On the News With Thom Hartmann: Los Angeles Is Considering Taxing Millionaires to Help Homeless People, and More

In today’s On the News segment: Los Angeles is considering taxing millionaires to help homeless people; global unemployment is expected to overtake 200 million people for the first time on record by the end of 2017; a new poll shows that two-thirds of all Americans would struggle to cover a $1,000 crisis; and more.

See more news and opinion from Thom Hartmann at Truthout here.

TRANSCRIPT:

Thom Hartman here — on the best of the rest of Economic and Labor News…

You need to know this: A new poll shows that two-thirds of all Americans would struggle to cover a $1,000 crisis. According to this poll by the NORC Center for Public Affairs Research, this type of crisis spans all incomes. Three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have trouble coming up with $1,000 to cover an unexpected bill. Even for the country’s wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000. William R. Emmons, a senior economic adviser at the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis said, “Many families are still struggling with debt from the housing bubble and borrowing boom. And the recent economic stresses make it much more likely families are going to be fighting basic financial issues.”

The WTO is harming consumers. Here’s how: The Country of Origin Labeling (COOL) law was shot down by the WTO because they say COOL is a non-tariff barrier to free trade and it treats Canadian and Mexico’s products “unfair.” Subsequently, due to the WTO ruling, our US cattle producers are forced to pay $3.6 billion in retaliatory tariffs by Mexico and Canada — unless COOL is repealed. The COOL laws protect Americans by letting them know where the meat was born, raised and slaughtered. If COOL isn’t repealed, not only are our cattle producers facing major fines, but our consumers won’t know…

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