From Deficit Deals to Double Dip Recession - 27:59
America's 4-D Economy:
From Deficit Deals to Double Dip Recession
with
Jack Rasmus, author of "Epic Recesssion: Prelude to Global Depression"
First, we were frightened by politicians proclaiming that the
economic ceiling will fall in if the deficit wasn’t cut by trillions.
Then the politicians insisted that in order to raise the debt ceiling
we needed to endure, guess what cuts, cuts, cuts. But, the U.S.
manufacturing sector has collapsed, the public sector is
hemorrhaging jobs, and consumer spending is plunging, and
the jobs that were jobs created, may have kept the recent
unemployment figures from shooting up, but they were hardly
enough to keep pace with those about to enter the workforce and
certainly don’t effect those living on extended unemployment
benefits, those who simply can’t find work, and those who are
underemployed and really can’t support their families. The real
economy is accelerating its slide toward a double dip recession
and the deficit reduction deal approved by Congress will make it
harder to fight the coming re-recession. We’ll discuss why and
what really needs to be done to stimulate the economy.
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Recesssion and Militarism
with
Vijay Prashad, George and Martha Kellner Chair in South Asian History and Professor of International Studies at Trinity College in Hartford, Connecticut
At a recent lecture at NYC’s Riverside Church, Prashad explored
the boom and bust of the capitalist cycle. Even in boom years
people do not have enough to spend so the economy declines.
But if the people are not strong, even then capitalism resists
spending for social services, preferring to stimulate the economy
with spending on domestic repression and war. Prashad places
this in the context of globalization.
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