Robert Reich: The question on everyone’s mind: Will the Fed signal it’s now more worried about inflation than recession?
Shamus Cooke: The massive One Nation demonstration in Washington, D.C. proved that unions and other progressive groups can unite under a set of demands. But uniting for one demonstration is not enough.
Carl Bloice: With high unemployment and no jobs, the actions of those in Congress who hold up the extension of benefits to the unemployed are morally repugnant. making it. The fellow who said the jobs are not coming back failed to say where they went.
Adam Eran: Tax cuts caused the current budget deficit, not crazy spending. Local government revenues fell 57% after Proposition 13. Even more egregious, the consume-atives™ (they do not conserve), now complain that State funding for local governments to fill that revenue hole meddles too much in local affairs.
Randy Shaw: From an environmental agenda imperiled by nationwide public transit cuts, to a “Jobs” agenda jeopardized by state-induced layoffs, to the lack of full implementation of the President’s prized national service expansion, state budget cuts imperil progressives’ electoral gains of 2008. And no group risks having their expectations more shattered than the students and recent college grads – often described as “the Obama Generation” —whose energy and turnout helped define the 2008 election cycle.
If we’ve learned anything from the Great Recession-Mini Depression of the last 18 months, it’s that the skewing of income and wealth to the top has made our economy far less stable.
So let’s be grateful that the economy is getting worse more slowly than it was. But don’t be lured into thinking we’re ever going back to where we were. Most of the jobs that have been lost are never coming back.
by Robert Reich — Friday’s employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September — for a total of over 1.2 million over the last three months — begs the question of whether the meltdown we’re experiencing should be called a Depression.