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Conservative economists endorse immigration reform bill

Thu, 23 May 2013 00:00:00 -0700

Chicago Tribune - By Lisa Mascaro - May. 23 (News Report) - More than 100 conservative economists will call on Congress to approve an immigration overhaul, highlighting the potential economic benefits. The letter by the American Action Forum, to be released Thursday, is the latest volley from conservative economic thinkers...

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Apple CEO Cook to Propose Tax Reform for Offshore Cash

Sun, 19 May 2013 00:00:00 -0700

Bloomberg - By Adam Satariano - May. 19 (News) - Apple is facing U.S. government scrutiny after Cook unveiled a plan last month to return $100 billion in cash to shareholders via dividends and buybacks through 2015. Rather than using cash overseas that will be taxed, Apple is borrowing money for the payout, saving as much as $9.2 billion in taxes,

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Energy Exports Are Good!

Sat, 18 May 2013 00:00:00 -0700

New York Times - By By JOE NOCERA - May. 18 (Opinion) - Op-Ed Columnist: Energy Exports Are Good!

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How the IRS’s Nonprofit Division Got So Dysfunctional

Fri, 17 May 2013 00:00:00 -0700

ProPublica - By Kim Barker, Justin Elliott - May. 17 (Investigative Report) - The IRS division responsible for flagging Tea Party groups has long been an agency afterthought, beset by mismanagement, financial constraints and an unwillingness to spell out just what it expects from social welfare nonprofits, former officials and experts say.

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Joe Biden’s Productivity Piffle

Thu, 16 May 2013 00:00:00 -0700

FactCheck - By Eugene Kiely - May. 16 (Fact Check) - Vice President Joe Biden falsely claimed that U.S. workers “are three times as productive as any worker in the world.” He’s not even close. By the standard measure for productivity, American workers ranked third in the world behind Norway and Ireland in 2011. Biden also stated that the U.S. economy … More >>

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Cisco Thrives On U.S. Strength And A Steadily Improving Global Economy

Thu, 16 May 2013 00:00:00 -0700

Forbes - By Agustino Fontevecchia, Forbes Staff - May. 16 (News Report) - Cisco posted third quarter earnings after the bell on Wednesday, beating estimates and delivering a ninth consecutive quarter of “record” revenues. Shares in the large networking and communications firm surged more than 5% in post-market trading.

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IT security in India under scrutiny after $45m cash machine heists

Wed, 15 May 2013 00:00:00 -0700

The Guardian - May. 15 (News Report) - Millions stolen after gang broke into two card-processing firms based in India and raised balances and withdrawal limits A breach of security at two payment card-processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the country. Global banks that ship work to be processed in India, either in-house or to large IT services vendors, were already under pressure to step up oversight of back-office functions after a series of scandals last year. Last week, prosecutors in the United States said a global criminal gang stole $45m (£29.5m) from two Middle Eastern banks by breaking into the two card-processing companies based in India and raising balances and withdrawal limits. "India is exposed in two ways: the threat that the same theft could happen in India and the fact that the outsourcing industry will also get affected," said Arpinder Singh, partner and national director for fraud ...

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Large Corporations Seek U.S.–European 'Free Trade Agreement' to Further Global Dominance

Mon, 13 May 2013 00:00:00 -0700

AlterNet - By Andrew Gavin Marshall - May. 13 (Special Report) - A corporate world order is emerging, and like any parasite, it is slowly killing off its host. Unfortunately, the "host" happens to be the planet, and all life upon and within it. So, while the extinction of the species will be the end result of passively accepting a corporate-driven world, on the other hand, it’s very profitable for those corporations and their shareholders.

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The Facts Are In and Paul Ryan Is Wrong

Fri, 10 May 2013 00:00:00 -0700

New York Magazine - By Jonathan Chait - May. 10 (News Analysis) - Changes in the way we think about the world are not “news” in the classic sense — they occur gradually, without discrete events to signal them. But they matter. Two such developments have come together recently, both reported in the New York Times. The f

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Op-Ed Columnist: Bernanke, Blower of Bubbles?

Fri, 10 May 2013 00:00:00 -0700

New York Times - By Paul Krugman - May. 10 (Opinion) - Bubbles can be bad for your financial health — and bad for the health of the economy, too. The dot-com bubble of the late 1990s left behind many vacant buildings and many more failed dreams. When the housing bubble of the next decade burst, the result wa

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Deficit Reduction Is Seen by Economists as Impeding Recovery

Thu, 09 May 2013 00:00:00 -0700

New York Times - By Ackie Calmes, Jonathan Weisman - May. 09 (News Report) - After two years of stalemate on how to spur job creation and slash deficits, the consensus is that fiscal tightening has been a drag on economic recovery.

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Stop the Plunder of Africa

Thu, 09 May 2013 00:00:00 -0700

New York Times - By By KOFI ANNAN - May. 09 (Opinion) - Op-Ed Contributor: Stop the Plunder of Africa

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Shell presses ahead with world's deepest offshore oil well

Thu, 09 May 2013 00:00:00 -0700

The Guardian - By Simon Goodley - May. 09 (News Report) - Company will drill almost two miles underwater in Gulf of Mexico as part of next generation of deep-water developments Royal Dutch Shell is pressing ahead with the world's deepest offshore oil and gas production facility by drilling almost two miles underwater in the politically sensitive Gulf of Mexico. The move is being viewed in the oil industry as a demonstration of Shell's confidence that its technology can deliver returns on expensive and risky offshore projects, despite a recent downturn in oil prices. It comes a day after ExxonMobil said it would start work on a $4bn (£2.6bn) project to develop the Julia oilfield, also in the North American ocean basin, and weeks after BP delayed development of its biggest Gulf of Mexico project – Mad Dog Phase 2 – citing rising costs. John Hollowell, a Shell executive vice-president, said: "This important investment demonstrates our ongoing commitment to usher in the next generation of deepwater developments, which will deliver more production ...

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10 Reasons Austerity Is a Crock

Wed, 08 May 2013 00:00:00 -0700

AlterNet - By Stephanie Kelton - May. 08 (News Analysis) - When we allow our economy to operate below full employment (as now), we are sacrificing trillions of dollars in lost output and income each year. We can never go back and recover it. It is gone forever. You’ve seen the debt clock? Here’s the lost output clock.

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Krugman Exposes the Hypocrisy of Fiscal Conservatives

Tue, 07 May 2013 00:00:00 -0700

TruthDig - By Tracy Bloom - May. 07 (News Analysis) - In his latest column for The New York Times, Nobel Prize-winning economist Paul Krugman writes that the case for economic austerity has collapsed, though that hasn’t stopped the pro-austerity faction from continuing to push for deep spending cuts.

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JOLTS Data Offer Depressing Snapshot Of Job Market

Tue, 07 May 2013 00:00:00 -0700

Huffington Post - By Mark Gongloff - May. 07 (News Report) - If it wasn't clear before, it's clear now: Employers just aren't hiring. The Bureau of Labor Statistics on Tuesday released its latest Job Openings And Labor Turnover Summary (JOLTS) , a less-famous read on the job market than Friday's jobs report . The

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Brittany villages blazing a trail in energy self-sufficiency

Sun, 05 May 2013 00:00:00 -0700

The Guardian - By Hervé Kempf - May. 05 (News) - Residents of Côtes D'Armor in northern France hope a series of green schemes can also reinvigorate the local economy Jacky Aignel, the leader of Saint Gouéno council in Brittany, looks at the cranes hoisting blades to the top of a wind-mast: "We've been waiting so long for this," he sighs.

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Where Have All the Jobs Gone?

Sat, 04 May 2013 00:00:00 -0700

New York Times - By Jared Bernstein - May. 04 (Opinion) - Where Have All the Jobs Gone?

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We Decide How to Share Gains

Thu, 02 May 2013 00:00:00 -0700

Huffington Post - By Stan Sorscher - May. 02 (Opinion) - Multinational employers steadily move work offshore, and lay off thousands of workers. We've cut funding for education; student debt is over a trillion dollars. We've terminated pensions, weakened unions, made work more contingent and more precarious. Wal-Mart cuts hours to avoid paying for health care. Some elected officials demonize teachers, and public employees, and turn public opinion against any regular worker daring to hope for a higher standard of living. Globally, workplace insecurity and inequality are at historic levels.

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Reinhart, Rogoff Backing Furiously Away From Austerity Movement

Thu, 02 May 2013 00:00:00 -0700

Huffington Post - By Mark Gongloff - May. 02 (News Report) - Under steady attack after their seminal research was found to be riddled with errors, Harvard economists Carmen Reinhart and Kenneth Rogoff are making a show of backing away from the austerity that their research encouraged. They claim that their views on austerity have never changed, but the record tells a different story. They're still trying to have it both ways -- advocating for government belt-tightening while trying to avoid being seen as political.

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2 More Grad Students Claim To Find Another Flaw In Reinhart-Rogoff Research

Tue, 30 Apr 2013 00:00:00 -0700

Huffington Post - By Mark Gongloff - Apr. 30 (News Report) - Like Scooby-Doo villains, Carmen Reinhart and Kenneth Rogoff keep getting done in by meddling kids. First, University of Massachusetts-Amherst grad student Thomas Herndon shot holes in their influential research paper, "Growth In A Time Of Debt," by pointing out several mistakes and omissions the Harvard economists had made. Now, two PhD students at the University of Missouri-Kansas City have a new paper that they say finds another flaw in that same research.

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Explaining the upper crust’s preference for austerity economics

Sat, 27 Apr 2013 00:00:00 -0700

seattletimes.com - By Paul Krugman - Apr. 27 (Opinion) - At this point, the austerian position has imploded; not only have its predictions about the real world failed completely, but the academic research invoked to support that position has turned out to be riddled with errors, omissions and dubious statistics. Yet two big questions remain. First, how did austerity doctrine become so influential in the first place? Second, will policy change at all now that crucial austerian claims have become fodder for late-night comics?

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Sequester politics: Claims about the FAA furloughs

Thu, 25 Apr 2013 00:00:00 -0700

Washington Post - By Glenn Kessler - Apr. 25 (Fact Check) - “The FAA is furloughing thousands of air traffic controllers and will purposely delay thousands of flights every day. The FAA’s unnecessary and reckless action will disrupt air travel for millions of Americans, cost jobs and threatens to ground the U.S. economy to a halt. It doesn’t have to be that way. The FAA can make other cost cuts, and deem air traffic controllers ‘essential employees.’” Read full article ...

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Crisis for Europe as trust hits record low

Thu, 25 Apr 2013 00:00:00 -0700

The Guardian - By Ian Traynor - Apr. 25 (News Analysis) - Poll in European Union's six biggest countries finds Euroscepticism is soaring amid bailouts and spending cuts Public confidence in the European Union has fallen to historically low levels in the six biggest EU countries, raising fundamental questions about its democratic legitimacy more than three years into the union's worst ever crisis, new data shows. After financial, currency and debt crises, wrenching budget and spending cuts, rich nations' bailouts of the poor, and surrenders of sovereign powers over policymaking to international technocrats, Euroscepticism is soaring to a degree that is likely to feed populist anti-EU politics and frustrate European leaders' efforts to arrest the collapse in support for their project. Figures from Eurobarometer , the EU's polling organisation, analysed by the European Council on Foreign Relations (ECFR), a thinktank, show a vertiginous decline in trust in the EU in countries such as Spain, Germany and Italy that are historically very pro-European. ...

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The Jobless Trap

Tue, 23 Apr 2013 00:00:00 -0700

New York Times - By Paul Krugman - Apr. 23 (Opinion) - let’s be clear: this is a policy decision. The main reason our economic recovery has been so weak is that, spooked by fear-mongering over debt, we’ve been doing exactly what basic macroeconomics says you shouldn’t do — cutting government spending in the face of a depressed economy. It’s hard to overstate how self-destructive this policy is. Indeed, the shadow of long-term unemployment means that austerity policies are counterproductive even in purely fiscal terms.

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