Very much a student of New Deal economics, New York Times columnist Paul Krugman has often stressed that helping the unemployed during an economic downturn not only helps those who are out of work — it also benefits the economy on the whole. Krugman made that point many times during the Great Recess
The American health care system leaves us all vulnerable to massive costs and uneven access, even under the best of circumstances. But when the economy goes south, things get really awful.
The COVID-19 pandemic has upended our world. It has laid bare the inequity, the limits, and the failures of capitalism. The door to a better future beyond capitalism, already cracked open by the Great Recession, has been pushed open a little wider.
Through mid-June to mid-July, the COVID-19 infection rate, hospitalization rate, and soon the death rate, have all begun to escalate once again. Daily infections consistently now exceed 60,000 cases—i.e. more than twice that of the earlier worst month of April 2020. Consequently, states are beginning to order a return to more sheltering in place and shutdowns of business, especially retail, travel, and entertainment services. The direction of events cannot but hamper any initial rebound of the economy, let alone generate a sustained economic recovery. Exacerbating conditions, a second wave of job layoffs is clearly now emerging—and not just due to economic shutdowns related to the resurging virus. More
From care homes to our high streets, private equity is corroding the foundations of society from within. It must be stopped before it’s too late.
‘It’s the market economy, stupid’ May 21st, 2018 · The question of revolution has been so distracted by its self-generated confusions that we are no longer able to put activist questions in right p…
The title is a riff on James Carville’s disingenuous (and stupid) phrase from 1992 when he was Bill Clinton’s campaign director. Carville’s pithy quip, “It’s the economy, stupid,” became the campaign’s de facto slogan. It functioned as a clever ruse to help Clinton beat Bush by pandering to workers and creating the impression that his More
As unemployment (officially reported) soars toward 30 percent or more, an estimated 20 million more people will fall helplessly below the poverty line. In a recent Pew poll, 60 percent of Latinos reported losing jobs or wages, as did more than half of all workers below the age of thirty. In addition to their jobs, millions will lose everything they had spent their lives working for: homes, pensions, medical coverage, and savings accounts.