by Robert Reich — As we bail out Wall Street along with Freddie and Fannie and all the top financial executives who have been pocketing tens of millions a year, yet allow millions of homeowners and jobless Americans to sink, it’s worth contemplating what’s happening to the American economy and to our social safety nets.
He caught me by the elevator. “Do you know how much peanut butter costs at Safeway now as compared to two months ago?” John asked. I didn’t but I had been aware of the recent cost of berries, which were rising out of sight. Joe wanted to know if I had, as requested, written to […]
The latest economic news isn’t pretty. Price inflation is raging everywhere, yet in most housing markets, sales are weak and prices are still in near free-fall. Crude oil and gasoline prices are at record levels and still climbing, despite my recent prediction that oil prices would fall (be patient, they will).
O! say can you see by the Dow’s early plight What so weakly we railed at the Big Oil’s last gleaning Whose Bush/Cheney dark lies led us into a perilous fight, O’er the fear ramp ups we watched were so constantly screaming And the Republican’s red glare, with bombs bursting on airs, Gave proof to […]
The Public Policy Institute of California (PPIC) has released a massive survey today that shows just how important the internet has become to most Californians’ lives and has major implications as to how Californians are getting their information about their communities, news in general and political news, variable access to the internet by different demographic […]
There is a great scene in the film Last of the Mohicans, the Daniel Day Lewis version, in which his character challenges the British General and says when the rule of law is ignored and replaced by absolutism then revolution becomes inevitable. Well, more or less that is the message. In the last several months […]
400,000 – number of veterans likely to experience homelessness nationally 49,724 – number of homeless veterans in California 89% – percent of homeless veterans who received honorable discharges $49,158 – median household income in 2000 (adjusted for inflation) $48,201 – median household income in 2006 $12,168 – salary of a full-time minimum wage employee without […]
Later this week, each taxpayer in this country will be receiving their portion of the economic stimulus package that was passed by what can only be described as the combined stupidity, irresponsibility, and corruption of our executive and legislative branches. Granted there were those who tried valiantly to craft a just and effective package but […]
By now everyone with a roof over his head has heard about the subprime mortgage mess. Understanding why so many homeowners are defaulting on their mortgages or what mortgage foreclosures have to do with the collapse of the housing market, however, is another matter. To get a better grasp of the mortgage mess I called […]
Unsurprisingly, my Republican State Senator, Dave Cox, e-mailed his constituents, saying reducing spending, not increasing taxes, is the answer to California’s $16 billion budget shortfall. He notes that the Legislative Analyst’s Office’s (LAO) proposed alternative budget would raise some additional revenues, and but responds saying “revenues are not the problem. …LAO anticipate[s] that General Fund […]
Those thinking government is just about taxes and spending need to broaden their horizons, and think of subsidies and favors as the most substantial problems. Taxes are high, not because government is wasteful. They are high because it consistently gives away the store to a select few. Welfare, not for poor people, but for the […]
Gang Violence in Highland Park When my husband Dick and I moved into our hilltop home in the Mount Washington community of Los Angeles, we were thrilled. Looking north across Highland Park, Glendale, Eagle Rock, and Pasadena, it has a spectacular view to the San Gabriel Mountains beyond. It took a week or so to […]