Worrying about government debt is like worrying about the monster under the bed. The issue isn’t debt, it’s power.
Robert Reich: @idening inequality is the underlying culprit. As long as almost all the gains from economic growth continue to go to the top, the vast middle class doesn’t have the purchasing power to boost the economy on its own.
Robert Reich: We’ll avoid a double-dip, but the most likely scenario in coming months is a continuation of the same – an anemic jobs recovery.
Robert Reich: The biggest problem is that corporate money is undermining democratic institutions in the name of better deals for consumers and investors.
Ellen Brown: What was sufficient for a simple agrarian economy does not provide an adequate framework for freedom and democracy today. We need an Economic Bill of Rights, and we need to end the privatization of the national currency.
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: Labor Day is traditionally a time for picnics and parades. But this year is no picnic for American workers, and a protest march would be more appropriate than a parade.
Robert Reich: Every CEO of every company that continues to squeeze payrolls (Verizon, are you listening? Ford?) needs to understand they’re shooting themselves in the feet. Where do they expect demand for their products and services to come from?
Steven Conn: For thirty years inflation has not been a serious threat to the American economy, yet politicians and pundits continually fret about it. The never-ending worry about inflation is like fighting the last war rather than the current one. What’s needed today is a war on unemployment and wage stagnation, not inflation.
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.
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.
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.
Robert Reich: The question on everyone’s mind: Will the Fed signal it’s now more worried about inflation than recession?