Economy articles

Why we should say working class instead of middle class

Why we should say working class instead of middle class

David Rosen writing in Counterpunch makes a good point.  In the postwar era of the great recovery, the working-class became the middle-class and lost its progressive meaning. Three factors shaped this development. First, the consumer revolution and suburbia fostered the celebrated middle-class prosperity. Second the new social sciences turned social relations into hollow income categories

The IMF says global growth may never reach pre-2007 levels again

The International Monetary Fund is cutting their global growth forecasts. “The pace of global recovery has disappointed in recent years”, the IMF said, noting that since 2010 it had been consistently forced to revise down its forecasts. “With weaker-than-expected global growth for the first half of 2014 and increased downside risks, the projected pickup in

Student loan debt may finally be hurting the overall economy

Our higher education system is dysfunctional. Tuitions are unreasonably high and most colleges and universities these days care less about education and more about building multi-million dollar complexes on their campuses. This results in more students going into debt to pay for a higher education that doesn’t result in gainful employment after graduation anyway. For

How China will finally beat the United States of America

I look at it as a government and economy being inclusive versus being extractive. This was the main thesis of the book Why Nations Fail. The question of work styles may become intense as China becomes a developed country. China is a mercantilist country led by an elite focused on maximizing the country’s economic wealth

Three cheers for Alexander Hamilton

I was happy to see this essay in Jacobin magazine that echoed the sentiments I’ve had since reading Ron Chernow’s amazing book on Alexander Hamilton a few years ago. Basically the piece was saying that there was more for the left to get out of Hamilton than his rival Thomas Jefferson which I agree with.

Is Ferguson a denial of the class struggle?

The author of this essay is on to something when he says: There is no Paul Robeson, W.E.B. Du Bois, or A. Philip Randolph among today’s black leadership, neither is there Dr. King to mount the essential two-pronged attack on the American structure of class rulership and widespread poverty, directed against war and militarism, and,

Janet Yellen says economy still in recovery. She’s right.

Here’s what Chairman of the Federal Reserve Janet Yellen had to say about the current state of the U.S. economy: The jobless rate has fallen faster than expected, but Yellen said the economic disruption of the last five years has left millions of workers sidelined, discouraged, or stuck in part time jobs – facts that

Why the DC cab driver hates Uber

What can be done to fix it? There’s been a lot of stories written about Uber and the push back it has received from the taxicab industry. All over the world there have been mass protests by cab drivers angered by Uber and its ride sharing service UberX.  Additionally, Uber has run afoul of the