Income inequality is bad for rich people too

By Yves Smith, August 12, 2011 One of the major fights in the debt ceiling battle is how much top earners should contribute to efforts to close deficits. Australian economist John Quiggin makes an eloquent case as to why they need to pony up:   My analysis is quite simple and follows ... Read more

Make-up of Debt Panel: Mixed Reaction

Below are four articles on the make-up of the so-called super Congress.  Views are all over the place, often contrary. It’s Is Our Economy is not optimistic about the make-up, mission or the very idea of a super congress whose purpose is to put in place austerity measures rather than get the economy ... Read more

The Standard & Poor’s Agenda

By George Zornick August 8, 2011, The Nation Standard & Poor’s declared in April that if $4 trillion in savings was not achieved in the debt ceiling deal, it would downgrade the government’s credit rating from AAA status. They did so on Friday, citing not only a deal that achieved “only” $2.1 trillion in savings ... Read more

Inequality Data & Statistics   Inequality data and statistics give us an important incite into the state of our economy and the health of our society. In this section, we offer quick takes on economic inequality, as categorized in five key areas: income, wealth, global, health, and racial. In each category, we chart some ... Read more

Why S&P Has No Business Downgrading the U.S.

By Robert Reich Friday, August 5, 2011 Standard & Poor’s downgrade of America’s debt couldn’t come at a worse time. The result is likely to be higher borrowing costs for the government at all levels, and higher interest on your variable-rate mortgage, your auto loan, your credit card loans, and ... Read more