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Nate Beeler | Recession Officially Over / media.cagle.com

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Section(s): 

America's Economic Crisis, June 30, 2014

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  • “…it seems that our remedies are instinctively those which aggravate the sickness: the remedies are expressions of the sickness itself“. --Thomas Merton
  • Part 1: US Economic Output  Tumbled By 2.9 Percent In The First Quarter 
  • Part 2: A New Recession And A New World Devoid Of Washington’s Arrogance?

Compiled by David Culver, Ed., Evergreene Digest

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Part 1: US Economic Output  Tumbled By 2.9 Percent In The First Quarter 

The so-called economic “recovery” is, in fact, a vast redistribution of wealth from the great majority of the population to the super-rich, whose wealth has more than doubled since 2009.

Andre Damon, World Socialist Website 

263fe7d0f0e40c0321b799a4dbd97ae1.portrait.jpg26 June 2014 | The US economy contracted at a 2.9 percent annual rate in the first three months of this year, the sharpest quarterly fall in output since 2009, according to data released Wednesday by the Commerce Department. The figure was the second revision to the gross domestic product (GDP) estimate released in late April, and is the biggest such revision on record.

The sharp contraction expresses the fact that, nearly six years after the 2008 crash, the US economy remains mired in slump. Behind the booming stock market, record corporate profits and CEO pay, daily life for broad sections of the population is dominated by unemployment, economic insecurity and falling wages. This was reflected in the Commerce Department report’s downward revision for consumer spending, which grew at the slowest pace in five years and added only 0.71 percentage points to economic output, compared to an earlier estimate of 3.1 percent.

Andre Damon: national secretary of the International Youth and Students for Social Equality (US)

Full story … 



Part 2: A New Recession And A New World Devoid Of Washington’s Arrogance? 

It is possible that the drop in first quarter real GDP is three times the official number.

Paul Craig Roberts, Paulcraigroberts.org

26 June, 2014 | A final number for real US GDP growth in the first quarter of 2014 was released today. The number is not the 2.6% growth rate predicted by the know-nothing economists in January of this year. The number is a decline in GDP of -2.9 percent.

The negative growth rate of -2.9 percent is itself an understatement. This number was achieved by deflating nominal GDP with an understated measure of inflation. During the Clinton regime, the Boskin Commission rigged the inflation measure in order to cheat Social Security recipients out of their cost-of-living adjustments. Anyone who purchases food, fuel, or anything knows that inflation is much higher than the officially reported number.

Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. 

Full story … 

The U.S. Is Even More Unequal Than You Realized

  • When it comes to income inequality, no other developed economy does it quite like the U.S.A. If you need some proof, here it is.
  • America’s rotting empire
  • What's a Union For?

Maxwell Strachan, Huffington Post 

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05/01/2014 | The chart at right, from the Organization for Economic Co-operation and Development (OECD) using the World Top Incomes Database, shows how income gains between 1975 and 2007 were divvied up in 18 OECD countries for which the researchers had data. Nowhere did the rich benefit as much as in America.

As you can see, in some countries like Denmark the vast majority of income gains went to the bottom 90 percent -- Socialists! -- while nearly half of U.S. income gains went to the richest one percent because freedom, baby.

Maxwell Strachan is a business editor at the Huffington Post. He previously worked at Salon.

Full story … 

Related:

America’s rotting empire, CJ Werleman, AlterNet

  • Billionaires galore and a crumbling infrastructure
  • More proof we're in rapid decline: Not a single U.S. city currently ranks among the world's most livable
  • We're NOT Number 1: Guess Which Country Now Has a More Affluent Middle Class Than America?
  • 5 Ways American Policies and Attitudes Make Us Lonely, Anxious, and Antisocial

 

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What's a Union For? Carla Murphy, ColorLines

  • For many young workers facing a bleaker present and future than many current pensioners, advancing non-workplace issues affecting low-income and working class people of color makes the difference between joining up or observing from a distance. Some unions get that. The support Constance Malcolm, 40, received from her union exemplifies this trend, which is known as social justice unionism.
  • US Workers Among the Least Protected

 

 

Section(s): 

Joseph E. Stiglitz Calls for Fair Taxes for All

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  • “I think we can use our tax system to create a better society, to be an expression of our true values.” Stiglitz says. “But if people don’t think that their tax system is fair, they’re not going to want to contribute. It’s going to be difficult to get them to pay. And, unfortunately, right now, our tax system is neither fair nor efficient.”
  • The Nobel Prize-winning economist Joseph E. Stiglitz on why America’s future prosperity depends on tax reform today.

Bill Moyers, Moyers & Company

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http://readersupportednews.org/images/stories/article_imgs12/Economist Joe Stiglitz appearing on Moyers & Company. (photo: Moyers & Company

May 30, 2014 | A new report by Nobel Prize-winning economist Joseph E. Stiglitz for the Roosevelt Institute suggests that paying our fair share of taxes and cracking down on corporate tax dodgers could be a cure for inequality and a faltering economy.

This week on Moyers & Company, Stiglitz tells Bill that Apple, Google, GE and a host of other Fortune 500 companies are creating what amounts to “an unlimited IRA for corporations.” The result? Vast amounts of lost revenue for our treasury and the exporting of much-needed jobs to other countries.

Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal.

Bill Moyers is an American journalist and liberal public commentator. He served as White House Press Secretary in the Johnson administration from 1965 to 1967. He also worked as a network TV news commentator for ten years.

Full story … 

Related:

US Economy Contracted  By 1 Percent In First Three Months Of 2014, Andre Damon, World Socialist Website

  • Nearly six years after the 2008 financial meltdown, the US economy remains mired in stagnation and slump. Behind the booming stock market and record corporate profits and CEO pay, daily life for broad sections of the population is dominated by unemployment, falling wages and growing poverty
  • America’s rotting empire

 

US Economy Contracted By 1 Percent In First Three Months Of 2014

  • Nearly six years after the 2008 financial meltdown, the US economy remains mired in stagnation and slump. Behind the booming stock market and record corporate profits and CEO pay, daily life for broad sections of the population is dominated by unemployment, falling wages and growing poverty
  • America’s rotting empire

Andre Damon, World Socialist Website

I%20Want%20You%20with%2010%20yr%20banner.jpgIf you like reading this article, consider joining the crew of all reader-supported Evergreene Digest by contributing the equivalent of a cafe latte a month--using the donation button above—so we can bring you more just like it.

shutterstock_177265289.jpgShutterstock

30 May 2014 | The US economy contracted at an annualized rate of one percent in the first quarter of 2014, the first time the economy shrank since 2011, according to revised figures for the gross domestic product (GDP) published Thursday by the Commerce Department.

The figures reflect the fact that nearly six years after the 2008 financial meltdown, the US economy remains mired in stagnation and slump. Behind the booming stock market and record corporate profits and CEO pay, daily life for broad sections of the population is dominated by unemployment, falling wages and growing poverty.

Andre Damon: national secretary of the International Youth and Students for Social Equality (US)

Full story … 

Related:

America’s rotting empire, CJ Werleman, AlterNet 

  • Billionaires galore and a crumbling infrastructure
  • More proof we're in rapid decline: Not a single U.S. city currently ranks among the world's most livable
  • We're NOT Number 1: Guess Which Country Now Has a More Affluent Middle Class Than America?
  • 5 Ways American Policies and Attitudes Make Us Lonely, Anxious, and Antisocial

 

Special Project | America's Economic Crisis: Week Ending June 1, 2014

 

  • “…it seems that our remedies are instinctively those which aggravate the sickness: the remedies are expressions of the sickness itself“. --Thomas Merton
  • 8 New Items including:
    • The Piketty Panic
    • America’s rotting empire
    • The Shocking Numbers Behind Corporate Welfare
    • America is Falling Behind, Way Behind
    • Why the Minimum Wage Should Really Be Raised to $15 an Hour
    • Who Controls our Government? The Psychopathic Corporate Elites of America
    • Welcome to Satan’s Ball
    • Series | Are Polluting Mining Corporations like PolyMet Sociopathic? Part II

David Culver, Ed., Evergreene Digest

 

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The Piketty Panic, Paul Krugman, New York (NY) Times

It has been amazing to watch conservatives, one after another, denounce Mr. Piketty as a Marxist. Even Mr. Pethokoukis, who is more sophisticated than the rest, calls “Capital” a work of “soft Marxism,” which only makes sense if the mere mention of unequal wealth makes you a Marxist.

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America’s rotting empire, CJ Werleman, AlterNet  

  • Billionaires galore and a crumbling infrastructure
  • More proof we're in rapid decline: Not a single U.S. city currently ranks among the world's most livable
  • We're NOT Number 1: Guess Which Country Now Has a More Affluent Middle Class Than America?
  • 5 Ways American Policies and Attitudes Make Us Lonely, Anxious, and Antisocial

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The Shocking Numbers Behind Corporate Welfare, David Cay Johnston, Al-Jazeera America

  • In fact, the numbers significantly understate the true value of taxpayer subsidies made by state and local government agencies to businesses, , including cash giveaways, building and land transfers, tax abatements and steep discounts on electric and water bills, for reasons explained here.
  • 10 Corporate Behemoths Stifling Competition and Delivering Awful Service to You

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America is Falling Behind, Way Behind, Compiled by David Culver, Ed., Evergreene Digest

  • The poor in much of Europe earn more than poor Americans.
  • Part 1: We're NOT Number 1: Guess Which Country Now Has a More Affluent Middle Class Than America? 
  • Part 2: 5 Ways American Policies and Attitudes Make Us Lonely, Anxious, and Antisocial

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014/05/04/148022_600.jpgRandall Enos

Why the Minimum Wage Should Really Be Raised to $15 an Hour, Robert Reich, TruthDig

  • We should be raising the federal minimum to $15 an hour.
  • Here are seven reasons why.
  • Series | Minimum Wage: Part 1, How taxpayers subsidize low-wage workers

 

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Who Controls our Government? The Psychopathic Corporate Elites of America, Richard Gale and Dr. Gary Null, Global Research

  • Is it only me or is there something fundamentally flawed with the people who are running our government, including the autocrats, technocrats and bureaucrats who number in the hundreds of thousands? Does it bother you that the Wall Street banks and major corporations, many of our academia and religious institutions and our medical, military and intelligence gathering complexes, Big Pharma and Big Insurance have their needs met at the expense of everyone else? They control our government. We don’t. Instead we fear our government.
  • Welcome to Satan’s Ball
  • Series | Are Polluting Mining Corporations like PolyMet Sociopathic?

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Welcome to Satan’s Ball, Chris Hedges, Truthdig

Our elites have established the most efficient system of mass surveillance in history. They have abolished most of our civil liberties. They have trashed our economy for their own personal gain. They have looted state treasuries and thrown working men and women aside. Satan is again holding a great ball. You are not invited. I am not invited. Only the gangsters will be there. Putin will be an honored guest. So will Obama.

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Series | Are Polluting Mining Corporations like PolyMet Sociopathic? Part II, Gary G. Kohls, Duty to Warn

  • "Slavery is the legal fiction that a person is property. Corporate personhood is the legal fiction that property is a person." -- Anonymous
  • Series | Are Polluting Mining Corporations like PolyMet Sociopathic?, Part I 
  • Duluth doctors: PolyMet study skips health impacts

 

Section(s): 

The Piketty Panic

It has been amazing to watch conservatives, one after another, denounce Mr. Piketty as a Marxist. Even Mr. Pethokoukis, who is more sophisticated than the rest, calls “Capital” a work of “soft Marxism,” which only makes sense if the mere mention of unequal wealth makes you a Marxist.

Paul Krugman, New York (NY) Times

Thank%20You%20%28Lg%29%20w%3A10%20yr%20banner.jpg Owing to some very dedicated and patient work by our technology consultant, Mike Steigerwald, our site has been fully restored. Please accept our sincerest thanks for your support and patience through these difficult days. We sincerely appreciate it!

jackets/9780674430006.jpg April 24, 2014 | “Capital in the Twenty-First Century,” the new book by the French economist Thomas Piketty, is a bona fide phenom-enon. Other books on economics have been best sellers, but Mr. Piketty’s contribution is serious, discourse-changing scholarship in a way most best sellers aren’t. And conservatives are terrified. Thus James Pethokoukis of the American Enterprise Institute warns in National Review that Mr. Piketty’s work must be refuted, because otherwise it “will spread among the clerisy and reshape the political economic landscape on which all future policy battles will be waged.”

Well, good luck with that. The really striking thing about the debate so far is that the right seems unable to mount any kind of substantive counterattack to Mr. Piketty’s thesis. Instead, the response has been all about name-calling — in particular, claims that Mr. Piketty is a Marxist, and so is anyone who considers inequality of income and wealth an important issue.

The Nobel Prize-winning New York Times Op-Ed columnist Paul Krugman comments on economics and politics.

Full story … 

Related:

How Piketty's Bombshell Book Blows Up Libertarian Fantasies, Lynn Stuart Parramore, AlterNet

Sorry, Ayn Rand. Your fiction has been exposed as, well, fiction.

 

'Trickle-down transit' doesn't work; reboot Southwest LRT design

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  • SWLRT, designed years ago under different priorities, needs to be redesigned. Mayor Hodges and the City Council must deny municipal consent to this SWLRT design. They must ensure Minneapolis’ equity priorities for transit are truly realized within the design of regional plans. 
  • Tracking the Green Line: Will urban renewal by transit turn into poor-people removal?

Patty Schmitz and Julie Sabo, MinnPost

I%20Want%20You%20with%2010%20yr%20banner.jpgIf you like reading this article, consider joining the crew of all reader-supported Evergreene Digest by contributing the equivalent of a cafe latte a month--using the donation button above—so we can bring you more just like it.

article_detail/14222210162_b86b71f8e6_z.jpgRidership projections for Southwest Light Rail tell a story of an alignment designed to avoid urban communities, not serve them. Courtesy of Metro Transit/Eric Wheeler

05/22/14 | There has been much coverage in the media promoting the importance of the Southwest Light Rail (SWLRT) project as a crucial element needed in order to achieve equity in this region. While this seems like a convincing argument for moving the currently designed alignment forward, we would suggest that SWLRT is actually “trickle-down transit.”

Trickle-down transit borrows its catch phrase from “trickle-down economics,” where it is assumed that economic benefits provided to the upper-income areas/people will “trickle down” to those with the greatest needs. But, instead, it actually produces a transit system that provides unequal service to communities along geographic, economic and racial lines. Where these economic and service disparities between exurban/suburban and urban communities already exist, as described in the Brookings Institution’s Mind the Gap study, trickle-down transit acts to make them greater and further entrench them as governing patterns of growth.

Patty Schmitz and Julie Sabo are members of LRT Done Right, a grassroots community group. Sabo is also a former senator in the Minnesota Legislature, where she served on the Transportation Committee. 

Full story … 

Related:

Tracking the Green Line: Will urban renewal by transit turn into poor-people removal? Marlys Harris, MinnPost

While the Green Line may attract new residents who will commute to high-paying jobs in the two downtowns, current residents who moved in before the line was built may still have to travel by car to less accessible areas of the metro. In that case, rising rents will push them out.

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