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Showing blog posts tagged with recession

What Happened to Our Economy and How Can We Fix It?

What Happened to Our Economy and How Can We Fix It?

In a new book, Restoring Shared Prosperity: A Policy Agenda from Leading Keynesian Economists, edited by Thomas I. Palley and Gustav A. Horn, some of the leading economists in the United States take a close look at the recent financial crisis in the United States and abroad and describe how to speed up and expand the recovery to benefit the entire country. Featuring an introduction from AFL-CIO President Richard Trumka and essays by a host of the brightest minds that think about the economy, including a chapter by AFL-CIO policy director Damon Silvers, the book is a comprehensive look at the facts and myths about America's economy and how to fix it.

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Understanding the Need for Full Employment

Understanding the Need for Full Employment

Last week, the Social Security Trust Fund report was released. One of its more telling charts was of the trend in Social Security revenue. Social Security revenue comes from a tax on the wages of earners, paid by both employees and employers. So, essentially it tracks the level of employment. Based on the simple trend of revenues from 1990 to 2007, just before the Great Recession started, 2012 revenue would have been $899.4 billion; instead, it was $840 billion.  That gap means less money to build up the Social Security Trust Fund than expected. The trustees do not break down the revenue by the age of workers, but based on the dramatically lower employment experience of young workers, the bulk of that gap reflects the lost wages of young people.

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Shared Prosperity vs. Income Inequality

How would you like a 100 percent boost in wages?

If you’re in the top 1/1000th of the U.S. income earners, you already got one. Since 1980, a household making $1.5 million in 2010 has received a pay increase of more than 100 percent, after adjusting for inflation, according to New York Times reporter David Leonhardt (click on chart at left to expand).

Leonhardt points to inequality and a long-term slowdown in the economy as behind the nation’s current woes. This economic slowdown began after the 2001 recession, which never had a strong recovery.

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Romney’s Tax Plan Is a Giveaway for the Wealthy at the Expense of the Middle Class

Romney’s Tax Plan Is a Giveaway for the Wealthy at the Expense of the Middle Class

Washington Post’s Ezra Klein pointed out yesterday that the difference between Mitt Romney and President Obama’s tax plans is pretty stark.

Klein writes:

Romney’s plan is a large tax cut for the top 60 percent, a huge tax cut for the top few percent, and a significant tax increase for the bottom few percent, as he permits a few temporary tax breaks that benefit low-income folks to expire. Obama’s plan keeps the current tax rates for almost everyone but the top few percent, who face a very large tax increase.

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Krugman: Challenge to Nation's Economy Political, Not Technical

Krugman: Challenge to Nation's Economy Political, Not Technical

It’s not technically hard to put millions of unemployed workers back on the job—the real challenge is political, says Nobel Prize-winning economist Paul Krugman. Even returning the public-sector jobs that have been slashed at the state and local levels could lower the unemployment rate to nearly 7 percent or under, he said.

Krugman spoke this week at the Economic Policy Institute (EPI) and on a variety of media outlets around the nation to promote his new book, End This Depression Now! In short, says Krugman:

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Pensions Aren’t the Problem for State Budgets

This is a crosspost by AFSCME Secretary-Treasurer Lee Saunders from Huffington Post.

Rupert Murdoch’s Wall Street Journal, the Pravda of the 1 percent, is at it again, continuing its push to gut the retirement security of millions of middle class workers across the country while enriching the Wall Street moneymen who just three years ago took our economy over the cliff.

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