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Matt Wuerker | The Bush Tax Cut Club /AmericanProgress.org

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Nobel Laureate Stiglitz Says EU Austerity Is Wrong Bet

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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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Reuters, in Common Dreams

The European Union will prolong the global downturn if policymakers in the bloc's big economies insist on austerity measures to cut budget deficits, Nobel Prize winning economist Joseph Stiglitz said on Tuesday (September 7).

Stiglitz, winner of the Nobel Prize for Economics in 2001, said austerity as a policy to end the global crisis was a 'disaster', adding that Europe was heading towards more economic difficulties if politicians meant what they say when they promised to cut back spending rather than just trying to calm down markets.

'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, 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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Robert Scheer on The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street

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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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Amy Goodman, Democracy Now!

Submitted by Evergreene Digest Contributing Editor Thomas Sklarski

Guest: Robert Scheer, longtime journalist based in California. He is the editor of Truthdig and author of many books. His latest is The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street.

Amy Goodman: As we continue our discussion on the state of the economy, we’re joined in Los Angeles by veteran journalist and Truthdig.com editor Robert Scheer. His book is out today; it’s called 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”: Veteran Journalist Robert Scheer on AIG Bonuses, the “Backdoor Bailout” and Why Obama Should Fire Geithner, Summers, Amy Goodman, Democracy Now!
Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months.

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The true cost of the Iraq war: $3 trillion and beyond

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.

Joseph E. Stiglitz, Washington Post | DC, from Citizens for A Legitimate Government

Writing in these pages in early 2008, we put the total cost to the United States of the Iraq war at $3 trillion. This price tag dwarfed previous estimates, including the Bush administration's 2003 projections of a $50 billion to $60 billion war.

But today it appears that our $3 trillion estimate (which accounted for both government expenses and the war's broader impact on the U.S. economy) was, if anything, too low. For example, the cost of diagnosing, treating and compensating disabled veterans has proved higher than we expected. For example, the cost of diagnosing, treating and compensating disabled veterans has proved higher than we expected.

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For many, a new job comes at a cost: lower wages

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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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Michael Luo, New York Times | NY

Donna Ings took a lower-paying job as a home health aide after being out of work for over a year. Michele McDonald for the New York Times

After being out of work for more than a year, Donna Ings, 47, finally landed a job in February as a home health aide with a company in Lexington, Mass., earning about $10 an hour.

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Chelsea Nelson, 21, started two weeks ago as a waitress at a truck stop in Mountainburg, Ark., making around $7 or $8 an hour, depending on tips, ending a lengthy job search that took her young family to California and back.

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Jobless? Your leaders are at ease with that, Paul Krugman, New York Times
None of them want to fix it -- so high unemployment might become a habit.
Punishing the Jobless

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Updated: U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression, Center for Economic and Policy Research (CEPR)<>

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  • Adjusting for demographic factors, current labor market downturn steeper than '82-'83 recession.
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  • The Horror Show
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  • The jobs emergency
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