Robert Reich: China is eating our lunch. Why? It has a national economic strategy designed to create more and better jobs. We have global corporations designed to make money for shareholders.
The U.S. Economy in 2011
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Robert Reich: The two American economies — the Big Money economy and the Average Working Family economy — will continue to diverge. Corporate profits will continue to rise, as will the stock market. But typical wages will go nowhere, joblessness will remain high, the ranks of the long-term unemployed will continue to rise, the housing recovery will remain stalled, and consumer confidence will sag.
The Republican Recipe for An Anemic Economy Through Election Day 2012
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Robert Reich: The real message from voters was “Fix this stinking economy.” But Republicans have no intention of doing so. With Republicans in control of the House, forget spending increases or tax cuts to stimulate the economy.
Meg Whitman, Job Killer
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Craig Williams: The countless ads by Whitman in the current California gubernatorial race lead most people to believe that she’s been creating lots of jobs. But when you take a close look at what her company EBAY actually does, on balance she may well be the jobs killer.
The Fed’s New Bubble (Masquerading as a Jobs Program)
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Robert Reich: The latest jobs bill coming out of Washington isn’t really a bill at all. It’s the Fed’s attempt to keep long-term interest rates low by pumping even more money into the economy (“quantiative easing” in Fed-speak).
What Happened to Our Money? Oliver Stone Returns to Wall Street
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Robert Brent Toplin: More than any other current Hollywood director, Robert Stone has dramatized American political, social, and economic history of the past fifty years.
Republican Economics as Social Darwinism
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Robert Reich: John Boehner, the Republican House leader who will become Speaker if Democrats lose control of the House in the upcoming midterms, recently offered his solution to the current economic crisis: “Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life.”
Of Course Poverty Is On the Rise In Charles Dickens’ America
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David Love: That anyone can actually utter the words “the recession is over” at a time of mass unemployment, foreclosures, homelessness and general despair tells you all you need to know about America. The nation actually exists as two nations: the few that have, and the many who don’t.
The Stock Market Rally Versus the World’s Economic Fundamentals
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Robert Reich: The real economy is jobs and paychecks, what people buy and what they sell. And the real economy — even viewed from a worldwide perspective — is as precarious as ever, perhaps more so.
Pushing Working People Down
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Jim Fuller: Probably the most obvious example so far of how the very rich are using this economic downturn to consolidate their power is the strike by 305 hourly workers at the Mott’s apple juice plant in upstate New York.
The Two Stories of This Terrible Economy, Yet Obama and the Dems Won’t Tell Theirs
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Robert Reich: Republicans lack specific policies but they have a story. Obama and the Democrats have lots of specific policies but don’t have a story. That spells even more trouble for Democrats.
A Permanent Housing Collapse?
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Shamus Cooke: The housing market appears to be on a never-ending downward spiral, with the much-discussed “recovery” always around the next corner.
Forget Double Dip: We’re Still in One Long Big Dipper
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Robert Reich: It’s nonsense to think of the economy heading downward again into a double dip when most Americans never emerged from the first dip. We’re still in one long Big Dipper.
Economic “Recovery?” Not for You and Me
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Jim Fuller: The essential hidden fact of economics in 21st century America: What we have is exactly what the tiny economic elite, the one or two percent of richest Americans, wants us to have.
The Vanishing American Consumer and the Coming Trade War
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Robert Reich: We’re unlikely to see a repeat of the disastrous Smoot-Hawley tariffs that worsened and lengthened the Great Depression. But you can forget trade-opening agreements. In Toronto last week, the G-20 leaders dropped their 2009 pledge to finish the Doha round this year. In the U.S., agreements with South Korea, Panama, and Columbia are languishing.
Did Greedy Homeowners Cause the Big Crash?
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Steve Hochstadt: We grredy American homeowners appear as co-conspirators in many judgments about what caused the great recession. In these interpretations, many of us were greedy for wanting bigger homes than we deserved, foolish to have then bought larger houses than we could afford, and stupid for agreeing to the low-interest/low-payment scams of mortgage sellers.
The New Employment Numbers: Things are Worsening More Slowly
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So let’s be grateful that the economy is getting worse more slowly than it was. But don’t be lured into thinking we’re ever going back to where we were. Most of the jobs that have been lost are never coming back.
Media Cries “Deficit” to Defeat Progressive Agenda
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Despite all of the economic history of the past 30 years, the traditional media is brushing off its favorite bogeyman – the budget deficit – to defeat and/or scale back President Obama’s progressive budget, education, and health care agenda. The New York Times warned in a front page story on March 21 that a new [...]
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