RECENT NEWS

More Wall Street Bailouts to Come – Why We Must Break Up the “Too Big to Fail” Banks Now

By David Degraw Amped Status The biggest banks are insolvent. By failing to break up them up, the government will keep taking emergency measures to try to cover up their insolvency – further draining the life blood out of the real economy. I warned last year: Anyone who thinks that Congress will use the current financial regulation – Dodd-Frank – to break up banks in the middle of an even bigger crisis is dreaming. If the giant banks aren’t ... Read more

What History Teaches Us About the Welfare State

By Francois Furstenberg The Muskegon Chronicle In the wake of the economic crash, which has led to soaring budget deficits, Democrats and Republicans are negotiating “to move forward to trillions of spending cuts,” as House Majority Leader Eric Cantor said recently. A report from House Speaker John Boehner’s office called for “eliminating government agencies and programs” and “reducing transfer payments to households.” These changes would ... Read more

Rampant Unemployment = The Death Of The Middle Class – 40 Facts That Prove The Working Class Is Being Systematically Wiped Out

The Economic Collapse July 2011 Without an abundance of good jobs, the middle class in the United States is going to shrivel up and die.  Right now, rampant unemployment is absolutely killing communities all over America.  Hopelessness and poverty are exploding and many are now wondering if we are actually witnessing the slow death of the middle class.  There simply are not nearly enough “good jobs” to go around anymore, and even ... Read more

Budget Baloney (1): Why Social Security Isn’t a Problem for 26 Years, and the Best Way to Fix It Permanently

By Robert Reich February 16, 2011 New Jersey Governor Chris Christie, a Republican presidential hopeful, says in order to “save” Social Security the retirement age should be raised. The media are congratulating him for his putative “courage.” Deficit hawks are proclaiming Social Security one of the big entitlements that has to be cut in order to reduce the budget deficit. This is all baloney. In a former life I was a trustee of the Social ... Read more

Where Have America’s Jobs Gone?

Hiring at McDonald’s; Wireless Networks’ Job-Killing Effect; One Machine Doing The Work of Three By Justin Lahart and James R. Hagerty Wall Street Journal, July 12, 2011 Bloomberg NewsConstruction workers on a roof of a home in Phoenix There are many reasons U.S. companies give for their lack of robust hiring—from weak consumer spending to uncertainty over the direction of government policies on debt and spending. But a closer ... Read more

Long Hours, No Rest: Overworked Americans Still Dreaming of Vacation

Long Hours, No Rest: Overworked Americans Still Dreaming of Vacation By Roger Bybee In These Times, Jun 29, 2011 French citizens, who receive six weeks of vacation time per year, enjoy the beach.   (bobarno.com) Summer has arrived, the flowers are bursting, the air is warm, the sun is out, and you’re starting to fantasize about your vacation. No matter: Your boss has a big project for you, so you will be clocking more overtime instead of ... Read more

Surprise, Surprise! Folks in Highly Taxed Countries Are Happier Than Americans!

By Jane White Huffington Post, July 11, 2011 After the OECD created the Better Life Index to discern which are the happiest countries in the world an organization known as 24-7 Wall St. cherry-picked the list to narrow down those countries with the highest economic stability. Most likely, says MSNBC, “the happiest people in the developed world get loads of social services without having to work too hard.” Or maybe these lucky ... Read more

The Ideological Crisis of Western Capitalism

By Joseph E. Stiglitz Project Syndicate, July 6, 2011 NEW YORK – Just a few years ago, a powerful ideology – the belief in free and unfettered markets – brought the world to the brink of ruin. Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ... Read more

Historically deep job loss, but not an unusual recovery

By Josh Bivens and Isaac Shapiro Economic Policy Institute, July 6, 2011         Read Issue Brief Listen to Press Call with EPI’s Heidi Shierholz and Josh Bivens View Press Release Decline in government jobs noteworthy recovery feature Two years since the end of the Great Recession, nearly 14 million Americans are unemployed and the unemployment rate remains over 9% (figures as of May 2011). The stubborn woes of the ... Read more

Ten facts about the recovery

By Heidi Shierholz Economic Policy Institute, July 6, 2011 Read Issue Brief Listen to press call | Click through slideshow View press release The Great Recession, which began in December 2007 and caused the most severe job loss this country has seen in seven decades, officially ended in June 2009. As we mark the two-year anniversary of the official end of the recession as determined by the National Bureau of Economic Research, the following ... Read more