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Is anyone in the Obama administration listening to Paul Krugman? Maybe, says the Nobel Prize-winning economist, but only at the end of a year in which political insistence on the need to reduce short-term deficits with spending cuts slid the economy and much of the American public further into ruin.Economist Paul Krugman takes an accounting at the end of a year in which political focus on short-term deficits slid the economy and much of the American public further into ruin.

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Wall Street’s occupiers are asking the big questions about the U.S. economy. What can we do to create jobs, eliminate poverty and free the nation from the grip of debt? American labor lawyer Thomas Geoghegan points to early 20th-century economist John Maynard Keynes for some clues. (more)

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Economist and New York University professor Nouriel Roubini explains that globalization, reckless lending and borrowing, and the redirection of income and wealth from industries dependent upon human labor and well-being to those composed mainly of capital (more).

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Governments on both sides of the Atlantic are making the same blind, stupid, ideological error: trying to rescue faltering economies with spending cuts. It doesn't work, as John Maynard Keynes explained decades ago. (more)

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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 solutionThe experience of seeing a free market system drive itself into a rut that it cannot pull itself out of is nothing new.

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

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A government report released Friday signals worsening economic tides as the U.S. tries to navigate through its highest level of unemployment in four years. The seven-month-long trend of net job losses is likely to persist, with few signs of a turnaround on the horizon.

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