The Myth Of A ‘Skills Gap’ And Our Phony ‘Education Crisis’

By: Monday March 31, 2014 10:14 am

Ask a Neoliberal why trickle down economics is not working in America and there are a few standard excuses offered. The excuses range from the fringier “inner city people are lazy” to the boilerplate “government is distorting markets” to the more establishment friendly “it’s a lack of education.” Let’s put racial dog whistles and reactionary [...]

Economy Still Not Working For Young Americans

By: Monday May 6, 2013 7:58 am

Hoping for change? The evidence now indicates that youth unemployment in America has now surpassed Europe and other developed countries, marking a stark turnaround from previous trends. The United States has become a land of diminishing opportunity for the young. For all of Europe’s troubles — a left-right combination of sclerotic labor markets and austerity [...]

Technological Unemployment To Hit Service Sector

By: Wednesday March 27, 2013 9:34 am

The story of robotics replacing workers in manufacturing is nothing new but now it seems that robots are moving into the once unthinkable sector of service jobs. The kind of work some previously thought only humans could do. If you meet Baxter, the latest humanoid robot from Rethink Robotics – you should get comfortable with [...]

Speaker Boehner Admits ‘We Do Not Have An Immediate Debt Crisis’

By: Monday March 18, 2013 5:59 am

Speaker John Boehner might want to take a word of advice from Speaker John Boehner because according to him there is no immediate crisis. In an interview with ABC News Speaker Boehner admitted that, contrary to much of his and his party’s rhetoric, there actually is not a debt crisis. Martha Raddatz: Is [President Obama] [...]

Unemployment Problem, Not a Deficit Problem, Cont’d

By: Thursday December 13, 2012 12:30 pm

I touched on this yesterday, but with the release of the Federal Reserve’s economic projections, we can say just what a catastrophe the past several years of policymaking has been. Here’s Paul Krugman: What struck me is that the Fed expects the unemployment rate to be well above its long-run level even in the fourth [...]

We Have an Unemployment Problem, Not A Deficit Problem

By: Wednesday December 12, 2012 2:10 pm

The good news is that the Federal Reserve vowed to keep interest rates low until unemployment fell below 6.5%. The bad news is that they implied it would take until 2015 to get there. And it will take that long, if we continue to pull back on fiscal policy in the middle of a lukewarm [...]

The Case for Adequacy and Economic Growth Rather than Deficit Reduction and “Smart Cuts”

By: Tuesday December 11, 2012 8:30 am

Fiscal slope talks have progressed, according to multiple news reports. Nobody’s talking details, which tea leaf-readers are taking as a sign of advancement (I wouldn’t be so sure of that, it seems more like standard back-room negotiating practice). But we do know that both sides are talking. What could they be talking about? Well, we [...]

Consumer Confidence Starts to Drop

By: Friday December 7, 2012 11:45 am

This chart, which plots consumer confidence against incidences of news stories about the fiscal slope, finally shows the consumer affected by the uncertainty and fear from Congressional action (or lack thereof) tanking the economy. Since the summer, the consumer has been buoyed by a number of factors, including a recovery in housing prices and incremental [...]

The Continuing Crisis of Long-Term Unemployment

By: Friday December 7, 2012 9:15 am

As we gaze at today’s payroll report, it’s worth pointing out how government policies have improved the numbers in relative terms. Not by putting more people back to work, but by putting more people into the uncounted shadows: During a press conference demanding unemployment insurance be part of a fiscal cliff deal, Chuck Schumer noted [...]

Unemployment Rate Drops as Economy Adds 146,000 Jobs in November

By: Friday December 7, 2012 6:18 am

The US economy proved surprisingly resilient in preliminary November job numbers, despite the effects of Hurricane Sandy, posting a gain of 146,000 jobs, and a drop in the topline unemployment rate to 7.7%. However, because of Sandy we should expect substantial revision to the numbers. The Bureau of Labor Statistics claims that their survey response [...]

Banks Rake In Profits – Largely From Government Supports

By: Wednesday December 5, 2012 3:37 pm

It goes without saying that you should not weep for the banking industry. In the years following a Great Recession they caused, they still manage to churn out record profits. This is the 13th straight quarterly rise in profits for financial institutions. The industry’s third-quarter earnings jumped 6.6% from the same period in 2011, to [...]

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