December 17, 2011 :: J.E. Robertson :: No Comment Yet
One year after Mohammed al-Bouazizi lit himself on fire in protest against mistreatment by police, sparking a movement that has toppled regimes in Tunisia, Egypt and Libya, a global wave of popular protest continues, from the Arabic-speaking world to Europe, India, Chile, the United States and Russia. Today, democracy advocates protest unlawful detention, arbitrary power and socio-economic injustice across the world.
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October 28, 2011 :: The Editors :: No Comment Yet
The city of Oakland is experiencing a deep crisis of conscience, amid what appears to be the moral confusion of its administration. The mayor, who had marched with the Occupy Oakland demonstrators, has now ordered not one but two paramilitary strikes against nonviolent protesters, in which tear gas, “flash-bang” grenades, rubber bullets and powerful sonic [...]
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October 25, 2011 :: J.E. Robertson :: No Comment Yet
We need a system of cooperative public-private infrastructure financing, a national infrastructure bank. But we also need to use that fabric of cooperative investment and output to foster specific areas of major improvement to our national economy. The model could be replicated across the world, but the US is uniquely positioned to deploy this solution [...]
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October 25, 2011 :: J.E. Robertson :: No Comment Yet
The Occupy Wall Street movement—now being called “the American Autumn”, after the Arab Spring, or the September 17th movement, after the day it got started in lower Manhattan—is now completing four weeks on the scene. Yet we can still be astounded to hear so many incredulous “experts” unable to understand how a grassroots movement, infused [...]
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October 20, 2011 :: The Editors :: No Comment Yet
With gasoline prices at record highs in 2008, 2009 and 2010, 2011 has looked like a microcosm of the longer oil-market trend: consistent increases in pricing, fuel costs hurting small business and the middle class, slowing the pace of economic growth in the US, and—maybe most strangely of all—no national policy to motivate a rapid, [...]
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September 13, 2011 :: J.E. Robertson :: No Comment Yet
Saturation means more of a given ingredient cannot be added to a given volume or fabric of activity, without spilling over, and being wasted. The fossil fuels market is saturated, in the sense that it cannot effectively capitalize on major new production investment without major new construction of productive facilities. The industry has effectively pushed prices higher and cannot reduce them without seeing a dropoff in profits. Most people can no longer afford the fuel they used to consume.
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August 18, 2011 :: J.E. Robertson :: One Comment
As I go back and look over what was being written about the economy, and the federal budget, the lost Clinton surpluses, falling wages, and the property bubble, throughout George W. Bush’s second term in office, it is clear the signs were there throughout that a major financial collapse was coming. Many observers, some more astute than others, predicted a correction was in the offing, without having to depend on very complex analysis.
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August 13, 2011 :: The Editors :: No Comment Yet
Today, three-term Texas governor Rick Perry announced his bid for the Republican presidential nomination, promising to foster innovation and enterprise. The speech offered no specifics, but Perry called for simplifying the tax code and promoting private business interests. In what may be the most striking and unusual phrasing of the speech, Perry promised, with passion: “I’ll work every day to make Washington, DC, as inconsequential in your lives as I can.”
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August 13, 2011 :: J.E. Robertson :: No Comment Yet
The debt crisis is attributable to “structural” causes, meaning the way the nation’s financing is structured over the next several decades, but also to political and economic causes, meaning the way we make policy and the way our marketplace for trade, credit and consumer purchases plays out. We need to implement policies that make serious, sustainable corrections on all three fronts.
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August 12, 2011 :: The Editors :: No Comment Yet
On Monday, the first day of trading after a credit downgrade of US Treasury bonds from Standard and Poors, the Dow Jones Industrial Average dropped 624 points. On Tuesday, it gained 429 points. On Wednesday, it dropped by 509. And on Thursday, it gained 414. It is the first time in its history that the DJIA saw swings of 400 points or more for four consecutive days, swings that far out-strip some of the worst one-day declines in its history.
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August 8, 2011 :: J.E. Robertson :: No Comment Yet
It has become a standard of political and economic commentary that the stock market is a “reflection” of the general economic mood or of wider economic health and wellbeing. It is not. The stock market is not a mood ring and it was not designed to be. The Dow Jones Industrial Average (Dow/DJIA) was not designed to stand alone as an economic indicator, but rather as part of a fabric of tools and analyses that would, taken together, give a more insightful, more complete picture of generalized economic balance.
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August 8, 2011 :: J.E. Robertson :: No Comment Yet
With the objectivity and commitment to fact of S&P now seriously in question, and allegations now revived that it and other rating agencies were paid to give AAA ratings to junk securities derivatives, it is clear that we need a 100% not-for-profit (NFP) cooperative bond rating agency. The independent NFP agency could be one of several, staffed by top economists, stakeholders and public servants, and standing somewhere between the public and the private sectors.
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August 7, 2011 :: J.E. Robertson :: No Comment Yet
To build a future of vibrant open democracy and robust and sustainable economic prosperity, it is necessary to privilege creative activities and constructive solutions to the challenges we face. Addressing major challenges in constructive, innovative ways, is the single most significant driver, historically, of sustained economic booms. In short, we need to move deliberately and swiftly toward a creative prosperity agenda.
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August 6, 2011 :: J.E. Robertson :: 4 Comments
What’s wrong with the stock market, particularly the New York Stock Exchange and the Dow Jones Industrial Average? The most significant problem facing the stock market is really a confluence of two problems: 1) we have too little middle class wealth, and so too little consumer demand, and 2) we face an urgent need to accelerate the transition to a new economy, but we are focused on trying to revive an old economy.
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August 6, 2011 :: The Editors :: No Comment Yet
The United States government, until Friday, had more than twice the AAA debt outstanding as any other category of AAA debt. According to Nomura, while the US had $11.2 trillion in AAA debt oustanding, agency mortgage backed securities account for over $5 trillion, and Germany and France follow with less than $2 trillion. Standard and Poors has now downgraded the credit worthiness of the United States government, though there was no default and no indication the government was in any way likely to default.
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August 3, 2011 :: The Editors :: No Comment Yet
Allegations that the so-called Tea Party caucus has degenerated into little more than a lobby for the wealthy interests that back them gain credibility when they support tax hikes on the vulnerable, and which will have a direct negative impact on the middle class. It should be well understood by all: the House Tea Party Republicans have pushed for and supported—the anti-student provisions in the failed Republican-only House bills were far worse—tax hikes that will make college more expensive and eat way at middle class wealth.
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August 2, 2011 :: staff :: No Comment Yet
Two public opinion surveys released today are raising eyebrows among political analysts, as they show the sharp disapproval the American people feel toward the hardline elements in Congress that nearly drove the nation into default. A CNN/ORC poll found that 77% of those polled believe members of Congress involved in the debt negotiations behaved like [...]
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August 2, 2011 :: staff :: No Comment Yet
Pres. Barack Obama today addressed the nation from the White House Rose Garden, explaining how the grand compromise on debt and deficits will play out, as negotiations on new debt reduction continue. He spoke after the United States Senate passed the controversial debt deal, with the second significantly bipartisan vote in two days. Obama said [...]
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August 2, 2011 :: J.E. Robertson :: No Comment Yet
The composition of the national debt is a complex history of policy decisions, governmental priorities and Congressional authorizations. Republican opponents of Pres. Obama have suggested that debt and deficits have “exploded” since he took office. They have sought to paint the president as a “tax and spend liberal”, because that accusation fits their standard campaign [...]
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August 1, 2011 :: staff :: No Comment Yet
Tonight, Pres. Barack Obama announced to the nation and the world that he and the leaders of both parties, in both houses of Congress, have reached agreement on a plan to raise the nation’s debt ceiling through the 2012 election and into 2013. The deal immediately cuts $1 trillion, then relies on “triggers” to guarantee [...]
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August 1, 2011 :: The Editors :: No Comment Yet
The Republican House leadership today again reiterated the false claim that Democratic leaders and the president have been pushing for “job-killing tax increases”. It is obviously a deliberate rhetorical exaggeration, designed to make a case for tax cuts, in a mode of campaigning and fundraising. But it is also a lie: not one politician in either party has ever called for “job-killing tax increases”.
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July 31, 2011 :: staff :: No Comment Yet
The following is a complete transcript of Pres. Obama’s remarks to the nation, announcing a bipartisan deal to raise the debt ceiling, agreed to today by the leadership of both parties… Good evening. There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders [...]
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July 29, 2011 :: staff :: No Comment Yet
Less than two hours after the passage of House Republicans passed a hobbled version of “cut, cap and balance”, the Senate rejected the so-called Boehner plan. This now opens the field of negotiation for a weekend of heated, anxious, uncomfortable compromise debt plan negotiations, in both houses, as leaders attempt to cobble together broad bipartisan coalitions in both houses.
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July 29, 2011 :: staff :: No Comment Yet
After nearly two months of intense, relentless, high-pressure negotiations over whether and how to raise the ceiling for government borrowing, Speaker John Boehner’s debt-reduction plan passed the House of Representatives, with 218 Republican votes in favor, and 22 Republicans voting with all of the Democrats to oppose it. The measure is expected to fail, this [...]
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July 29, 2011 :: staff :: No Comment Yet
The Republican party’s demand that any deal to raise the debt ceiling—normally achieved by passage of a single line of legislative text—include a balanced budget amendment is a complex tangle of distractions, rooted in campaign rhetoric and a desire to frustrate the process of economic recovery. The last constitutional amendment to pass, the 27th, was [...]
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July 29, 2011 :: staff :: No Comment Yet
Around 10:52 am, the news emerged from Capitol Hill that Republicans were planning to change the controversial Boehner spending-cut bill, and call a floor vote some time today. There was speculation that House leaders were planning to cut funding for Pell Grants—needed financial aid for college students—in order to win the support of Tea Party [...]
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July 28, 2011 :: J.E. Robertson :: No Comment Yet
Speaker of the House John Boehner appears to have made an astonishing miscalculation in his legislative strategy, designing proposed legislation to be viable only in a 100% party-line vote, even though as many as 120 of his own members have vowed not to support raising the debt ceiling. Speaker Boehner would need to round up [...]
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July 28, 2011 :: staff :: No Comment Yet
Speaker of the House John Boehner has an admittedly difficult task, trying to corral rogue Republicans who have vowed to oppose raising the debt ceiling, even with the threat their actions could plunge the nation into an economic depression. But today, his speakership inched closer to calamity, as his push to pass a limited package [...]
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July 27, 2011 :: The Editors :: No Comment Yet
Bruce Bartlett, former deputy budget director for Pres. George H.W. Bush and aide to Pres. Reagan, says the Bush tax cuts have added at least $3 trillion to the debt, and other Bush policies led to an increase of $4 trillion in the debt. When Bush took office, budget projections showed a $6 trillion surplus, [...]
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July 27, 2011 :: The Editors :: No Comment Yet
Sen. Mark Warner (D-VA) today addressed the Senate, calling for reasoned cooperation between the two parties and the two chambers, to craft a serious budget deal that can avoid a credit downgrade. He admonished hardline Republicans in the House to recognize that the Constitution they have sworn allegiance to institutes checks and balances, that no [...]
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July 26, 2011 :: staff :: No Comment Yet
While House and Senate leaders are now moving away from Pres. Obama’s $4 trillion debt deal, proposing far less in real long-term debt and deficit reduction, Standard and Poors is threatening to downgrade the nation’s credit rating for bond sales. The rating agency is demanding $4 trillion in deficit reduction, calling for a plan that will put the debt trajectory on a “sustainable path”.
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July 26, 2011 :: The Editors :: No Comment Yet
If the leadership of the House of Representatives does not craft a bill that can work as a bipartisan compromise that will pass both houses, and be signed into law, they will be knowingly imposing on the entire American economy a steep “tax”, in the form of rapidly escalating interest rates. Those interest rate increases [...]
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July 25, 2011 :: The Editors :: No Comment Yet
At least 80, possibly as many as 120 House Republicans have now vowed they will vote against raising the debt ceiling, no matter what the makeup of the compromise reached, no matter the consequences for the economy, for national security, or for America’s future. Speaker John Boehner is caught between a rock and a … well, the smart thing would be for him to work with Democrats, so he can pass something serious and save the country from an economic disaster of his own making.
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July 24, 2011 :: J.E. Robertson :: No Comment Yet
House Speaker John Boehner appears to be under attack from an intransigent House Republican caucus that will not allow him to retain any credible leadership if he agrees to a debt and deficit reduction plan that includes any tax increases of any kind. While select Republicans in the Senate agree with the deficit commission recommendations and the Gang of Six proposal—which recognizes the need to increase revenues to deal with escalating deficits—, radicals refuse to agree to any compromise.
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July 24, 2011 :: staff :: One Comment
In a bizarre interview with Fox News’ Chris Wallace, House Speaker John Boehner appeared embattled, distracted and without a firm grip on any solution to the debt ceiling crisis. He seemed to be unable to speak about the debt ceiling crisis in any truthful manner, repeatedly attacking Pres. Obama for not being willing to make a deal, despite Obama offering far more than any president, Democratic or Republican, in debt and deficit reduction, in fact offering far more than Boehner himself was seeking.
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July 23, 2011 :: The Editors :: No Comment Yet
The Bipartisan Policy Center has found that if there is no agreement to raise the debt limit by August 2, the Treasury Department would fail to pay 44 percent of its obligations. That 44 percent of government spending, over a year, is equivalent to a real decline in GDP of 10 percent. The number is that high because the Treasury Department has been making fiscal adjustments since March, in order to stave off default. Those adjustment have been pushed as far as possible and cannot continue to push back the deadline, beyond August 2.
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July 23, 2011 :: J.E. Robertson :: No Comment Yet
It is a virtual mantra in the universe of political analysis that “business doesn’t like uncertainty”, and it is true that declining consumer spending, increasing fuel costs, squeeze profits and that in some cases, businesses worry about changes to the regulations they must follow. But uncertainty is the nature of an evolving global economy, and with the accelerating pace of innovation, doing any business well is going to require dealing intelligently with uncertainty.
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July 23, 2011 :: staff :: No Comment Yet
Speaker John Boehner walked out of debt ceiling negotiations this morning, informing the press, and only then the White House that he was not planning to return to negotiations. Shortly after 6 pm EDT, Pres. Obama spoke to the press, and took questions, explaining that the deal offered to House Republicans was far more favorable [...]
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July 22, 2011 :: staff :: No Comment Yet
Republican Speaker of the House John Boehner has walked out of debt ceiling negotiations, with reports suggesting the Gang of Six proposal may have led to his rejection of a deal more favorable to his side than to the Democratic side. The Gang of Six proposal was based on the suggestions of a bipartisan budget-deficit commission, and included the need to raise revenues to help fund responsible deficit reduction.
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July 22, 2011 :: staff :: 2 Comments
80% of Americans want tax increases to form part of a responsible, viable, comprehensive debt and deficit-reduction plan. Only 20% of Americans agree with the radical Tea Party position that there should be zero new revenues to help fund a comprehensive plan for debt and deficit-reduction. Even among Republicans, only 26% believe a serious debt and deficit-reduction plan should be done entirely with spending cuts.
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July 21, 2011 :: J.E. Robertson :: No Comment Yet
Borders Books and Music was a place of pilgrimage for book lovers, music lovers and people who loved to sit with coffee and read, chat or peruse magazines they might or might not buy. It has played a vital role in the distribution of books of both wide and narrow market interest, and has driven the cathedral-warehouse paradigm of big bookstore chains. Its failure, however, opens the field for more innovative, more reader-friendly experiments in book selling.
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July 21, 2011 :: staff :: No Comment Yet
In 1987, Pres. Ronald Reagan urged the United States Congress to raise the debt ceiling, to put aside partisan politics in the interests of the nation and the world. Here’s an excerpt of his address: Congress consistently brings the Government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of [...]
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July 18, 2011 :: J.E. Robertson :: No Comment Yet
The road to economic recovery must run through major new infrastructure upgrades, innovation and development. The American infrastructure was once the envy of the world, a valiant testament to the ingenuity and collaborative muscle of a free people; now, it is crumbling [pdf] from malignant neglect, and the cynicism of our political system’s dealings with money.
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July 16, 2011 :: J.E. Robertson :: No Comment Yet
We will not fall magically into a rising tide of job creation, just by depriving ourselves of services and privileges we have built into our way of life and on which our prosperity depends. And we will not create jobs by privileging those industries that are doing the least to innovate. Innovation is the American way; it is what the nation has always struggled to accomplish, and it must be the cornerstone of a new job-creation boom.
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July 16, 2011 :: The Editors :: No Comment Yet
Anyone who wants to drive the nation to default, in order to “hurt Obama” or promote some narrow ideological interest, hates this country. There is no other way to see it. People who lust after, and joke about, and court and urge and instigate, the failure of their nation, with the idea that doing so might elevate their faction in the resulting chaos, harbors a deep and pervasive resentment against the majority of the people who will suffer as a result.
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July 15, 2011 :: J.E. Robertson :: No Comment Yet
The House majority leader Eric Cantor (R-VA) recently published an op-ed, in which he argued that “If Washington actually had the discipline to live within its means over the long term, every American citizen would not owe $46,000 toward the national debt.” The rhetoric is effective, but the logic is flawed; not every American “owes” an equal share of the national debt.
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July 15, 2011 :: The Editors :: 2 Comments
The Republican House majority leader Eric Cantor (R-VA) has made himself into a lightning rod for criticism from all quarters, in the debt ceiling negotiations at the White House, by obstructing substantive negotiations two days in a row. Cantor has now taken a hard line that no tax increases of any kind will be contemplated, [...]
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July 11, 2011 :: J.E. Robertson :: No Comment Yet
The United States of America has been, since its birth 235 years ago, a world leader in promoting universal public education. It has also been a world leader in promoting universal access to higher education and to advanced degrees. That history has made the US a leader in technological innovation and advanced problem solving for two centuries. That legacy is under threat, and national educational aims demand immediate attention.
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July 6, 2011 :: J.E. Robertson :: No Comment Yet
Generative economics is rooted in a simple insight: that economic activities can have corrosive or generative impacts on future available resources. The dynamics of an economic environment can add another layer of corrosive or generative potential to the activities in question. Analysis can be subtle, however, because generative qualities are often not the focus of conventional thinking or play out over the long term.
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July 5, 2011 :: J.E. Robertson :: No Comment Yet
IndependentsOfPrinciple.com :: The Tea Party movement, which claims it is driven by a resistance to taxation, is really motivated by a widespread sense of economic disenfranchisement, that is now reaching everyone except the superrich. The populist urgency that underscores all of the Tea Party’s energy is not inherently linked to Grover Norquist’s anti-American “Club for [...]
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