Sylvia Allegretto: In recent expansions post-recession income gains have taken longer to materialize and given the enormity of the Great Recession it may be years before we see any improvement.
David Love: Although the history still has yet to be written on the Obama presidency, it looks as if the second coming of F.D.R. ain’t gonna happen just yet. There are very good intentions in this administration, mixed with conflicting allegiances and amateurism.
Robert Reich: Americans have no choice but to pare back their debt. That’s bad news because consumer spending is 70 percent of the economy. It helps explain why we so few jobs are being created, and why we can’t escape the gravitational pull of the Great Recession without far more government spending.
Shamus Cooke: Behind the military jockeying for power are economic interests. Controlling the U.S. economy are powerful corporations, who rely on the U.S. military to ensure them super profits overseas, including domination over whole regions — the Middle East, Latin America, the Pacific — that are viewed as the “exclusive economic zones” of U.S. corporations. The fact that China is now declaring itself master of its own zones is intolerable for U.S. corporations, which will stop at nothing — including war — to maintain U.S. military dominance over the globe.
Adam Eran: As usual, McClintock ignores the actual biggest expansion in history. That occurred after the Clinton administration balanced the federal budget by raising the top rates a mere 3%. Neo-cons like McClintock, and Newt Gingrich gravely prophesied economic doom following these tax hikes, but again, as usual, history contradicts them.
The dangers of a foreign retreat from Treasury securities are slight in the short-term but increase over time as the public debt continues to grow. Americans would do well to realize that things which cannot go on forever tend not to.