The latest economic numbers are dismal: GDP is projected to be down 33 percent from the first to second quarter of 2020. Even if we see some recovery soon, the long-term damage — people unemployed, businesses shuttered, confidence hammered — will be massive and lingering.
Doug Henwood edits Left Business Observer and is the host of Behind the News. His latest book is My Turn.
The United States is facing an unprecedented economic, political, and social breakdown. With the Right discredited and the Democrats out of ideas, now is the time for socialists to think big.
Unemployment Benefits Have Saved the US From Economic Calamity. They Expire at the End of the Month.
The only thing keeping workers in the United States from absolute destitution has been unemployment insurance and other social welfare benefits. If Congress doesn’t extend unemployment benefits at the end of the month, the economy will hurl off a cliff — and millions will be immiserated.
We could experience in months what took three or four years to unfold after the 1929 stock market crash. Things are going to be very bad unless we see some serious structural reforms.
Our economy is crashing hard and fast. But with a bold set of policies, like nationalizing the banks to fund a Green New Deal, we can save millions of workers from untold suffering — and transform the country in the process.
There’s lots of breathless talk these days about robots replacing all of our jobs. But if you look at the data, there’s little indication that’s actually going to happen.
Getting rid of Trump would be great, but Congress isn’t going to do it — we actually have to vote him out. And impeachment, a therapeutic ritual for MSNBC hosts and an act of score-settling by the national security state, isn’t helping.
Paul Volcker, who died yesterday, won't be mourned by this publication. As Federal Reserve chair under Reagan and Carter, he destroyed millions of working-class jobs and pushed a radical neoliberal program.
On November 30, 1999, activists shut down the World Trade Organization meetings in Seattle. The protests were a thrilling moment during bleak times for the socialist left. Now, years of resistance are finally paying off.
Is Elizabeth Warren’s Medicare-for-All phase-in plan a shrewd, realistic tactical move to win a public health system — or a bait and switch to play to M4A’s popularity without actually fighting for it? Wall Street thinks it’s the latter.
We should be clear about what it will take to fund a decent welfare state: not just soaking the rich, but raising taxes across the board — so everyone can have the basics for the good life.
A glance at the company's recently released prospectus reveals the truth about Uber: it’s a scam.
Elizabeth Warren is no socialist — but unlike most of the candidates beating her in the polls, she’s a tough-minded liberal who makes the right kind of enemies.
MMT is billed by its advocates as a radical new way to understand money and debt. But it’ll take more than a few keystrokes to change the economy.
Despite a string of encouraging strikes and labor victories, the latest numbers show that union density fell to a new low last year.
Getting banks under control is a matter of politics, not individual consumer decisions.
Stories about a new age of precarity are overblown. Workers have had to deal with economic insecurity since the dawn of capitalism.
Precarity isn’t the main problem with the US labor market. It’s that wages are low, benefits are eroding, and work is often dull and sometimes dangerous.
Strikes are labor's most powerful weapon. But last year they fell to nearly an all-time low.
The stock market's panicked reaction to signs of wage growth shows just how weak the economy is — and how much it caters to the wealthy.