Austerity Is Causing America to Rot / by Doug Henwood

A major bridge in Pittsburgh collapsed just hours before President Joe Biden was scheduled to visit the city to tout his infrastructure bill, January 28, 2022. (Justin Merriman / Bloomberg via Getty Images) If it seems like nothing works anymore in the US, you’re not imagining things. Record-low public investment and declining private investment haveContinue reading “Austerity Is Causing America to Rot / by Doug Henwood”

The Indian economy since Independence / by Prabhat Patnaik

Indian Farmers – Bacbone of Economy | Photo credit: IJR The post-colonial state in India had two primary tasks before it: one was to overcome the hegemony of metropolitan capital, so that a development strategy in relative autonomy from imperialism could be pursued; the second was to attack landlordism both to free the agrarian populationContinue reading “The Indian economy since Independence / by Prabhat Patnaik”

The class dynamics of the Fed’s recession program / by Nick Beams

Originally published: World Socialist Web Site (WSWS) on July 30, 2022 On Thursday, the Commerce Department reported that the U.S. economy shrank for the second quarter in a row, bringing it into a “technical recession.” The economic contraction is being accompanied by a series of layoffs that threatens to become a torrent as the economyContinue reading “The class dynamics of the Fed’s recession program / by Nick Beams”

Is China headed for a crash? / by Michael Roberts

Michael Roberts on the latest batch of critiques on China’s economic progress Once again, Western ‘experts’ are predicting a financial crash in China. “China is flailing,” says one commentator; another says “a debt bomb is about to explode.” These would-be Cassandras reckon China’s demise will be driven by the bursting of the property bubble, excessive debt andContinue reading “Is China headed for a crash? / by Michael Roberts”

Purchasing power of workers’ wages take biggest tumble in 40 years / by Masao Suzuki

Image credit: People’s World Originally published in FightBack! News, July 15, 2022 San José, CA – Real earnings, or workers’ wages after adjusting for inflation, had their biggest drop in 40 years last month, as prices continued to rise faster than paychecks. Real average weekly earnings, which best reflect workers’ paychecks after adjusting for changesContinue reading “Purchasing power of workers’ wages take biggest tumble in 40 years / by Masao Suzuki”

The anatomy of inflation / by Jack Rasmus

Whether the Fed can succeed in taming inflation and do so without precipitating a recession remains to be seen but is highly unlikely. The focus of the U.S. media and economists for the past several months has been increasingly on inflation. In recent weeks, however, U.S. policymakers awoke as well to the realization that inflationContinue reading “The anatomy of inflation / by Jack Rasmus”

What You Need to Know About Inflation / by Samir Sonti

Illustration by Rob en Robin It’s bad and could get worse. Socialists need a response. Should we be worried about inflation? Yes. A rising cost of living hurts working-class households, and the main policy response is to raise interest rates and unemployment. None of this is good. Why is inflation happening? At this point, theContinue reading “What You Need to Know About Inflation / by Samir Sonti”

The ‘Secret’ That Gets CEOs Rich: Keep Workers Poor / by Sam Pizzigati

Photograph by Nathaniel St. Clair How far off the charts has compensation for America’s top corporate CEOs soared? Let’s use Peter Drucker as our reference point. Management theorists today generally give Drucker, a refugee from Nazism in the 1930s, the credit for essentially laying down “the foundations of management as a scientific discipline” after World War II.Continue reading “The ‘Secret’ That Gets CEOs Rich: Keep Workers Poor / by Sam Pizzigati”

While Elites Fret About Inflation and Worker Wages, CEOs Are Robbing Us Blind / by Branko Marcetic

The already massive CEO-worker pay chasm only widened over the course of 2021. (Alexander Mils / Unsplash) The Fed has embarked on an anti-inflation policy designed to destroy jobs and keep wages low. But a new report shows just how exorbitantly CEOs are profiting from the price hikes. As an impending war on workers’ wagesContinue reading “While Elites Fret About Inflation and Worker Wages, CEOs Are Robbing Us Blind / by Branko Marcetic”

Report card on a failing economic system / by Greg Godels

On Friday, May 6, the Federal Reserve released data showing that consumer credit (debt) has been accelerating since the fourth quarter of last year, with revolving credit (largely credit card debt) speeding up at an even greater pace since the third quarter of 2021. Total consumer credit grew by an annualized rate of 7% inContinue reading “Report card on a failing economic system / by Greg Godels”