Now the Battle Over the Debt Ceiling

falling to 2013

Robert Reich: The White House’s and Democrats’ single biggest failure in the cliff negotiations was not getting Republicans’ agreement to raise the debt ceiling.

Note to GOP: Stop Yammering About the Deficit and Debt

fiscal balloon

Charley James: Newspapers and cable are filled with counter GOP demands for massive spending cuts that would almost entirely hurt the poor, the working poor, the tattered remains of the middle class and the elderly.

George Will: Always Right, Occasionally Correct

George Will

John Peeler: Obama, if he could free himself of the Wall Street crowd, is the likelier buyer of Will’s prescription of breaking up financial institutions that are “too big to fail”.

Democrats Hold Upper Hand As Fiscal Cliff Approaches

fiscal crisis

Robert Reich: Democrats want a deal that raises taxes only on America’s wealthy and doesn’t substantially alter Medicare, and Social Security — which is the opposite of what Republicans want.

Basic Facts about Taxes

lasso the rich

Steve Hochstadt: One obvious conclusion is that high, even very high tax rates on the wealthiest taxpayers do not impede economic growth.

Immigrant Laborers Strengthen American Workforce, Economy

workers statue

Michele Waslin: While immigration restrictionists have long tried to demonize immigrant workers and blame them for high unemployment rates and other economic woes, the facts make it clear that immigrants actually create jobs and businesses and boost the wages of native-born workers.

Real Crises and Fake Ones

poverty_america-wide

Steve Hochstadt: Our economic disaster is not about national debt, but about national poverty. America cannot be a great country, if we do not alleviate the critical economic problems gripping our poorest families.

Shorting Economists: The ‘Experts’ Keep Getting it Wrong

economy

Steven Hill: So when the authorities say “a recovery is under way” or “stimulus rather than deficit reduction” or “deficit reduction instead of stimulus,” remember: These are the same experts who are unsure of how to measure, who too often substitute ideology and partisanship for broken theory, and usually have been flat wrong in their assessments.

Why Growth Is Good

double dip recession

Robert Reich: If governments keep hacking away at their budgets while consumers almost everywhere are becoming more cautious about spending, global demand will shrink to the point where a worldwide dip is inevitable.

Why Economic Advisors Are Paid to Be Economic Advisors

joblessness

Robert Reich: Say you’re a high government official with some responsibility for advising the President on what he should be doing and saying about the economy. You know the economy is still in a deep hole, the deepest since the Great Depression.

Obama’s Regulatory Brain

banking regulations

Robert Reich: The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on the way to being reconciled with the House bill — is that it’s regulatory. It does nothing to change the structure of Wall Street.

Study Shows Legalizing Undocumented Immigrants Would Produce $1.5 Trillion Benefit

UCLA professor Raúl Hinojosa-Ojeda

Andrea Nill: A new study by University of California at Los Angeles professor Raúl Hinojosa-Ojeda suggests that comprehensive immigration reform, which includes an earned path to legalization for undocumented immigrants, could generate at least $1.5 trillion in added U.S. gross domestic product over 10 years.

Once Again on the President, the Congress, and the Jobless

Jobless

As we note, the heightened attention to the crisis, and hopefully proposals for Congressional action, the alarming jobless figures will be repeated over and over. The employment situation is dire and from all indications it is going to get worse.

The New Deal and the New New Deal: Countering Conservative Claptrap

gop-on-automatic

The stock market reached a six-year low today. Why? Some blame loose talk (including that of former Fed Chair Alan Greenspan) about nationalizing the nation’s banks. Others blame Obama’s new plan for helping homeowners who may not be able to pay their mortgages. But the real culprit is the accelerating decline in aggregate demand — [...]

Stimulus Plan: The Need and the Size

sinkingeconomy

The core problem we face is not access to capital. The Treasury has already flooded Wall Street and the banking system with money, committing nearly $350 billion; the Federal Reserve Board has exchanged Treasury bills for some $2.2 trillion of troubled assets; other agencies, such as the FDIC, have guaranteed trillions more. But there has [...]

Thoughts on the End of a Hell of a Year

2009

The biggest thing to happen to me this year was the birth of my first grandchild, a little girl named Ella. I know this kind of thing happens all the time and frankly I get bored with people who go all gushy about the birth of kids or grandkids.

Deficit Shackles: Will January, 2009 Repeat January 1993?

Both presidential candidates have been criticized for failing to name any promises or plans they’re going to have to scrap because of the bailout and the failing economy. That criticism is unwarranted. The assumption that we are about to have a rerun of 1993 — when Bill Clinton, newly installed as president, was forced to [...]

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