GDP

Repealing the Prevailing Wage Would Cost IL 3,300 Jobs, $1B in GDP, $44M in Taxes, Says New Study

Repealing the Prevailing Wage Would Cost IL 3,300 Jobs, $1B in GDP, $44M in Taxes, Says New Study
Beginning January 1st, Tennessee eradicated the prevailing wage. Throughout California, cities are attempting to charterize in order to do the same thing. In Illinois, growing budget deficits and underfunded pensions have some lawmakers on the right calling for the repeal of this age-old wage protection in the name of “taxpayer savings.” This broad, counterproductive strategy does more to benefit special interests groups than the labor market on which prevailing wages have a clear, positive effect.
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Top Democrat Repeats Social Security Lies

Top Democrat Repeats Social Security Lies
Numerous times over the past few years, Sen. Dick Durbin, D-Ill., has been President Obama's guy in the Senate — especially on progressive issues. However, over the weekend on Fox News Sunday, Durbin said "Social Security will be broke in 20 years," which sounds awfully GOP-ish.
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Wall Street Banks Are to the Economy What Autocrats Are to Their Citizenry

Wall Street Banks Are to the Economy What Autocrats Are to Their Citizenry
In America we tend to look down on Third World autocrats who siphon their country’s wealth into their personal Swiss bank accounts at the expense of their citizens. But we have our own class of kleptocrats that in many ways behave the same way — and often with the same result.
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Global Capital Is Gaining Enormous Bargaining Power Over Nation States

Global Capital Is Gaining Enormous Bargaining Power Over Nation States
Global companies are not interested in raising living standards in a particular country or improving any nation’s competitiveness. Their singular goal is to maximize returns to their investors. The success of these corporations has inverted the economic need for competition — from the private sector to the public, from benefiting the consumer and worker to their detriment.
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GOP Still Basing Economic Policy Decisions on Spreadsheet Error

GOP Still Basing Economic Policy Decisions on Spreadsheet Error
At this point everyone who follows economic policy debates knows about the famous Reinhart-Rogoff spreadsheet error uncovered by a University of Massachusetts graduate student. When the error is corrected, there is nothing resembling the growth falloff cliff associated with a 90 percent debt-to-GDP ratio that had been the main takeaway from the initial paper.
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The Biggest Republican Lie — ‘America Is Broke’

The Biggest Republican Lie — ‘America Is Broke’
The big lie in American politics today is that “America is broke” or “in this time of austerity we have to tighten our belts.” America is not broke. We are not in a time of “scarcity” and when we buy into this fallacy, we contribute to political decisions that actually will do damage to our standard of living and that of our children.
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Only 6% of People Know Deficit is Falling at Fastest Rate Since World War II

Only 6% of People Know Deficit is Falling at Fastest Rate Since World War II
There is no deficit problem. The deficit is down 50 percent as a share of gross domestic product just since President Bush’s fiscal year 2009 deficit and is falling at the fastest rate since the end of World War II. Yet the Washington debate is about how and where to cut us back into recession. Why?
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A Tax Deal Only the Ultra-rich Could Love

A Tax Deal Only the Ultra-rich Could Love
How much do the newly enacted tax hikes on the wealthiest Americans actually affect them? Hardly at all.
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Harold Meyerson
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Elections Polling Analyst Nate Silver Needed for Budget Debate

By Dean Baker
Co-Director, Center for Economic and Policy Research, Author
At this point almost everyone has heard of Nate Silver, the New York Times polling analyst who had all the pundits looking stupid on election night. Silver managed to call every state exactly right. He ignored the gibberish about momentum or voters’ moods and simply focuse...
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