Robert Reich: Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.
Wendy McElroy: If America’s most aggressive state crackdown on the “gray market” in used goods proves to be revenue-enhancing, other cash-starved states are likely to follow Louisiana’s lead.
Ellen Brown: Eliminating, reducing, or deferring student loan debt will free up the budgets of millions of students, allowing them to spend more on goods and services, increasing demand and creating jobs, and adding to tax revenues.
Steve Hochstadt: If the US enters a long period of stagnation, our stark social inequalities may become less tolerable, as both the rise of the Tea Party and the Occupy Wall Street demonstrations already show. More egalitarian Japanese society may be better placed to deal with lack of growth.
Robert Reich: Without bold alternatives, Americans desperate for big solutions are attracted to bold crackpot ideas like Herman Cain’s “9-9-9” proposal, which would raise taxes on the poor and cut them for the rich.
Walter Moss: If consumer capitalism is indeed replaced by a new economic structure, many capitalist bricks may still be needed for any new construction. Whether we choose to attempt new building or just apply a little patching here or there is up to us.
Walter Brasch: Even the most oblivious recognize the protestors as a large cross-section of America. They are students and teachers; housewives, plumbers, and physicians; combat veterans from every war from World War II to the present.
David Love: Conservatives proclaim that they believe in freedom and the free market. But freedom never meant the right of a handful to steal most of the nation’s wealth, run roughshod over the rest of us and wreck the country for a buck.
Seth Hoy: With an increasing unemployment rate of more than 12%, California legislators concluded that it “must pursue all avenues in facilitating and incubating job development and economic growth.”
Steve Hochstadt: Republicans believe that continuing high unemployment will bring Obama down, so they want to preserve what they feel is their winning card: a bad economy.
Robert Reich: Republicans and Wall Street executives who continue to yell about Dodd-Frank overkill are dead wrong. The fact no one seems to know Morgan’s exposure to European banks or derivatives – or that of most other giant Wall Street banks – shows Dodd-Frank didn’t go nearly far enough.
Iwan Morgan: If America does manage to avoid a new recession and achieve stronger growth, it will be a testimony to the underlying strength of its economy. At present its political leadership in both the executive and legislative branches does not appear to have the same reserves.
Adam Eran: The real outrage is that private banks receive far more money than any social safety net program would need, but the proposed cuts impact only safety net programs.