Mariah Adin: As a record number of Americans live below the poverty line to claim that poor children are doing well because they grow up to be “one inch taller and 10 pounds heavier than the GIs… in World War II” or that “the poorest Americans today live a better life than all but the richest persons a hundred years ago” only serves to show how awful it was one hundred years ago, not how wonderful it is today.
Denis Campbell: Many economists predict a failure to act before Asia markets open Sunday or Monday night could see an immediate stock market loss of up to 5% and wipe out 10% of US GDP by Tuesday night. It’s that serious.
Robert Reich: Republicans are using what would otherwise be a routine, legally technical vote to raise the debt limit as a means of holding the nation hostage to their own political goal of shrinking the size of the federal government.
Adam Eran: The metaphors that frame the current Federal budget and debt ceiling debates are completely inaccurate, and if the media coverage is any indication, the public has swallowed them hook, line and sinker, too.
Robert Reich: Standard & Poor’s insists any deal must also contain a credible, bipartisan plan to reduce the nation’s long-term budget deficit by $4 trillion — something neither Harry Reid’s nor John Boehner’s plans do.
Robert Reich: The only way out of the vicious economic cycle is for government to adopt an expansionary fiscal policy — spending more in the short term in order to make up for the shortfall in consumer demand.
Carl Bloice: If one out of ten people seeking work can’t find any, it follows that the average person has a friend, relative or neighbor amongst them. All she or he has to do is look out the window or answer the phone to be scared.
John Peeler: The economy, like the polity, ought to be democratically controlled. Democracy should operate at the level of the firm as well as the community: employees should be owners.
Sy Slavin: While economists and national policymakers discuss economics in coldly statistical terms, research has shown that social costs of economic downturns, particularly rising unemployment rates have personal and social costs not previously discussed.
Michele Waslin: Immigration restrictionists argue that imposing a mandatory employment verification system will ensure that unauthorized workers are not able to get jobs in the U.S. and will choose to leave, leaving millions of jobs wide open for unemployed U.S. citizens. Of course, this ignores the facts.
Robert Reich: In truth, the most important variable explaining the rise and fall of tax revenues as percent of GDP has been the business cycle, not the effective tax rate.
Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?
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.