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March 31, 2015
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Tag: Economics


Addressing the Senate, an Anti-Austerity Economist Criticizes U.S. Budget Policy

There is much confusion, politically sown, about what debt is, what it does and what it costs. This includes the false ideas that the government deficit is unsustainable, that “entitlements” are bleeding us and that paying interest on the national debt displaces money that would otherwise be spent on public programs.

Posted on Mar 13, 2015 READ MORE



Prices Fail to Reflect Fossil Fuels’ Real Costs

The price that consumers pay for fossil fuels is appreciably lower than the true cost to society, U.S. researchers say. However, solar power and wind power are much cheaper than they might seem.

Posted on Mar 8, 2015 READ MORE


The Age of Cryptocurrency

Posted on Jan 30, 2015 READ MORE



The Age of Cryptocurrency

A new book examines Bitcoin, a “highly disruptive technology” that has the modest goal of “freeing people from the tyranny of centralized trust.”

Posted on Jan 30, 2015 READ MORE



AP/Petros Giannakouris

A 21st Century Left Rises: Syriza’s Victory and Its Relevance for the U.S. and the World

A question looms large in the wake of the Greek elections: Can democracy defeat the rule of the 1 percent?

Posted on Jan 27, 2015 READ MORE



The Failure of Republican Economics

Dynamic scoring is the magical-mystery math Republicans have been pushing since they came up with supply-side “trickle-down” economics.

Posted on Dec 29, 2014 READ MORE



Pope Francis to Issue ‘Unprecedented’ Edict on Climate Change

Could the pontiff achieve a feat that has eluded secular powers and inspire decisive action on climate change?

Posted on Dec 28, 2014 READ MORE



One in Five Young Adults Lives in Poverty

The U.S. Census Bureau shows “the generation that has been dismissed as entitled and whiny is struggling with higher levels of poverty than their counterparts did in 1980,” when one in seven 18-to-34-year-olds lived in poverty, The Guardian reports.

Posted on Dec 26, 2014 READ MORE



Austerity-Hit Britons Have Sex Less Than Once a Week

A British Observer survey found that the average British adult has sex just four times a month, a drop from a 2008 figure of seven times a month, prompting questions of whether the change has anything to do with the ongoing economic doldrums.

Posted on Sep 28, 2014 READ MORE



Climate Action and Economies Can Grow Together

A new global commission report by major political and business figures refutes the claim that economic expansion and tackling climate change can’t both be achieved at the same time.

Posted on Sep 18, 2014 READ MORE



1000 Words / Shutterstock.com

Neo-Liberal Austerity Keeps Europe Down

Given the current dismal state of the European Union economy, which is now firmly under German control, one must ask why Angela Merkel and her government continue to champion austerity, seemingly against all reason.

Posted on Aug 26, 2014 READ MORE


‘Let Markets Rule Us’

An old, creepy recording shows the Milton Friedman Choir singing that corporations are society’s saviors, that rule and decision making are best left to the so-called free market, and that other moral considerations for the business class should be absolutely gotten rid of.

Posted on May 26, 2014 READ MORE



Are Public Banks Unconstitutional? No. Are Private Banks? Maybe

The movement to break away from Wall Street and form publicly owned banks continues to gain momentum. But enthusiasts are deterred by claims that a state-owned bank would violate constitutional prohibitions against “lending the credit of the state.”

Posted on May 18, 2014 READ MORE



Thomas Frank Locates Thomas Piketty’s Blind Spot

The celebrity economist’s proposal of an “international IRS” as a means to end rampant wealth inequality falls far short of methods that exist in the American tradition, Salon columnist Thomas Frank writes in a critique of the best-selling “Capital in the Twenty-First Century.”

Posted on May 18, 2014 READ MORE



What You Need to Earn to Rent a Decent One-Bedroom in America

Unsurprisingly, the “housing wage” is much higher than the minimum wage in much of the country.

Posted on Apr 26, 2014 READ MORE



The Insider’s Economic Dictionary: R Is for Rentier

Race to the bottom: A term for dog-eat-dog competition by which countries compete by cutting wage levels so as to produce in the cheapest market, not by raising wages and labor productivity.

Posted on Apr 14, 2014 READ MORE



The Insider’s Economic Dictionary: P Is for Ponzi

Parasitism: In biology, parasites develop a strategy of gaining control of the host’s brain in order to obtain nourishment by masquerading as its natural progeny or as a part of its body. For economies, the brain in question is the government.

Posted on Apr 13, 2014 READ MORE



Neoliberalism and the Machinery of Disposability

What has emerged in the new America is an intensification of the practice of disposability in which more and more individuals and groups are now considered excess, consigned to zones of abandonment, surveillance and incarceration.

Posted on Apr 10, 2014 READ MORE



Are Corporations Really Hogging Workers’ Wages?

Some of the most respected economists in the world are telling Americans their employers have been taking an increasing share of their earnings over the past four decades. The truth is a bit more complex.

Posted on Apr 9, 2014 READ MORE



Capital in the 21st Century

In his new book, French economist Thomas Piketty reminds us that within the dynamics of capitalism is a natural and destabilizing tendency toward inequality of income, wealth and opportunity.

Posted on Apr 4, 2014 READ MORE



Climate Scientists 3, Economists 0

According to a recent study, when it comes to the accuracy of forecasts and projections, climate scientists are much better at the game than economists.

Posted on Mar 14, 2014 READ MORE


Nomi Prins on American Oligarchy

In this excerpt from the March 13, 2014 edition of Truthdig Radio, author and Truthdig contributor Nomi Prins says just a few families hold most of the power in the United States.

Posted on Mar 13, 2014 READ MORE



The Inevitability of Income Inequality

Inequality is endemic to the core structure of an America that operates more as a plutocracy than a democracy. It is an inherent result of the consolidation of a substantial amount of both financial power and political influence in the hands of a few families.

Posted on Mar 11, 2014 READ MORE



Suffering? Well, You Deserve It

An Oxford scholar warns that our outmoded economic model is a “warrant for inflicting pain” first on the poor and minorities and eventually on most of society.

Posted on Mar 2, 2014 READ MORE



Gage Skidmore (CC-BY-SA)

How a Couple of Austrians Messed Up Washington

One of my favorite moments during the 2012 Republican presidential contest came when Ron Paul, fresh from his strong showing in Iowa, triumphantly told his supporters: “We’re all Austrians now!”

Posted on Feb 12, 2014 READ MORE



Robert Gourley (CC BY-NC 2.0)

Why the Three Biggest Economic Lessons Were Forgotten

Why has America forgotten the three most important economic lessons we learned in the 30 years after World War II?

Posted on Feb 12, 2014 READ MORE


Debt Is a Weapon for Taking Your Things Away

The treasured University of Missouri, Kansas City economics professor Michael Hudson explains to RT how debt is used “as a means of foreclosing on property and transferring” it “from the debtor to the creditor.”

Posted on Jan 20, 2014 READ MORE


Believe

Share
Don't laugh...You still believe in trickle-down economics.
Posted on Dec 12, 2013 READ MORE



Pink Sherbert Photography (CC BY 2.0)

The Insider’s Economic Dictionary: I Is for Ideology

Ideology: A set of assumptions so appealing that one looks at their abstract logic rather than how the world actually works. (See Insanity.)

Posted on Nov 29, 2013 READ MORE



Shutterstock

Obamacare’s 787 Moment

The problems of the Affordable Care Act’s health care exchanges will not be solved by a new round of outsourcing. Just ask Boeing.

Posted on Nov 6, 2013 READ MORE



i am real estate photographer (CC BY 2.0)

Nobel Prize-Winning Economist Says Buying a House Is a Bad Idea

If the housing crisis wasn’t enough to turn you off of buying real estate, listen to economist Robert Shiller: Houses are poor investments, and they pretty much always have been.

Posted on Oct 16, 2013 READ MORE



Poverty Is Digging Deep

Almost half of Americans classified as poor earn an income that’s 50 percent below the poverty line; the Internet is adding to the destruction of the creative class, musician David Byrne argues; and North Dakota has suffered one of the worst onshore oil spills in recent history, courtesy of fracking. These discoveries and more after the jump.

Posted on Oct 15, 2013 READ MORE



theimpulsivebuy (CC-BY-SA)

Taco Bell’s Disgusting Tacos Created 15,000 Disgusting Jobs

Taco Bell’s CEO is bragging that his company’s wildly popular Doritos Locos Tacos have created thousands of (low-paying) jobs, an example of what he calls, “having a social conscience.”

Posted on Oct 14, 2013 READ MORE



josh.ev9 (CC BY-SA 2.0)

The Insider’s Economic Dictionary: E Is for Earned Income

Economist: Originally a member of the Physiocratic School (L’Économistes) who sought to replace France’s proliferation of excise and income taxes with a land tax. For modern economists’ general methodology, see Junk Science.

Posted on Sep 20, 2013 READ MORE



kevin dooley (CC BY 2.0)

Growth and Low Carbon ‘Can Co-Exist’

Carbon cuts and economic growth may not be mutually exclusive, allowing us to maintain energy supplies without worsening climate change, researchers say.

Posted on Sep 20, 2013 READ MORE



Bob Jagendorf (CC BY 2.0)

A Lesson for Future Presidents and Children

The No. 1 problem we face is inequality, and the beginning of a new school year is the appropriate moment to ask what role education plays. Are schools part of the solution or are they part of the problem?

Posted on Sep 19, 2013 READ MORE



mtume_soul (CC BY-SA 2.0)

Abracadabra: You’re a Part-Timer

The truly mysterious aspect of this “recovery” is that 21% of the jobs lost during the Great Recession were low wage, meaning they paid $13.83 an hour or less, but 58% of the jobs regained fall into that category. The lost jobs with better wages, benefits and long-term security have completely vanished.

Posted on Aug 22, 2013 READ MORE



Horia Varlan (CC BY 2.0)

The Insider’s Economic Dictionary: C Is for Camouflage

Capitalism: The term used to describe the social system based on promoting the accumulation of capital. Long used mainly as an economic invective, the term only recently has become more glorified by neoliberals, referring mainly to finance capitalism.

Posted on Aug 11, 2013 READ MORE



jDevaun (CC BY-ND 2.0)

The Insider’s Economic Dictionary: Part A

Unlike psychological terminology—which consists mainly of terms of invective (try to think of a desirable personality complex)—today’s economic vocabulary is euphemistic. One rarely hears the terms “rentier” or “usury” that played so central a role in the debates of past centuries.

Posted on Aug 9, 2013 READ MORE



The Cleveland Kid (CC BY 2.0)

A Solution to the Problem of Corporate Money Hoarding

At the core of the non-recovery in America’s economic crisis is the stockpiling of enormous sums of untaxed cash—totaling almost $1.5 trillion at the end of last year—by corporations that refuse to invest in new businesses and projects that would serve the public good.

Posted on Aug 8, 2013 READ MORE


Middle Out Economy

Share
Posted on Jul 31, 2013 READ MORE



The Rachel Maddow Show (CC-BY)

Krugman Battles the GOP’s ‘War on the Unemployed’

New York Times columnist Paul Krugman eviscerated the GOP on Monday for acting on the falsehood that life is “too easy” for millions of out-of-work Americans who can’t find jobs by punishing them in the party’s effort to “cure unemployment by making the jobless even more miserable.”

Posted on Jul 1, 2013 READ MORE


Great Gatsby Economics

Those who defend our economic status quo have other alibis. We don’t need to make any structural changes in our economy, the argument goes. People who want to advance just need to understand that our new economic circumstances place a very high premium on education. Get a good education, and you will do OK.

Posted on Jun 16, 2013 READ MORE



RL Hyde (CC BY-SA 2.0)

Not ‘A Shred of Evidence’ to Support Reinhart and Rogoff

The Harvard professors who led much of the Western world into austerity with their 2010 paper “Growth in a Time of Debt,” debunked in April by a University of Massachusetts grad student, have taken another hit, this time from two economists with the University of Michigan.

Posted on May 31, 2013 READ MORE



artist in doing nothing (CC BY-SA 2.0)

Three Economic Myths Busted

As a share of national income, federal spending peaked during the Reagan administration; spending has increased only half as fast under President Obama as under President Bush; and declining revenues, not rising spending, accounts for the swelling federal deficit overseen by the Bush and Obama administrations.

Posted on May 31, 2013 READ MORE



Screenshot

Krugman Exposes the Hypocrisy of Fiscal Conservatives

In his latest column for The New York Times, the Nobel Prize-winning economists notes that before President Obama took office in 2009, seven of the 10 previous presidents left the Oval Office with debt ratios lower than when they entered it. The three who did not: Ronald Reagan, George H.W. Bush and George W. Bush.

Posted on May 6, 2013 READ MORE


Have You Heard of Bitcoin?

It’s a virtual currency that travels beyond the reach of banks and centralized regulatory institutions and allows you to transfer money to anyone with an Internet connection, anywhere at any time.

Posted on Mar 23, 2013 READ MORE



flickr/Loren Sztajer

Conservatives and American Power

Do conservatives still believe in American greatness? The question is not intended to discourage the healthy debate being pushed by Rand Paul and his allies over whether Republicans in the George W. Bush years were too eager to deploy our country’s armed forces overseas. After the steep costs of the Iraq War, it is a very necessary discussion.

Posted on Mar 17, 2013 READ MORE



banspy (CC BY 2.0)

The Free Market That Isn’t

“Since 1980, the U.S. government has reduced its intervention in the U.S. economy, which has become much more of a free market.” True or false?

Posted on Mar 9, 2013 READ MORE


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