Category Archives: Decline in America

The Great Correction

Most Americans are at least apprehensive, and many of us are terrified, by the prospect of the upcoming Donald Trump presidency. These fears are justified. People who voted for him did so despite his lack of experience or leadership skills, … Continue reading

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Bad News on the Doorstep

This line, from the song “American Pie” by Don McLean , instantly popped into my head when I sat down to read the morning papers on Monday, December 5, 2016. A Google search for “Bad News on the Doorstep” will … Continue reading

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Trump’s Presidency and Our Economic Future: Part II – The Bitter Fruits of Misplaced Faith

  On October 9, 2013, in a blog article entitled “Ignorance is Death,” I discussed the vast public ignorance about economics and the extreme danger inherent in GOP policies (here), I wrote: The fruits of ignorance are truly amazing. In … Continue reading

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The Terrifying Truth About Politics

The preceding post began with a little-noticed quotation from Hillary Clinton’s acceptance speech at the Democratic convention: “I believe that our economy isn’t working the way it should because our democracy isn’t working the way it should.” We saw in … Continue reading

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The Trickle-Down Nightmare

In my retirement, I have devoted myself to the investigation of income and wealth inequality, and in the process acquired a distributional perspective on how modern market economies actually work. When I began this project, I soon realized that it … Continue reading

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Profitability and Progress: Capitalism’s Achilles Heel

“Blowing the Roof off the Twenty-first Century: Media, Politics, and the Struggle for Post-Capitalist Democracy,” the latest book by Robert W. McChesney, the Gutsgell Endowed Professor in the Department of Communication at the University of Illinois, is a must read … Continue reading

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Climate Change and the Economy: Facing Reality

(Canada Geese – Eric Kraft) I denied climate change for longer than I care to admit. I knew it was happening, sure. But I stayed pretty hazy on the details and only skimmed most news stories. I told myself the … Continue reading

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Inequality Retards Growth: A”New View”?

For more than three decades, almost everyone who matters in American politics has agreed that higher taxes on the rich and increased aid to the poor have hurt economic growth. Liberals have generally viewed this as a trade-off worth making, … Continue reading

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The Time-Warp and the Three Milliseconds

(“Navajo Family Receives Electricity in Their Home for the First Time,” by Candice Naranjo, AP, April 13, 2014, here, and Sara Morrison, The Wire, here.) Spread’s tunnel was not intended to carry passengers, or even freight; it was for a fiber-optic cable that … Continue reading

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Inequality and the National Debt

(Mark McHugh, “Understanding the National Debt – Sesame St. Addition,” September 24, 2010 here) , updated April 17, 2012 (here) Public credit affords such facilities to public prodigality, that many political writers have regarded it as fatal to national prosperity. For, say they, when governments … Continue reading

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Inequality and Taxation

It’s not just Occupy Wall Street protesters that are worried about wealth and income inequality. Now people like Bill Gross, manager of the world’s largest bond fund at Pimco, are warning that the problem is making the U.S. less productive. As noted … Continue reading

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Economics: The Lost Science

As the year 2013 draws to a close, this post summarizes the concerns that have been driving me these past two years about the deterioration of the “science” of economics. The year 2014 will be a watershed year for economics … Continue reading

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The Neoclassical Boondoggle and the “Mutilated Economy” — Part 1

Prologue The hallmarks of so-called “neoclassical” economics are: (1) a faith that, no matter what hits the economy takes, it will always grow itself back to full employment, at least eventually; (2) changes in the distribution of wealth and income … Continue reading

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Ignorance Is Death

The science of economics has failed us. Until I got deeply into my research on the economics of inequality, which has been my passion for the last three years, I did not imagine how badly it has failed us, and … Continue reading

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The End of the Line: The Crash Following a Debt Default

In my recent letter to the editor to the Albany Times Union, “Defaulting on debt a national disaster” (here), I argued that the budget and debt limit crises are the result of the massive growth of inequality, in particular the … Continue reading

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