Mortgage debt overhang from the housing bust has meant lack of middle-class spending power, and low consumer demand is preventing the economy from growing. The problem might be fixed by a new approach from the Fed. But if the Fed won’t act, counties will, as seen in the latest developments on eminent domain and litigation over MERS.
The 179,000 jobs created in May and boasted about by the Obama administration are no more than "the usual lowly paid non-exportable domestic service jobs -- the jobs of a third world country," former Assistant Treasury Secretary Paul Craig Roberts writes.
The economic crisis "ended only for the top 7 percent of households that have substantial holdings of stocks and bonds," former Reagan Assistant Secretary of the Treasury Paul Craig Roberts writes. "The other 93% of the American population is still in recession."
Paul Craig Roberts was an assistant secretary of the Treasury under Ronald Reagan. Like many Americans, he has been wounded by the government he helped create, and he's tired of being called offensive and depressing for talking about it.
Despite the Bureau of Labor Statistics' report that U.S. unemployment fell to 7.7 percent in February, the real jobless rate stands at 23 percent.
"Today the stock market is high not from profits from expanding sales revenues, but from labor cost savings," former Reagan Treasury Secretary Paul Craig Roberts writes in CounterPunch.
Mindful of the bewildering complexity of the issues they report, the best journalists are also teachers who patiently explain the deep meanings and consequences of their findings in language literate audiences can understand. With the Affordable Care Act going into full effect in less than a year, a detailed lesson on how it will impact many Americans' finances is urgent.With the Affordable Care Act going into full effect soon, a lesson on its financial impact is urgent.
Paul Craig Roberts, who was assistant secretary of the treasury during Ronald Reagan's presidency, sees the Georgia-Russia conflict differently than the Bush administration does: "Americans themselves have nothing to gain," Roberts said Friday; "What is operating is the dangerous ideology of the American neoconservatives whose goal is to assert American hegemony over the entire world."