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    paul krugman

    Traders work on the floor of the New York Stock Exchange

    Fed Urged to Enact Emergency Rate Cut as Global Sell-Off Stokes Recession Fears

    Economist Paul Krugman argued there is a "real case for an emergency cut soon" as concerns grow that the Fed has waited too long to act.

    Jake Johnson
    Aug 05, 2024

    A steep global sell-off in financial markets on Monday and broader concerns about the health of the U.S. economy sparked calls for the Federal Reserve to take the rare step of enacting an emergency interest rate cut—something last done at the start of the coronavirus pandemic.

    The calls came as the Fed and its chairman, Jerome Powell, faced mounting criticism for not reducing borrowing costs earlier despite slowing job and wage growth and overwhelming evidence that U.S. inflation has cooled dramatically from its 2022 peak.

    Keep ReadingShow Less
    News
    federal reserve
    FedEx worker with stack of boxes inside shopping mall

    It's Not the Vibes, Stupid

    The working class isn't dumb or missing the point. Workers in this country are as perceptive as can be after experiencing what Wall Street has done over the last 50 years, destroying both their livelihoods and trust in government along the way.

    Les Leopold
    Jun 05, 2024

    The economic pundits are freaking out again. A new poll finds that a majority of Americans think the economy is declining, when it is actually growing. Half of us believe the stock market is crashing, when it is reaching new highs. Half of us also believe unemployment is at a disastrous 50-year high, when it is sustaining record lows.

    Why are we Americans so stupid? Why are we so blind to a healthy economy? It’s all in our messed-up heads, we are told. We are bringing bad vibes to the good times, they say.

    Keep ReadingShow Less
    Opinion
    working class
    Paul Krugman

    Paul Krugman Remains Blind to Wall Street's War on Workers

    What the Nobel Prize-winning economist and prominent columnist fails to see again and again is that many, if not most, rural mass layoffs in the last four decades, are the result of out-and-out greed by corporate interests and the investor class.

    Les Leopold
    Mar 06, 2024

    It’s not easy for a labor educator like me to take on Paul Krugman, a Nobel laureate and New York Times columnist. Krugman is a liberal, par excellence, a Keynesian who is trying to counter America’s slide into autocracy. Which is why someone has to hold him accountable for failing to take on Wall Street.

    Krugman is puzzled by working people who have been economically devastated, yet are falling for charlatans who talk a big game of resentment but do little to help them.

    Keep ReadingShow Less
    Opinion
    wall street

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