Economy & Jobs

Hard Times Are Bad for Democracies

Dec
13

Krugman:

I would put it a bit differently: financial crises call into question whether respectable people know what they’re doing, in a way that other kinds of economic shocks often don’t.

The point for Europe is that the doctrinaire policies followed since 2010, and the unwillingness to rethink dogma in the light of experience, aren’t just economically destructive. They undermine the legitimacy of the whole European system, and may in the end lead to political catastrophe.

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Austerity in Greece a Huge Success? Time Will Tell

Jan
14

IMF Chief Christine Lagarde Sees Greece 'Reaping Benefits' of Austerity:

What technical analysis and the history of crisis management tells us, is that you're better off doing it [deficit reduction] strong and hard at the beginning in order to reap the benefits of the process

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Jared Bernstein on America's 'Lost Decade'

Sep
14

Economist and former Obama-Administration official Jared Bernstein answers his own questions based on the miserable U.S. Census Report on income and poverty in a post titled, "The Lost Decade for the Middle Class".

What does all this tell us about how the American economic model has worked for the middle class and the poor?

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Moustache of Understanding has Bad News

Sep
09

The great Dean Baker comments on Tom 'Moustache of Understanding' Friedman's latest call for all of us to start making sacrifices:

.... In [Friedman's] world, sacrifice must be shared equally. Those who are incredibly rich and those who are barely getting [by] are both called upon to make sacrifices for the greater good. That's Thomas Friedman justice.

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Scott Horsley (NPR) Goes Revolutionary

Jul
30

Wow, Scott Horsley waited till the tail-end of an almost completely vacuous piece of MSM reporting to add this sudden dose of reality:

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Business Hour on WBBM Goes Revolutionary

Jul
29

Listening to the 'Noon Business Hour' on WBBM today. First someone from Chase says (finally) the cuts they're planning to the federal budget will have a negative effect on the economy. Then a little later someone got on and reminded the presenter that the 'Tea Party' was only one side of the issue and that there was another side to contend with as well.

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The Cost of Doing Too Little

Apr
25

Excellent point by Ezra Klein:

The story behind QE2 echoes the story behind the stimulus -- and much else that we’ve tried since the financial collapse. In 2007 and 2008, a truly extraordinary event reshaped our economy. But our political system remained much the same. So though various government entities attempted to mount an extraordinary response, our policies, particularly as we got further and further from the collapse of Lehman and more and more used to high unemployment, became quite underpowered when compared to the events they were meant to address. And then, having not done enough to make a major dent in the problem, they become discredited because they’ve failed to make a major dent in the problem, which in turn made it even harder to amp them up to a point where they’d be effective. Doing too little to start, we’ve learned, makes it harder, not easier, to do more later on.

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Wrong-Way Larry

Dec
08

Larry Summers:"If they [Democrats] don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip."

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Better Paychecks -- Coming to a Walmart Near You

Jun
24

I'm not too up on the agreement between Walmart and Labor about opening a 2nd WalMart store in Chicago but Progress Illinois is reporting that part of the deal is a $8.75/hr. starting salary and then an increase of 40-60 cents after the first year.

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