Economists have seriously failed the public in important areas over the last three decades. And these failures played a role in fostering the upward redistribution of income over the last four decades. People have a right to be angry.
As a worker in the 1970s, I looked forward to a Jimmy Carter administration. By the end of his term in office, like millions of my union sisters and brothers, I felt betrayed.
Your stock portfolio may grow. But say goodbye to next year’s raise—and maybe even your job. Donald Trump’s election provides a useful occasion to examine the difference between what rich people want and what constitutes a thriving economy.
The Biden administration’s sanctions on Russia didn’t just tank global markets; they also helped Kamala Harris lose the election. The Democrats’ fate was sealed by a Wall Street–fueled commodity frenzy that sent gas prices and grocery bills soaring.
The report highlights how market concentration in key sectors, such as the trading of agriculture commodities, has grown since 2020, deepening the asymmetry between the profits of top multinational enterprises and declining labour share globally.
Bidenomics is a break with four decades of policy that disempowered workers. This record was obscured by Biden’s inability to explain his accomplishments. Undoing neoliberalism will take time but can happen with a revitalized labor movement.
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In persisting with its high rates policy, the Fed is acting like James Dean in the famous “chicken run” auto race in Rebel Without a Cause.
The real source of too many price hikes is concentrated market power, not macroeconomic overheating.
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