Lobbyist Money Flows for Catfood Commission Members

By: David Dayen, August 12, 2011 This little bit just perfectly encapsulates how Congress is purchased by corporate special interests. Political supporters of Rep. Xavier Becerra (D., Calif.), one of the appointees to deficit-reduction committee, have already figured out how ... Read more

The S&P Downgrade Market Plunge Myth

By Dean Baker Huffington Post, August 15, 2011 The Wall Street crew that wants to cut your Social Security and Medicare benefits are sensing that victory is in sight. They have managed to knock jobs completely off the agenda and have made deficit reduction the near exclusive focus of economic policy in ... Read more

Most Americans can’t afford a $1,000 emergency expense

By Jessica Dickler, August 11, 2011 It’s less than the cost of a car repair, but many Americans would struggle to come up with $1,000. NEW YORK (CNNMoney) — When the unexpected strikes, most Americans aren’t prepared to pay for it. A majority, or 64%, of Americans ... Read more

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