Canadian Elites Are Engineering a Recession to Discipline Workers / by David Moscrop

Orthodox responses to recession favor “stabilizing” the economy through punishing workers and privileging capital. (Jens Büttner / Picture Alliance via Getty Images) Economic orthodoxy blames inflation on everyone except corporations and their windfall profits. It’s time to think about responding to inflation and recessions with policies that make corporations pay, not average workers. In someContinue reading “Canadian Elites Are Engineering a Recession to Discipline Workers / by David Moscrop”

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”

Crisis in Cuba Requires End of US Blockade Now / by W. T. Whitney Jr.

Cuban Flag | Museum of the Revolution, Havana, Cuba, 2012. (Photo: Terry Feuerborn / Flickr) Friends of socialist Cuba like good news about that country. Now bad news has its use. Grief and hardship currently are such that, clearly, the U.S. economic blockade of Cuba must end at once. The harsh details, appearing below, testifyContinue reading “Crisis in Cuba Requires End of US Blockade Now / by W. T. Whitney Jr.”

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”

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”

Neo-liberalism and anti-inflationary policy / by Prabhat Patnaik

Federal Reserve Board of Governors | Photo: Wikipedia Central banks all over the capitalist world are raising, or are about to raise, interest rates as a means of countering the currently rampant inflation, which is certain to push a world economy that is barely recovering from the effect of the pandemic, back towards stagnation andContinue reading “Neo-liberalism and anti-inflationary policy / by Prabhat Patnaik”

The great inflation debate rages on / by Michael Roberts

If the major economies slow down sharply or even enter a slump by the end of this year, inflation too will eventually subside—to be replaced by rising unemployment and falling real wages. Image from Shutterstock. The inflation debate among mainstream economists rages on. Is the accelerating and high inflation rate of commodities here to stayContinue reading “The great inflation debate rages on / by Michael Roberts”

‘Their Inflation Strategy Is Working’: Corporate Profits Soared to Record High in 2021 / by Jake Johnson

Outgoing Starbucks CEO Kevin Johnson was pictured at an annual shareholder meeting in Seattle on March 20, 2019. (Photo: Jason Redmond/AFP via Getty Images) Federal data released Wednesday shows that U.S. corporate profits jumped 25% to record highs in 2021 even as the coronavirus pandemic wreaked havoc on the nation’s economy, disrupting supply chains, hammering low-wage workers, andContinue reading “‘Their Inflation Strategy Is Working’: Corporate Profits Soared to Record High in 2021 / by Jake Johnson”