RECENT NEWS ON PRIVATIZATION
THE TREASURY PLANS TO PRIVATIZE FANNIE MAE AND FREDDIE MAC
September 6, 2019
Thanks to Alex for forwarding an article from The Economist. According to Sherrod Brown, the leading Democrat on the Senate Banking Committee, the privatization plan would “make mortgages more expensive and harder to get."
U.S. BANKS REFUSE TO PROVIDE FUNDING FOR PRIVATE PRISONS
Thanks to Robert for forwarding a research brief about the exodus of American banks from the private prison sector. "This year, JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, and Fifth Third Bancorp publicly announced that they would no longer provide any new financing to the private prison industry. Together these six banks represent an estimated $1.93 billion, or 72% of the total current financing available to private prison companies, CoreCivic and GEO Group."
INSTITUTE OF EDUCATION SCIENCES (IES) FINDS VOUCHERS HAVE NEGATIVE EFFECTS
May 17, 2019
"The most recent congressionally mandated study conducted by the Department of Education demonstrates that vouchers are not improving students’ academic achievement and are having other negative effects for students like providing less classroom instruction time and less access to critical services for English learners and those with learning disabilities."
PRISON WORKERS ARE FORCED TO WORK AND PAID AS LITTLE AS 4 CENTS PER HOUR
August 30, 2019
Incredible story in The Guardian about the exploitation of prison labor in "Angola prison" in Louisiana. "Picking greens or other basic farm work would earn just 4¢ per hour, giving them [prisoners] a weekly wage of $1.60. At this pay rate a convict must work for 181 hours to earn $7.25....Work in Angola is hard, mandatory and not lucrative." The public prison sells the labor of inmates to private businesses to reap big profits.