiscal year 2021 “ funding level of $ 12.1 billion for the Internal @ @ @ @ @ @ @ $ 5.2 billion for enforcement activities that are critical to ensuring compliance.
” “ Recent estimates by the Congressional Budget Office underscore the importance of IRS enforcement activities , noting that increasing the IRS ’ s budget to investigate high-income individuals would more than pay for itself by allowing the IRS to effectively collect unpaid taxes owed by the wealthiest individuals , ” the lawmakers noted .
“ Millionaire tax dodgers like Donald Trump get away with paying little to no federal income tax in part because IRS funding has dropped over 20 @ @ @ @ @ @ @ Monday , referring to recent New York Times reporting showing that Trump paid just $ 750 in federal income taxes in both 2016 and 2017 .
In July , as Common Dreams reported , a CBO report commissioned by Sen. Bernie Sanders ( I-Vt. ) found that the amount of unpaid taxes from 2011 to 2013 averaged over $ 380 billion per year .
“ Enforcement activity for many high-income nonfilers , ” the CBO found , “ has been reduced to a series of notices.
” The CBO analysis came on the @ @ @ @ @ @ @ that , given the high costs of auditing the rich , the IRS now “ audits the working poor at about the same rate as the wealthiest 1 % .
” “ The IRS has acknowledged that ’ s true , ” ProPublica noted , “ but professes it can ’ t change anything unless it is given more money.
” To bolster their demand for increased funding , the group of House Democrats pointed to the CBO ’ s conclusion that “ increasing the examinations and collections budget by $ 20 billion @ @ @ @ @ @ @ 61 billion , and if it is increased by $ 40 billion over 10 years it would increase revenues by $ 103 billion.
” “ This is a matter of tax fairness , ” the lawmakers wrote .
“ The IRS should not continue an enforcement program focused on low-income taxpayers , singling out Earned Income Tax Credit ( EITC ) recipients , just because it is cheaper and easier.
” As you work to finalize the Fiscal Year ( FY ) 2021 Financial Services and General Government ( FSGG ) appropriations bill @ @ @ @ @ @ @ House-passed funding level of $ 12.1 billion for the Internal Revenue Service ( IRS ) , including $ 5.2 billion for enforcement activities that are critical to ensuring compliance with our voluntary tax system and protecting taxpayer dollars from fraud .
The strength of IRS enforcement activities must be a priority for Congress , especially considering the additional measures Congress enacted under the CARES Act to lessen the financial burden of the Covid-19 pandemic .
For example , the IRS ’ s Criminal Investigation division identified $ 2.3 billion in tax fraud in @ @ @ @ @ @ @ or almost 28 percent from 2019 .
According to the recent FY 2020 report , much of the group ’ s work in recent months has focused on fraud connected to economic relief lawmakers passed this year in response to the coronavirus pandemic , including cases of fraudulent claims for economic impact payments , Paycheck Protection Program loans and refundable payroll tax credits .
Recent estimates by the Congressional Budget Office underscore the importance of IRS enforcement activities , noting that increasing the IRS ’ s budget to investigate high-income individuals would more @ @ @ @ @ @ @ IRS to effectively collect unpaid taxes owed by the wealthiest individuals .
Specifically , increasing the examinations and collections budget by $ 20 billion over 10 years increases revenues by $ 61 billion , and if it is increased by $ 40 billion over 10 years it would increase revenues by $ 103 billion .
This is a matter of tax fairness as well .
The IRS should not continue an enforcement program focused on low-income taxpayers , singling out Earned Income Tax Credit ( EITC ) recipients , just because it is @ @ @ @ @ @ @ to preserve the $ 5.2 billion level of funding from the House-passed FSGG appropriations bill in order to ensure IRS can effectively collect taxes , including those owed by the top 1 % of taxpayers .
Again , we strongly support $ 12.1 billion for IRS in the final FY 2021 appropriations bill , especially for enforcement .
Thank you for your attention to this important matter .

An upcoming appropriations bill will ensure that the wealthy are no longer able to shirk their responsibilities.
More than two dozen House Democrats are demanding that congressional leaders secure adequate funding for the Internal Revenue Service in an upcoming appropriations bill to ensure that “wealthy tax cheats” like President Donald Trump are no longer able to skirt their obligations while the poor continue to face intense government scrutiny.
In a letter to Democratic and Republican leaders on Monday, 25 House Democrats led by Reps. Bill Pascrell, Jr. (D-N.J.) and Judy Chu (D-Calif.) called for a fiscal year 2021 “funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities that are critical to ensuring compliance.”
“Recent estimates by the Congressional Budget Office underscore the importance of IRS enforcement activities, noting that increasing the IRS’s budget to investigate high-income individuals would more than pay for itself by allowing the IRS to effectively collect unpaid taxes owed by the wealthiest individuals,” the lawmakers noted.
“Millionaire tax dodgers like Donald Trump get away with paying little to no federal income tax in part because IRS funding has dropped over 20% since 2010,” Chu tweeted Monday, referring to recent New York Times reporting showing that Trump paid just $750 in federal income taxes in both 2016 and 2017.
In July, as Common Dreams reported, a CBO report commissioned by Sen. Bernie Sanders (I-Vt.) found that the amount of unpaid taxes from 2011 to 2013 averaged over $380 billion per year. “Enforcement activity for many high-income nonfilers,” the CBO found, “has been reduced to a series of notices.”
The CBO analysis came on the heels of reporting by ProPublica which found that, given the high costs of auditing the rich, the IRS now “audits the working poor at about the same rate as the wealthiest 1%.”
“The IRS has acknowledged that’s true,” ProPublica noted, “but professes it can’t change anything unless it is given more money.”
To bolster their demand for increased funding, the group of House Democrats pointed to the CBO’s conclusion that “increasing the examinations and collections budget by $20 billion over 10 years increases revenues by $61 billion, and if it is increased by $40 billion over 10 years it would increase revenues by $103 billion.”
“This is a matter of tax fairness,” the lawmakers wrote. “The IRS should not continue an enforcement program focused on low-income taxpayers, singling out Earned Income Tax Credit (EITC) recipients, just because it is cheaper and easier.”
Read the House Democrats’ full letter:
Dear Speaker Pelosi, Majority Leader McConnell, Chairman Quigley, Chairman Kennedy, Ranking Member Womack, and Ranking Member Coons: As you work to finalize the Fiscal Year (FY) 2021 Financial Services and General Government (FSGG) appropriations bill, we urge you to retain the House-passed funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities that are critical to ensuring compliance with our voluntary tax system and protecting taxpayer dollars from fraud. The strength of IRS enforcement activities must be a priority for Congress, especially considering the additional measures Congress enacted under the CARES Act to lessen the financial burden of the Covid-19 pandemic. For example, the IRS’s Criminal Investigation division identified $2.3 billion in tax fraud in FY 2020, up $500 million or almost 28 percent from 2019. According to the recent FY 2020 report, much of the group’s work in recent months has focused on fraud connected to economic relief lawmakers passed this year in response to the coronavirus pandemic, including cases of fraudulent claims for economic impact payments, Paycheck Protection Program loans and refundable payroll tax credits. Recent estimates by the Congressional Budget Office underscore the importance of IRS enforcement activities, noting that increasing the IRS’s budget to investigate high-income individuals would more than pay for itself by allowing the IRS to effectively collect unpaid taxes owed by the wealthiest individuals. Specifically, increasing the examinations and collections budget by $20 billion over 10 years increases revenues by $61 billion, and if it is increased by $40 billion over 10 years it would increase revenues by $103 billion. This is a matter of tax fairness as well. The IRS should not continue an enforcement program focused on low-income taxpayers, singling out Earned Income Tax Credit (EITC) recipients, just because it is cheaper and easier. We urge you to preserve the $5.2 billion level of funding from the House-passed FSGG appropriations bill in order to ensure IRS can effectively collect taxes, including those owed by the top 1% of taxpayers. Again, we strongly support $12.1 billion for IRS in the final FY 2021 appropriations bill, especially for enforcement. Thank you for your attention to this important matter.
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
If you like what you’re reading, please consider making a tax-deductible donation today. We’re not asking for a handout, we’re asking for an investment: Invest in a nonprofit news site that’s not afraid to ruffle a few feathers, not afraid to stand up for what’s right, and not afraid to tell it like it is.
This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.


truthout--2020-12-01--Trump’s Support for Israel’s Killing of Iranian Scientist Could Lead to War

In the weeks remaining before Joe Biden ’ s inauguration , Donald Trump is taking actions — including aiding and abetting murder — to prevent his successor from pursuing diplomacy with Iran .
On November 27 , Israel assassinated Mohsen Fakhrizadeh , Iran ’ s top nuclear scientist .
International law expert Richard Falk called it “ an outrageous act of state terrorism.
” Although the Israeli government has not claimed credit for the illegal killing , there is little doubt of its culpability .
Trump implicitly praised the assassination , retweeting a comment by Israeli journalist and intelligence expert @ @ @ @ @ @ @ “ major psychological and professional blow ” to Iran .
This was an “ implicit approval if there ever was one , ” according to Sina Toossi , a senior research analyst at the National Iranian American Council .
The Israel Defense Forces have been ordered to prepare for a possible U.S. military attack on Iran before Trump ’ s term ends , senior Israeli officials told Axios .
They expect “ a very sensitive period ” leading up to Biden ’ s inauguration .
In mid-November , Trump requested plans to attack @ @ @ @ @ @ @ but was reportedly talked out of it .
Israeli Prime Minister Benjamin Netanyahu met with Crown Prince Mohammed bin Salman in Saudi Arabia and strategized about Iran .
Secretary of State Mike Pompeo visited Israel , the West Bank , the Golan Heights and several countries in the Gulf to discuss Iran .
During Pompeo ’ s visit to the Gulf , the U.S. Central Command announced that B-52 strategic bombers carried out a “ short-notice , long-range mission into the Middle East to deter aggression and reassure U.S. partners and allies.
” @ @ @ @ @ @ @ U.S. military sent the aircraft carrier the U.S.S .
Nimitz back to the Gulf region following the assassination of Fakhrizadeh .
“ All options are on the table , ” State Department officials who were traveling with Pompeo told reporters .
Israeli leaders think Iran poses an existential threat to Israel ’ s existence , in spite of the fact that Iran has never attacked Israel or any other country in the last 200 years .
In fact , Israel is the only Middle East country that has nuclear weapons and it refuses @ @ @ @ @ @ @ on the Non-Proliferation of Nuclear Weapons .
At Netanyahu ’ s urging , Trump pulled the United States out of the Iran nuclear deal , which was preventing Iran from developing nuclear weapons .
And in January , the Trump administration illegally assassinated Iran ’ s top general , Qassim Suleimani .
Shortly before that assassination , Pompeo followed the same pattern — traveling and meetings with U.S. allies in the region , according to Iranian American journalist Negar Mortazavi .
The Iran nuclear agreement is embodied in the 2015 Joint Comprehensive Plan @ @ @ @ @ @ @ during the Obama administration between Iran , the U.S. , France , U.K. , Russia , China , Germany and the European Union .
Iran , which has consistently maintained that its nuclear program is only intended for peaceful purposes , agreed to restrict its uranium enrichment and other nuclear activities .
In return , it received relief from the punishing U.S. sanctions .
The UN International Atomic Energy Agency certified several times that Iran was complying with its obligations under the agreement .
Nevertheless , Trump withdrew from the JCPOA in 2018 @ @ @ @ @ @ @ One year after the U.S. withdrawal , Iran began to pull back from its commitments under the JCPOA , which allows a party to abandon its obligations if another party is in noncompliance .
Trump intensified the sanctions that have devastated Iran ’ s economy , impoverished 82 million Iranians and hindered its ability to respond to the pandemic .
With his campaign of “ maximum pressure ” on Iran , Trump has waged economic warfare against the Iranian people .
As Iran ’ s Foreign Minister Javad Zarif has suggested , it @ @ @ @ @ @ @ his Middle East policy to Israel , which has led to the worst relations between the U.S. and Iran in 40 years .
Trump spent his entire presidency enabling Israel ’ s illegal oppression of the Palestinians , with self-identified evangelicals Pompeo and Mike Pence driving Trump ’ s Israel policy .
Christian Zionists believe there will be no second coming of Jesus until the Temple in Jerusalem is rebuilt , and that is more likely to happen if the Temple Mount remains under Jewish rather than Palestinian control .
To enable Israeli @ @ @ @ @ @ @ administration illegally declared Jerusalem the capital of Israel , defended unlawful Jewish settlements on Palestinian land , supported Israel ’ s illegal annexation of 30 percent of the occupied West Bank and illegally recognized Israeli sovereignty over the occupied Golan Heights .
It is becoming clear that Trump aims to cater to Israel ’ s agenda until he leaves office .
Hopefully , Iran will resist the apparent U.S.-Israeli attempt to provoke it into retaliating for Fakhrizadeh ’ s assassination and thereby provide Trump with a pretext to launch a retaliatory strike , @ @ @ @ @ @ @ Middle East .
The U.S. military already has more than 40,000 troops in the region on high alert .
Iranian President Hassan Rouhani pledged to respond to the assassination of Fakhrizadeh at the “ proper time.
” Rouhani said , “ The Iranian nation is smarter than falling into the trap of the Zionists .
They are thinking to create chaos.
” The day after the assassination , Iran ’ s parliament unanimously voted to end future UN inspections of Iran ’ s nuclear sites .
The inspections had confirmed that Iran was @ @ @ @ @ @ @ them could spell an end to the nuclear deal .
Nevertheless , Zarif hopes Biden will improve relations between Iran and the United States .
But hard-liners , who won recent elections and are slated to pick up additional seats in Iran ’ s parliament in February , could doom any rapprochement with the United States .
CODEPINK ’ s Medea Benjamin and Ariel Gold note that this leaves only a four-month window for negotiations after Biden is inaugurated .
“ US & Israel efforts to sabotage Iran ’ s nuclear program have @ @ @ @ @ @ @ the next US President , ” tweeted Jamal Abdi , president of the National Iranian American Council .
“ They are trying to goad Iran into provocations & accelerating nuclear work-exactly what they claim to oppose .
Their real fear is US & Iran talking ” Much to Netanyahu ’ s chagrin , Biden has said he wants to return the United States to the Iran nuclear deal , albeit with preconditions .
Tony Blinken , Biden ’ s nominee for secretary of state , indicated the incoming administration will pursue a policy @ @ @ @ @ @ @ spite of the mandates in the Leahy Law and the Arms Export Control Act , Blinken stated that Biden “ would not tie military assistance to Israel to any political decisions that it makes .
Period .
Full stop.
” The U.S. government supports Israel ’ s illegal occupation of Palestinian territory with $ 3.8 billion in annual military aid , in spite of Israel ’ s war crimes .
Blinken made that statement in a briefing to the Democratic Majority for Israel ( DMI ) , a U.S.-based advocacy group that pushes @ @ @ @ @ @ @ .
“ DMI was manufactured to ensure that Democrats would not stray too far from the pro-Israel party line , ” Richard Silverstein wrote at Tikun Olam .
“ The group has regularly acted as an enforcer within the Party when candidates espouse positions considered anti-Israel.
” It is up to Congress , as well as civil society , to prevent the Biden administration from continuing the U.S. policy of caving to Israel ’ s demands — a practice that not only deepens the oppression of the Palestinians but could also actively imperil @ @ @ @ @ @ @ .
Meanwhile , we must pressure Congress to prevent Trump from attacking Iran .
The consequences to the Middle East and the entire world would be catastrophic .

Part of the Series Human Rights and Global Wrongs
In the weeks remaining before Joe Biden’s inauguration, Donald Trump is taking actions — including aiding and abetting murder — to prevent his successor from pursuing diplomacy with Iran.
On November 27, Israel assassinated Mohsen Fakhrizadeh, Iran’s top nuclear scientist. International law expert Richard Falk called it “an outrageous act of state terrorism.” Although the Israeli government has not claimed credit for the illegal killing, there is little doubt of its culpability. Trump implicitly praised the assassination, retweeting a comment by Israeli journalist and intelligence expert Yossi Melman that the killing was a “major psychological and professional blow” to Iran. This was an “implicit approval if there ever was one,” according to Sina Toossi, a senior research analyst at the National Iranian American Council.
The Israel Defense Forces have been ordered to prepare for a possible U.S. military attack on Iran before Trump’s term ends, senior Israeli officials told Axios. They expect “a very sensitive period” leading up to Biden’s inauguration.
In mid-November, Trump requested plans to attack Iran’s Natanz nuclear power facility but was reportedly talked out of it. Secretary of State Mike Pompeo met with Israeli Prime Minister Benjamin Netanyahu and Crown Prince Mohammed bin Salman in Saudi Arabia and strategized about Iran. Pompeo visited Israel, the West Bank, the Golan Heights and several countries in the Gulf to discuss Iran.
During Pompeo’s visit to the Gulf, the U.S. Central Command announced that B-52 strategic bombers carried out a “short-notice, long-range mission into the Middle East to deter aggression and reassure U.S. partners and allies.”
And in an unusual move, the U.S. military sent the aircraft carrier the U.S.S. Nimitz back to the Gulf region following the assassination of Fakhrizadeh.
“All options are on the table,” State Department officials who were traveling with Pompeo told reporters.
Trump Appears to Have Outsourced H is Iran Policy to Israel
Israeli leaders think Iran poses an existential threat to Israel’s existence, in spite of the fact that Iran has never attacked Israel or any other country in the last 200 years. In fact, Israel is the only Middle East country that has nuclear weapons and it refuses to join the new UN International Treaty on the Non-Proliferation of Nuclear Weapons.
At Netanyahu’s urging, Trump pulled the United States out of the Iran nuclear deal, which was preventing Iran from developing nuclear weapons. And in January, the Trump administration illegally assassinated Iran’s top general, Qassim Suleimani. Shortly before that assassination, Pompeo followed the same pattern — traveling and meetings with U.S. allies in the region, according to Iranian American journalist Negar Mortazavi.
The Iran nuclear agreement is embodied in the 2015 Joint Comprehensive Plan of Action (JCPOA), negotiated during the Obama administration between Iran, the U.S., France, U.K., Russia, China, Germany and the European Union. Iran, which has consistently maintained that its nuclear program is only intended for peaceful purposes, agreed to restrict its uranium enrichment and other nuclear activities. In return, it received relief from the punishing U.S. sanctions. The UN International Atomic Energy Agency certified several times that Iran was complying with its obligations under the agreement. Nevertheless, Trump withdrew from the JCPOA in 2018 and reimposed the sanctions against Iran.
One year after the U.S. withdrawal, Iran began to pull back from its commitments under the JCPOA, which allows a party to abandon its obligations if another party is in noncompliance. Trump intensified the sanctions that have devastated Iran’s economy, impoverished 82 million Iranians and hindered its ability to respond to the pandemic. With his campaign of “maximum pressure” on Iran, Trump has waged economic warfare against the Iranian people.
In mid-November, Trump r equested plans to attack Iran’s Natanz nuclear power facility but was reportedly talked out of it.
As Iran’s Foreign Minister Javad Zarif has suggested, it appears that Trump has outsourced much of his Middle East policy to Israel, which has led to the worst relations between the U.S. and Iran in 40 years.
Trump spent his entire presidency enabling Israel’s illegal oppression of the Palestinians, with self-identified evangelicals Pompeo and Mike Pence driving Trump’s Israel policy. Christian Zionists believe there will be no second coming of Jesus until the Temple in Jerusalem is rebuilt, and that is more likely to happen if the Temple Mount remains under Jewish rather than Palestinian control.
To enable Israeli aggression against the Palestinians, the Trump administration illegally declared Jerusalem the capital of Israel, defended unlawful Jewish settlements on Palestinian land, supported Israel’s illegal annexation of 30 percent of the occupied West Bank and illegally recognized Israeli sovereignty over the occupied Golan Heights.
It is becoming clear that Trump aims to cater to Israel’s agenda until he leaves office.
U.S. and Israel Try to Ba it Iran to Retaliate and Lead to Middle East War
Hopefully, Iran will resist the apparent U.S.-Israeli attempt to provoke it into retaliating for Fakhrizadeh’s assassination and thereby provide Trump with a pretext to launch a retaliatory strike, which would ignite a war in the Middle East. The U.S. military already has more than 40,000 troops in the region on high alert.
Iranian President Hassan Rouhani pledged to respond to the assassination of Fakhrizadeh at the “proper time.” Rouhani said, “The Iranian nation is smarter than falling into the trap of the Zionists. They are thinking to create chaos.” The day after the assassination, Iran’s parliament unanimously voted to end future UN inspections of Iran’s nuclear sites. The inspections had confirmed that Iran was in compliance with the JCPOA. Terminating them could spell an end to the nuclear deal.
We must pressure Congress to prevent Trump from attacking Iran. The consequences to the Middle East and the entire world would be catastrophic.
Nevertheless, Zarif hopes Biden will improve relations between Iran and the United States. But hard-liners, who won recent elections and are slated to pick up additional seats in Iran’s parliament in February, could doom any rapprochement with the United States. CODEPINK’s Medea Benjamin and Ariel Gold note that this leaves only a four-month window for negotiations after Biden is inaugurated.
“US & Israel efforts to sabotage Iran’s nuclear program have now morphed into Trump & Netanyahu sabotaging the next US President,” tweeted Jamal Abdi, president of the National Iranian American Council. “They are trying to goad Iran into provocations & accelerating nuclear work-exactly what they claim to oppose. Their real fear is US & Iran talking”
Much to Netanyahu’s chagrin, Biden has said he wants to return the United States to the Iran nuclear deal, albeit with preconditions. Tony Blinken, Biden’s nominee for secretary of state, indicated the incoming administration will pursue a policy of uncritical support for Israel. In spite of the mandates in the Leahy Law and the Arms Export Control Act, Blinken stated that Biden “would not tie military assistance to Israel to any political decisions that it makes. Period. Full stop.” The U.S. government supports Israel’s illegal occupation of Palestinian territory with $3.8 billion in annual military aid, in spite of Israel’s war crimes.
It is becoming clear that Trump aims to cater to Israel’s agenda until he leaves office.
Blinken made that statement in a briefing to the Democratic Majority for Israel (DMI), a U.S.-based advocacy group that pushes the Democratic Party to adopt pro-Israel policies. “DMI was manufactured to ensure that Democrats would not stray too far from the pro-Israel party line,” Richard Silverstein wrote at Tikun Olam. “The group has regularly acted as an enforcer within the Party when candidates espouse positions considered anti-Israel.”
It is up to Congress, as well as civil society, to prevent the Biden administration from continuing the U.S. policy of caving to Israel’s demands — a practice that not only deepens the oppression of the Palestinians but could also actively imperil the national security of the United States.
Meanwhile, we must pressure Congress to prevent Trump from attacking Iran. The consequences to the Middle East and the entire world would be catastrophic.
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
If you like what you’re reading, please consider making a tax-deductible donation today. We’re not asking for a handout, we’re asking for an investment: Invest in a nonprofit news site that’s not afraid to ruffle a few feathers, not afraid to stand up for what’s right, and not afraid to tell it like it is.
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truthout--2020-12-01--Biden Adviser Says Good Riddance to Scott Atlas, as He Leaves COVID Task Force

Scott Atlas , a member of President Donald Trump ’ s coronavirus task force who frequently promoted misinformation , announced his resignation from his position in the White House on Monday evening .
Atlas ’ s resignation , which he shared on Twitter , comes as his term as a “ special government employee ” is set to expire .
Hired in August , Atlas was only slated to serve 130 days on the task force , although it ’ s possible his term could have been renewed had Trump won the presidential election last month .
The resignation was @ @ @ @ @ @ @ COVID-19 advisory board member Dr. Celine Gounder , who is an epidemiologist .
Speaking on CNBC on Monday evening , Gounder questioned whether Atlas was ever qualified to be on the task force in the first place .
“ I am relieved that in the future that people who are qualified , people who are infectious disease specialists and epidemiologists like me , will be helping to lead this effort , people who are experts in this , ” Gounder said .
“ You wouldn ’ t go to a podiatrist for a @ @ @ @ @ @ @ what was happening.
” Atlas , who has a neuroradiology background and is not an expert in public health , claimed in his resignation letter that he “ always relied on the latest science and evidence ” on COVID-19 when it came to his advice to the president .
However , Atlas frequently disseminated statements that went against the widely accepted consensus on COVID-19 .
For example , he was a staunch opponent of the idea of using social distancing as a means to reduce the spread of coronavirus .
In early November @ @ @ @ @ @ @ distancing rules amid a rise in COVID-19 case numbers , Atlas tweeted out an outlandish opinion that many saw as a call for citizens in the state to engage in violence against the order .
“ The only way this stops is if people rise up .
You get what you accept , ” Atlas said .
Also in November , in spite of recommendations from the Centers for Disease Control and Prevention ( CDC ) that stated families should stay socially distant for the Thanksgiving holiday when possible , Atlas said they @ @ @ @ @ @ @ “ for many people , this is their final Thanksgiving.
” Critics noted that Atlas ’ s advice would undoubtedly lead to a wider spread of the virus at a time when coronavirus case counts were reaching their highest numbers ever in the United States .
“ Well , if it ’ s not their last Thanksgiving it will be now , ‘ Doctor ’ Atlas , ” opined The American Prospect contributor David Atkins .
Chief among Atlas ’ s controversies was his ardent belief that the pandemic could be stopped by @ @ @ @ @ @ @ the virus .
This dangerous and misinformed theory holds that if enough Americans contract coronavirus , the disease will stop running rampant , because enough people will have antibodies in their systems to halt its spread .
The idea is highly controversial — indeed , many liken it to eugenics and even a genocide targeting disabled , elderly and marginalized people .
“ The ‘ herd ’ will survive , ” under such conditions , “ but for that to happen , other ‘ weaker ’ members of society need to be sacrificed @ @ @ @ @ @ @ Laterza and Louis Philippe Romer , writing for Al Jazeera earlier this year .
In order to reach effective “ herd immunity ” for most vaccinations , close to 90 percent of the population often has to have antibodies in their system .
But as CDC director Robert Redfield noted in October , we ’ re nowhere near that level .
“ More than 90 percent of the population remains susceptible ” to COVID-19 , Redfield said at that time .
The implication is that many more Americans ( perhaps numbering in the @ @ @ @ @ @ @ order to reach herd immunity before a vaccine is available .
As of Tuesday morning , 13.6 million Americans have been diagnosed with coronavirus , with more than 268,000 having died from it so far .

The Biden adviser compared Atlas’s appointment to the task force to someone going to “a podiatrist for a heart attack.”
Scott Atlas, a member of President Donald Trump’s coronavirus task force who frequently promoted misinformation, announced his resignation from his position in the White House on Monday evening.
Atlas’s resignation, which he shared on Twitter, comes as his term as a “special government employee” is set to expire. Hired in August, Atlas was only slated to serve 130 days on the task force, although it’s possible his term could have been renewed had Trump won the presidential election last month.
The resignation was celebrated by President-elect Joe Biden’s COVID-19 advisory board member Dr. Celine Gounder, who is an epidemiologist. Speaking on CNBC on Monday evening, Gounder questioned whether Atlas was ever qualified to be on the task force in the first place.
“I am relieved that in the future that people who are qualified, people who are infectious disease specialists and epidemiologists like me, will be helping to lead this effort, people who are experts in this,” Gounder said. “You wouldn’t go to a podiatrist for a heart attack, and that was essentially what was happening.”
Atlas, who has a neuroradiology background and is not an expert in public health, claimed in his resignation letter that he “always relied on the latest science and evidence” on COVID-19 when it came to his advice to the president.
However, Atlas frequently disseminated statements that went against the widely accepted consensus on COVID-19. For example, he was a staunch opponent of the idea of using social distancing as a means to reduce the spread of coronavirus.
In early November, after Michigan had implemented new social distancing rules amid a rise in COVID-19 case numbers, Atlas tweeted out an outlandish opinion that many saw as a call for citizens in the state to engage in violence against the order.
“The only way this stops is if people rise up. You get what you accept,” Atlas said.
Also in November, in spite of recommendations from the Centers for Disease Control and Prevention (CDC) that stated families should stay socially distant for the Thanksgiving holiday when possible, Atlas said they should instead get together, arguing that “for many people, this is their final Thanksgiving.” Critics noted that Atlas’s advice would undoubtedly lead to a wider spread of the virus at a time when coronavirus case counts were reaching their highest numbers ever in the United States.
“Well, if it’s not their last Thanksgiving it will be now, ‘Doctor’ Atlas,” opined The American Prospect contributor David Atkins.
Chief among Atlas’s controversies was his ardent belief that the pandemic could be stopped by pushing for “herd immunity” of the virus. This dangerous and misinformed theory holds that if enough Americans contract coronavirus, the disease will stop running rampant, because enough people will have antibodies in their systems to halt its spread.
The idea is highly controversial — indeed, many liken it to eugenics and even a genocide targeting disabled, elderly and marginalized people. “The ‘herd’ will survive,” under such conditions, “but for that to happen, other ‘weaker’ members of society need to be sacrificed,” wrote anthropologists and professors Vito Laterza and Louis Philippe Romer, writing for Al Jazeera earlier this year.
In order to reach effective “herd immunity” for most vaccinations, close to 90 percent of the population often has to have antibodies in their system. But as CDC director Robert Redfield noted in October, we’re nowhere near that level.
“More than 90 percent of the population remains susceptible” to COVID-19, Redfield said at that time.
The implication is that many more Americans (perhaps numbering in the millions) would have to perish in order to reach herd immunity before a vaccine is available.
As of Tuesday morning, 13.6 million Americans have been diagnosed with coronavirus, with more than 268,000 having died from it so far.
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
If you like what you’re reading, please consider making a tax-deductible donation today. We’re not asking for a handout, we’re asking for an investment: Invest in a nonprofit news site that’s not afraid to ruffle a few feathers, not afraid to stand up for what’s right, and not afraid to tell it like it is.
Copyright © Truthout. May not be reprinted without permission.


truthout--2020-12-01--While the Rich Cheer Wall Street Records, Americans Are Draining 401(k)s

The all-time record highs that Wall Street has registered last week have given some Americans — the nation ’ s already rich — considerable cause for celebration .
And the rest of the nation ?
Tens of millions of Americans are paying precious little attention to the chirpy tale of Wall Street ’ s ticker .
The simple reason : They own no stocks at all .
Millions of other Americans who do own stocks don ’ t see any reason to celebrate either .
They ’ re finding themselves forced , amid pandemic economic collapse , to start selling @ @ @ @ @ @ @ of their retirement savings .
How best to start understanding this story ?
The best place to begin : The latest numbers on stock ownership from the Federal Reserve .
Fed researchers have been tracking who exactly owns the stocks that trade every business day on Wall Street ever since 1989 .
Back nearly 30 years ago , in 1992 , the share of stock nationally that belongs to America ’ s poorest half of households hit an all-time high .
That “ high ” amounted to all of a miniscule 1.6 percent @ @ @ @ @ @ @ stock wealth does the bottom 50 percent hold these days ?
At the end of this past June , the most recent Federal Reserve data point available , the nation ’ s poorest half held less than 1 percent of the nation ’ s stock holdings , just 0.6 percent .
The nation ’ s poorest 90 percent , all combined , now hold just 11.8 percent of the nation ’ s stocks .
Numbers like these help explain why massive numbers of Americans didn ’ t rush out onto the streets to @ @ @ @ @ @ @ Wall Street benchmarks , the Dow Jones industrial average and the S & P 500 , hit their own all-time record summits .
Shares of stock — either held directly or through mutual funds — make up just 2.3 percent of the total assets of households in the bottom 50 percent and a mere 7.6 percent of the assets the rest of the bottom 90 percent hold .
America ’ s richest 1 percent , on the other hand , have plenty of reason to celebrate Wall Street records .
Stock holdings make @ @ @ @ @ @ @ percent household wealth .
These 1 percenters , overall , hold 52.4 percent of the nation ’ s stock , a share almost five times greater than all the stock that households in the bottom 90 percent hold .
This top 1 percent share has been steadily increasing .
Since 1989 , the year the Fed started keeping track , the top 1 percent share of the nation ’ s stock holdings has jumped 22 percent .
The bottom 90 percent share has dropped 33 percent .
What does that mean in actual @ @ @ @ @ @ @ Fed research conducted last year found that 55.8 percent of households in the middle 20 percent of U.S. income-earners hold stocks .
The median — most typical — value of these stocks for those average Americans who held them : just $ 15,000 , down $ 1,000 from three years earlier .
And that value is shrinking this year as increasing numbers of Americans start taking advantage of changes Congress made this past spring — via the Covid-19 relief legislation — that let economically reeling Americans under age 59 1/2 withdraw dollars out @ @ @ @ @ @ @ IRA , and other retirement accounts without having to take the standard 10 percent early withdrawal penalty .
The Covid-19 calamity , notes Denver CPA Celeste Schimmenti , “ has forced many Americans to exhaust their savings and emergency funds , ” and that ’ s left them agonizing over whether they ’ ll need “ to dip into retirement savings to cover current expenses.
” But dipping into retirement accounts — selling the stocks in these funds — can have a devastating impact on future retirement security .
Withdrawing $ 10,000 from @ @ @ @ @ @ @ cost a 35-year-old $ 100,000 by the time retirement comes around .
The rules around 401 ( k ) s and other retirement accounts have traditionally used penalty fees to discourage cashing out account holdings .
In Covid-19 America , with withdrawal penalty fees now off the table for this calendar year , Americans have begun making those withdrawals anyway .
The nation ’ s largest 401 ( k ) provider , Fidelity Investments , reports that 5.2 percent of its clients made withdrawals from the start of April through October .
Vanguard @ @ @ @ @ @ @ Covid crisis had 4.5 percent of those eligible making withdrawals .
T. Rowe Price computes a 7 percent 401 ( k ) raiding rate .
Some analysts are claiming that numbers like these present no real cause for concern .
Americans “ undeterred by the Covid-19 economic downturn , ” writes Ted Godbout for the national association of retirement plan advisors , have “ overwhelmingly continued saving for retirement.
” But the trend lines are all going the wrong way .
The number of Americans cashing out the stock they hold in their @ @ @ @ @ @ @ support for average Americans provided through the CARES Act expires .
Through May , for instance , fewer than 2 percent of Vanguard 401 ( k ) holders were withdrawing funds .
By the end of the summer , that rate had more than doubled .
By the end of the year , the Employee Benefit Research Institute ’ s Lori Lucas estimates , 10 percent of Americans with 401 ( k ) s could be raiding their retirement futures .
And those who need Covid economic relief the most — gig and @ @ @ @ @ @ @ jobs or hours to the pandemic — don ’ t have retirement accounts to withdraw from .
Overall , the Economic Policy Institute reported last year , “ nearly half of working-age families have nothing saved in retirement accounts.
” On Wall Street , that reality still doesn ’ t particularly matter .
Let the good times keep rolling .

The all-time record highs that Wall Street has registered last week have given some Americans — the nation’s already rich — considerable cause for celebration.
And the rest of the nation? Tens of millions of Americans are paying precious little attention to the chirpy tale of Wall Street’s ticker. The simple reason: They own no stocks at all. Millions of other Americans who do own stocks don’t see any reason to celebrate either. They’re finding themselves forced, amid pandemic economic collapse, to start selling the stocks that make up the bulk of their retirement savings.
How best to start understanding this story? The best place to begin: The latest numbers on stock ownership from the Federal Reserve. Fed researchers have been tracking who exactly owns the stocks that trade every business day on Wall Street ever since 1989.
Back nearly 30 years ago, in 1992, the share of stock nationally that belongs to America’s poorest half of households hit an all-time high. That “high” amounted to all of a miniscule 1.6 percent.
How much of America’s stock wealth does the bottom 50 percent hold these days? At the end of this past June, the most recent Federal Reserve data point available, the nation’s poorest half held less than 1 percent of the nation’s stock holdings, just 0.6 percent.
The nation’s poorest 90 percent, all combined, now hold just 11.8 percent of the nation’s stocks.
Numbers like these help explain why massive numbers of Americans didn’t rush out onto the streets to cheer earlier this week when two top Wall Street benchmarks, the Dow Jones industrial average and the S&P 500, hit their own all-time record summits. Shares of stock — either held directly or through mutual funds — make up just 2.3 percent of the total assets of households in the bottom 50 percent and a mere 7.6 percent of the assets the rest of the bottom 90 percent hold.
America’s richest 1 percent, on the other hand, have plenty of reason to celebrate Wall Street records. Stock holdings make up over 40 percent of top 1 percent household wealth. These 1 percenters, overall, hold 52.4 percent of the nation’s stock, a share almost five times greater than all the stock that households in the bottom 90 percent hold.
This top 1 percent share has been steadily increasing. Since 1989, the year the Fed started keeping track, the top 1 percent share of the nation’s stock holdings has jumped 22 percent. The bottom 90 percent share has dropped 33 percent.
What does that mean in actual dollar terms for average American households? Fed research conducted last year found that 55.8 percent of households in the middle 20 percent of U.S. income-earners hold stocks. The median — most typical — value of these stocks for those average Americans who held them: just $15,000, down $1,000 from three years earlier.
And that value is shrinking this year as increasing numbers of Americans start taking advantage of changes Congress made this past spring — via the Covid-19 relief legislation — that let economically reeling Americans under age 59 1/2 withdraw dollars out of their 401(k), IRA, and other retirement accounts without having to take the standard 10 percent early withdrawal penalty.
The Covid-19 calamity, notes Denver CPA Celeste Schimmenti, “has forced many Americans to exhaust their savings and emergency funds,” and that’s left them agonizing over whether they’ll need “to dip into retirement savings to cover current expenses.” But dipping into retirement accounts — selling the stocks in these funds — can have a devastating impact on future retirement security. Withdrawing $10,000 from a 401(k) today can cost a 35-year-old $100,000 by the time retirement comes around.
The rules around 401(k)s and other retirement accounts have traditionally used penalty fees to discourage cashing out account holdings. In Covid-19 America, with withdrawal penalty fees now off the table for this calendar year, Americans have begun making those withdrawals anyway.
The nation’s largest 401(k) provider, Fidelity Investments, reports that 5.2 percent of its clients made withdrawals from the start of April through October. Vanguard, another major provider, says the Covid crisis had 4.5 percent of those eligible making withdrawals. T. Rowe Price computes a 7 percent 401(k) raiding rate.
Some analysts are claiming that numbers like these present no real cause for concern. Americans “undeterred by the Covid-19 economic downturn,” writes Ted Godbout for the national association of retirement plan advisors, have “overwhelmingly continued saving for retirement.”
But the trend lines are all going the wrong way. The number of Americans cashing out the stock they hold in their retirement accounts is rising as the income support for average Americans provided through the CARES Act expires. Through May, for instance, fewer than 2 percent of Vanguard 401(k) holders were withdrawing funds. By the end of the summer, that rate had more than doubled.
By the end of the year, the Employee Benefit Research Institute’s Lori Lucas estimates, 10 percent of Americans with 401(k)s could be raiding their retirement futures.
And those who need Covid economic relief the most — gig and other low-income workers who’ve lost jobs or hours to the pandemic — don’t have retirement accounts to withdraw from. Overall, the Economic Policy Institute reported last year, “nearly half of working-age families have nothing saved in retirement accounts.”
On Wall Street, that reality still doesn’t particularly matter. Let the good times keep rolling.
Tired of reading the same old news from the same old sources? So are we! That’s why we’re on a mission to shake things up and bring you the stories and perspectives that often go untold in mainstream media. But being a radically, unapologetically independent news site isn’t easy (or cheap), and we rely on reader support to keep the lights on.
If you like what you’re reading, please consider making a tax-deductible donation today. We’re not asking for a handout, we’re asking for an investment: Invest in a nonprofit news site that’s not afraid to ruffle a few feathers, not afraid to stand up for what’s right, and not afraid to tell it like it is.
This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.