Forget monetary policy. Re-examining the cause of the Great Depression—the revolution in agriculture that threw millions out of work—the author argues that the U.S. is now facing and must manage a similar shift in the “real” economy, from industry to service, or risk a tragic replay of 80 years ago.
(Continued: http://www.vanityfair.com/politics/2012/01/stiglitz-depression-201201)

Hundreds of Californians were at the forefront of a national campaign launched yesterday to challenge the Wall Street profiteering that created the housing and economic crisis. Continued:

http://www.calorganize.org/node/841

The Restore the American Dream for the 99% Act: An analysis of job-creation provisions

By Andrew Fieldhouse and Rebecca Thiess | December 13, 2011: Issue Brief #320

Congressional Progressive Caucus Co-Chairs Rep. Keith Ellison (D-Minn.) and Rep. Raúl Grijalva (D-Ariz.) have proposed the Restore the American Dream for the 99% Act, a package of near-term job-creation measures and budgetary policy reforms that would meaningfully boost employment and improve the long-term fiscal outlook. This report examines the likely impact of several core elements of the package on job creation. In particular:

Enacting the Emergency Jobs to Restore the American Dream Act sponsored by Rep. Jan Schakowsky (D-Ill.) would boost employment by approximately 1.1 million jobs in each of fiscal years 2012 and 2013.1

Continuing the Emergency Unemployment Compensation program would boost employment by roughly 323,000 jobs in fiscal 2012 and 185,000 jobs in fiscal 2013.

Reinstating the Making Work Pay tax credit for 2012 and 2013 would boost employment by 409,000 in fiscal 2012 and 532,000 jobs in fiscal 2013.

Reinstating the higher Federal Medical Assistance Percentages (FMAP) used to determine federal reimbursement for state Medicaid programs would boost employment by 349,000 jobs in fiscal 2012.2

Increasing federal surface transportation investments by $50 billion in the next decade would increase employment by 47,000 jobs in fiscal 2012 and 112,000 jobs in fiscal 2013. Even greater employment gains would be achieved in later years.

Defusing the automatic spending cuts currently scheduled under the Budget Control Act would boost employment by more than 1.1 million jobs in fiscal 2013.

These major components of the Act for the 99% would increase nonfarm payroll employment by almost 2.3 million jobs in 2012 and almost 3.1 million jobs in 2013. (Continued…)

http://www.epi.org/publication/restore-american-dream-99-act-analysis-job/

The “Jobs Not Cuts” march and rally promises to confront the U.S. economic crisis head-on. The mass action has drawn a growing list of major supporters, including numerous Bay Area labor unions and anti-war, progressive, and community groups in partnership with MoveOn.org and Rebuild the Dream.

Jobs are disappearing, foreclosures are increasing, cities are falling apart, young people have few prospects for a good future. Now Social Security, Medicare, and Medicaid are on the chopping block, and the so-called “war on terror” continues. The stalled economy and severe budget cuts demand a massive popular movement not seen in this country since the Great Depression.

We will assemble at Laney College in Oakland on Saturday, Oct. 15, at 1:00 pm (Map) and march to Frank Ogawa Plaza for a rally at 3:30. On the way, we will pass the Federal Building, where we will symbolically nail a list of progressive economic demands to government’s door. The list includes Jobs Not Cuts, Work Not War, Clean Energy Not Climate Change, Cut Defense Not Social Security, Medicare, and Medicaid, Invest in Education and Infrastructure, Restore Fair-Share Tax Rates for the Rich and Giant Corporations, and Medicare-for-All.

March with us on Oct. 15 to send our message to Congress. Austerity will increase poverty and cannot produce prosperity.

You can volunteer here!

Map to Event is here!

The “Take Back the American Dream” conference concluded in Washington today with a rally on Capitol Hill calling for an end to austerity measures and dramatically increased efforts at job creation. Representatives Keith Ellison and Raul Grijalva, co-chairs of the Congressional Progressive caucus, joined Van Jones, union leaders and unemployed Americans at the rally, which attracted about 350 people.

The Nation was there and shot this video:

The conference’s final day began with a speech from Elizabeth Warren, delivered by phone from Massachusetts on the heels of her first Democratic primary debate last night. She told the crowd that “Washington is wired for those who can hire armies of lobbyists and lawyers,” and said, “This is a fight we must fight, and this is a fight we must win.”

Bay Area Wall Street Protests

Posted: October 1, 2011 by Michael M in Uncategorized

Mary Ann Meany, 60, lawyer

Several Hundred protesters from SEIU, ACCE and CNA swell the turnout in support of the Occupy Wall Street protest in NY.

From http://www.sfexaminer.com/local/2011/09/occupy-wall-street-protest-hits-san-franciscos-market-street

Mary Ann and Ranya on Market Street

Occupy Wall Street protest hits San Francisco’s Market Street

By: Julia Chan | 09/29/11 5:10 PM
Examiner Staff Writer
Wall Street protests have officially spread to San Francisco, with protesters gathering Thursday in the Financial District to rally against big banks. (Mike Koozmin/The Examiner)

San Francisco may not have a Wall Street but it has a Market Street, which is where protesters are currently taking their cause.

Occupy Wall Street – the organization behind the ongoing protests in New York City — has officially spread to The City, with people gathering Thursday in the Financial District to rally against big banks.

The march started downtown at 555 California St. at 3 p.m. and was to target Wells Fargo, Bank of America and Chase Bank, according to the Facebook event invitation. Witnesses saw the crowd stop to chant in front of the Charles Schwab on Post at Kearny as well.

San Francisco police are on the scene and have closed off 2nd Street. Traffic on Market Street is also heavily backed up.

The Moral Question

Posted: September 30, 2011 by Michael M in Uncategorized

by Robert Reich

http://robertreich.org/post/10821244811
THURSDAY, SEPTEMBER 29, 2011

We dodged another shut-down bullet, but only until November 18. That’s when the next temporary bill to keep the government going runs out. House Republicans want more budget cuts as their price for another stopgap spending bill.

Among other items, Republicans are demanding major cuts in a nutrition program for low-income women and children. The appropriation bill the House passed June 16 would deny benefits to more than 700,000 eligible low-income women and young children next year.

What kind of country are we living in?

More than one in three families with young children is now living in poverty (37 percent, to be exact) according to a recent analysis of Census data by Northeastern University’s Center for Labor Market Studies. That’s the highest percent on record. The Agriculture Department says nearly one in four young children (23.6) lives in a family that had difficulty affording sufficient food at some point last year.

We’re in the worst economy since the Great Depression – with lower-income families and kids bearing the worst of it – and what are Republicans doing? Cutting programs Americans desperately need to get through it.

Medicaid is also under assault. Congressional Republicans want to reduce the federal contribution to Medicaid by $771 billion over next decade and shift more costs to states and low-income Americans.

It gets worse. Most federal programs to help children and lower-income families are in the so-called “non-defense discretionary” category of the federal budget. The congressional super-committee charged with coming up with $1.5 trillion of cuts eight weeks from now will almost certainly take a big whack at this category because it’s the easiest to cut. Unlike entitlements, these programs depend on yearly appropriations.

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