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I’m a Transgender Man in North Carolina. Here’s What the Bathroom Law Means For Me.

Mother Jones

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Charlie Comero, a 35-year-old transgender man in Charlotte, North Carolina, was nervous about having to use women’s bathrooms after his state enacted HB2, a sweeping anti-LGBT law that says you can only use public facilities that match the sex on your birth certificate. So he decided to prepare: He printed cards (see photo below) to hand out to the women he met inside. We asked him to share his story below, in his own words, edited for length and clarity.

I grew up in Michigan, on a farm in a small town, and I moved to Charlotte almost four years ago to teach for a local high school. I was very nervous about moving to North Carolina—it’s technically the “Bible Belt”—but the truth is that Charlotte is amazing, liberal. I fell in love with the city and have stayed ever since.

Charlie Comero

Now, one person’s story is obviously not an example for the entire community. But I identify as a transgender man and as a nonbinary individual, which means I’ve never identified only as a girl or only as a boy—I’ve always identified as both. I wear men’s clothing, though I do have a closet full of five-inch high heels that I absolutely love and will never get rid of.

Growing up I always felt different from other girls and I couldn’t put my finger on why. Maybe it was a lack of representation of trans people in the media. And I didn’t see it growing up in a small town, so being transgender wasn’t an option, as far as I knew.

Not all transgender people decide to transition physically, but I decided to when I was 34 years old. It took me that long, and you know what got me there? The book The Alchemist: This talk of personal legend and embodying that, that’s what woke me up. I got a ton of support from the yoga community—I do yoga every day—and from the LGB and trans communities. Unfortunately my best friend stopped talking to me, and another dear friend changed how she acted toward me.

I probably started going into the men’s room when I was about six months into my physical transition, which is taking testosterone. I made my decision based on how I was being perceived in society. As soon as my voice got low and I was starting to be seen as male, that’s when I started going to the men’s bathroom. I was scared shitless. It was gross in there. It was liberating and scary. I had this fear that they were going to know I have a vagina. It took me a couple of weeks to realize no one in the men’s bathroom cares; there’s no way to know I wasn’t born with a biological penis.

The day HB2 became law, I was there to testify in front of the Senate, and I had my speech prepared. I was sitting there listening to the senators talk about how important this bill is and how it would protect women and children. If they really cared about women and children, Republicans would actually do things to help women and children, rather than making up some story about an imagined bogeyman walking into a women’s bathroom dressed in women’s clothes to rape women and children. It was absurd. I felt like I didn’t exist, like I wasn’t an equal human.

Afterward I was sitting down with my girlfriend at brunch and I asked her: Where do I go to the bathroom now? It’s literally against the law for me to use the men’s room, and it’s also risky. Even though I’m more than a year on testosterone—I’m getting facial hair, my hair has receded a little—I still don’t always pass as male. Or do I use the women’s room, follow the law, and clearly make people uncomfortable? We started going through the different examples of what would happen, what could happen, and she started crying because it became clear to her that I was at risk for getting hurt.

The first time I went back into a women’s bathroom, I was so nervous. I’m still nervous. I’ve created these cards—I keep them in my wallet. One time I was in a bathroom at a government center in Charlotte, and a woman asked what I was doing there. I tried handing her the card but she didn’t want to take it, she walked away. I saw her later in the hallway, and I said, “I didn’t mean to startle you.” She looked at me and said, “I hope I never make that mistake again.” I have no idea what she meant—I don’t think she knew what it meant to be a transgender man. And then the other day someone gave me a hug after I gave her my card. I don’t know if she recognized it because it’s been viral.

But here’s what I’m most afraid of: When they don’t say anything and just ignore me and leave, I’m afraid to leave the bathroom and to be met by that woman’s boyfriend or husband or an authority figure. Because I could easily be socked.

The senators who wrote this bill made it a lot more difficult for transgender people, because a lot of them have the gender on their driver’s license changed, but not their birth certificate. If I wanted to do that, I’d have to fly back to Michigan. Some of my friends would have to fly out of the country. Some people, depending on the state, have to go in front of judge, and some judges are not going to be cool with allowing a transgender person to make the change.

Last night I reached out to two really close transgender women friends who are people of color, because I’m worried about them, and they are both scared—they feel unsafe. I’m scared, yeah, I’m at risk, yeah, but not as much as them. They were already at risk before this bill, they were already a target, and now it’s multiplied. And that’s the thing that really upsets me—that this bill gives people permission to be bigots.

HB2 isn’t just about bathrooms. It’s stripping away all city ordinances that are in place to protect marginalized folks. Women, including those who aren’t transgender, are starting to realize this affects them, too. It puts all of us at risk unless you’re a white man. And who wrote the bill? White men. Isn’t that interesting?

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I’m a Transgender Man in North Carolina. Here’s What the Bathroom Law Means For Me.

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Hillary Clinton Wants to Eliminate Lead Within Five Years

Mother Jones

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In a speech on environmental justice today, Hillary Clinton made a bold proposal:

Be still my heart! Hillary’s plan has eight parts, and the first one is all about lead poisoning:

Eliminate lead as a major public health threat within five years.…For every dollar invested in preventing childhood exposure to lead, between $17 and $200 is saved in reduced educational, health, and criminal justice expenses and improved health and economic outcomes—but the few federal programs that exist are inadequate to address the scope of the problem and have seen significant budget cuts and volatility in recent years.

….Eliminating lead as a major public health threat to our children is a goal we can and must meet as a nation. Clinton will establish a Presidential Commission on Childhood Lead Exposure and charge it with writing a national plan to eliminate the risk of lead exposure from paint, pipes, and soil within five years; align state, local and philanthropic resources with federal initiatives; implement best prevention practices based on current science; and leverage new financial resources such as lead safe tax credits. Clinton will direct every federal agency to adopt the Commission’s recommendations, make sure our public water systems are following appropriate lead safety guidelines, and leverage federal, state, local, and philanthropic resources, including up to $5 billion in federal dollars, to replace lead paint, windows, and doors in homes, schools, and child care centers and remediate lead-contaminated soil.

I don’t think five years is anywhere near feasible—it’s more like a 10-20 year project—but that’s a nit. I’m especially happy to see Hillary acknowledge the importance of remediating lead in soil, which usually doesn’t get much attention. But that’s where all the lead from automobile emissions settled, and it’s worst in low-income urban neighborhoods that are dense with traffic.

Unfortunately, it’s also the most difficult to address. Replacing lead water pipes is expensive, but we know how to do it. Getting rid of lead paint in old houses is a little less expensive, especially if we concentrate on doors and window sills, but we know how to do that too. That leaves lead in soil, which is tough because there’s so damn much of it. The first step is to map the highest concentrations of lead in soil around the country, and we haven’t even done that yet. Next we have to figure out the best way to get rid of it. There are lots of different methods, and they differ a lot in cost. You can, for example, simply haul away the top few inches of soil. That’s expensive. Alternatively, there’s a lot of buzz around the idea of seeding contaminated soil with phosphates, which combine with lead to produce harmless pyromorphite. This can be done using fish bones, which contain calcium phosphates. And fish bones are cheap.

But does this really work? It looks like a promising approach, but it still needs more research. Either way, though, it’s nice to see a presidential candidate take lead seriously. We’ve been making progress on lead contamination for decades, but we’ve never truly made it a consistent priority. It’s time to do that.

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Hillary Clinton Wants to Eliminate Lead Within Five Years

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Global leaders are very worried about water shortages

A woman walks with donkeys carrying water gerry cans in Yemen’s volatile province of Marib. REUTERS/Ali Owidha

Global leaders are very worried about water shortages

By on 12 Apr 2016commentsShare

This story was originally published by Reveal and is reproduced here as part of the Climate Desk collaboration.

Secret conversations between American diplomats show how a growing water crisis in the Middle East destabilized the region, helping spark civil wars in Syria and Yemen, and how those water shortages are spreading to the United States.

Classified U.S. cables reviewed by Reveal from The Center for Investigative Reporting show a mounting concern by global political and business leaders that water shortages could spark unrest across the world, with dire consequences.

Many of the cables read like diary entries from an apocalyptic sci-fi novel.

“Water shortages have led desperate people to take desperate measures with equally desperate consequences,” according to a 2009 cable sent by U.S. Ambassador Stephen Seche in Yemen as water riots erupted across the country.

On Sept. 22 of that year, Seche sent a stark message to the U.S. State Department in Washington relaying the details of a conversation with Yemen’s minister of water, who “described Yemen’s water shortage as the ‘biggest threat to social stability in the near future.’ He noted that 70 percent of unofficial roadblocks stood up by angry citizens are due to water shortages, which are increasingly a cause of violent conflict.”

Seche soon cabled again, stating that 14 of the country’s 16 aquifers had run dry. At the time, Yemen wasn’t getting much news coverage, and there was little public mention that the country’s groundwater was running out.

These communications, along with similar cables sent from Syria, now seem eerily prescient, given the violent meltdowns in both countries that resulted in a flood of refugees to Europe.

Groundwater, which comes from deeply buried aquifers, supplies the bulk of freshwater in many regions, including Syria, Yemen, and drought-plagued California. It is essential for agricultural production, especially in arid regions with little rainwater. When wells run dry, farmers are forced to fallow fields, and some people get hungry, thirsty and often very angry.

The classified diplomatic cables, made public years ago by Wikileaks, now are providing fresh perspective on how water shortages have helped push Syria and Yemen into civil war, and prompted the king of neighboring Saudi Arabia to direct his country’s food companies to scour the globe for farmland. Since then, concerns about the world’s freshwater supplies have only accelerated.

It’s not just government officials who are worried. In 2009, U.S. Embassy officers visited Nestle’s headquarters in Switzerland, where company executives, who run the world’s largest food company and are dependent on freshwater to grow ingredients, provided a grim outlook of the coming years. An embassy official cabled Washington with the subject line, “Tour D’Horizon with Nestle: Forget the Global Financial Crisis, the World Is Running Out of Fresh Water.”

“Nestle thinks one-third of the world’s population will be affected by fresh water scarcity by 2025, with the situation only becoming more dire thereafter and potentially catastrophic by 2050,” according to a March 24, 2009, cable. “Problems will be severest in the Middle East, northern India, northern China, and the western United States.”

At the time of that meeting, government officials from Syria and Yemen already had started warning U.S. officials that their countries were slipping into chaos as a result of water scarcity.

By September 2009, Yemen’s water minister told the U.S. ambassador that the water riots in his country were a “sign of the future” and predicted “that conflict between urban and rural areas over water will lead to violence,” according to the cables.

Less than two years later, rural tribesmen fought their way into Yemen’s capital, Sanaa, and seized two buildings: the headquarters of the ruling General People’s Congress and the main offices of the water utility. The president was forced to resign, and a new government was formed. But water issues continued to amplify long-simmering tensions between various religious groups and tribesmen, which eventually led to a full-fledged civil war.

Reveal reviewed a cache of water-related documents that included Yemen, Nestle, and Saudi Arabia among the diplomatic documents made public by Wikileaks in 2010. Thomas Friedman, a columnist for The New York Times, found similar classified U.S. cables sent from Syria. Those cables also describe how water scarcity destabilized the country and helped spark a war that has sent more than 1 million refugees fleeing into Europe, a connection Friedman has continued to report.

The water-fueled conflicts in the Middle East paint a dark picture of a future that many governments now worry could spread around the world as freshwater supplies become increasingly scarce. The CIA, the State Department, and similar agencies in other countries are monitoring the situation.

In the past, global grain shortages have led to rapidly increasing food prices, which analysts have attributed to sparking the Arab Spring revolution in several countries, and in 2008 pushed about 150 million people into poverty, according to the World Bank.

Water scarcity increasingly is driven by three major factors: Global warming is forecast to create more severe droughts around the world. Meat consumption, which requires significantly more water than a vegetarian or low-meat diet, is spiking as a growing middle class in countries such as China and India can afford to eat more pork, chicken, and beef. And the world’s population continues to grow, with an expected 2 billion more stomachs to feed by 2050.

The most troubling signs of the looming threat first appeared in the Middle East, where wells started running dry nearly 15 years ago. Having drained down their own water supplies, food companies from Saudi Arabia and elsewhere began searching overseas.

By buying land in America’s most productive ground for growing hay, which just happens to be a desert, Saudi Arabia’s largest dairy company now can grow food for its cows back home — all year long.U.S. Geological Survey/NASA Landsat

In Saudi Arabia, the push to scour the globe for water came from the top. King Abdullah decreed that grains such as wheat and hay would need to be imported to conserve what was left of the country’s groundwater. All wheat production in Saudi Arabia will cease this year, and other water-intensive crops such as hay are being phased out, too, the king ruled.

A classified U.S. cable from Saudi Arabia in 2008 shows that King Abdullah directed Saudi food companies to search overseas for farmland with access to freshwater and promised to subsidize their operations. The head of the U.S. Embassy in Riyadh concluded that the king’s goal was “maintaining political stability in the Kingdom.”

U.S. intelligence sources are quick to caution that while water shortages played a significant factor in the dissolution of Syria and Yemen, the civil wars ultimately occurred as a result of weak governance, high unemployment, religious differences, and the wars in Iraq and Afghanistan, in addition to water shortages.

For instance, the state of California has endured a record drought without suffering an armed coup to overthrow Gov. Jerry Brown.

But for less stable governments, severe water shortages are increasingly expected to cause political instability, according to the U.S. intelligence community.

In a 2014 speech, U.S. Director of National Intelligence James Clapper said food and water scarcity are contributing to the “most diverse array of threats and challenges as I’ve seen in my 50-plus years in the intel business.

“As time goes on, we’ll be confronting issues I call ‘basics’ resources — food, water, energy, and disease — more and more as an intelligence community,” he said.

These problems are not just happening overseas, but already are leading to heated political issues in the United States. In the western part of the country, which Nestle forecast will suffer severe long-term shortages, tensions are heating up as Middle Eastern companies arrive to tap dwindling water supplies in California and Arizona.

Almarai, which is Saudi Arabia’s largest dairy company and has publicly said it’s following the king’s directive, began pumping up billions of gallons of water in the Arizona desert in 2014 to grow hay that it exports back to the Middle East. Analysts refer to this as exporting “virtual water.” It is more cost-effective to use the Arizona water to irrigate land in America and ship the hay to Saudi Arabia rather than filling a fleet of oil tankers with the water.

Arizonans living near Almarai’s hay operation say their groundwater is dropping fast as the Saudis and other foreign companies increase production. They are now worried their domestic wells might suffer the same fate as those in Syria and Yemen.

In January, more than 300 people packed into a community center in rural La Paz County to listen to the head of the state’s water department discuss how long their desert aquifer would last.

Five sheriff’s deputies stood guard at the event to ensure the meeting remained civil — the Arizona Department of Water Resources had requested extra law enforcement, according to county Supervisor Holly Irwin.

“Water can be a very angry issue,” she said. “With people’s wells drying up, it becomes very personal.”

Thomas Buschatzke, Arizona’s water director, defended the Saudi farm, saying it provides jobs and increases tax revenue. He added that “Arizona is part of the global economy; our agricultural industry generates billions of dollars annually to our state’s economy.”

But state officials admit they don’t know how long the area’s water will last, given the increased water pumping, and announced plans to study it.

“It’s gotten very emotional,” Irwin said. “When you see them drilling all over the place, I need to protect the little people.”

After the meeting, the state approved another two new wells for the Saudi company, each capable of pumping more than a billion gallons of water a year.

Back in Yemen in 2009, U.S. Ambassador Seche described how as aquifers were drained, and groundwater levels dropped lower, rich landowners drilled deeper and deeper wells. But everyday citizens did not have the money to dig deeper, and as their wells ran dry, they were forced to leave their land and livelihoods behind.

“The effects of water scarcity will leave the rich and powerful largely unaffected,” Seche wrote in the classified 2009 cable. “These examples illustrate how the rich always have a creative way of getting water, which not only is unavailable to the poor, but also cuts into the unreplenishable resources.”

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Global leaders are very worried about water shortages

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The Pay Gap Is Costing Women $500 Billion Per Year

Mother Jones

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In 1963, President John F. Kennedy signed the Equal Pay Act, a law meant to close the wage gap between working men and women. But more than 50 years later, women on average earn just 79 cents for every dollar paid to men. And according to a new report by the National Partnership for Women and Families that was released before National Equal Pay Day on Tuesday, the persistent wage gap means women lose a combined $500 billion every year.

“It is unacceptable that the wage gap has persisted, punishing the country’s women and families for decades,” wrote Debra L. Ness, president of the National Partnership, in a press release. “At a time when women’s wages are so critical to the economic well-being of families, the country is counting on lawmakers to work together to advance strong, fair and family friendly workplace policies that would promote equal pay.”

The National Partnership used Census Bureau data to analyze the wages of workers in every state and Washington, DC, and broke down the numbers by state and congressional district, as well as by demographic information. Louisiana has the biggest pay gap (women there are paid 65 cents for every dollar), and DC, with just a 10 cent difference, has the smallest.

The gender pay gap is even larger for women of color. African American women are paid 60 cents for every dollar paid to white men, and Latin American women make even less, at 55 cents for every dollar. All in all, the pay gap amounts to more than $10,800 in lost wages for the average woman each year.

That’s costly for families, many of which rely on mothers as the sole or primary breadwinner. According to the National Partnership, mothers are the heads of households in nearly 40 percent of families. Yet the wage gap for mothers is even larger than for women overall: Women with children are paid 71 cents for every dollar paid to fathers, and single mothers make only 58 cents for every dollar to fathers.

Wage inequality got national attention in March when five high-profile players on the women’s national soccer team filed a complaint with the federal Equal Employment Opportunity Commission accusing the US Soccer Federation of gender-based wage discrimination. The players—who last year brought in their third World Cup gold medal and are projected to rake in $18 million in revenue next year—say they are paid four times less than their male counterparts.

“Simply put, we’re sick of being treated like second-class citizens,” wrote Carli Lloyd, who scored a record-breaking hat trick in the final World Cup game against Japan last year, in a New York Times op-ed on her decision to file the complaint. “It wears on you after a while. And we are done with it.”

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The Pay Gap Is Costing Women $500 Billion Per Year

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Benghazi Committee Passes 700-Day Milestone

Mother Jones

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House Democrats pointed out today that the Select Committee on Benghazi has now been cranking along for 700 days. Steve Benen comments:

To put this in context, the 9/11 Commission, investigating every possible angle to the worst terrorist attack in the history of the country, worked for 604 days and created a bipartisan report endorsed by each of the commission’s members….Rep. Trey Gowdy’s (R-S.C.) Benghazi panel has also lasted longer than the investigations into the federal response to Hurricane Katrina, the attack on Pearl Harbor, the assassination of President Kennedy, the Iran-Contra scandal, Church Committee, and the Watergate probe.

What Steve fails to acknowledge, of course, is that Benghazi is far more important than any of these other events. So naturally it’s going to take longer. I’m guessing that 914 days should just about do the trick.

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Benghazi Committee Passes 700-Day Milestone

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CEO Pay Down in 2015, But Still Higher Than Its Bubble Heights

Mother Jones

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Sad news today from the Wall Street Journal. Among CEOs of big companies, stock-based pay was up 7 percent last year and cash pay was up 2 percent. But thanks to slower growth of CEO pensions, overall compensation was down 4 percent.

But perhaps CEOs will be mollified by the broader picture, which you can see in the chart on the right. CEO pay is up about 44 percent since 2007 in nominal terms, and up about 38 percent when you account for inflation. For ordinary workers, pay has decreased 5 percent since 2007 when you account for inflation.

For anyone wondering why Bernie Sanders has struck such a chord with the electorate, this pretty much tells the story. The Great Recession sure didn’t affect everyone equally, did it? Ordinary schlubs paid a high price, but the folks with the most lavish pay to begin with just shrugged it off like it never happened. If the rich wonder why calls to tax high incomes at 90 percent sound pretty good to a lot of people, this should clue them in.

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CEO Pay Down in 2015, But Still Higher Than Its Bubble Heights

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Does It Really Matter if Bernie Called Hillary Unqualified?

Mother Jones

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Josh Marshall weighs in on the flap over Bernie Sanders saying that Hillary Clinton is unqualified to be president:

Various things Clinton said can be reasonably interpreted as questioning whether Sanders is up to the job of the presidency. But it is an entirely different matter when an opponent, in his own voice, says flatly his challenger is “unqualified” to serve as President of the country. That’s something that cannot be unsaid. If Clinton is the nominee, it will undoubtedly be a staples of GOP stump speeches in the Fall. These are simple realities of political campaigns.

I’m curious about something: is this actually true? I hear it every four years. At some point, the primary races always get a little (or a lot) nasty, and the candidates start saying things that seem like they’d be great fodder for attack ads by the other side in the general election. But are they? Do these kinds of comments ever end up as a major theme in political ads?

I never see it. Of course, I live in California, and nobody ever bothers advertising here. Still, I never really hear about it elsewhere either. By the time the general election comes along, both sides have far more important attacks to make. And they probably assume—rightly—that most undecided voters don’t care much what some angry primary opponent said six months before.

I’d prefer that both Bernie and Hillary dial it back a notch. But is Donald Trump really going to attack Hillary by showing footage of Bernie saying she’s not qualified to be president, nyah nyah nyah? I doubt it. Even low-information voters know that this is the kind of thing that happens in the heat of campaigns, and it doesn’t really mean anything.

Does anyone know the answer to this? In 2012, for example, did the Obama campaign run attack ads featuring Newt Gingrich saying that Romney kept money in the Cayman Islands? Did the McCain campaign in 2008 use footage of Hillary attacking Obama? Just how common—or not—is this?

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Does It Really Matter if Bernie Called Hillary Unqualified?

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San Francisco Just Did Something Really Cool for Working Parents

Mother Jones

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On Tuesday, San Francisco became the first US city to require that all new parents—mothers, fathers, and same-sex partners—get fully paid parental leave for six weeks after giving birth or adopting a child. The new law follows the efforts by tech companies in the area, including Amazon, Apple, Google, and Twitter, to offer employees robust parental leave policies in an effort to increase work-life balance.

California is one of only five states that already offers some form of parental leave, but this new city-wide law is one of the most generous in the country. Workers in the Golden State now get six weeks off, but they receive just 55 percent of their pay. New Jersey and Rhode Island have similar laws, and Washington state recently passed a parental leave law that has not taken effect. In March, the New York legislature approved a parental leave policy that will cover 12 weeks of paid time off, though the law will go into effect in 2018 and will initially cover only 50 percent of average pay.

The United States, which guarantees up to 12 weeks of unpaid parental leave, is the only developed country that does not guarantee all new parents paid parental leave. Expectant mothers get 18 weeks of paid leave in Australia, 39 weeks in the UK, and 480 days in Sweden.

For workers in both California and New York, paid parental leave was one of two victories this week. Governors in both states also signed legislation Monday that will increase the minimum wage in each state to $15 an hour, to be phased in over about seven years. The higher wages, which are more than double the federal minimum wage, will affect roughly 60 million Americans. President Obama responded to the wage increases by asking Congress to follow suit.

“Since I first called on Congress to increase the federal minimum wage in 2013, 18 states and more than 40 cities and counties have acted on their own—thanks to the strong leadership of elected officials, businesses, and workers who organized and fought so hard for the economic security families deserve,” he said in a statement. “Now Congress needs to act to raise the federal minimum wage and expand access to paid leave for all Americans.”

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San Francisco Just Did Something Really Cool for Working Parents

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Quote of the Day: Photo ID Will Help Republicans Beat Hillary

Mother Jones

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From Wisconsin Rep. Glenn Grothman on how Republicans can win his state this November:

I think Hillary Clinton is about the weakest candidate the Democrats have ever put up. And now we have photo ID, and I think photo ID is going to make a little bit of a difference as well.

Shhh! You’re not supposed to admit publicly that this is the point of photo ID laws. But Grothman is a freshman, so I guess he can be excused. He’ll learn.

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Quote of the Day: Photo ID Will Help Republicans Beat Hillary

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Brokers No Longer Allowed to Scam You on Your IRA Investments

Mother Jones

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After six years, a new rule requiring brokers to act in their clients’ best interests has finally gone into effect:

The fiduciary rule is aimed at curbing billions of dollars in fees paid annually by small savers who transfer money out of 401(k)s, which are required to operate in their best interests—and into individual retirement accounts, which aren’t currently bound by such protections. There, savers may be working with financial-product salespeople who earn more selling certain products and don’t have to put their clients’ interests before their own.

Administration officials intend it as a direct attack on what they consider “a business model that rests on bilking hard-working Americans out of their retirement money,” Jeff Zients, director of the White House National Economic Council, told reporters Tuesday.

….“Unless we see fundamental changes, this rule will remain unworkable, and we will consider every approach to address our concerns,” David Hirschmann, head of the U.S. Chamber of Commerce’s capital-markets division, said in a statement Tuesday. The chamber has said it was considering a lawsuit to block the regulation.

Unworkable! Sure, brokers have been following this rule for years with 401(k) plans, but extending that to IRAs will bring Wall Street to its knees. That’s despite a wide range of concessions from the administration after it received comments on the proposed rule:

Mr. Perez said, for example, that an employee of MetLife Inc. wouldn’t be obligated to advise clients about offerings from a competitor, like New York Life….To cut down on paperwork that industry officials said would be too burdensome, the new version of the rule only requires that firms sign one “best interest contract” with clients when they open an account.

….The latest rule also clarifies that brokers and others can continue offering a wide range of guidance without having to clear the “fiduciary” bar for “advice.” It specifies that investor education isn’t considered advice, allowing companies to continue providing general education on retirement savings. Also excluded from the advice category are general circulation newsletters, media talk shows and commentaries as well as general marketing materials.

Hmmm. “General education.” I have a feeling these are going to be boom times for general education. Stay tuned.

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Brokers No Longer Allowed to Scam You on Your IRA Investments

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