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E.J. Dionne
$28.50
By Amira Hass
$19
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Flickr / David Paul Ohmer (CC-BY)
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Stocks around the world dropped sharply Thursday after the U.S. Federal Reserve acknowledged a day earlier that the economy won’t improve any time soon. (more)
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Flickr / Images_of_Money
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In the discussion over how to solve Europe’s financial crisis, opponents of the euro argue “that it is a monetary straitjacket and that the best reform now would be its breakup.” Not so, says Will Hutton, author, columnist and former editor-in-chief of The Observer. (more)
Posted on Sep 21, 2011
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Joe Hall (CC-BY)
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The Census Bureau reports that in 2010, more Americans descended into poverty than in any other time since the government started keeping track in 1959. The 2010 poverty threshold for a family of four was a mere $22,314 a year, and 46.2 million of us have been surviving on that or less.
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Flickr / Andrew Rusk
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This Thursday, Seven Stories Press will release a 10th anniversary reissue of Noam Chomsky’s book on the World Trade Center attacks titled “9-11: Was There an Alternative?” and TomDispatch has an exclusive excerpt from the new preface. (more)
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Nurses in San Francisco make a statement about Wall Street; Hispanic media are faring better than their mainstream counterparts; and Steve Jobs leaves the world with a pricey legacy. These discoveries and more after the jump.
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Flickr / Shoshanah
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AlterNet has compiled a list of the 10 worst U.S. state economies by measures of unemployment, time out of work, per capita income, median net worth, poverty, access to health insurance and foreclosure. (more)
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RJ Matson, Cagle Cartoons, The St. Louis Post Dispatch —
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Luojie, Cagle Cartoons, China Daily, China —
Posted on Aug 28, 2011
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Wikimedia Commons via Miller-McCune
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Although the recession has increased demand for social programs such as food stamps, welfare rolls have not kept pace with the drastic increase in human misery. Long story short: Welfare reform, launched 15 years ago in a booming economy, broke the system … (more)
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Flickr / Office of Governor Patrick
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In this era of shrinking budgets, an increasing number of American public schools are closing their doors on Fridays. Besides stripping American children of one-fifth of their time available to learn, the shift is forcing working parents to seek expensive childcare while school employees see their pay reduced—or their jobs eliminated. (more)
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Angel Boligan, Cagle Cartoons, El Universal, Mexico City —
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Mike Lester, Cagle Cartoons, The Rome News-Tribune —
Posted on Aug 22, 2011
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Flickr / stevendamron
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Essayist, Yale English professor and TomDispatch contributor David Bromwich takes a careful accounting of the “sacked” and “saved” members of the Obama administration in an attempt to reveal the similarities between his presidency and George W. Bush’s. (more)
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Flickr / 7bikeframesweldedtogether
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Consumer borrowing shot up $15.5 billion in June—three times more than projected—in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion—the largest jump since spring of 2008. (more)
Posted on Aug 15, 2011
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Flickr / evitbolt
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A rising number of celebrities, corporate executives and other people with great wealth and status are paying big bucks for personal protection forces. (more)
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Pavel Constantin, Cagle Cartoons, Romania —
Posted on Aug 7, 2011
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Nate Beeler, Cagle Cartoons, The Washington Examiner —
Posted on Aug 6, 2011
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Ares, Caglecartoons.com —
Posted on Aug 6, 2011
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Flickr / Mel R
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The official unemployment rate dropped from 9.2 to 9.1 percent last month as 117,000 new jobs were added to the American economy. The improvement in the rate, however, was almost entirely due to Americans giving up the search for work. (more)
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Osama Hajjaj, Cagle Cartoons, Abu Mahjoob Creative Productions —
Posted on Aug 3, 2011
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Another week, another standoff on Capitol Hill over the ever-pressing debt ceiling issue, with President Obama warning Friday of impending economic “Armageddon” if things don’t get sorted out soon. So what’s the good news?
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AP / Susan Walsh
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By Bill Boyarsky — Rather than trying to conciliate the Republicans, Obama ought to speak out against them. The truth is that Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell don’t want to work with him.
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AP / Pablo Martinez Monsivais
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By Robert Scheer — These threatened programs are not government handouts to a privileged class, like defense contractors and bailed-out bankers, who do feel eminently entitled to pig out at the federal trough.
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Flickr / swanksalot (CC-BY-SA)
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A measly 18,000 jobs were added to the U.S. economy in June, far below expectations for a rise of close to 90,000, and the unemployment rate ticked up to 9.2 percent. The numbers are a reality check ... (more)
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Have you ever asked yourself what makes a “jobless recovery” possible? Since the beginning of the recession, American companies have trimmed their staffs and shifted work to remaining employees, largely without increasing pay, and those workers are not reaping the benefits. (more)
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Luojie, Cagle Cartoons, China Daily, China —
Posted on Jul 1, 2011
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AP / Susan Walsh
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This is not really the kind of headline we want to read about the Federal Reserve right now, but top banana Ben Bernanke acknowledged at a news conference Wednesday that the Fed was “caught off guard by recent signs of deterioration in the economy.”
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AP / Paul Sakuma
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In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.
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Flickr / clementine gallot (CC-BY)
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Anyone who’s reading this while in the midst of looking for work may not be surprised to hear that Americans who quit their search for employment spent five long months hunting before throwing in the towel.
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AP / Alex Brandon
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By Robert Scheer — How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor.
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By John B. Taylor —
In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.
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Flickr / epicharmus
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The economic indicators for May aren’t pretty, throwing up red flags that American job growth and factory output aren’t enough to carry the U.S. economy into a recovery and forcing a critical look at the way the crisis has been managed. (more)
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AP / Charles Dharapak
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By Robert Scheer — What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.
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Flickr/Images_of_Money
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According to at least some sources, certain sectors of the American economy are showing signs of life, but the housing market sure isn’t one of them, especially considering the news expected to surface Tuesday that prices have now dipped below the previous lowest point recorded since this recession kicked in three years ago. The recession’s earlier bottom for housing prices occurred in 2009.
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Wikimedia Commons
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A group of Greek leaders fell short of reaching an agreement on Prime Minister George Papandreou’s austerity plan by week’s end, putting Greece on shaky ground in terms of the country’s chances of receiving more bailout funds from the IMF.
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imdb.com
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By Robert Scheer — It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading.
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American Solutions
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This is great news: Crude oil prices continued to slide Friday as dealers awaited a report on the U.S. job picture. But the average price of gas at the pump remained at a painful $3.99 per gallon.
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Mr. Fish / Will Hope for Work
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Recovery? What recovery? The number of Americans filing for new unemployment benefits rose to the highest number in eight months, a sign that nearly half a million people have lost their jobs since last summer.
Posted on May 5, 2011
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Flickr / Steve Rhodes
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Suffering austerity measures imposed by many of the world’s governments to deal with a shortage of public funds, workers and activists rallied around the globe May 1 to demand the creation of jobs, decent wages and improved working conditions.
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Flickr / el__vaquero (CC-BY-SA)
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By Bill Boyarsky — Such areas contain the dispirited middle that Obama will have to win over to be re-elected, people whose struggles with daily life are so consuming that the national political debate over the budget and the deficit seems far away and irrelevant.
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In case you didn’t notice, the American dream is officially dead, and The Onion News Network has the footage to prove it. Watch aghast as one small-business owner runs out of steam after a particularly complacency-inducing session in front of the tube.
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democracynow.org
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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.
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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%.”
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AP / Jason DeCrow
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By Robert Scheer — The delusion of a classless America in which opportunity is equally distributed is the most effective deception perpetrated by the moneyed elite that controls all the key levers of power in what passes for our democracy.
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Los Angeles Times
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The U.S. unemployment rate ticked down a tenth of a point in March to 8.8 percent—the lowest in two years—as 216,000 new jobs were created during the month.
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Flickr / cliff1066™(CC-BY)
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The latest economic assessment-slash-prognostication from the Federal Reserve isn’t all bad—in fact, CNN Money goes so far as to characterize it as relatively “bullish,” despite mitigating factors such as soaring oil prices and the crisis in Japan.
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World Economic Forum / Remy Steinegger
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Officials at the SEC have begun to doubt that the agency can prove that executives of the now-defunct Lehman Brothers investment bank broke the law after the company allegedly moved billions of dollars off its balance sheet.
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With the number of kids living below the poverty line closing in on 25 percent, homelessness and hunger are becoming normal for American children, as illustrated by this “60 Minutes” report.
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By Eugene Robinson — After slamming Democrats for not focusing on “jobs, jobs, jobs,” Republicans have decided to ignore their own winning message in favor of “cuts, cuts, cuts.”
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