The Deficit Commission

Deficit hawks are once again circling the Capitol, spreading fiscal terror among the lawmakers. The bizarre result is that in the face of widespread unemployment, still mounting mortgage foreclosures and eroding real incomes for the vast majority of the country’s…

Myths About the Federal Budget Deficit

  The Commission on Deficit Reduction has an opportunity to make a major contribution to both economic policy and democratic decision-making in our country. To do so, it must confront the myths that dominate the debate over the projected federal…

Unemployment: The New Washington Consensus

The Washington Consensus is a term long used for the harsh austerity imposed by the International Monetary Fund and other lenders on troubled third world economies. Under its dictates, unemployment and lowered incomes, rather than being the problems of insufficient…

Budget Hawks Fly Backwards

Pressure is building in Washington for a high-profile commission to impose fiscal austerity on the Federal government for the coming decade. Supporters argue that Congress lacks the will to rein in projected budget deficits that will burden future generations. Therefore,…

One More Bubble To Go

The word from Washington and Wall Street is that the worst is over. Sure, it will take a while for jobs to recover, for housing to come back, and for wages to rise. But we are definitely on the road…