Economics

How The U.S. Military Undermines The American Economy

October 21, 2019 By David Rosen, Counterpunch.org Educate! Economics, US military

Eisenhower surly must be spinning in grave given how much influence the military industrial complex wields today. In 1960, the military budget stood at $344 billion; today, the military complex, including the ever-growing intelligence apparatus, cost taxpayers over $1 trillion. Military spending for the period October 1, 2019, through September 30, 2020, is at $989 billion and covers the Dept. of Defense, veterans’ benefits, international military assistance, nuclear weapons spending and military intelligence.

Can An Economic Stat Help Narrow Our Grand Economic Divide?

October 19, 2019 By Sam Pizzigati, Inequality.org Strategize! Economics, Inequality, New Economy

Why do so many Americans deeply distrust government? One part of the reason, two top economists suggested to a key congressional committee this week, just might be the most basic — and familiar — of the economic statistics the federal government produces. That stat — gross domestic product, or GDP — “measures the market value of the goods, services, and structures produced by the nation’s economy,” as calculated by the federal Bureau of Economic Analysis. The Bureau generates new GDP figures for every quarter of the year, and the release of these figures regularly makes headlines.

Economics Of Poverty, Or The Poverty Of Economics

October 18, 2019 Staff, Anticap.wordpress.com Educate! Economics, New Economy, Poverty

As every year, mainstream economists lined up to laud the choice. Dani Rodrik declared it “a richly deserved recognition.” Richard Thaler, who won the award in 2017 (here’s a link to my analysis), extended his congratulations to the Banerjee, Duflo, and Kremer and to the committee “for making a prize that seemed inevitable happen sooner rather than later.” While Paul Krugman, the 2008 Nobel laureate, refers to it as “a very heartening prize—evidence-based economics with a real social purpose.”

Recession On The Way, Global Trade & Currency War Has Begun

August 9, 2019 By Staff, Jackrasmus.com Educate! China, Economics, Global Finance, Inter-Imperialist Rivalry, New Economy

Over this weekend, China’s Yuan currency broke out of its band and devalued to more than 7 to $1. At the same time China announced it would not purchase more US agricultural goods. The Trump-US Neocon trade strategy has just imploded. As this writer has been predicting, the threshold has now been passed, from a tariff-trade war to a broader economic war between the US and China where other tactics and measures are now being implemented.Trump will no doubt declare that China is manipulating its currency. A devaluation of the Yuan has the effect of...

25% Of Americans Are “Worse Off” Than They Were Before The Great Recession

June 21, 2019 Mac Slavo, Shtfplan.com Educate! Economics, Inequality, New Economy

For many, the economic recovery being touted by the mainstream media has not yet affected them. About 25% of Americans say that a decade after the housing bust that caused the Great Recession, they are doing worse. Almost half of Americans are not doing any better at all too. If you believe the mainstream media, the economy is robust and the unemployment rateis at a 49-year-low. But not all Americans have recovered from the Great Recession. According to a new survey from Bankrate of about 3,000 Americans, 23% of people who were adults when the recession started in December 2007 say they are now financially worse off than they were before the recession hit.

U.S. Stocks Have Fallen For 5 Weeks In A Row – That Is The Worst Stock Market Streak In Almost 8 Years

May 27, 2019 By Michael Snyder, Activistpost.com Educate! Capitalism, Crisis, Economics, Stock Market

We haven’t seen stock prices slide like this in a long time, and if this keeps up we could soon be looking at an avalanche. Our rapidly escalating trade war with China and more bad U.S. economic numbers pushed stocks down once again this week, and at this point the Dow Industrial Average has now fallen for five weeks in a row. We haven’t seen a losing streak this long since June 2011, and it is yet another indication that we have reached a major turning point. Some positive comments about China from President Trump on Friday helped to lift stocks a little...

Sign Of Hope Or Worry? When The Dollar Store Comes To Town

April 17, 2019 By Patrik Jonsson, Csmonitor.com Educate! Economics, New Economy, Retail

On a “mission to save my neighborhood,” Burnell Cotlon, an Army veteran, built his Lower 9th Ward Market literally by hand, shingle by shingle. Today, his counter wall features cameo shots with Mark Zuckerberg. The launderette out back was donated by Ellen DeGeneres. There are shiny apples and $4.50 pork chop plates. His grocery store is seen as an oasis. But Mr. Cotlon’s gambit to help revive a stagnant Lower 9th Ward faces a new challenge: the Dollar General down the street. A boom in dollar stores across the United States since the Great Recession – three open every day on average – has provided both hope and despair in communities struggling for economic footholds.

The 2018 Retail Apocalypse, In 6 Charts And A Map

January 14, 2019 David Montgomery, Citylab.com Educate! Economics, New Economy

One of the big trends of 2017 was the ongoing “retail apocalypse,” the apparent disaster of declining sales and store closures facing brick-and-mortar retailers. Well, 2018 was more of the same. One year after rounds of store closures by J.C. Penney and Macy’s, 2018 brought shutdowns by Sears and Toys “R” Us—not to mention Mattress Firm, Bon-Ton, Abercrombie & Fitch and more. But just how apocalyptic is this retail apocalypse? CityLab took a closer look at the data and found a much more ambiguous picture than the headlines might suggest.

The Crash Of The “Everything Bubble” Started In 2018 – Here’s What Comes Next In 2019

January 14, 2019 Brandon Smith, Birchgold.com Educate! Capitalism, Economics

In 2018, a very significant economic change occurred, which sealed the fate of the U.S. economy as well as some other economies around the globe. This change was the shift of central bank policy. The era of stimulus and artificial support of various markets, including stocks, is beginning to fade away as the Federal Reserve pursues policy tightening, including higher interest rates and larger cuts to its balance sheet. I warned of this change under new Chairman Jerome Powell at the beginning of 2018 in my article ‘New Fed Chairman Will Trigger Stock Market Crash In 2018’. The crash had a false start in February/March, as stocks were saved by massive corporate buybacks through the 2nd and 3rd quarters.

The Commons, The State And The Public: A Latin American Perspective

January 11, 2019 Daniel Chavez, Tni.org Educate! Economics, Ideology, Latin America, New Economy

In recent years, many researchers and social activists from very different countries, like myself, have rediscovered the notion of the commons as a key idea to deepen social and environmental justice and democratise both politics and the economy. This reappropriation has meant questioning the vanguardist and hierarchical visions, structures and practices that for too long have characterised much of the left. This concept has resurfaced in parallel with the growing distrust in the market and the state as the main suppliers or guarantors of access to essential goods and services. The combined pressures of climate change and the crisis of capitalism that exploded in 2008...

China: A New Philosophy Of Economics

November 21, 2018 Peter Koenig, Informationclearinghouse.info Educate! Capitalism, China, Economics, Inter-Imperialist Rivalry

The west consistently seeks to undermine the interests of their partners, be it for trade or political agreements; be it partners from the west, their smaller and weaker brothers; or from the east; or from the south – there is always an element of exploitation, of “one-upmanship”, of outdoing a partner, of domination. Equality and fairness are unknown by the west. Or, when the concept was once known, at least by some countries and some people, it has been erased by indoctrinated neoliberal thinking – egocentricity, “me first”, and the sheer, all-permeating doctrine of “maximizing profits”; short-term thinking, instant gratification – or more extreme, making a killing today for a gamble or deal that takes place tomorrow.

New World Economic Order Minimizes US Dominance

June 12, 2018 By Pepe Escobar, Atimes.com Educate! Capitalism, Economics, Inter-Imperialist Rivalry

Ahead of the crucial Shanghai Cooperation Organization (SCO) summit in Qingdao this coming weekend, three other recent events have offered clues on how the new world order is coming about.The Astana Economic Forum in Kazakhstan centered on how mega-partnerships are changing world trade. Participants included the president of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun; Andrew Belyaninov from the Eurasian Development Bank; former Italian Prime Minister and president of the EU Commission Romano Prodi; deputy director-general of the WTO Alan Wolff; and Glenn Diesen from the University of Western Sydney.

Inequality Made Worse By Cruel Economic Policies In US

June 4, 2018 Ed Pilkington, Theguardian.com Educate! Economics, Inequality, Policy, US Imperialism

Donald Trump is deliberately forcing millions of Americans into financial ruin, cruelly depriving them of food and other basic protections while lavishing vast riches on the super-wealthy, the United Nations monitor on poverty has warned. Philip Alston, the UN special rapporteur who acts as a watchdog on extreme poverty around the world, has issued a withering critique of the state of America today. Trump is steering the country towards a “dramatic change of direction” that is rewarding the rich and punishing the poor by blocking access even to the most meager necessities. “This is a systematic attack on America’s welfare program that is undermining the social safety net for those who can’t cope on their own. Once you start removing any sense of government commitment, you quickly move into cruelty,” Alston told the Guardian.

A Socialist Economy For The 21st Century

April 24, 2018 Richard Rosen, Thenextsystem.org Create! Economics, New Economy, Socialism

In Next System Project Report 3, author and Tellus Institute co-founder Richard A. Rosen explores the changes he deems necessary for a modern definition of “socialism”, and describes key concepts and issues that arise when aiming to restructure the American economy to include social and environmental sustainability in the Twenty-First Century. To elucidate some of these concepts and issues, Rosen analyzes a set of economic sectors that have very different mechanisms and structures for determining prices, and very different environmental impacts, including: chemical manufacturing, small businesses, housing, defense manufacturing, nonprofit sector, agriculture, and finance. Through these seven-industry sector analyses, Rosen offers a number of changes to each– many of which are also applicable to the economy at large.

Ten Years After The Crash

April 11, 2018 David F. Ruccio, Anticap.wordpress.com Educate! Crisis, Economics, New Economy

The economic crises that came to a head in 2008 and the massive response—by the U.S. government and corporations themselves—reshaped the world we live in.* Although sectors of the U.S. economy are still in one of their longest expansions, most people recognize that the recovery has been profoundly uneven and the economic gains have not been fairly distributed. The question is, what has changed—and, equally significant, what hasn’t—during the past decade? Let’s start with U.S. stock markets, which over the course of less than 18 months, from October 2007 to March 2009, dropped by more than half. And since then? As is clear from the chart above, stocks (as measured by the Dow Jones Composite Average) have rebounded spectacularly, quadrupling in value (until the most recent sell-off).

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