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.
Robert Reich: The appropriation bill the House passed June 16 would deny benefits to more than 700,000 eligible low-income women and young children next year. What kind of country are we living in?
Robert Reich: Every time you hear anyone say we’re “broke” or “can’t afford to spend more,” tell them we’ll be in worse shape if we don’t. If the economy remains dead in the water, the ratio of public debt to GDP balloons.
Michele Waslin: While immigration restrictionists have long tried to demonize immigrant workers and blame them for high unemployment rates and other economic woes, the facts make it clear that immigrants actually create jobs and businesses and boost the wages of native-born workers.
Brent Budowsky: America is a nation without leaders in an economy without jobs. We are a nation of citizens who hunger for action in a political system that refuses to act. We yearn for a president who will speak for the people of the nation with conviction, clarity, courage and compassion.
Vijay Prashad: The drain of wealth to the war economy is a massive regressive taxation on the population: the rich who pay a much smaller proportion of their taxes and the corporations are insulated from the costs of war, and indeed some of them benefit from the windfalls of war.
John Peeler: One of the most striking features of our current global economic morass is that many Third World economies are weathering the crisis rather well, while the supposed leaders of the world economy (the United States, the European Union, the Japanese) are in deep trouble that looks to get deeper.
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.
Brent Budowsky: On this July 4 the Republican Party is divided between the hope America fails Republicans, who appear to actively want joblessness to rise to seek political gain, and the radical Republicans who adore Ayn Rand.
Robert Reich: The only way back toward sustained growth and prosperity in the United States is to remake the basic bargain linking pay to productivity. This would give the American middle class the purchasing power they need to keep the economy going.
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?
Brent Budowsky: Make no mistake: If the debt ceiling is not extended and America goes into default, markets and economies around the world will probably crash.