The Green Recovery: Project Syndicate Live Seminar

This is a highly recommended online two-day seminar on the challenge to post-Covid-19 economic recovery and simultaneously advancing the green agenda in the world.

Look on http://www.project-syndicate.org for the seminar today and tomorrow.

US COVID-19 RELUCTANT DECLINE–“OPENING UP” HURTS

COVID-19 infection is rising rapidly in India. Note the US, with a much smaller population, has higher total number of infections.

Follow the US when infections started to decline and the White House pushed to open up the strong restrictions. Result–infections went back up and are following with great reluctance.

PAYROLL TAX DEFERMENT: MEDICARE, SOCIAL SECURITY AND EMPLOYEES

Some companies don’t want to defer the tax payments because employees will not have the capacity to repay the deferments later. Political pressure to cancel the deferment debts will cut the revenue sources to pay into Medicare and Social Security.

GOP DEFICIT HAWKS ARE EXTINCT

Our Brutal Capitalism

  • No universal healthcare–growing millions of people with no access to healthcare and worse during the pandemic and the high unemployment of those depending on employer-based healthcare.
  • Concentrated wealth and income in the upper 10 to 1 percent of people.
  • Concentration of political power in corporations and high wealth groups.
  • Broken presidential voting favoring small, rural, poor states with undemocratic local voting and the electoral college.
  • Low minimum wages and declining value of median incomes.
  • Racially segregated education, healthcare, employment, housing and public services like clean water, internet access, clean air, equity justice.
  • Socialism (meaning government benefits and subsidies) for big corporations and the wealthy, and the free market competition and harsh capitalism for the workers, poor and underprivileged.
  • Unchecked monopoly power of large, powerful corporations.
  • Exploitation of undocumented immigrants in low-wage dangerous work.
  • “Great wealth flows from great power; great power depends on great wealth. Wealth and power have become one and the same.” (p. 10. Robert B. Reich. The System: Who Rigged It, How We Fix It. 2020)
  • Economic growth now mostly favors the rich.
  • Weakening social safety net of social security, medicare, medicaid, unemployment insurance, SNAP (food stamp) benefits…

We Don’t Have A Long-Term Deficit Problem | The New Republic

But there isn’t, in fact, a “long-term deficit problem.” So long as interest rates stay below the growth rate, as they are, debt-to-GDP levels eventually stabilize and even decline. The notion that there is a big problem is pure propaganda based on a pseudo-debate, pitting two viewpoints that nevertheless converge on the practical issue.

via We Don’t Have A Long-Term Deficit Problem | The New Republic.

Debt deal darkens fragile US economic outlook – FT.com

Nothing to add here.

The writer is a major international finance operator who knows more than any economically illiterate US politician that our radical right have shot the US  in the foot.

It is discouraging that several months of disruptive political bickering and posturing failed to deliver a well-defined medium-term fiscal reform effort. Instead, the legislation signed into law by president Obama on Tuesday is terribly unbalanced in design, lacks proper operational details, and leaves key issues to at least one more round of political brinkmanship.

This incomplete endeavour could be dismissed as business as usual in Washington except for one important consideration: it materially darkens an already fragile outlook for economic growth and job creation.

Business and household confidence has been hit at a time when recent data releases – including weak gross domestic product growth, virtually flat manufacturing activity, and declining consumption – all confirm that the US economy is struggling after last year’s stimulus-induced growth spurt.

via Debt deal darkens fragile US economic outlook – FT.com.