US credit rating downgrade prompts warning from China

• S&P cuts US credit rating from AAA to AA+ for first time • China says it has ‘every right to demand’ US tackles debt • Barack Obama repeats call for parties to work together By Larry Elliott, Jill Treanor, Dominic Rushe and David Batty The Guardian, August 6, 2011 Barack ... Read more

Despite insurance, medical bills push family to bankruptcy

By Kate Santich Orlando Sentinel, July 30, 2011 The day their daughter was born should have been one of the happiest of Simon and Marsha Sutherland’s lives. Both previously married, they were having their first child together, a 6-pound, 10-ounce, dark-haired girl they would name ... Read more

Medicare Likely to See 2% Cut From Deficit Deal

Impact of Budget Control Act on Medicare By Don McCanne MD Physicians for a National Health Program, Aug 1, 2011 TEXT OF BUDGET CONTROL ACT AMENDMENT House of Representatives Rules Committee, August 1, 2011 (a) SHORT TITLE.—This Act may be cited as the “Budget Control Act of 2011″ SEC. 302. ... Read more

The “Recovery” is Making Americans Poorer

How Recession Is Hastening the Wal-Martization of America A new report finds that the vast majority of the jobs created in the so-called recovery have been low-wage jobs. That’s a recipe for continued economic pain. By Sarah Jaffe Alternet, August 2, 2011 With all the focus on the drama surrounding ... Read more

How America Could Collapse

Globalized Supply Chains Put Economy at Risk Matt Stoller The Nation, July 27, 2011 A few months ago, a friend in the entertainment industry told me of a new business model in Hollywood: hoarding videotapes. Apparently, the earthquake in Japan knocked offline a Sony factory that makes certain types of tape. That ... Read more

Reading the Debt Ceiling Tea Leaves to Predict the Future

The Worst is Yet to Come By Jack Rasmus Z Net , July 14, 2011 A few weeks ago in late June it leaked out that Vice-President Biden had secretly agreed with Republicans to $1 trillion in spending cuts in an effort to get them to agree to raise the debt ceiling. That was soon upgraded in ... Read more

US debt deal: how Washington lost the plot

Politicians and the media are obsessing on debt, deficit and cuts, but the real story is a stalled economy and rising unemployment   Dean Baker, Monday 1 August 2011 Debt relief? Senate Republican leader Mitch McConnell gives a thumbs up when asked if a deal had been agreed. Photograph: Astrid Riecken/Getty Images President ... Read more

The debt deal: Disaster averted, decline straight ahead

By Matt Miller, Washington Post, July 31, 2011 So this is what we’ve driven the global economy and America’s credit rating to the brink for? This is why Republicans (who voted for the Paul Ryan plan that would add $5 trillion in red ink over the next decade) decided it was vital to not lift ... Read more