The Democratic Problem: Plutonomy

from Peter Radford

One of my deepest frustrations with Obama is that he simply has no connection with everyday people. He seems unwilling or unable to get hold of popular measures and make them his own. In part I blame his technocratic attitude and experience, and in part I blame his team. Indeed the problem of his team is an ongoing sore: they are far too establishment and too wedded to the “system” to provide leadership for what is supposed to be the party protecting the working folks of America. Too many top Democrats are indistinguishable from their counterparts in the GOP.

Why is this? 

Lost Balance: Were Is The Anger?

from Peter Radford

With the steady increase in activity that seems to be characterizing the US economy currently the early frenzy of placing the blame for our crisis is ebbing. Already we are being treated to “year end” articles calling people such as myself, those who view things a little more skeptically, unnecessary naysayers. The improvement in the general economic numbers now being reported is being used as a vehicle to justify yet another round of optimism and good news stories.

New links for secret Citigroup Plutonomy Reports

from Edward Fullbrook

As the campaign to disappear Citigroup’s two Plutonomy Reports (political manifestos in effect) apparently continues, readers of my post https://rwer.wordpress.com/2010/11/11/citigroup-attempts-to-disappear-its-plutonomy-report-2/ report new difficulties in finding and downloading them. But here are new links for Report 1 (Plutonomy: Buying Luxury, Explaining Global Imbalances) and Report 2 (Revisiting Plutonomy: The Rich Getting Richer) that are working today, 2 Januray 2011. 

GDP outlook in 2011 after the tax deal

from Dean Baker

The enthusiasm of the U.S. business press for the compromise tax package worked out by President Obama and Republicans in Congress led to a mini euphoria of upbeat economic projections for 2011. While the economy will do better with this tax package than if no deal were forthcoming, much of the discussion has exaggerated the potential stimulus to the economy. 

Shared sacrifice: Where’s Wall Street’s share?

from Dean Baker

The theme in Washington these days is “shared sacrifice.” Many of the country’s most prominent political figures are insisting that the public must get used to sacrifice. This means giving up some of the benefits, like Social Security and Medicare, that they have come to rely upon.

The shared sacrifice might also mean that middle-income people have to pay higher taxes. Telling a country that is suffering from near double-digit unemployment that it must get used to sacrifice might seem a bit strange, but polite Washington circles have never had much connection to the lives of normal people.