The Great Decoupling of Corporate Profits from Jobs

Robert Reich: Higher corporate profits no longer lead to higher employment. We’re witnessing a great decoupling of company profits from jobs.

Dysfunctional Politics Begets Suicidal Policies

deficit

David Love: The Republican party faithful care little about the lives of everyday people. But they do care about their corporate benefactors. They claim to care so much about deficit reduction that they do not want to extend unemployment benefits, yet they want to extend the very tax cuts that wrecked the U.S. economy.

Jobless Benefits Battle Holds Millions of Americans Hostage

In this July 2, 2010 photo, Mischelle Mitchell looks online for job listings at the at the Oakland Career Center in Oakland, Calif. (AP Photo/Ben Margot)

David Love: A group of mostly Republican lawmakers refuses to reauthorize an extension of $33 billion in unemployment benefits. And in blocking the legislation during desperate times, they are holding 2.5 million Americans hostage, all for a political stunt. T

No Jobs – The Theory of “Structural” Unemployment

factory

Carl Bloice: With high unemployment and no jobs, the actions of those in Congress who hold up the extension of benefits to the unemployed are morally repugnant. making it. The fellow who said the jobs are not coming back failed to say where they went.

The New Normal: High Unemployment

Norman Solomon: With unemployment so common that it’s widely seen as a long-term fact of life, a tacit fatalism has seeped into political discourse and the mass media. In short, what should be unacceptable has gained acceptance.

Put Jobless Young People to Work Cleaning Up BP’s Mess on BP’s Dime

oil spill cleanup

Robert Reich: Friday’s job report was awful. For most new high school and college grads finding a job is harder than ever. Meanwhile, states are cutting summer jobs for disadvantaged young people. What to do with this army of young unemployed? Send them to the Gulf to clean up beaches and wetlands, and send the bill to BP.

A Double-Dip Recession Coming?

wall street

Robert Reich: The only reason the economy isn’t in a double-dip recession already is because of three temporary boosts: the federal stimulus (of which 75 percent has been spent), near-zero interest rates (which can’t continue much longer without igniting speculative bubbles), and replacements (consumers have had to replace worn-out cars and appliances, and businesses had to replace worn-down inventories). Oh, and, yes, all those Census workers (who will be out on their ears in a month or so).

Friday’s Job Numbers: What They Won’t Tell Us About America’s Growing Anxious Class

worried worker

Robert Reich: New businesses are vital to job growth, and entrepreneurship does fuel the economy. And surely some of America’s new independent workers will build their own companies. But when the economy is still so hard on so many, it’s important to distinguish between entrepreneurial zeal and self-employed desperation.

Blacks Prison and Unemployment

black child

Sherwood Ross: Slumlords charge exorbitant rents. “Convenience” stores charge higher prices. Military recruiters have their pick of jobless youth desperate for work. And the for-profit, private prisons increase their head count (and income) as the judicial system hands off the young drug peddlers caught in the legal web. As the Kaiser Family Foundation reported, African-Americans fill 40 percent of the nation’s prison cells. Yet they make up just 13 percent of the nation’s population.

Bush Recession Comes Home to Roost

tax chart

Adam Eran: Tax cuts caused the current budget deficit, not crazy spending. Local government revenues fell 57% after Proposition 13. Even more egregious, the consume-atives™ (they do not conserve), now complain that State funding for local governments to fill that revenue hole meddles too much in local affairs.

Friday Feedback: Whither Sustainability?

Friday Feedback: “How do we take seriously his advice to deemphasize material consumption?” ANSWER: By personally taking seriously his advice -getting kicks from living life, not collecting or wasting goods. In some cases new technology is already massively helping: instead of humongous material resources to move people or goods, we can much more readily move information.

As Progressives Predicted, Clinton Welfare Reform Law Fails Families

Randy Shaw: After President Bill Clinton signed legislation in 1996 “ending welfare as we know it,” many highlighted this “common sense” solution and criticized progressives for opposing the bill. Soon after passage, politicians and the media said it had not caused the downsides that activists had predicted, ignoring that the law had not been fully implemented. But troubling reports soon emerged.

The Future of American Jobs

Jobs

Robert Reich: The Great Recession has accelerated a structural shift in the economy that had been slowly building for years. Companies have used the downturn to aggressively trim payrolls, making cuts they’ve been reluctant to make before. Outsourcing abroad has increased dramatically. Companies have discovered that new software and computer technologies have made many workers in Asia and Latin America almost as productive as Americans, and that the Internet allows far more work to be efficiently moved to another country without loss of control.

Employers Take Beating Laying Off Employees

Layoffs

Sherwood Ross: As millions of Americans have been fired by employers struggling to remain profitable, we have all borne witness to Corporate America’s calloused disregard of its workers. Now, canny business economists claim the layoffs have hurt employers, too.

What Scott Brown’s Victory Really Means

Economic Grip

Robert Reich: Here’s what’s really going on. In Massachusetts, in New Jersey, all over the nation, voters are petrified of losing their jobs, their homes, and what’s left of their savings. Nothing counts more than the economy. Rightly or wrongly, presidents and the party in power are blamed when the economy is lousy.

The President’s Job’s Initiative Doesn’t Measure Up

Jobs

No president in modern times walks a tightrope as exquisitely as this one. His balance is a thing of beauty. But when it comes to this economy right now — an economy fundamentally out of balance — we need a federal government that moves boldly and swiftly to counter-balance the huge recessionary forces still at large

The Housing Crisis and Wall Street Shame

Housing Crisis

The $75 billion federal program designed to bribe banks to modify mortgages has been a bust. No one knows the exact number of mortgages that have been modified (that will be reported next month) but housing experts I’ve talked with say it’s a tiny fraction of the number of homeowners in trouble. Seems that the big banks can’t be bothered.

The Truth About Jobs That No One Wants to Tell You

Job-loss

In other words, ten percent unemployment really means twenty percent underemployment or anxious employment. All of which translates directly into late payments on mortgages, credit cards, auto and student loans, and loss of health insurance.

Blacks and Latinos Hit Harder in Hard Times

unemployment

Unemployment is and always has been much higher in Black and Latino communities. But the gap has widened during this recession. In fact, Black unemployment is nearly double that of Whites, while Latinos are unemployed at a rate one-third higher than their White counterparts.

When Will The Recovery Begin? Never.

debt

So instead of asking when the recovery will start, we should be asking when and how the new economy will begin.

It’s a Depression

good-old-days

The March employment numbers, out this morning, are bleak: 8.5 percent of Americans officially unemployed, 663,000 more jobs lost. But if you include people who are out of work and have given up trying to find a job, the real unemployment rate is 9 percent. And if you include people working part time who’d rather [...]

Color of Law: New York, City of the Poor

poverty1

As the song goes, “If I can make it there, I’ll make it anywhere, it’s up to you, New York, New York.” The problem is that if you are counting on making it in New York City, you could be setting yourself up for disappointment. A recent report by The Center for an Urban Future [...]

Why Republicans Won’t Support the Stimulus

sinkorswim

Why are Senate Republicans (all, that is, except the lonely moderates Collins, Snowe, and Specter) nixing the stimulus package, as House Republicans did? Not because Obama failed to compromise — he gave them the tax breaks they wanted, included a whopper for business. Not because Senate Democrats failed to bend — they agreed to trim [...]

The Lonesome City Blues

transients

A friend who lost his job in a newspaper washout some time ago said it made him feel alone and isolated in the city. He was describing the intense feelings of rejection that accompany sudden unemployment. He was talking about the loneliness that an outcast feels. I know that feeling. I became like him on [...]

Shall We Call It a Depression Now?

economy

by Robert Reich – Friday’s employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September — for a total of over 1.2 million over the last three months — begs the question of whether the meltdown we’re experiencing should be called a Depression.

Slavery, American Style, Must Go!

world-balloon

Who says there are no slaves in America? The greatest domestic issue facing President-elect Obama is not the bailout of the bankers and insurers but the task of lifting tens of millions of hard-working American wage-slaves out of dire poverty. These are the folks who hold one – and sometimes two or even three – [...]

Bail Out the Big Three and Revitalize the Economy

1947_cadillac_series_62_convertible

by John Paul Rossi – The other week, the appeal of the Big Three’’s executives for a $25 billion taxpayer bailout for their desperately ailing firms failed. Neither the fractious lame duck Congress, nor the Bush administration were willing to help.

How Obama Is Already Taking Charge

by Robert Reich – Obama’s immediate challenge is to fill the leadership vacuum created by a lame-duck president with historically-low approval ratings who seems to have lost interest in his job (at this writing, he’s out of the country) and who’s disappeared from the media, and a Treasury chief who has all but punted on [...]

Prescription for an “Ailing” Industry: Take It Over

by Carl Bloice – It is hemorrhaging fast and no end to the blood-letting seems to be in sight. No question, something has to be done about the auto industry. But what?

Who Creates Jobs? Democratic Presidents Do!

A recent poll asked whether private companies, Congress, or the president has the most to do with creating new jobs. I find it amusing when pollsters ask for opinions on something that is purely factual. Only 5% got the right answer and said it is the president. Look at the private sector job growth results [...]

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