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Summary: America's Financial Crisis: Week of September 12

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9 New Items including:

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  • Why Obama Is Proposing Whopping Corporate Tax Cuts, and Why He’s Wrong
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  • Robert Scheer on The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street
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Marshall Ramsey

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The true cost of the Iraq war: $3 trillion and beyond,  Joseph E. Stiglitz, Washington Post | DC, from Citizens for A Legitimate Government
Moreover, two years on, it has become clear to us that our estimate did not capture what may have been the conflict's most sobering expenses: those in the category of "might have beens," or what economists call opportunity costs.

Right Response to Unemployment Is Smart Stimulus Spending, John Nichols, The Nation

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  • The federal government has spent a lot of money for the purposes of avoiding a Depression and easing a recession. But it has not spent that money well or wisely.
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  • The jobs emergency
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  • Class Warfare from the Top Down
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Class Warfare from the Top Down, Katrina vanden Heuvel, The Nation on Grit TV

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  • While the economy stagnates and our infrastructure crumbles, Bush's breaks for the wealthiest Americans are doing far more harm than good.
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  • "The spine of this White House," says vanden Heuvel, "is wobbly."
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  • Why Obama Is Proposing Whopping Corporate Tax Cuts, and Why He’s Wrong
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Robert Scheer on The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street, Amy Goodman, Democracy Now!

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  • We speak with veteran journalist and Truthdig editor, Robert Scheer, about his latest book, The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street.
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  • Perp Walks Instead of Bonuses
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Why Obama Is Proposing Whopping Corporate Tax Cuts, and Why He’s Wrong, Robert Reich, RobertReich.org
The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox.

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The Myths of Austerity, Paul Krugman, New York Times | NY

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  • The next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you’ll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we’re bad and the confidence fairy will reward us if we’re good. And real-world policy — policy that will blight the lives of millions of working families — is being built on that foundation.
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  • This isn’t a recovery, in any sense that matters.
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Nobel Laureate Stiglitz Says EU Austerity Is Wrong Bet, Reuters, in Common Dreams

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  • 'If that (austerity) happens I think it is likely that the economic downturn will last far longer and human suffering will be all the greater,' he said.
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  • The Myths of Austerity
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For many, a new job comes at a cost: lower wages, Michael Luo, New York Times | NY

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  • Even as a tentative economic recovery wheezes along, data show a disproportionate growth in low-paying jobs.
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  • U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression
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  • Jobless? Your leaders are at ease with that
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Recognizing the immense contributions of America's unions, E. J. Dionne, Syndicated columnist, Seattle Times | WA
Whatever else they achieve, unions remind us of the dignity of all who toil, whatever their social position, color or educational attainments, writes columnist E.J. Dionne Jr. Unions were important co-authors of a social contract that made our country fairer, richer and more productive.