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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (March 29, 2017)
March 29, 2017 Page 7 Opinion articles do not necessarily represent the views of the Portland Observer. We welcome reader essays, photos and story ideas. Submit to news@portlandobserver.com. O PINION No Cash Reserves to Get Through Hard Times You’re not alone in trying to stay afloat C huCk C oLLins Are you or a loved one having trou- ble staying afloat? You’re truly not alone. While the media reports low unem- ployment and a rising stock market, the reality is that almost 20 percent of the country lives in “Underwater Nation,” with zero or even negative net worth. And more still have almost no cash re- verses to get them through hard times. This is a source of enormous stress for many low and middle-income fam- ilies. Savings and wealth are vital life pre- servers for people faced with job loss, illness, divorce, or even car trouble. Yet an estimated 15 to 20 percent of families have no savings at all, or owe more than they own. They’re disproportionately rural, fe- male, renters, and people without a col- lege degree. But the underwater ranks by also include a large number of people who appear to be in the stable middle class. Health challenges are a major cause of savings depletion for these people, both in medical bills and lost wages. Plenty more Americans could be vulnerable. A financial planner will advise you to put aside three months of living expenses in financial reserves, just in case. So if your living expenses are $2,000 a month, you should try to have $6,000 in “liquidity” — money you can easily get to in an emergency. But 44 percent of households don’t have enough funds to tide themselves over for three months, even if they lived at the poverty level, according to the Assets and Opportunity Scorecard. Even having a positive net worth doesn’t mean you can always tap these funds, especially if wealth takes the form of home equity or owning a car. A Bankrate survey found that 63 percent of U.S. households lack the cash or savings to meet a $1,000 emer- gency expense. They’d have to borrow from a friend or family, or put costs on a credit card. Seven percent of U.S. homeown- ers are underwater homeowners, with mortgage debt higher than the value of their homes. And more and more peo- ple have taken on credit card debt to pay the bills. Meanwhile, student debt is rising rapidly and is projected to be- come one of the biggest factors in neg- ative wealth. Conservative scolds will blame individuals for “living beyond their means” and being financially irrespon- sible. And individual behavior is im- portant. But the financial stresses fac- ing millions of families are more likely the result of four decades of stagnant incomes. Half the workers in this country ha- ven’t shared in the economic gains that have mostly gone to the rich. Their real wages have stayed flat while health care, housing, and other expenses con- tinue to rise. So not everyone is on the edge at this time of dizzying inequality, after all. The 400 wealthiest billionaires in the U.S. have as much wealth together as the bottom 62 percent of the population. This is only possible because of the expanding ranks of drowning Ameri- cans. Some politicians will scapegoat im- migrants or other vulnerable people for this suffering. When this happens, hold on tight to your purse or wallet. They’re trying to distract you from the rich and powerful elites who are rig- ging the rules to get more wealth and power. They want to deflect your attention away from the reality that your eco- nomic pain is the result of deliberate government rules that give more tax cuts to the super-rich and global corpo- rations, keep wages down, push up tu- ition costs, and let corporations nickel and dime you for all you’re worth. Congress and the Trump administra- tion are proposing to cut health care, pass more tax cuts for the rich, and give global corporations even more power over you. They promise benefits will “trickle down.” Unless we speak up, the only trickle will be the expansion of Underwater Nation. Chuck Collins is a senior scholar at the Institute for Policy Studies and a co-editor of Inequality.org. Distribut- ed by OtherWords.org. Why We Can’t Support Supreme Court Nominee Gorsuch falls short on civil rights by m arC h. m oriaL “Based upon our review of Judge Gor- such’s record, we have concerns that he has a narrow view of rights that are protected by the Constitution, as well as a skeptical view about the im- portance of protecting those rights in the courtroom. In short, Judge Gor- such’s record does not allow us to sup- port his nomination for the Supreme Court at this time.” – Lawyer’s Com- mittee on Civil Rights. The importance of a Supreme Court Justice’s commitment to protecting civil rights cannot be overstated. Much of the progress this nation has made on issues of equal opportunity are due to Supreme Court rulings such as Brown v. Board of Education, Loving v. Vir- ginia, Obergefell v. Hodges and Texas Department of Housing and Commu- nity Affairs v. The Inclusive Commu- nities Project, Inc. The Supreme Court has also re- gressed on civil rights, as with Shelby County v. Holder, which struck down a key provision of the Voting Rights Act and led to a proliferation of racial- ly-motivated voter suppression laws throughout the nation. More than most other communities, the future of African Americans’ rights and opportunities hang on the confir- mation of a Supreme Court justice. civil rights laws based on a large body of civil rights opinions or comparable information from statements and activ- ities other than service on the bench.” We see no such respect demonstrat- ed by Judge Gorsuch. As I have maintained since the an- nouncement of his nomination, what I find most troubling in the record of jected his opinion that a school district complies with the law so long as they provide educational benefits that “must merely be ‘more than de minimis.’” In other words, according to Judge Gor- such, a school district can meet its ob- ligation to disabled students with little more than nothing. Of course, no serious discussion of As I have maintained since the announcement of his nomination, what I find most troubling in the record of Judge Gorsuch is his apparent criticism of those who have sought advancement of individual rights through the courts. That’s why the National Urban League cannot support the nomination of Judge Neill Gorsuch. Beyond the level of scholarship and judicial experience required of a Jus- tice, which Judge Gorsuch does appear to meet, a Supreme Court Justice must have demonstrated what the Lawyers’ Committee for Civil Rights called “a profound respect for the importance of protecting the civil rights afforded by the Constitution and the nation’s Judge Gorsuch is his apparent criticism of those who have sought advancement of individual rights through the courts. He consistently has ruled against the rights of workers and consumers who were harmed by employers and corpo- rations, and against disabled students pursuing their right to a meaningful education. In fact, even as he sat before the Senate Judiciary Committee last week, the Supreme Court overwhelmingly re- Judge Gorsuch’s confirmation can ignore the fact that his nomination was the result of an egregious dereliction of duty by the Senate, who refused to give President Obama’s nominee, Merrick Garland, the hearing he was due. The Senate’s failure with regard to that nomination does not bode well for its ability to keep partisan- ship from tainting the process. Marc H. Morial is president and chief executive officer of the National Urban League.