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Eric Allie | Q1 GDP / media.cagle.com

Eric Allie | Q1 GDP / media.cagle.com

Section(s): 

The Deteriorating Economic Outlook

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  • The first quarter contraction, especially our corrected number, implies a second quarter negative real GDP. In other words, the years of Quantitative Easing (money printing) by the Federal Reserve has not resulted in economic recovery from the 2008 downturn and has not prevented further contraction.
  • The Crash of 2016 Gets Closer Every Day

Paul Craig Roberts, Dave Kranzler, and John Williams, Institute for Political Economy

Submitted by Evergreene Digest Contributing Editor John Stoltenberg

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Graph2-729x528.jpg July 8, 2014 | The third and final estimate (until the annual GDP revisions) of first quarter 2014 real GDP growth released June 25 by the US Bureau of Economic Analysis was a 2.9% contraction in GDP growth, a 5.5 percentage point difference from the January forecast of 2.6% growth. Apparently, the first quarter contraction was dismissed by those speculating in equities as weather related, as stock averages rose with the bad news.

Stock market participants might be in for a second quarter surprise. The result of many years of changes made to the official inflation measures is a substantially understated inflation rate. John Williams (www.shadowstats.com) provides inflation estimates based on previous official methodology when the Consumer Price Index still represented the cost of a constant standard of living. The 1.26% inflation measure used to deflate first quarter nominal GDP is unrealistic, as Americans who make purchases are aware.

John Williams, an expert on government economic statistics, has been a private consulting economist for more than thirty years. 

Dave Kranzler has years of experience in financial markets. 

Paul Craig Roberts is an economist and former Assistant Secretary of the US Treasury for Economic Policy.

Full story … 

Related:

The Crash of 2016 Gets Closer Every Day, Thom Hartmann, OpEdNews

  • How our corporate overlords are setting us up to fail (again)
  • While profits soar, wages continue to stagnate and anti-tax zealots gut the safety net — a recipe for disaster.
  • America's Economic Crisis, June 30, 2014

 

 

Section(s): 

The Crash of 2016 Gets Closer Every Day

New%20Economic%20Perspectives%20banner.jpg

  • How our corporate overlords are setting us up to fail (again)
  • While profits soar, wages continue to stagnate and anti-tax zealots gut the safety net — a recipe for disaster.
  • America's Economic Crisis, June 30, 2014

Thom Hartmann, OpEdNews

http://media.salon.com/2014/01/wolf_wall_street4-620x412.jpg Leonardo Dicaprio in "The Wolf of Wall Street" 

Friday, Jul 4, 2014 | The denial of fundamental economic principles is setting the world up for another Great Crash.

Although wages have been flat or declining since the West started following Thatchernomics and Reaganomics in the late ’70s and early 1980s, the stock market has risen to all-time highs. Billions—hundreds of billions—have been made by individuals on Wall Street.

Thom Hartmann is an American radio host, author, former psychotherapist, entrepreneur, and liberal political commentator. He is the #1 progressive radio talk show host in the US and a New York Times bestselling author, including 4 Project Censored awards.

Full story … 

 

Related:

America's Economic Crisis, June 30, 2014, Compiled by David Culver, Ed., Evergreene Digest

  • “…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?

 

What the EFM is going on in Michigan?

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  • This week's (June 27) Clearing the FOG is described as "We take a look at the disturbing trends in Michigan. Emergency Financial Managers are being appointed by the governor to run cities and school boards, particularly in black majority communities, in a dictatorial fashion."  
  • Guests: Claire McClinton, Rev. Ed Pinkney, Maureen Taylor and Tom Stephens

Margaret Flowers and Kevin Zeese, Clearingthefog on Mixcloud

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Forces%20of%20Greed%20Radio%20Logo.jpg June 27, 2014 | We take a look at the disturbing trends in Michigan. Emergency Financial Managers (EFMs) are being appointed by the governor to run cities and school boards, particularly in black majority communities, in a dictatorial fashion. As our guest Tom Stephens writes, ”The Emergency Financial Manager regime imposed on Detroit is ‘an entirely new and unprecedented form of anti-democratic local government directly controlled by the corporate agents of ‘the 1%’ that is designed to steal everything: land, water, air, lives, and every right not associated with capital.” 

Pat Bagley 

The first Emergency Financial Managers were appointed to run cities in 2000, but a significant change occurred in 2011 with the passage of Public Act 4, the Local Government and School District Fiscal Accountability Act. This state law gave EFM’s unprecedented power to “exercise any power or authority of any officer, employee, department, board, commission or other similar entity of the local government whether elected or appointed.” Our guests will discuss how the EFM’s are dismantling cities to pave the way for privatization and gentrification and what people in those cities are doing to fight back.

Margaret Flowers and Kevin Zeese  are participants in PopularResistance.org. They also co-direct It’s Our Economy and are co-hosts of Clearing the FOG, shown on UStream TV and heard on radio.

Tune in here for an excellent radio program. 

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 

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!

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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

 

###

 

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

 

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