As policymakers in the United States wrangle over how to avert the austerity bomb, the European Parliament voted overwhelmingly in favor of the financial transactions tax (FTT). The European FTT is expected to raise as much as €37 billion each year ($48 billion in U.S. dollars).
Three years into the nation’s brutal recession, America’s workers continue to suffer from massive joblessness, skyrocketing foreclosures and weak buying power. But Wall Street—with corporations sitting on $2 trillion in cash—hasn’t paid for its role in causing the near-collapse of the U.S. economy.
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