BY Fight Back! Editors | United States | 9/11/11
The U.S. economy continues to stagnate with almost no economic growth or job creation more than three years after the great financial crisis of 2008 and more than two years after the recession officially ended in 2009.
BY Masao Suzuki | San José, CA | 9/05/11
In a sign that the economy is on the edge of another downturn, the Labor Department reported on Sept. 2 that there was no gain in jobs in August.
BY Masao Suzuki | San José, CA | 8/09/11
On August 5, Standard and Poors, commonly known as S&P, downgraded U.S. government bonds from the highest rating AAA to the second-highest AA+.
BY Masao Suzuki | San José, CA | 8/07/11
The recent federal debt limit deal passed by the House and Senate and signed into law by president Obama promises at least $2.1 trillion in spending cuts and lower interest payments over the next ten years. This deal did not include any savings from ending the wars in Iraq and Afghanistan, or from restoring higher taxes for the rich.
BY Masao Suzuki | San José, CA | 8/05/11
On Aug. 2, President Obama signed into law a bipartisan deal to raise the federal debt limit and cut federal spending.
BY Masao Suzuki | San Jose, CA | 8/01/11
On July 29, the Commerce Department released its report on Gross Domestic Product or GDP for the Second Quarter (April to June) of 2011. GDP, which measures the value of goods and services produced in the United States, rose at only a 1.3% annual rate, much slower than most mainstream economists expected. Even worse, the First Quarter (January to March) economic growth was cut from an earlier estimate of 1.9% to just 0.4%.
BY Masao Suzuki | San José, CA | 7/28/11
A proposal for a federal budget that serves working people and not the rich and corporations needs to include four points.
BY Masao Suzuki | United States | 7/26/11
The Bipartisan Senate Proposal is being pushed by the so-called Gang of Six - Saxby Chambliss (R-Georgia), Tom Coburn (R-Oklahoma), Kent Conrad (D-North Dakota), Mike Crapo (R-Idaho), Dick Durbin (D-Illinois), and Mark Warner (D-Virginia). Four of them were members of the National Commission on Fiscal Responsibility and Reform which was unable to pass a proposal to cut the Federal Budget deficit. This proposal has been welcomed by President Obama, who said that he endorsed the thrust of the proposal.
BY Masao Suzuki | San José, CA | 7/25/11
In the current debate about what to do about the debt ceiling, there are two positions that are prominent in Washington, D.C. and in the corporate controlled media. One is the House Republican position summarized as Cut, Cap, and Balance, and the other is the Senate bipartisan position that has been welcomed by President Obama.
BY Masao Suzuki | San José, CA | 7/18/11
On July 8, the U.S. Department of Labor released its report on unemployment and new job creation for the month June. The report said that the unemployment rate rose for the third month in a row to 9.2%, while only 18,000 new jobs were created. The job creation was much worse than most mainstream economists expected, and was less than one-tenth as many new jobs as in February, March and April. The number of new jobs created in May was revised down from a weak 54,000 to an even worse 25,000.