The absurdities pushed by Ferguson and like-minded people in positions of power, in direct defiance of massive evidence to the contrary, have ruined millions of lives and cost the world more than $10 trillion in lost output since the crisis began.
Their budget stance offends many Americans' sense of morality, since they're asking poor and middle-class Americans to subsidize the luxuries of the wealthy and the profits of powerful corporations. But in the end the country may reject their ideology for an even simpler reason: We can't afford it anymore.
We know the shutdown is not about fiscal responsibility. If it was, Republicans would not have run up the deficit under W by trillions of dollars with two unpaid wars, unpaid Medicare prescription plan, and the Bush tax cuts.
Daniel Alpert makes a compelling case that the U.S. and the world are stuck in a serious crisis of insufficient demand. Alpert is focused on the government spending route to restoring full employment, which is great, but this is not the only possible route.
We have been repeatedly warned that the dollar could lose its status as the world's reserve currency in the event of default. While this is a dubious claim (will countries rush to the euro?), it would actually be good news if it were true.
The most ironic argument against the ACA is that it kills jobs. While most Republicans would argue that the government can't create jobs, apparently government can destroy them.
Michael Grunwald is exactly the person who should have written a book about the stimulus. He's not a fan of everything government does. He'd like to privatize the Post Office, for instance.
We need to start at the beginning. Support our children. Educate all children. Rework the justice system. Help those who make small mistakes to atone for them and reintegrate successfully into society, rather than losing them into the system.
He was giving the White House talking point that "we won't negotiate over the debt ceiling" and Harwood was like, OK, but you will negotiate over the budget... why is it OK to negotiate over one but not the other?
Because economics both poses as a hard science and fails to generate reliable predictions, establishing economic facts is an elusive exercise. Battling statistical analyses come to opposite conclusions on the impact of fiscal stimulus, changes in tax rates, wage mandates, regulations, and so on. Into this void steps money and power, such that today we find ourselves with think tanks staffed by economists who provide their clients with the answers they seek. And since those with the deepest pockets can buy the results that best serve their goals, it is increasingly difficult to generate the wealth of evidence needed to offset market failures, inequities, and even existential threats.
A brief visit to a Staples store in Jackson, Wyoming revealed an ironic anomaly. We know that overall in the U.S., while the unemployment rate still h...
When the stimulus was kicking in, adding significant demand to the economy, real GDP and job growth quickly turned less negative, with GDP turning positive later in 2009, and job growth beginning in early 2010. Moreover, as the stimulus flattened, so did they.
President Obama seems to think that the country should be thankful to Larry Summers that we didn't have another Great Depression. This is like telling little kids that if they don't eat their spinach the bogeyman will get them.
Just as Social Security was to supplement one's retirement -- not be the total retirement plan -- minimum wage jobs were not intended to be long-term careers.
It may be politically popular to yell about deficits being bad, but political popularity cannot change arithmetic. If President Obama wants to boost the economy, he will need to get more government spending to put people back to work, which will mean larger deficits.
Republicans lost the White House. They lost an opportunity to control the Senate. They lost seats in the House, though they remain the majority there. Yet it is their plan, from that minority position, to sustain their sink-middle-class-boats economic policies and scuttle all attempts to change course.