These seven economic whoppers are just plain wrong. 1. Tax cuts for the rich trickle down to everyone else. Baloney. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and have dropped since George W. Bush. […]
Posts Tagged ‘tax cuts’
Solving the Debt Crisis is Easy
July 30, 2011As one who teaches Economics 101 and, as a professor and international consultant who makes a career out of giving macroeconomic advice to other countries, I find the current impasse in the United States both appalling in its potential risks and frustrating in the simplicity of the solutions that are hardly even talked about. The […]
What Class War in America Looks Like
March 23, 2011The wealthiest 5% of Americans control 72% of America’s financial wealth. The bottom 80% control only 7% of the nation’s financial wealth. The richest 400 Americans have more combined wealth than the poorer HALF of all Americans. That means 400 people have more wealth than 150,000,000 people combined. Nearly 80% of all economic gains made […]
Wall Street and its 10 most ridiculous lies of 2010
December 31, 20101.”Honest, we didn’t do it!” Sadly, their blame-shifting strategy worked, bamboozling the media and people across the political spectrum. Crooks? Morons? Take your pick. 2.”The overall costs will be incredibly small in comparison to almost any experience we can look at in the United States or around the world.” Ever since Treasury Secretary Timothy Geithner […]
Collective compassion being abandoned in the US
October 9, 2010America today presents the paradox of a rich country falling apart because of the collapse of its core values. Income inequality is at historic highs, but the rich claim they have no responsibility to the rest of society. They refuse to come to the aid of the destitute, and defend tax cuts at every opportunity. […]
The Economic Recovery is not recovering
August 13, 2010Does anyone ever learn from history, or care about how communities are being destroyed as a financial crisis becomes a social crisis at the grass roots level? Congress slashes funding for food stamps so the unemployed and poor –some 41 million people who rely on them– will have to cut back further. All the talk […]
