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Tag: Economics

The Fiscal Slope









Posted on Dec 3, 2012 ENLARGE


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vicmontol (CC BY 2.0)

Truthdiggers of the Week: Iceland’s Leaders

One country refused to bail out its derelict banks and slash social spending amid the financial crisis. And guess what? Unlike the eurozone and the United States, it’s making a sturdy comeback.

Posted on Dec 1, 2012 READ MORE



salady (CC BY 2.0)

An ‘Impossible’ France?

A bold experiment is under way in the world’s fifth-largest economy: French President Francois Hollande has announced his intent to tax the rich. What happens next could deliver a blow to one of global capitalism’s most persistent myths.

Posted on Oct 2, 2012 READ MORE



Abhisit Vejjajiva (CC BY 2.0)

Mitt Romney: ‘Tax Avoider on a Grand Scale’

Joseph Stiglitz, “one of the few members of the economics profession committed to scientific empiricism, not ideology or servitude to the rich,” as one reader put it, writes that the habit of tax avoidance typical of Mitt Romney’s class makes it difficult to publicly fund things like education, technology, and infrastructure, upon which modern economies depend to flourish.

Posted on Sep 4, 2012 READ MORE



DonkeyHotey (CC BY 2.0)

Eurozone Headed for a New Recession

The eurozone is headed for another recession as its economic output shrinks again in 2012’s third quarter, economists say.

Posted on Aug 23, 2012 READ MORE



Fey Ilyas (CC BY-SA 2.0)

We Told You So

Two months before the collapse of Lehman Brothers in 2008, a group of experts and I warned the Obama campaign about the likelihood of a global economic crisis. Not the slightest word came back.

Posted on May 18, 2012 READ MORE



Andy Miah (CC BY-SA 2.0)

Slavoj Zizek: The Problem Is Capitalism

The problem facing humanity today—especially those taking to the streets in protest—is an economic system that encourages and rewards greed, says the Slovenian philosopher and cultural critic. And leaders who tell us to look elsewhere are merely creating distractions.

Posted on Apr 25, 2012 READ MORE



flee the cities (CC-BY)

Locking Down an American Workforce

Prisoners, whose ranks increasingly consist of those for whom the legitimate economy has found no use, make up a virtual brigade within the reserve army of the unemployed whose ranks have ballooned along with the U.S. incarceration rate.

Posted on Apr 19, 2012 READ MORE



Wikimedia Commons

Spanish Government Goes for Big Austerity Cuts

Remember when austerity sounded more like an obscure SAT word than cause for international economic panic? This time around, it’s the Spaniards who are feeling the pinch, as their government has announced major budget cuts for the year.

Posted on Mar 30, 2012 READ MORE


Occupy Economics: Experts Speak in Support of the 99 Percent

One of the key concepts that the Occupy Wall Street movement has brought to the fore by drawing attention to economic inequality in the U.S. is the notion that the “free market” doesn’t serve the needs of all citizens equally.

Posted on Dec 8, 2011 WATCH & LISTEN


The Data Behind the Occupy Movement

Do the Occupiers know what they’re talking about when they chant, “We are the 99 percent!”? With a quick animation, The Guardian breaks down the key economic data representing the conditions that have brought thousands of the disempowered and discontented into the streets all across the country.

Posted on Nov 16, 2011 WATCH & LISTEN



Flickr / epSos.de

Demanding More of the Wealthy

If you’re tuned into your social surroundings, you’re likely to hear people arguing over whether raising taxes on the rich would be a good thing or a bad thing for Americans. With election season on its way, the noise and volume are bound to rise. (more)

Posted on Sep 26, 2011 READ MORE



Flickr / zcopley

A New Kind of Money

For the past two years, a new kind of digital currency has been gaining in popularity. Bitcoin is used to make supposedly anonymous direct transactions between buyers and sellers of goods and services online all over the world, without the oversight of ... (more)

Posted on Aug 3, 2011 READ MORE



Flickr / juicyrai

Waving the ‘Anarcho-Capitalism’ Flag

It’s a theory that seeks the removal of government oversight from any and all economic and social activity, which has been steadily adopted by legislators and policymakers on the right, and some on the left, for the past three decades, and tea partiers may actually be opposed to it. (more)

Posted on Jul 18, 2011 READ MORE



Flickr / Kheel Center, Cornell University

What’s Germany’s Secret?

In the decades immediately following World War II, U.S. wages steadily rose in step with productivity at a time when one-third of American workers belonged to labor unions. Today, union membership stands at 7% and wages are in decline, and conservatives are saying the two aren’t connected. (more)

Posted on Jun 16, 2011 READ MORE



democracynow.org

Truthdigger of the Week: Joseph Stiglitz

This week we tip our hat to Nobel Prize-winning economist Joseph Stiglitz, who once helped calculate the true cost of the Iraq War, and more recently has been calling attention to the radical redistribution of wealth from middle- and working-class Americans to the richest among us.

Posted on Apr 8, 2011 READ MORE


Joseph Stiglitz on the Budget and ‘the 1%’

Nobel Prize-winning economist Joseph Stiglitz was Amy Goodman’s timely guest on “Democracy Now!” on Thursday, giving his much-needed perspective on the proposed 2012 budget and his must-read Vanity Fair article, “Of the 1%, by the 1%, for the 1%.”

Posted on Apr 7, 2011 WATCH & LISTEN


Butts
Wikimedia Commons

Arizona Wants to Punish Bad Health Habits

Budget-strapped Arizona is looking for new ways to pinch pennies. Now the state’s Medicaid agency is proposing to smack smokers and diabetes patients who ignore doctors’ orders with special $50 annual fees.

Posted on Apr 3, 2011 READ MORE



AP

Arizona Legislators Vote Down Anti-Immigration Bills

Arizona lawmakers did a 180 on Thursday, voting to reject new anti-immigrant measures in a move ostensibly in response to the harsh economic realities of the state’s budget and unrelenting pressure by human rights groups.

Posted on Mar 19, 2011 READ MORE



White House / Pete Souza

Beware of Arne Duncan’s Tricks

The statistical evidence is that smaller class size means better education, but smaller class size also means higher taxes. So Education Secretary Arne Duncan chose trickery to divert parents from the clear road.

Posted on Mar 9, 2011 READ MORE



Flickr / Mike Licht (CC-BY)

Obfuscating Unemployment

During the Great Depression, high rates of unemployment prevailed for 11 years. The experience of seeing a free market system drive itself into a rut that it cannot pull itself out of is nothing new. And we have long known the solution.

Posted on Jan 27, 2011 READ MORE


Economic Suicide

Is it a case of murder, or has the Western economy deliberately, if unwittingly, attempted suicide and nearly succeeded?

Posted on Jan 5, 2011 READ MORE



AP / Senate Television

Low Taxes Are the Problem, Not the Solution

The only way to reduce the uncertainty in our economy right now is to increase taxes. During the Eisenhower years the top tax rate was 91 percent, and there is every reason to return to this rate now.

Posted on Dec 11, 2010 READ MORE



AP / Peter Morrison

Irish Take to the Streets

Tens of thousands of people took to the Irish streets Saturday to sound off against an IMF-backed austerity plan that would usher in deep spending cuts and higher taxes.

Posted on Nov 27, 2010 READ MORE



AP / Claude Paris

Strikes Trash Sarkozy’s Popularity

As French President Nicolas Sarkozy tries to push through a reform plan to increase the retirement age, protests and strikes have wreaked havoc on the country and sent Sarkozy’s approval rating into a tailspin.

Posted on Oct 24, 2010 READ MORE



Flickr / clementine gallot (CC-BY)

Nobel Prize in Economics Plays on Timely Theme

This year’s Nobel Prize in economics goes to a triumvirate of researchers—MIT’s Peter Diamond, Northwestern University’s Dale Mortensen and Christopher Pissarides of the London School of Economics—whose work focuses on a subject that’s all too apropos these days: unemployment.

Posted on Oct 11, 2010 READ MORE



Flickr / International Monetary Fund

IMF to Scrutinize the Rich

While the International Monetary Fund has historically been an organization used by wealthy countries to assert economic dominance over the rest of the world, developing nations won a small battle Saturday as the IMF moved to increase scrutiny over its rich members, including the United States.

Posted on Oct 10, 2010 READ MORE



Flickr / lisaw1

Are the Democrats Losing the Young?

It turns out that maybe being young and liberal isn’t necessarily in our blood after all. Despite historical trends that peg young people as Democrats, a new Pew Research survey suggests that recent economic woes have led fewer 18- to 29-year-olds to identify themselves as Democrats.

Posted on Sep 3, 2010 READ MORE



AP / Mark Lennihan

Shorting Economists: The ‘Experts’ Keep Getting it Wrong

Why have economists been so wrong so often? Certainly theirs is a tough job, since the global economy is a complex creature. Yet it turns out that their measuring sticks are woefully inadequate. Indeed, they aren’t even sure what to measure.

Posted on Aug 19, 2010 READ MORE


school scene
AP / Carlos Osorio

$26 Billion for States and Schools

A $26 billion aid package was passed by the Senate on Thursday that aims to ensure that school districts and states do not have to can tens of thousands of teachers and government workers. Just two Republicans crossed the ideological aisle to support the bill, which now heads to the House.

Posted on Aug 6, 2010 READ MORE



Wikimedia Commons

Recession Pinches Climate Change Progress

Amid recession worries and economic hardships, much of the industrialized world has pushed international goals of curbing climate change far off into the future. Politicians are wavering over caps on carbon emissions, citing the economic costs of cutting emissions.

Posted on Aug 1, 2010 READ MORE


window shoppers
Flickr / specialkrb

U.S. Economy’s Recovery Slows

After climbing 3.7 percent in the first three months of the year, the U.S. economy grew just 2.4 percent in the second quarter, an underwhelming performance that reinforced the reality that the recovery is struggling to find some footing.

Posted on Jul 30, 2010 READ MORE



Flickr / Kai Henry (CC-BY)

You Need a Raise

The theories on which we base wages are highly flawed—and so is your paycheck.

Posted on May 31, 2010 READ MORE



AP / Andy Blenkush

Borrowing While Poor

Why should a poor borrower be held more responsible than a rich borrower for the default of another poor borrower?

Posted on Apr 20, 2010 READ MORE



Flickr / alancleaver_2000 (CC-BY)

Why You Should Want to Pay Higher Taxes

The notion that taxes are bad for the middle class is akin to the notion that cigarette smoking is harmless, and it should be dealt with by similar means.

Posted on Apr 14, 2010 READ MORE


ENTER_ALT_TEXT

Perry Anderson on the Specter of China

Is China on its way toward becoming the feared colossus of the 21st century, surpassing the United States in its imperial ambitions and economic hegemony?

Posted on Mar 19, 2010 READ MORE



Liz Cheney Edition

Today on the list: Why Liz Cheney’s fear-mongering is blowing up in her face, how Florida plans to de-gay Hollywood and why books are overrated.

Posted on Mar 10, 2010 READ MORE



AP / Bebeto Matthews

‘Say on Pay’ Won’t Prevent Bonus Gluttony

Like many of us, President Barack Obama is outraged by how out of control executive compensation is, but his plan to fix the problem simply won’t work.

Posted on Feb 18, 2010 READ MORE



United States Treasury

China Flexes Financial Muscle

News that China sold $34 billion in U.S. government bonds at the end of last year has raised the fears of analysts, some of whom think that the move—which involved less than 5 percent of the overall amount of bonds held by China—is meant to signal a loss of confidence in U.S. economic policy.

Posted on Feb 17, 2010 READ MORE



Flickr / World Economic Forum

My Big Fat Wall Street Bankers

The logic of global capitalism is everywhere. New investigations are showing that the same Wall Street tactics—and companies—that ushered our own economy to economic collapse have emerged to exacerbate Greece’s current financial crisis.

Posted on Feb 14, 2010 READ MORE



businessinsider.com

Ohio’s Unemployed Getting Smashed

While seemingly intuitive, it’s bit frightening to see the correlation so clearly illustrated: A graphic, covering a 12-year period, shows the tie between Ohio’s unemployment rate and the amount of alcohol purchased. With unemployment and booze consumption at their contemporary highs, many are wondering about the public health effects of unemployment on those out of work.

Posted on Jan 28, 2010 READ MORE



Flickr / DetroitDereck Photography

A Green Checkered Flag for Ford

Ford Motor Co. has seemingly shifted out of crisis mode and is now reporting a profit of $2.7 billion for 2009, a considerable success given the state of the U.S. auto industry and the sluggish economy.

Posted on Jan 28, 2010 READ MORE



gawker.com

Wall Street Bonuses ‘Offensive’

The Obama administration, perhaps getting wise to public opinion, is lashing out at Wall Street firms. White House senior adviser David Axelrod called the huge bonuses executives received this year “offensive” in light of the fact that the rest of us are struggling through an economic crisis.

Posted on Oct 18, 2009 READ MORE


ENTER_ALT_TEXT

Rational? Don’t Bet on It

Jon Stewart interviews Justin Fox, columnist for Time magazine and author of “The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street.” He suggests (gasp!) that markets aren’t rational and human behavior cannot always be predicted. Check out this clip from last night’s “Daily Show.”

Posted on Jul 2, 2009 WATCH & LISTEN


IMF Recession
imf.org

IMF Sees an Even Deeper Recession

A shrinking global economy has many at the International Monetary Fund worried, as economists project that 2009 will see a decline of 1.3 percent in world economic output—the first global recession since World War II.

Posted on Apr 22, 2009 READ MORE


Wanker
flickr.com

G-20 vs. 6 Billion

No matter how trite it has become for the media to focus on the “clashes” and “violence” that have “erupted” at the G-20 demonstrations in London, stories on the economic summit seem to overlook the legitimate concerns that protesters have against the world’s 20 largest economies orchestrating macroeconomic policy for the rest of the world.

Posted on Apr 1, 2009 READ MORE



AP photo / Elizabeth Dalziel

Obama’s Plan to Save the World

Forget about terrorism for a moment. The potential catastrophe that climate change could unleash on America makes every other national security crisis pale in comparison. President Obama cannot secure the homeland without addressing this global emergency.

Posted on Mar 24, 2009 READ MORE


Deficit
mariopiperni.com / Mario Piperni

Budget Deficit Hits $1.8 Trilly

The current year’s federal budget deficit, according to congressional economists, will top $1.8 trillion, the biggest ever by far. And their projection for the fiscal 2010 budget shortfall is tickling $1.4 trillion, putting both estimates much higher than they were in forecasts back in January.

Posted on Mar 20, 2009 READ MORE


Sanford
fitsnews.com

Sanford and ‘Some’

Wednesday will mark the day Mark Sanford, governor of South Carolina, rejected “some” of the estimated $8 billion in federal stimulus money his state is slated to receive. Sanford’s anti-deficit spending stand has sparked talk that the Republican may be eyeing a 2012 presidential campaign. Updated.

Posted on Mar 11, 2009 READ MORE


Chow Chows
kukuchew.com

Unemployment Keeps On Rising

Not since Ronald Reagan’s reckless free marketeering have we seen unemployment this high: The U.S. jobless rate hit 8.1 percent in February, with 651,000 jobs cut during the month.

Posted on Mar 6, 2009 READ MORE


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