By Edward Herman - Z Magazine
We are in the midst of a counterrevolution and intensifying class war. What makes its present efflorescence so striking is that it is taking place under the presidency of Barack Obama, a man elected in good measure by an aroused mass base that is now taking its lumps. The power structure no longer permits serious attention to the welfare of that mass base...The Democrats invariably betray their voting base, but not their investor base.
By Julie Hyland - 31 May 2011
The wages of “lower to middle income” workers are set to collapse, according to a report published last week, with wage rates in 2015 expected to be no higher than they were in 2001...This comes after a long period in which the wages of such workers were stagnant or fell, even before the economic collapse of 2008.
Public banking is the solution for economic equity.
By Kris Hundley - Znet
A conservative billionaire who opposes government meddling in business has bought a rare commodity: the right to interfere in faculty hiring at a publicly funded university...A foundation bankrolled by...Charles G. Koch has pledged $1.5 million for positions in Florida State University's economics department. In return, his representatives get to screen and sign off on any hires for a new program promoting "political economy and free enterprise."
By Simon Walker - WSWS
If further proof was required to refute [British] Prime Minister David Cameron’s assertion that all in the UK are suffering his government’s austerity measures equally, one need look no further than the latest Sunday Times Rich List...“Britain’s super rich are making light of the age of austerity, achieving an 18% rise in their collective wealth over the past year”...The UK’s 1,000 richest people are now worth the grand sum total of £396 billion.
By Stefan Steinberg - 13 May 2011
Anger and discontent is mounting across Greece, as living conditions for broad layers of the population become increasingly intolerable. The country now has an official unemployment rate of over 15 percent with youth unemployment at 30 percent. A series of increases in basic taxes, combined with wage cuts of up to 15 percent, have led to a complete collapse in consumption, a drastic decline in revenue for the state and prolonged economic recession.
By Stefan Steinberg - WSWS
This month marks one year since the €110 billion loan made by the European Union (EU) and International Monetary Fund (IMF) to bail out Greece...The bailout marked a new stage in the international financial elite’s offensive against the working class of Europe in response to the banking crisis of 2008...Greece is mired in deep recession. Its official unemployment rate stands at around 15 percent...State revenues have collapsed and the number of citizens...lining up at soup kitchens has dramatically increased.
By ANDY KROLL - Counterpunch
On April 19th, McDonald's launched its first-ever national hiring day, signing up 62,000 new workers at stores throughout the country...[T]hat's more jobs created by one company in a single day than the net job creation of the entire U.S. economy in 2009. And if that boggles the mind, consider how many workers applied to local McDonald's franchises that day and left empty-handed: 938,000 of them. With a 6.2% acceptance rate in its spring hiring blitz, McDonald's was more selective than the Princeton, Stanford, or Yale University admission offices.
Fake jobs creation and economic recovery in America.
By Conn Hallinan - April 28, 2011
When the current economic crisis hit Europe in 2008, small countries on the periphery were its first victims: Iceland, Ireland, and Latvia...But now the contagion threatens to strike at the center of Europe. Spain, the fifth largest economy in the [European Union]...is staggering under a combination of debt and growth-killing austerity, and the balance books in Italy, the [EU's] fourth largest economy, don't look much better.
The prestigious UK magazine The Economist published this interesting article that outlines how wealthy crooks buy “respectability” from elements high in the London establishment and can even buy the connections to do a bit of money-laundering.
By NOAM CHOMSKY - Counterpunch Weekend Edition
Systemic risk in the financial system can be remedied by the taxpayer, but no one will come to the rescue if the environment is destroyed...As long as the general population is passive, apathetic, diverted to consumerism or hatred of the vulnerable, then the powerful can do as they please, and those who survive will be left to contemplate the outcome.
By Robert Scheer - April 19, 2011
When...corporations run into trouble overseas...and need the diplomatic and military might of the U.S. government to protect their interests abroad, it is...the U.S. taxpayer who must pay to maintain this new world order. It is an order...that is contributing mightily to the U.S. government debt. More than half of all discretionary spending, the dollars that the Republicans in Congress now want to take out of needed domestic programs, is accounted for by defense spending.
The "Bond Rating Agency" Standard & Poor's is waging war on American workers.
By Jeff Berg - April 18th, 2011
Like Reagan and the Bushes before him ‘The Harper Government’, self-avowed fiscal conservatives, have run up the largest deficit in the history of the nation....We are also seeing a rapid reduction in worker pensions, a reduction in the quality of social services, and an attack on the “luxury lives” of the public sector and private sector union workers...At the same time military spending is at the highest levels since WWII and climbing, billions more are being spent by every level of government on police, surveillance, and prisons.