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Global Capitalism Has Written Off The Human Race

Economic theory teaches that free price and profit movements ensure that capitalism produces the greatest welfare for the greatest number. Losses indicate economic activities where costs exceed the value of production, thus investment in these activities is curtailed. Profits indicate economic activities where the value of output exceeds its cost, thus investment increases.  Prices indicate the relative scarcity  and value of inputs and outputs, thus serving to organize production ...Read full article...

Should The Minimum Wage Be Raised?

“The ladders of upward mobility that made America an opportunity society have been dismantled by the movement abroad of America’s high value-added, high productivity jobs, leaving displaced Americans with only lowly paid domestic service jobs, such as retail clerks, waitresses, bartenders, and hospital orderlies. Making low pay jobs more livable makes the dismantling of the opportunity society more acceptable.” Some years ago when I was Business Week’s columnist an ...Read full article...

How Junk Economists Help The Rich Impoverish The Working Class

ast week, I explained how economists and policymakers destroyed our economy for the sake of short-term corporate profits from jobs offshoring and financial deregulation. That same week Business Week published an article, “Factory Jobs Are Gone. Get Over It,” by Charles Kenny. Kenny expresses the view of establishment economists, such as Brookings Institute economist Justin Wolfers who wants to know “What’s with the political fetish for manufacturing?  Are factories ...Read full article...

How Economists and Policymakers Murdered Our Economy

The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price. See http://www.paulcraigroberts.org/2014/01/17/hows-whys-gold-price-manipulation/ ...Read full article...

Corporate Taxes in America

Raising them should be a national imperative. Corporations should pay their fair share. Not according to Laurence Kotlikoff. He’s a right-wing economist. He’s a corporatist writ large. He claims  abolishing corporate taxes will create jobs. Doing so requires dropping money on Main Street. Get it in people’s pockets directly. Do it by cutting their taxes. Guarantee a living wage. Support worker-friendly legislation. Restore their bargaining power with management. Return ...Read full article...

The Case of the Missing Economic Recovery

Have you seen the economic recovery?  I haven’t either.  But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four and one-half years ago. It is a shy and reclusive recovery, like the “New Economy” and all those promised new economy jobs.  I haven’t seen them either, but we know they are here, somewhere, because the economists said ...Read full article...

The Offshore Outsourcing of American Jobs: A Greater Threat Than Terrorism

Is offshore outsourcing good or harmful for America? To convince Americans of outsourcing’s benefits, corporate outsourcers sponsor misleading one-sided “studies.” Only a small handful of people have looked objectively at the issue. These few and the large number of Americans whose careers have been destroyed by outsourcing have a different view of outsourcing’s impact. But so far there has been no debate, just a shouting down of skeptics as “protectionists.” ...Read full article...

Voodoo Economics: Deficits do matter

Is Paul Krugman a Voodoo Economist? Readers ask me if Paul Krugman could be correct that deficits don’t matter and that neither does printing endless reams of money with which to purchase the Treasury’s debt instruments that finance the deficits.  If people at home and abroad who hold dollars and dollar denominated financial instruments do not care that trillions of new dollars are being created in order to cover ...Read full article...

Government Healthcare is another Corporate Rip-Off Of Americans

The government of the “world’s only superpower,” the “exceptional,” the “indispensable” country, claims to know what is best for Syria, Iraq, Afghanistan, Libya, Yemen, Pakistan, Somalia, Mali, Russia, Venezuela, Bolivia, Ecuador, Brazil, China, indeed for the entire world. However, the “indispensable” country cannot even govern itself, much less the world over which the “superpower” desires hegemony. The government of the “world’s only superpower” has shut itself down. The government ...Read full article...

Hiding Economic Depression With Spin

Time is running out for the US economy and the American people.  The financial press and economic commentators, with few exceptions, do a good job of keeping this fact from the public. Consider for example the spin put on the “advance estimate” of the real GDP growth rate for the second quarter announced on July 31. The annual rate of 1.7 percent real GDP growth for the second quarter ...Read full article...
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