Ivan Eland: The good news is that if the committee can’t reach an agreement on the fiscal changes, or if Congress rejects its work, defense (including homeland security) and domestic programs have to take equal cuts.
The Federal Reserve System (also known as the Federal Reserve, and as "The Fed") is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. The video below gives a brief explanation of The Fed. The articles below the video offer the views of progressives on the topic of The Fed
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.
John Peeler: Disillusioned liberals ought to know that if this effort takes off, it is very likely to siphon votes away from Obama and facilitate a complete Republican takeover of the federal government.
Brent Budowsky: Never before in American history has unemployment been so high, yet neither the president nor Congress pushes for a major jobs bill.
Mark Vorpahl: As in the 1930s, today we must organize in a way that creates unity between the employed and unemployed. To start, we can organize the largest possible union-led demonstrations to realize this unity in the streets.
Tom Degan: This, I believe, is one of the most important and educational films ever made. It explains in terms easy to understand (and with brilliant satirical insight) what has happened to this once-great nation, and why we all need to stand up and take it back.
Shamus Cooke: Unless labor and community groups massively mobilize working people in fighting for a pro-worker solution to the deficit crisis, austerity measures — like reducing Social Security and Medicare — will be forced upon us.
Robert Reich: The real message from voters was “Fix this stinking economy.” But Republicans have no intention of doing so. With Republicans in control of the House, forget spending increases or tax cuts to stimulate the economy.
Andrea Nill: The study conclusively states, “there is no evidence that these effects take place at the expense of jobs for workers born in the United States.”
Robert Reich: The Great Recession has accelerated a structural shift in the economy that had been slowly building for years. Companies have used the downturn to aggressively trim payrolls, making cuts they’ve been reluctant to make before. Outsourcing abroad has increased dramatically. Companies have discovered that new software and computer technologies have made many workers in Asia and Latin America almost as productive as Americans, and that the Internet allows far more work to be efficiently moved to another country without loss of control.
Joseph Palermo: The Democrats must pass a lot of legislation before the midterms or they’re going to be very sorry. Soon enough, given the Supreme Court’s recent 5-4 ruling in Citizens United v. FEC, we’re going to see campaigns where our choice for U.S. Senator will be between the “Doritos Nacho Cheese Tortilla Chips” candidate and the “Pepsi/Pizza Hut/KFC/Frito Lay/Taco Bell” candidate. Former President George W. Bush is raking in the bucks speaking at the National Grocers’ Association. First he defiled the presidency by getting John Yoo to turn the Justice Department into a law factory for monarchical presidential powers, now he shares the stage as an inspirational speaker with Terry Bradshaw. Our elections are about to become a satirical skit that Stephen Colbert of the Colbert Report did a long time ago.
Robert Reich: It seems as if more and more decisions that should be made democratically are being shunted off somewhere to a few people who make them in back rooms. Which programs should be cut, which entitlements pared back, and what taxes raised in order to reduce the long-term budget deficit? Hmmm. Let’s convene a commission and have them decide.
Glenn Beck once insisted that he started his “9/12 Movement” to recapture the sense of unity in the nation the day after the terrorist attacks in 2001. That idea lasted about four minutes Saturday morning as evidenced by the signs held aloft at the event he and a group of well-funded astroturf organisations in Washington […]