April 13, 2013
PAUL JAY explains why Obama’s “bargain” on Social Security will Push More Retirees Into Poverty in Exchange for a Minor Increase in High End Income Tax. CHAINED CPI INDEXING IS A FRAUD - MICHAEL HUDSON and PAUL JAY, Counterpunch
Disadvantages of NAFTA – Kimberly Amadeo, About.com, US Economy
The Economy Comes Unglued – Paul Craig Roberts THE FATHER OF REAGANOMICS
The Roots of our current Great Recession have 3 Principal components:
The exporting of American jobs under the misnomer ‘Free Trade’, the deregulation of American communications and financial industries under the misnomer ‘Free Markets’, and the promotion of American hegemony in the Iraq War under the misnomer ‘Spreading Democracy’ …or whatever the reason was that we supposedly went into that country.
The Iraq War, a conflict originating in lies perpetrated upon earnest but ignorant American citizens by a big government faux conservative administration, is now on its way to becoming the most expense war in US history. At $3 trillion, its out-of-pocket, out-of-budget costs, and incurred future obligations match those of World War II, in inflation-adjusted dollars. But unlike the Second World War, which lifted the US out of the Great Depression, the Iraq war, a W. Bush policy error that blundered into a trap that had been preset by Osama bin Laden, ignited the spiraling energy costs that accelerated our economy’s 4th Quarter 2007 – 0.5 percent contraction to -2.7% by 3d Q of 2008; a condition that further worsened with the 4th Q 2008 credit paralysis that followed the demise of Lehman Brothers.
This nation will not see meaningful economic recovery until these 3 problems are fundamentally addressed.
The current military spending of the United States totals more than the rest of the world’s nations combined, a state of affairs that never before existing in the history of civilization. After 8 Years, Obama’s Military Spending will be 20 Percent Higher, in Inflation Adjusted Dollars, than were the 8 years of Ronald Reagan’s defense spending aganst the collosal military might of the Soviet State; and that projection of Obama’s spending does not even include the 2 wars in which we are presently engaged – Military Budget Analyst Winslow Wheeler Counterpunch
50 years ago, economists believed technology would raise productivity levels and people would be living in near utopian conditions by the year 2000; What Happened? – Michael Hudson
America’s $974 billion Military Budget – Winslow T. Wheeler, National Security Analyst
The reason we need new rules is that a generation of Democrats and Republicans systematically repealed or gutted the regulatory controls enacted eighty years ago to remedy the Great Depression – William Greider
The “free American” starts off with a 30 per cent tax rate, the same position as a medieval serf – Paul Craig Roberts
Compulsory financing of U.S. military spending is built into the global financial system – Michael Hudson
GO TO: ECONOMY ARCHIVES