More Public Spending, Not Tax Cuts, for Sustainable, Inclusive Growth Jomo Kwame Sundaram and Anis Chowdhury

The Trump administration's promise to increase infrastructure spending should break the straightjacket the Republicans imposed on the Obama administration after capturing the US Congress in 2010. However, in proportionate terms, it falls far short of Roosevelt's New Deal effort to revive the US economy in the 1930s. To make matters worse, reducing budget deficits remains the main economic policy goal of all too many OECD governments. Governments tend to cut social spending if they can get away with it without paying too high a political price. But OECD governments' belief that social spending -- on health, education, childcare, etc. --…

How to end the Recession Robert Pollin

The collapse on Wall Street is now decimating Main Street, Ocean Parkway, Mountain View Drive and I-80.Since January the economy has shed 760,000 jobs. In September alone, monthly mass layoff claims for unemployment insurance jumped by 34 percent. General Electric, General Motors, Chrysler, Yahoo! and Xerox have all announced major layoffs, along with the humbled financial titans Goldman Sachs and Bank of America. Fully one quarter of all businesses in the United States are planning to cut payroll over the next year. State governments are facing a tax revenue shortfall of roughly $100 billion in the next fiscal year, 15…