Job cuts in August were lower than they’ve been in recent months. But a deeper look at the data shows why it will take millions of new jobs to dig American workers out of this recession’s deep pit.
If we’ve learned anything from the Great Recession-Mini Depression of the last 18 months, it’s that the skewing of income and wealth to the top has made our economy far less stable.
The only item worth looking at is the part of the report that predicts the government will have nearly a $1.6 trillion deficit in the fiscal year that ends this September 30 — but not because that number is alarmingly large. It strikes me as alarmingly small.
itigroup — the giant Wall Street bank still on life-support courtesy of $45 billion from American taxpayers — wants to pay its 25 top executives an average of $10 million each this year, and award its best trader $100 million. Whaaaaaat?
American Motors and Nash have long-since disappeared. But if the auto industry could build that kind of fuel-efficient, gas-powered engine in the 1950s, why did it stop and why is the Volt such a big deal?
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.
Keep your eye on the real economy, where unemployment and underemployment keep rising. It’s not as much fun as cheering and investing right now, but it’s far safer.
Antitrust law was designed to prevent just this sort of market power and political heft. The Justice Department or the Federal Trade Commission should investigate the new-found dominance of Goldman and JP — and, if warranted, break them up.
So the fact that Goldman has reverted to its old ways in the market suggests it has every reason to believe it can revert to its old ways in politics, should its market strategies backfire once again — leaving the rest of us once again to pick up the pieces.
Each Californian consumes roughly 60 pounds of HFCS each year. A “sin tax” on HFCS would add to the state’s coffers without adversely affecting California industry.
So instead of asking when the recovery will start, we should be asking when and how the new economy will begin.
The California State Senate adjourned at midnight, unable to pass three stopgap bills that would have saved the state $7 billion. To appease Governor Arnold Schwarzenegger, the Democratic leaders of the state legislature hastily drew up the three complicated bills to try to stave off fiscal collapse and the necessity to begin issuing IOUs. All […]
Franklin Delano Roosevelt declared that the test of our nation was “not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” California Governor Arnold Schwarzenegger might be married to a Kennedy but his governing philosophy is pure George W. Bush […]