The Economy

Should We Pay for the Crisis?





The World Bank, IMF, and EU are subjecting Greece to the most shameless blackmail. They say: either accept draconian cuts in your living standards, or else we will refuse to hand over the next tranche of 12 billion euros.

“Death by a Thousand (Budget) Cuts”


Job protestThe American Dream has been whittled away over the last few decades. A small health care premium increase here. A smaller wage increase there. A 401k instead of a traditional pension. Fewer days of paid sick leave.

Editorial for Socialist Appeal 61.

Capitalism not so popular... especially in the United States

Capitalism not so popular... especially in the United StatesA recent edition of The Economist (April 7, 2011) complained about “Capitalism’s waning popularity”. One does not have to be a genius to understand that thirty years or more of cuts in welfare, large scale privatizations and constant pressure on workers in the workplace was sooner or later going to end up with ordinary working people questioning the system that is responsible for these policies, i.e. capitalism.

Most U.S. Corporations Pay No Taxes

Corporate GreedAccording to a study by the Governmental Accountability Office, 57 percent of U.S. corporations paid no federal income taxes for at least one year between 1998 and 2005. That same study revealed that 72 percent of all foreign corporations failed to do so. Furthermore, in 2005, 25 percent of the top U.S. companies paid no income tax while grossing over $1 trillion in sales!

Income Inequality Continues to Grow

For the first time in US history we have a generation living under worse economic conditions than the prior generation. The negative effects of this are being felt throughout our society, with one notable exception: the capitalist class.