6 July 2020 — Jack Rasmus
The reopening of the US economy in June—and some states as early as May—has produced a modest economic ‘rebound’. But rebound is not to be confused with economic recovery.
16 March 2020 — Novara Media
The Covid-19 coronavirus pandemic is a far more profound event for the global economy than the great financial crisis of 2008-9. It will have more significant consequences for the simple reason that it is operating at a more fundamental level of our economic relationships than the 2008-9 crash ever did.
1 October 2019 — Michael Roberts Blog
As we enter October, the global recession is with us – in manufacturing. The PMI manufacturing activity indexes for most of the major economies are below 50, the threshold for expansion or contraction. These are only surveys of corporate managers asking them about production, sales, employment etc. But PMIs have been reasonably accurate indicators of actual industrial and manufacturing output, the data for which follow somewhat later.
26 May 2019 — Michael Roberts
Despite all the optimistic talk by President Trump about the state of the US economy, the latest data on economic activity and industrial production suggest that America is joining Europe and Japan in a sharp slowdown as we enter the second half of 2019. And this is at a time when the trade and technology war between the US and China has moved up another gear and so threatens to trigger an outright global recession before the year is out.
14 April 2019 — Michael Roberts
The IMF-World Bank meeting in Washington this weekend revealed again that the world economy is slowing down and the prospect of an outright recession is getting much higher. The IMF economists cut their outlook for global growth to the lowest since the global financial crisis of 2009 amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade – “a growth slowdown and precarious recovery”, the IMF called it.
22 March 2019 — Michael Roberts Blog
This week, the US Federal Reserve Bank decided to stop raising its policy interest rate for the rest of 2019. The Fed started hiking rates from near zero back in late 2016 on the grounds that the Long Depression (in economic growth, investment and employment in the US and in other major economies) was over. As economies reached full employment and used up excess capacity in industry, wages rises and price inflation would accelerate, so it would be necessary to curb any ‘overheating’ with higher interest rates to slow borrowing and spending. This policy of ‘normalisation’, as it is called, seemed to be justified after the Trump tax cuts were introduced in late 2017. Those measures led to a sharp rise in after-tax profits for US corporations and an apparent pick-up in US real GDP growth, reaching a 3% yoy rate at the end of 2018. All looked well.
13 June 2014 — Michael Hudson
This panel explored causes of the Great Recession and the continuing economic sluggishness since the recession’s ended, as well as how the left can respond to this situation. In keeping with the conference theme, panelists addressed what different analyses and theories imply about the kind of socioeconomic change that is called for.
23 April 2013 — The Real News Network
Bob Pollin (Co-Author of Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff): Deficit Hawks still defend conclusions of a study that contained spreadsheet errors and weighted selected countries in an inappropriate way; led to incorrect theory about public debt and growth (Inc. transcript).
21 February 2013 — Global Research
Leeches could also be used in bloodletting. The withdrawal of so much blood as to induce syncope (fainting) was considered beneficial, and many sessions would only end when the patient began to swoon.
As the economy shows signs of recession, the leeches return. Alan Simpson and Erskine Bowles have issued a new report calling for even deeper austerity. It is not what the economy needs as it stagnates and sputters toward a possible new collapse. Their report combined with President Obama’s State of the Union, the sequestration and Republican dogma are all combining to bring on another round of budget cuts, which will only make recession more likely. Continue reading