The economist’s doctrine has warped our understanding about the people an economy is supposed to serve. it’s the reason why the stock market is through the roof yet we are all struggling right now! Source: Milton Friedman Was Wrong. Look at Income Inequality. Continue reading Milton Friedman Was Wrong. Look at Income Inequality.

A new report shows that a $50 trillion redistribution of income to benefit the richest has made America less healthy, resilient, and secure Every year, $2.5 trillion—that’s trillion, with a “t”—is redistributed from the bottom 90 percent of Americans to the wealthiest 1 percent. That $50 trillion used to go to working … Continue reading America’s 1% Has Taken $50 Trillion From the Bottom 90% | Time

The one taboo of economics that the government is hiding from the public is the fact that if the government balances its books, it becomes impossible for the private sector to do … Continue reading David Graeber: what the government doesn’t want you to know about debt – video | Opinion | The Guardian

The CBO projected that the deficit will be the biggest this year as a share of the economy since 1945. And it means absolutely nothing. In fact the government needs to increase the deficit even more if it wants to avoid a massive, potentially decade long, recession. Source: U.S. government debt will … Continue reading U.S. government debt will nearly equal the size of the entire economy for first time since World War II, CBO finds – The Washington Post

Greenland’s ice sheet has melted to a point of no return, and efforts to slow global warming will not stop it from disintegrating. That’s according to a new study by researchers at Ohio State University. Not good. Source: Greenland’s ice sheet has melted to a point of no return, study finds – … Continue reading Greenland’s ice sheet has melted to a point of no return, study finds

Over a dozen sorting machines — which can process 35,000 pieces of mail per hour — have reportedly been dismantled and removed in recent weeks. The sorting machines that can handle 35,000 pieces of mail per hour, 19 of them have been dismantled and REMOVED while Congress is on vacation. Source: USPS … Continue reading USPS removing mail-sorting machines is latest change ahead of election – Business Insider

The reversal is the latest move in the Trump administration’s ongoing effort to weaken environmental rules, but it could be quickly undone after the November election. This is not the time to be going backwards on the environment. Source: E.P.A. to Lift Obama-Era Controls on Methane, a Potent Greenhouse Gas – The … Continue reading E.P.A. to Lift Obama-Era Controls on Methane, a Potent Greenhouse Gas

  Thursday night’s protest passed off without major incident or intervention by the police in the absence of federal officers Does that indicate something? Source: Portland sees peaceful night of protests following … Continue reading Portland sees peaceful night of protests following withdrawal of federal troops | US news | The Guardian

Our country’s myth about federal debt, explained. The idea that our country’s national debt creates a burden on future generations is a complete fabrication. Source: Opinion | M.M.T. Shows the Trillion-Dollar U.S. Deficits Are OK – The New York Times Continue reading Opinion | M.M.T. Shows the Trillion-Dollar U.S. Deficits Are OK – The New York Times

Don’t think of that number as “big” or “bold.” Just think of it as the appropriate dosage for a once-in-a-century economic affliction. We’ve done it before, we can do it again. Source: … Continue reading Preventing a Great Depression Will Cost $10 Trillion – The Atlantic

We’re finally, finally, doing an episode on MMT. Just in time for the deficit to triple.   Source: Maybe Modern Monetary Theory is an answer to the COVID-19 economic crisis – Marketplace Continue reading Maybe Modern Monetary Theory is an answer to the COVID-19 economic crisis – Marketplace

A heartbreaker of a vote just went down in the U.S. Senate with disturbing implications for online privacy. On Wednesday, the Senate failed to pass an amendment to parts of the Patriot Act that would explicitly prevent law enforcement from using it to justify collecting individuals’ internet browser and search history without … Continue reading Senate gives law enforcement the OK to spy on your internet history