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.
Joseph Palermo: Even hardcore capitalists are displaying a lack of faith in U.S. economic leadership, compounding the legitimacy crisis that has already engulfed millions of less exalted members of the global community.
Robert Reich: Chalk up a big part of Europe’s slowdown to the politics and economics of austerity. Europe – including Britain – have turned John Maynard Keynes on his head. They’ve been cutting public spending just when they should be spending more to counteract slowing private spending.
Robert Reich: We are slouching toward a double dip because we’re getting the problem wrong. Despite what Standard & Poor’s says, notwithstanding what’s occurring in Europe, and regardless of U.S. budget projections years from now — our current crisis is jobs, wages, and growth. We do not now have a debt crisis.
Robert Reich: Barack Obama is one of the most eloquent and intelligent people ever to grace the White House, which makes his failure to tell the story of our era all the more disappointing and puzzling.
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.
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: According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation. I’m not making this up.
Brent Budowsky: Never before in American history has unemployment been so high, yet neither the president nor Congress pushes for a major jobs bill.