Good God, this reminds me of Chauncey, Peter Sellers character in Being There.
With the falling dollar, our twin deficits and this idea of just increasing credit, money supply by the Federal Reserve, I see inflation coming. (But does this indicate you've changed your mind from your previous post?)
But your link claiming economic depressions and simply "self-healing" I think to myself, hey, I of course do not remember the great depression personally, but I do study history and love documentaries, especially on the great depression and I cannot describe such a period as self-healing and think it better to drastically alter policy on a variety of fronts to avoid such an event versus look at it all as Chauncey's Garden
Kondratieff being executed for simply doing economic research is quite a horrific story in and of itself!
A european commenter on another site explained some issues about VAT to me, and it sure sounds a lot like a tariff. It may be the quickest, "second-best" way to deal with trade imbalances at this point.
This says VAT is legal whereas tariffs can be challenged (which makes me wonder how come the US isn't challenging China's tariff schedule and their manipulation of).
and it appears the US is the only stupid one without a VAT policy.
This sure sounds like something we need to dig into further as a possible policy reform for it sounds like it would be easy to get through congress and also not be challenged via the WTO after the fact.
If anyone has some more detailed papers, references to this (I guess it's a complex series of rules and per country)
I'd like to read them.
Note on this blog post I link to they mention Peru has a VAT
(we just signed this) so maybe the claim that is being made on the Peru trade deal that Peru is going to lower it's tariffs for more US exports is bunk as well?
I think the answer is a huge depends but overall I think the WTO being able to supercede US domestic law, especially via GATS is a disaster and that one must address many issues "locally" because it is in the best interest of that locality (i.e. nation-state) to do so.
I'm more of the mind set of using strategic trade, whereas clauses that are working are kept and tariffs, conditions that are clearly damaging the US national interest and absolutely US workers, middle class interests are modified.
I'd say myself, I'm in the Horizon Project camp pretty firmly in terms of policy modifications, but toying with this VAT tax idea.
I do understand the MTBE was put in there, but not by "Americans", by multinational corporations that happen to be incorporated in America, lobbying American representatives (cough, cough).
I'm not sure what you mean by "Right now our trade agreements are written so biased against America we are guaranteed to "lose" in the trade war."
Do you mean that trade is bad for the average American or do you mean that the country suffers as a whole?
Most critics of US policy think just the opposite that the trade laws favor US multinationals. When the WTO agreements have stalled the US has switched to bilateral agreements with weak states. There is no way that a treaty between, say, Nigeria and the US is going to favor Nigeria.
If you are complaining about the ability of the WTO to supersede local law (the cases of Canadian softwoods and MBTE) then you have to understand that these provisions were put in by the US in the first place. As the softwood issue shows the US is perfectly capable of ignoring the rulings of the WTO anyway...
I don't know where to begin because these statistics from everything I have read are pure fiction. There is only so much spin one can put on median income and statistics and I think even with not adjusting for inflation this has to be pure fiction.
ok, they include "benefits" in claiming wages have risen, I guess that is because the nation is getting gouged with health insurance premiums, including corporations.
Full employment ignores the underemployed and those who as fallen off the rolls so that's not too valid either.
define "dislocated" instead of working at Walmart now.
22% surely includes the super rich, who now have the money versus median average increase....
Jez, those Cato guys aren't very good at spinning the truth, but I guess the truth is so ugly it's getting harder to do.
Very well done article, however, I think it misses a major trend. The insourcing of foriegn labor, to replace older workers (and younger as well), has thrown millions of America workers out of good paying jobs. The subsequent jobs are paying as little as 25 to 50 percent of those that were lost: especially if you consider loss of benefits and other entitlements (e.g., matching 401-K's etc.).
At the same time the government has purposely masked the destruction of the US dollar by playing with the basket of goods in the CPI (consumer Price Index). The price of both milk and gas have increased over 200% in the last 6 years for goodness sake!
What is really needed is massive debt relief to Legal American workers. I think any American that has paid 1.5 times the principle, in monthly payments, should simply have thier mortages closed and forgiven. Perhaps giving every Legal America worker -- who was actually born in this country to legal Americans -- a $100,000 might be another approach.
But the bottom line is that the economic blood bath has just begun. Furthermore, it is absolutely required, for the preservation of the social fabric, that families have homes to live in. And after all it IS the fault of the elite that our jobs and factories have been moved abroad. In my mind these futhermuckers need to pay a price.
Massive debt forgiveness -- such as I have merely hinted here -- would preserve the wealth and equity of Legal American Citizens. It would also throw a wrench into what is really happening in America today: colonization by foriegn elites.
For more information on the "New Agenda for America" please check out the following link:
No More Immigration: Legal or Illegal
Just part of the "New Agenda for America (NAA)"
Let's Influence the 2008 Presidential Election
Support the "New Agenda for America (NAA)" www.newagecitizen.com/naa.htm
Was one of the biggest anti-worker, anti-middle class bills of all time. I agree, with your diary that these two pieces of legsilation should be supported. I hope all reading this consider writing their Senators in support.
Oh ye dare mention reality in this debate? Don't you know that guy needed that social security number in order to work in the US? That somehow he deserves that over the 2nd grader and back taxes be damned?
I live in northwest Washington state, and the only jobs I've seen Microsoft advertise locally have background requirements that are very specialized. I doubt that H-1B holders can meet them, so the question becomes: Why doesn't Microsoft advertise locally for the jobs they want filled by technically trained workers at the wages they want to pay H-1B's? In other words, give American technical workers a shot at the non-super-woopee jobs at non-super-woopee wages. Or are they afraid that after a few months of good performance the American workers will jump ship? (Which H-1B workers can't do, yet...)
and they are all guest worker Visas, does it say which one?
Most guest worker Visas mean because they quit the employer doesn't have to pay the way home (H-1B) but to file criminal charges is pretty incredible.
World Socialist has more details. They were lied to about their wages (what a surprise, this is systemic).
My understanding also from Nurses unions that a real shortage is questionable. They are creating a shortage by refusing to expand nursing colleges and pay Professors what they are worth. One person told me you have to have a higher GPA to get into nursing school than Medical school.
So, I guess they are simply offshore outsourcing education and opportunity again.
I'm glad you mention global economic indicators. (production) . I feel that generally analysis is still focused on the domestic indicators when we are gravely effected by global indicators (such as lower production costs due to global labor arbitrage).
Why was Obama consulting with, and paying the billionaire's lunch, in late November '07 ? What delphic information could Obama possibly glean from this Republican stooge ?
This is truly disgusting and I'm glad you pointed this out...
that is pathetic they are firing US workers and making body shopping, labor arbitrage deals with Indian outsourcing firm TATA.
The worse bankruptcy bill was 2005 (Hillary did not vote for it much to the stuff being claimed). That bill, even when you declared bankruptcy, did not let you out of credit card debt. It became secured debt on the level of child care payments or other debt you shouldn't be able to get out of by declaring bankruptcy. It also will not let the court restructure mortgages or lower interest. It puts most people into Ch. 13, which is a restructuring, paying off for 5 years versus Ch. 7, which allowed debt to be erased.
There is a new bill in the house that allows some Ch. 13 restructuring of home mortgages to avoid foreclosure.
It's a compromise, I don't know how good it is but it's pretty clear even the business community now realizes their corporate lobbied for bankruptcy bill is a disaster also for the ones who lobbied for it (ignoring the many lives they are destroying).
Senate vote record. I consider this vote to prove who are the bought and paid for Senators for many consumer action groups warned this bill was a true debtor's prison.
Good God, this reminds me of Chauncey, Peter Sellers character in Being There.
With the falling dollar, our twin deficits and this idea of just increasing credit, money supply by the Federal Reserve, I see inflation coming. (But does this indicate you've changed your mind from your previous post?)
But your link claiming economic depressions and simply "self-healing" I think to myself, hey, I of course do not remember the great depression personally, but I do study history and love documentaries, especially on the great depression and I cannot describe such a period as self-healing and think it better to drastically alter policy on a variety of fronts to avoid such an event versus look at it all as Chauncey's Garden
Kondratieff being executed for simply doing economic research is quite a horrific story in and of itself!
A european commenter on another site explained some issues about VAT to me, and it sure sounds a lot like a tariff. It may be the quickest, "second-best" way to deal with trade imbalances at this point.
International Trade law blog has it in a paragraph or two.
This says VAT is legal whereas tariffs can be challenged (which makes me wonder how come the US isn't challenging China's tariff schedule and their manipulation of).
and it appears the US is the only stupid one without a VAT policy.
This sure sounds like something we need to dig into further as a possible policy reform for it sounds like it would be easy to get through congress and also not be challenged via the WTO after the fact.
If anyone has some more detailed papers, references to this (I guess it's a complex series of rules and per country)
I'd like to read them.
Note on this blog post I link to they mention Peru has a VAT
(we just signed this) so maybe the claim that is being made on the Peru trade deal that Peru is going to lower it's tariffs for more US exports is bunk as well?
Interesting idea, and welcome to the forum.
My recollection is that the WTO has indicated that a VAT passes muster.
Is this correct?
I think the answer is a huge depends but overall I think the WTO being able to supercede US domestic law, especially via GATS is a disaster and that one must address many issues "locally" because it is in the best interest of that locality (i.e. nation-state) to do so.
I'm more of the mind set of using strategic trade, whereas clauses that are working are kept and tariffs, conditions that are clearly damaging the US national interest and absolutely US workers, middle class interests are modified.
I'd say myself, I'm in the Horizon Project camp pretty firmly in terms of policy modifications, but toying with this VAT tax idea.
I do understand the MTBE was put in there, but not by "Americans", by multinational corporations that happen to be incorporated in America, lobbying American representatives (cough, cough).
I'm not sure what you mean by "Right now our trade agreements are written so biased against America we are guaranteed to "lose" in the trade war."
Do you mean that trade is bad for the average American or do you mean that the country suffers as a whole?
Most critics of US policy think just the opposite that the trade laws favor US multinationals. When the WTO agreements have stalled the US has switched to bilateral agreements with weak states. There is no way that a treaty between, say, Nigeria and the US is going to favor Nigeria.
If you are complaining about the ability of the WTO to supersede local law (the cases of Canadian softwoods and MBTE) then you have to understand that these provisions were put in by the US in the first place. As the softwood issue shows the US is perfectly capable of ignoring the rulings of the WTO anyway...
There are a lot of economists out there proposiing a VAT and since Europe already has it and it works, I think it sounds like the way to go.
The tariffs in my view should be used by only when needing drastic measures.
Right now our trade agreements are written so biased against America we are guaranteed to "lose" in the trade war.
Propserous America proposes such a policy change.
You can now choose how the site looks.
Go to myaccount, click on the edit tab and then you can change the way the site looks.
I just added this so I would appreciate any feedback or bugs that you find.
I'd also appreciate any feedback on which theme you prefer.
I don't know where to begin because these statistics from everything I have read are pure fiction. There is only so much spin one can put on median income and statistics and I think even with not adjusting for inflation this has to be pure fiction.
ok, they include "benefits" in claiming wages have risen, I guess that is because the nation is getting gouged with health insurance premiums, including corporations.
Full employment ignores the underemployed and those who as fallen off the rolls so that's not too valid either.
define "dislocated" instead of working at Walmart now.
22% surely includes the super rich, who now have the money versus median average increase....
Jez, those Cato guys aren't very good at spinning the truth, but I guess the truth is so ugly it's getting harder to do.
Very well done article, however, I think it misses a major trend. The insourcing of foriegn labor, to replace older workers (and younger as well), has thrown millions of America workers out of good paying jobs. The subsequent jobs are paying as little as 25 to 50 percent of those that were lost: especially if you consider loss of benefits and other entitlements (e.g., matching 401-K's etc.).
At the same time the government has purposely masked the destruction of the US dollar by playing with the basket of goods in the CPI (consumer Price Index). The price of both milk and gas have increased over 200% in the last 6 years for goodness sake!
What is really needed is massive debt relief to Legal American workers. I think any American that has paid 1.5 times the principle, in monthly payments, should simply have thier mortages closed and forgiven. Perhaps giving every Legal America worker -- who was actually born in this country to legal Americans -- a $100,000 might be another approach.
But the bottom line is that the economic blood bath has just begun. Furthermore, it is absolutely required, for the preservation of the social fabric, that families have homes to live in. And after all it IS the fault of the elite that our jobs and factories have been moved abroad. In my mind these futhermuckers need to pay a price.
Massive debt forgiveness -- such as I have merely hinted here -- would preserve the wealth and equity of Legal American Citizens. It would also throw a wrench into what is really happening in America today: colonization by foriegn elites.
For more information on the "New Agenda for America" please check out the following link:
No More Immigration: Legal or Illegal
Just part of the "New Agenda for America (NAA)"
Let's Influence the 2008 Presidential Election
Support the "New Agenda for America (NAA)"
www.newagecitizen.com/naa.htm
The bill title is The Foreclosure Prevention Act of 2008 and the bill number is S.2636.
Very timely they are doing this since Jan . Foreclosures up 57%.
FWIW, Stirling Newberry thinks "foreclosure in place" is a good idea too.
Was one of the biggest anti-worker, anti-middle class bills of all time. I agree, with your diary that these two pieces of legsilation should be supported. I hope all reading this consider writing their Senators in support.
Foreclosure Prevention Act of 2008.
This is the first I've heard of the second.
Oh ye dare mention reality in this debate? Don't you know that guy needed that social security number in order to work in the US? That somehow he deserves that over the 2nd grader and back taxes be damned?
I live in northwest Washington state, and the only jobs I've seen Microsoft advertise locally have background requirements that are very specialized. I doubt that H-1B holders can meet them, so the question becomes: Why doesn't Microsoft advertise locally for the jobs they want filled by technically trained workers at the wages they want to pay H-1B's? In other words, give American technical workers a shot at the non-super-woopee jobs at non-super-woopee wages. Or are they afraid that after a few months of good performance the American workers will jump ship? (Which H-1B workers can't do, yet...)
and they are all guest worker Visas, does it say which one?
Most guest worker Visas mean because they quit the employer doesn't have to pay the way home (H-1B) but to file criminal charges is pretty incredible.
World Socialist has more details. They were lied to about their wages (what a surprise, this is systemic).
My understanding also from Nurses unions that a real shortage is questionable. They are creating a shortage by refusing to expand nursing colleges and pay Professors what they are worth. One person told me you have to have a higher GPA to get into nursing school than Medical school.
So, I guess they are simply offshore outsourcing education and opportunity again.
I'm glad you mention global economic indicators. (production) . I feel that generally analysis is still focused on the domestic indicators when we are gravely effected by global indicators (such as lower production costs due to global labor arbitrage).
Why was Obama consulting with, and paying the billionaire's lunch, in late November '07 ? What delphic information could Obama possibly glean from this Republican stooge ?
This is truly disgusting and I'm glad you pointed this out...
that is pathetic they are firing US workers and making body shopping, labor arbitrage deals with Indian outsourcing firm TATA.
Blatant!
The worse bankruptcy bill was 2005 (Hillary did not vote for it much to the stuff being claimed). That bill, even when you declared bankruptcy, did not let you out of credit card debt. It became secured debt on the level of child care payments or other debt you shouldn't be able to get out of by declaring bankruptcy. It also will not let the court restructure mortgages or lower interest. It puts most people into Ch. 13, which is a restructuring, paying off for 5 years versus Ch. 7, which allowed debt to be erased.
Bloomberg article.
There is a new bill in the house that allows some Ch. 13 restructuring of home mortgages to avoid foreclosure.
It's a compromise, I don't know how good it is but it's pretty clear even the business community now realizes their corporate lobbied for bankruptcy bill is a disaster also for the ones who lobbied for it (ignoring the many lives they are destroying).
Senate vote record. I consider this vote to prove who are the bought and paid for Senators for many consumer action groups warned this bill was a true debtor's prison.
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