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thinkahol *

Story of Broke « The Story of Stuff Project - 0 views

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    The United States isn't broke; we're the richest country on the planet and a country in which the richest among us are doing exceptionally well. But the truth is, our economy is broken, producing more pollution, greenhouse gasses and garbage than any other country. In these and so many other ways, it just isn't working. But rather than invest in something better, we continue to keep this 'dinosaur economy' on life support with hundreds of billions of dollars of our tax money. The Story of Broke calls for a shift in The United States isn't broke; we're the richest country on the planet and a country in which the richest among us are doing exceptionally well. But the truth is, our economy is broken, producing more pollution, greenhouse gasses and garbage than any other country. In these and so many other ways, it just isn't working. But rather than invest in something better, we continue to keep this 'dinosaur economy' on life support with hundreds of billions of dollars of our tax money. The Story of Broke calls for a shift ingovernment spending toward investments in clean, green solutions-renewable energy, safer chemicals and materials, zero waste and more-that can deliver jobs AND a healthier environment. It's time to rebuild the American Dream; but this time, let's build it better.
thinkahol *

Economic Scene; If taxes were lower, the economy would grow faster, right? Economists s... - 0 views

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    AS Election Day approaches, serious discussion about economic policies is hamstrung by the devotion of both parties to reducing taxes. The big reason, of course, is that President Bush emphasizes tax cuts, including elimination of the estate tax, to the exclusion of almost everything else. The Democrats, in turn, hesitate to propose an economic plan that does not include long-term reductions for middle-income workers, and most refuse to talk about rescinding the Bush tax cuts for the wealthy. But the degree of misleading information emanating from both Washington and the media about how taxes affect the economy is disturbing. As I listen to the radio, watch TV news and read a variety of newspapers, it seems that quite a few Americans, including economics writers and media hosts, think that low-tax countries unquestionably grow faster than high-tax economies. Right and left, they seem to attribute more rapid growth in America to lower taxes. What may surprise them is that there is no evidence for that. ''You can make a theoretical case that high taxes impede economic growth, but it is just not supported by the evidence in the U.S. or across countries,'' said William Easterly, a former World Bank economist soon to join the faculty of New York University.
thinkahol *

Study shows that one 'super-corporation' pulls the strings of the global economy | Mail... - 0 views

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    A University of Zurich study 'proves' that a small group of companies - mainly banks - wields huge power over the global economy. The study is the first to look at all 43,060 transnational corporations and the web of ownership between them - and created a 'map' of 1,318 companies at the heart of the global economy. The study found that 147 companies formed a 'super entity' within this, controlling 40 per cent of its  wealth. All own part or all of one another. Most are banks - the top 20 includes Barclays and Goldman Sachs. But the close connections mean that the network could be vulnerable to collapse
thinkahol *

Open proposal to US higher education: end oligarchy economics, save trillions with educ... - 0 views

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    Economics: I'm going to discuss trillions of dollars in a moment. As an economics teacher, I understand numbers this large are extremely difficult to imagine. If you are among the majority with this difficulty, I recommend that you follow the expert testimony that paints the picture, and know that success in this area of public education transformation that unleashes trillions of our dollars for human creative capacity in unimaginable power is sufficient to end the current economic crisis. This is the longest section of my briefing. If you tire in reading, please consider that at trillions of dollars of annual public benefits, you literally have nothing more valuable to do than understand the following facts and ideas. Harvard's Linda Bilmes co-authored a paper with Nobel Prize winner Joseph Stiglitz estimating the long-term costs of current US wars at now $3 to $5 trillion ($30-$50,000 per US household of $50,000/year income), with total debt increase since 2001 of over $10 trillion. Remember, as demonstrated by the evidence disclosed by our own government, all the reasons Americans were told to go to war were known to be lies as they were told and applicable law proves these wars Orwellian unlawful. Just down the Charles River from Harvard, MIT's Simon Johnson (and former Chief Economist of the International Monetary Fund) describes our economy being lead by gambling oligarchs who have captured government as in banana republics (his words), and might plunge the US into an economy worse than the Great Depression. From his article under the telling title, The Quiet Coup: "Elite business interests-financiers, in the case of the U.S.-played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The govern
thinkahol *

Robert Reich (The Truth About the American Economy) - 0 views

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    The U.S. economy continues to stagnate. It's growing at the rate of 1.8 percent, which is barely growing at all. Consumer spending is down. Home prices are down. Jobs and wages are going nowhere. It's vital that we understand the truth about the American economy. How did we go from the Great Depression to 30 years of Great Prosperity? And from there, to 30 years of stagnant incomes and widening inequality, culminating in the Great Recession? And from the Great Recession into such an anemic recovery?
thinkahol *

Elections Have Consequences - 0 views

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    We are at a pivotal moment in American history, and many Americans watching the deficit talks in Washington are confused, perplexed, angry and frustrated. This country, which has paid its debts from Day 1, must pay its debts. Anyone who says it is not a big deal for this country to default clearly does not understand what he or she is talking about. This is a nation whose faith and credit has been the gold standard of countries throughout the world. Some people simply say we're not going to pay our debt, that there's nothing to really worry about. Those are people who are wishing our economy harm for political reasons, and those are people whose attitudes will have terrible consequences for virtually every working family in this country in terms of higher interest rates, in terms of significant job loss, in terms of making a very unstable global economy even more unstable. Our right-wing friends in the House of Representatives have given us an option. What they have said is end Medicare as we know it and force elderly people, many of whom don't have the money, to pay substantially more for their health care. So when you're 70 under their plan and you get sick and you don't have a whole lot of income, we don't know what happens to you. They forget to tell us that if their plan was passed you're going to have to pay a heck of a lot more for the prescription drugs you're getting today. They we're going to throw millions of kids off health insurance. If your mom or dad is in a nursing home and that nursing home bill is paid significantly by Medicaid and Medicaid isn't paying anymore, they forgot to tell us what happens to your mom or dad in that nursing home. What happens? And what happens today if you are unemployed and you're not able to get unemployment extension? What happens if you are a middle-class family desperately trying to send their kids to college and you make savage cuts to Pell grants and you can't go to college? What does it mean for the nation if we
thinkahol *

14 Ways a 90 Percent Top Tax Rate Fixes Our Economy and Our Country | OurFuture.org - 0 views

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    A return to Eisenhower-era 90% top tax rates helps fix our economy in several ways:
thinkahol *

Why isn't the economy more like hydraulics? - 0 views

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    The strange simplicity of economic relationships An odd feature of economics is that economies constitute an apparently complex system, but analysts are often willing to give confident answers about aggregate outcomes, based on simple relationships that always hold.
thinkahol *

Unjust Spoils | The Nation - 0 views

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    The Great Recession could have spawned another era of fundamental reform, just as the Great Depression did. But the financial rescue reduced immediate demands for broader reform. Obama might still have succeeded had he framed the challenge accurately. Yet in reassuring the public that the economy would return to normal, he missed a key opportunity to expose the longer-term scourge of widening inequality and its dangers. Containing the immediate financial crisis and then claiming the economy was on the mend left the public with a diffuse set of economic problems that seemed unrelated and inexplicable, as if a town's fire chief dealt with a conflagration by protecting the biggest office buildings but leaving smaller fires simmering all over town: housing foreclosures, job losses, lower earnings, less economic security, soaring pay on Wall Street and in executive suites.
thinkahol *

More Tax Cuts for the Rich? No Way! -- 6 Key Points About the Tax Debate Raging in Wash... - 0 views

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    Extending Bush's tax cuts for the rich over the next decades is just a terrible idea, and will do nothing to stimulate the economy.
thinkahol *

GMF - The Copenhagen Consensus: Reading Adam Smith in Denmark - 0 views

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    Adam Smith observed in 1776 that economies work best when governments keep their clumsy thumbs off the free market's "invisible hand." Two generations later, in 1817, the British economist David Ricardo extended Smith's insights to global trade. Just as market forces lead to the right price and quantity of products domestically, Ricardo argued, free foreign trade optimizes economic outcomes internationally. Reading Adam Smith in Copenhagen -- the center of the small, open, and highly successful Danish economy -- is a kind of out-of-body experience. On the one hand, the Danes are passionate free traders. They score well in the ratings constructed by pro-market organizations. The World Economic Forum's Global Competitiveness Index ranks Denmark third, just behind the United States and Switzerland. Denmark's financial markets are clean and transparent, its barriers to imports minimal, its labor markets the most flexible in Europe, its multinational corporations dynamic and largely unmolested by industrial policies, and its unemployment rate of 2.8 percent the second lowest in the OECD (the Organization for Economic Cooperation and Development). On the other hand, Denmark spends about 50 percent of its GDP on public outlays and has the world's second-highest tax rate, after Sweden; strong trade unions; and one of the world's most equal income distributions. For the half of GDP that they pay in taxes, the Danes get not just universal health insurance but also generous child-care and family-leave arrangements, unemployment compensation that typically covers around 95 percent of lost wages, free higher education, secure pensions in old age, and the world's most creative system of worker retraining. Does Denmark have some secret formula that combines the best of Adam Smith with the best of the welfare state? Is there something culturally unique about the open-minded Danes? Can a model like the Danish one survive as a social democratic island in a turbulent sea of globali
thinkahol *

Record profits and record unemployment: Nothing's trickling down - CSMonitor.com - 0 views

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    The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history. Executive pay is linked to profits, so top pay is soaring as well. Higher profits are also translating into the nice gains in the stock market, which is a boon to everyone with lots of financial assets. And Wall Street is back. Bonuses on the Street are expected to rise about 5 percent this year, according to a survey by compensation consultants Johnson Associates Inc. But nothing is trickling down to the Average Worker economy. Job growth is still anemic. At October's rate of only 50,000 new private-sector jobs, unemployment won't get down to pre-recession levels for twenty years. And almost half of October's new jobs were in temporary help.
thinkahol *

YouTube - The Truth About the Economy - 0 views

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    Robert Reich connects the dots on the economy, in less than 2 minutes and 15 seconds. Who knew he could draw!?!
thinkahol *

Work That Needs Doing - 0 views

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    According to the American Society of Civil Engineers, repairing our crumbling infrastructure will require an investment of $2.2 trillion over five years. (Source: ASCE Report Card for America's Infrastructure) For every $100 billion spent on infrastructure projects such as rebuilding our roads and bridges, public transportation, energy transmission and water systems, 1.8 million jobs would be created. (Source: Heintz, Robert, James Pollin, and Heidi Garrett-Peltier, "How Infrastructure Investments Support the U.S. Economy: Employment, Productivity and Growth." Amherst, MA: Political Economy Research Institute, January 2009) The current Congress hasn't passed a single job-creation bill. Instead of creating jobs, they've been killing them and slowing down the economic recovery with severe budget cuts. In fact, 1.8 million jobs will be lost as a result of the recent debt ceiling deal to cut government spending while failing to extend the payroll tax and emergency unemployment benefits. (Source: The Century Foundation/Economic Policy Institute) A huge share of the nation's economic growth over the past 30 years has gone to the top .1% of Americans, who now make an average of $27 million per household. The average income for the bottom 90% of us is only $31,244. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) In 1945, the top tax rate for millionaires was 66.4%. The top tax rate for millionaires today is 32.4%. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) Between 2007 and 2010, corporate profits came roaring back to record-high levels at the same time the country lost 8.2 million jobs, or 5.9% of the job base. (Source: Economic Policy Institute) Instead of investing in America and creating jobs, businesses have stockpiled nearly $1.9 trillion in cash - a record high. (Source: Federal Reserve) Corporate taxes account for only 1.3% of the gross d
thinkahol *

America at Stall Speed? - Mohamed A. El-Erian - Project Syndicate - 0 views

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    Judging from the skittishness of both markets and "consensus expectations," the United States' economic prospects are confusing. One day, the country is on the brink of a double-dip recession; the next, it is on the verge of a turbo-charged recovery, powered by resilient consumers and US multinationals starting to deploy, at long last, their massive cash reserves. In the process, markets take investors on a wild rollercoaster ride, with the European crisis (riddled with even more confusion and volatility) serving to aggravate their queasiness. This situation is both understandable and increasingly unsettling for America's well-being and that of the global economy. It reflects the impact of fundamental (and historic) economic and financial re-alignments, insufficient policy responses, and system-wide rigidities that frustrate structural change. As a result, there are now legitimate questions about the underlying functioning of the US economy and, therefore, its evolution in the months and years ahead.
thinkahol *

Discourses on Liberty: Images of Freedom: Georgist Political Economy: We Can Have It Al... - 0 views

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    Note:  Today marks the start of our series "Images of Freedom."  In this lead, Edward Miller discusses the virtues of Georgist political economy, and how structural inequality, especially through land value, can be a threat to liberty.  
thinkahol *

The Austerity Death Trap - 0 views

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    Call it the austerity death trap. Under these circumstances, the harder a country works to cut its debt, the worse the ratio becomes - because the economy shrinks even faster. Greece is already in the trap. Spain and Italy are perilously close. Even Britain, France, and Germany are tip-toeing up to it. And now us. Deficit hawks have to understand: The first step must be to revive growth and jobs. That way, revenues increase and the debt/GDP ratio drops. Only then - when the economy is back on track - do you start cutting.
thinkahol *

China stutters on purpose, world freaks out - Chinese Economy, Yuan Revaluation, Chines... - 0 views

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    The danger of depending too much on a Chinese rescue for the global economy: Even planned slowdowns cause panic
thinkahol *

Yes, There Are Ways to Reduce Unemployment and Revive the Economy | Op-Eds & Columns - 0 views

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    As President Obama begins the second half of his term with a campaign for "jobs and competitiveness," we would do well to consider how he might achieve these worthy goals. It is jobs that matter most to the vast majority of Americans, and unemployment remains at 9.4 percent - about double its pre-recession level. This is a terrible punishment to inflict on millions of Americans who did nothing to deserve it. It will cause long-term and even permanent damage to many of the unemployed and their children.
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