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Day 17

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Archives by Tag 'Economy'
Suitcases and Misadventure
KATHLEEN PEINE
Just prior to the dust-bowl era, individuals would exit trains from the east; they’d step into the grassland of the southern plains, and they would plot their dreams. But these dreams were of tangible wealth, and these so called “suitcase farmers” pulled...
The Long-Term Jobs and Wage Picture
ALAN NASSER
“We are being afflicted with a new disease of which some readers may not yet have heard the name, but of which they will hear a great deal in the years to come – namely, technological unemployment. This means unemployment due to our discovery of means of e...
The Errors of Austerity
BINOY KAMPMARK
They were created and feted to make witchdoctors respectable.  The harm and extent that economists can produce, while still not quite in the vicinity of those of doctors, can be extensive.  Errors are tolerated, fictions propagated.  Dangerous doctrines become impenetr...
Heckuva Job, Bernanke!
MIKE WHITNEY
Despite the dire “fiscal cliff” predictions, stocks ended the year on a high-note led by the Dow Jones crossing the 13K mark with an impressive 166 po...
Premature Austerity
ANDREW FIELDHOUSE
My colleague Josh Bivens outlined the contours of this weekend’s 11th hour budget deal, concluding that Congress mostly monkeyed around with upper-income taxes—a politically contentious “...
Latvia’s Economic Disaster as a Neoliberal Success Story
JEFFREY SOMMERS and MICHAEL HUDSON
A generation ago the Chicago Boys and their financial supporters applauded General Pinochet’s anti-labor Chile as a success story, thanks mainly to its transformation of their Social Security into Employee Stock Ownership Plans (ESOPs) that almost universally were...
The Fiscal Cliff and Other Distractions
DEAN BAKER
We have just passed into the new year, and the distractions created by the debate over the fiscal cliff appear to be behind us. Maybe. That debate has been part of a larger distraction — the concern over budget deficits at a time when by far the count...
Fiscal Cliff Averted, Now the Attack on People Begins
KEVIN ZEESE
Last night, Congress passed a watered down fiscal cliff package that will raise taxes on everyone, but the worst is yet to come, and this “deficit cutting” measure contains some surprises. Economist Jack Rasmus highlights Obama’s comments after passage which ...
All You Wanted to Know About Housing in Three Minutes
MIKE WHITNEY
There’s a ...
Economic Plunder in Recent History
ROB URIE
In the mid 1990s Republican New Jersey Governor Christine Todd Whitman ...
What’s Wrong with the Economy?
MIKE WHITNEY
The reason the US economy is still sluggish 4 years after Lehman Brothers defaulted, is of lack of demand. Demand dropped off after the housing bubble burst and has never really recovered. Economist Dean Baker calculates that hit to demand is somewhere in the neighborhood...
The Fact-Free Fiscal Cliff Debate
NEWK MINDSHAFTGAP
Those who cannot remember the past are condemned to repeat it                               ...
A Roadmap to the New Economy
ROBIN BROAD and JOHN CAVANAGH
Most progressives have long embraced a clear alternative to the conservative story that prosperity flows best from a “free market” unfettered by government regulation and taxes. The standard progressive response: government incentives and spending are essenti...
The Coming Crash of America
PAUL CRAIG ROBERTS
Is the “fiscal cliff” real or just another hoax?  The answer is that the fiscal cliff is real, but it is a result, not a cause.  The hoax is the way the fiscal cliff is being used. The fiscal cliff is the result of the inability to close the federal budget d...
Monetizing Japan
MIKE WHITNEY
“If possible, I’d like to see the Bank of Japan purchase all of the construction bonds that we need to issue to cover the cost.” Shinzo Abe, President of Japan’s Liberal Democratic Party (LDP) Japan’s next prime minister has a plan for en...
Livable Labor
JOHN GRONBECK-TEDESCO
Austin, Texas is the latest U.S. city to pass a groundbreaking measure that, if upheld, would require companies looking for tax incentives in Travis County to pay its employees $11/hour. This is particularly big news for the area’s large construction sector that has...
We Used to Make the Rich Poorer and the Poor Richer
DAVID SWANSON
Many of us have heard the current period referred to as a second gilded age.  Or we’ve seen the current inequality in wealth in the United States compared to that of 1929.  But we have not all given sufficient thought to what ended the first gilded age, what creat...
The Fate of Keynesian Faith in Joseph’s Countercyclical Moral
DOUGLAS GROTE
Into the fifth year of the Great Recession our nation’s scarcity of jobs continues to condemn tens of millions of us to suffer a hard life of involuntary unemployment, underemployment, and insufficient wages. One would hope that any future political agreements made to m...
An Open Letter to the Spirit of a Rebellious Leader
ADAM CHIMIENTI
[Note: Thomas Sankara, president of Burkina Faso from 1983-87, was assassinated on October 15, 1987. This letter was written on the 25th anniversary of his death and modified slightly after.] Dear President Sankara, It was 25 years ago this autumn t...
Who Really Crashed the Economy?
DEAN BAKER
The talk in Washington these days might lead people to think that the main cause of the economic downturn is the Social Security and Medicare benefits being paid to retirees. After all, we have people from both parties giving us assurances that cuts to these programs are ...
The Post-Election Economic Blues
DEAN BAKER
U.S. President Barack Obama won an extraordinary victory last week. Republicans have largely dominated the presidency over the last six decades. The Republicans have won most of the elections since World War II and they have won them by larger margins. In fact, only two D...
America’s Defense Dependency
FRANKLIN C. SPINNEY
The essay — America the Third World Nation in Just 4 Easy Steps, (Trutho...
If Marx’s Math is Fundamental, Why Do So Few Teach It?
BRIAN MCKENNA
“Capital is dead labor, that, vampire-like, only lives by sucking living labour, and lives the more, the more labour it sucks.” Karl Marx, Capital, Volume 1, (1867:233) “Fuzzy math?” Obama accused R...
Cut Gouging and Inequities
RALPH NADER
Congress is still talking about a “Grand Bargain” that “balances” far more spending cuts than tax increases. That is another way of saying that you – the consumer of Medicare and Medicaid services, the recipient of Social Security, and the average taxpayer will ...
The First 10 Things Obama Needs to Do in His Second Term
DAVID MACARAY
1. Don’t spend one dime on a gala inauguration. In fact, don’t do anything more than you are legally bound to do, which is placing your hand on a Bible and swearing to uphold the Constitution. Keep it austere. Show the public you’re aware of the challenges ahead and...