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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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The president's plan to bail out the banks reveals a deference to the existing financial system that puts him at odds with Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz.

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Joseph Stiglitz, Nobel Prize-winning economist and co-author of "The Three Trillion Dollar War," shares his insights into America's economic woes and explains why things are probably going to get worse.

Interviews

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Joseph Stiglitz, Nobel Prize-winning economist and co-author of "The Three Trillion Dollar War," shares his insights into America's economic woes and explains why things are probably going to get worse.

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We've all heard of Publishers Clearing House, but this is a whole new ballgame, people. Robert Greenwald's Brave New Films team has come up with a game that offers each player the fictional (sigh) amount of $3 trillion, the same amount the Iraq war is projected to cost the U.S., and a whole virtual mall's worth of fun "shopping" items to buy.

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Harvard scholar Linda Bilmes speaks about her work with Joseph Stiglitz. The two former Truthdiggers of the Week have a new book and have been working hard to uncover even more hidden expenses for the war in Iraq, which they estimate will cost the taxpayers and their children trillions of dollars.

TD originals

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I'm afraid Barack Obama and Hillary Clinton are giving the game away to John McCain on the most important matter facing the country, the Iraq war. I hate to sound like one of those middle-aged jock-loving MSNBC pundits, but as I sit here on the sidelines I want to scream, "Quit playing defense."

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How could the $720 million the U.S. is currently spending on the Iraq war each day be put to better use? Well, how about paying for the health care costs of 423,529 children? Or giving 34,904 college students four-year scholarships, or providing 6,482 families with homes?

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This week Truthdig salutes Joseph Stiglitz and Linda Bilmes for uncovering the true cost of the war in Iraq. Last year Nobel Prize-winning economist Stiglitz and Harvard budget expert Bilmes estimated the total price tag for Bush's misadventure in Mesopotamia at $2.267 trillion -- a tad higher than the $350 billion to $500 billion so often discussed.

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