Robert Reich: Our representatives in the nation’s capital continue to obsess about future budget deficits and games of chicken over raising the debt ceiling — neither of which has anything at all to do with the stalled recovery and the carnage on the Street.
Robert Reich: If the Democrats remain silent, the vacuum will be filled by the Republican snake oil of federal spending cuts and cut taxes on big corporations and the wealthy.
Robert Reich: The Republican lie that the nation’s long-term budget deficit is responsible for high unemployment would be laughable if it weren’t so tragically irrelevant to the current situation.
Robert Reich: The leaders of the Street and big business may now have to wake up to a reality they’ve tried to avoid — that the central economic problem of our time isn’t the long-term budget deficit but the immediate deficit in aggregate demand.
Robert Reich: Tea Partiers have almost as much contempt for big business and the Street as they do for government. After all, the Tea Party was born in anger over the Wall Street bailout. This is the heart of the civil war in the GOP.
Robert Reich: Even for Americans with jobs, wages are going nowhere. Basically, the only employers hiring are paying peanuts. McDonalds just announced it would start hiring big time.
Robert Reich: This gusher is an embarrassment for an industry seeking to keep its $4 billion annual tax subsidy from the U.S. government, at a time when we’re cutting social programs to reduce the budget deficit.
Joseph Palermo: The Republican House members who voted for Paul Ryan’s Ayn Rand wet-dream budget are apparently getting an earful from their constituents.
Robert Reich: If people knew that the Ryan plan would channel hundreds of billions of their Medicare dollars into the pockets of private for-profit heath insurers, almost everyone would be against it.
Robert Reich: The underlying problem isn’t the budget deficit. It’s that so much income and wealth are going to the top that most Americans don’t have the purchasing power to sustain a strong recovery.
Adam Eran: Historic tax reductions on the wealthy, and the Wall-Street-Fraud recession, have reduced public revenues, and this reduction now makes otherwise too-popular-to-cut programs vulnerable. But are such cuts really necessary?
We hear a lot about Ryan’s budget and the President’s budget but we’re not hearing very much about the Congressional Progressive Caucus Budget which appears to be more in line with what the average middle class American wants and needs. What’s up with that?