Group items tagged

THESE are the worst of times for workers, and the best of times for companies. At least that is one way to read the newly revised national economic statistics.

The U.S. Special Operations Command's spending since 2001 has quadrupled, with an almost fivefold increase in revenue for its four largest defense contractors, according to a Bloomberg Government study.

We have the evidence: the hardpressed US taxpayer is being fleeced by profiteering contractors and corrupt military personnel

Criticism is the only known antidote to error

STOCKHOLM - Almost every developed nation in the world was walloped by the financial crisis, their economies paralyzed, their prospects for the future muddied. And then there's Sweden, the rock star of the recovery.

[Barring unforeseen events, I'm going to leave this post at the top of the page for today and tomorrow, as I think the events it examines, rather in detail and at length, are vitally important and merit much more attention than they've received] The Obama DOJ's effort to force New York Times investigative journalist Jim Risen to testify in a whistleblower prosecution and reveal his source is really remarkable and revealing in several ways; it should be receiving much more attention than it is.  On its own, the whistleblower prosecution and accompanying targeting of Risen are pernicious, but more importantly, it underscores the menacing attempt by the Obama administration -- as Risen yesterday pointed out -- to threaten and intimidate whistleblowers, journalists and activists who meaningfully challenge what the government does in secret. The subpoena to Risen was originally issued but then abandoned by the Bush administration, and then revitalized by Obama lawyers.  It is part of the prosecution of Jeffrey Sterling, a former CIA agent whom the DOJ accuses of leaking to Risen the story of a severely botched agency plot -- from 11 years ago -- to infiltrate Iran's nuclear program, a story Risen wrote about six years after the fact in his 2006 best-selling book, State of War.  The DOJ wants to force Risen to testify under oath about whether Sterling was his source.

It's important, yes, and must be addressed. But by a wide margin, it's not the nation's most pressing economic problem. That would be the widespread and persistent joblessness that has plagued the labor market since the Great Recession began in 2008. Almost 14 million people - 9.1 percent of the labor force - were officially counted as unemployed last month. But that's just the tip of the iceberg. There were almost 9 million part-time workers who wanted, but couldn't find, full-time jobs; 28 million in jobs they would have quit under normal conditions; and an additional 2.2 million who wanted work but couldn't find any and dropped out of the labor force. If the economy could generate jobs at the median wage for even half of these people, national income would grow by more than 10 times the total interest cost of the 2011 deficit (which was less than $40 billion). So anyone who says that reducing the deficit is more urgent than reducing unemployment is saying, in effect, that we should burn hundreds of billions of dollars worth of goods and services in a national bonfire. We ought to be tackling both problems at once. But in today's fractious political climate, many promising dual-purpose remedies - like infrastructure investments that would generate large and rapid returns - are called unthinkable, in the false belief that they would impoverish our grandchildren. Yet there are other ways to attack unemployment that could garner bipartisan support. Perhaps the most promising is a payroll tax holiday.

In recent months, the federal debt ceiling - last increased in February 2010 and now standing at $14.3 trillion - has become a matter of national debate and political hysteria. The ceiling must be raised by Aug. 2, Treasury says, or the government will run out of cash. Congressional Republicans counter that they won't raise the debt limit unless Democrats agree to large budget cuts with no tax increases. President Obama insists that closing tax loopholes must be part of the package. Whom and what to believe in the great debt-limit debate? Here are some misconceptions that get to the heart of the battle.