Dr. Rasmus Interviews Economist, Rick Wolff, on the US and Global Economy
Host Jack Rasmus interviews economist, Rick Wolff, on the current state and direction of the US and global economy. Why has the US recovery been so poor for all but banksters, corporations, CEOs, investors and speculators, and the fundamental structural problems responsible for the US tepid recovery. Jack and Rick discuss why the US economy will continue in a sub-par longer term growth path, and why it keeps having ‘spring swoons’. Also addressed are topics of the role of finance in the crisis, public banking, and Europe’s continuing economic recession.
Rick Wolff is professor of economics emeritus from University of Massachusetts, Amherst, and visiting professor at New School University, New York. He is the author of two recent books, Occupy the Economy and Democracy at Work. A frequent contributor to many blogs and publications, and host of his own radio show, Economic Update, on WBAI NY. Rick Wolff is also the shadow chair of the Council of Economic Advisors, for the recently formed ‘Green Shadow Cabinet’.
Dr. Jack Rasmus continues with his series on predicting the future direction of the US economy. Today’s show consider in depth and detail the recent 1st Quarter GDP numbers as well as last week’s April jobs report. Dr. Rasmus explains how average GDP real per capita growth the past nine months is really only about 1%, after adjusted properly for real inflation and after temporary factors in each of the last three quarters are accounted for. April jobs numbers were also far weaker than reported, with the majority of jobs part time or temporary. The US job market long term is also ‘marking time’, churning out permanent for part time/temp, high wage for low wage, and new hires for millions leaving the labor force.
Next week, May 15, Dr. Rasmus discusses the economy with Rick Wolff, Shadow Chair of the Council of Economic Advisers, of the just formed Green Shadow Cabinet
Dr. Jack Rasmus interviews Green Shadow Cabinet Presidential Nominee, Jill Stein, who explains what is the recently formed (April 22) Green Shadow Cabinet, who’s in it, what are its policy proposals and future planned activities, and where can interested listeners go to get involved. The Green Shadow Cabinet is projected as an alternative to the two wings of the current corporate political parties in the US. Alternative policies for the economy, society, and politics in the US are proposed by the GSC by an impressive list of well known activists in the US. Jack and guest, Jill Stein, provide an introduction. For more info beyond the interview today, go to greenshadowcabinet.us.
The Green Shadow Cabinet and A New Kind of Federal Reserve Central Bank
Dr. Jack Rasmus discusses the just announced Green Shadow Cabinet, and his role as the new ‘shadow’ Federal Reserve Chairman as a member of the cabinet. Jack explains his initial statement as shadow chair, on the ‘Failures of Fiscal-Monetary Policy, 2008-2013’: How Fed monetary policies of QE and zero interest rates for bankers have only succeeded in expanding the incomes of bankers and speculators while reducing incomes of retirees and tens of millions of US households. Fed policies have helped engineer recovery for the few and their corporations after tens of trillions of dollars of money injection, but are holding back recovery, lowering incomes for the rest, destroying pensions, and setting off global currency wars that will further slow the global, and US, economy. As ‘shadow’ Fed chair, Dr. Rasmus explains his alternative monetary policies of public banking, how to democratize the Fed to serve the public not the banks and speculators, and how to expunge excess household consumer debt for students, homeowners and small business, as a precondition for real recovery for all.
Dr. Jack Rasmus gives a bigger picture of the condition of the US jobs market, looking beyond just the U-3 official unemployment rate. Properly calculated, more than 24 million are still jobless in the US, not the official 11.7 million and the true unemployment rate still hovers around the near-depression level of 15%. Other indicators of an extremely weak jobs market show that low pay and contingent (part time, temp) jobs are replacing higher pay full time jobs, net job creation continues to fall behind population growth, millions of workers have left the labor force and no longer counted as unemployed, the Obama administration’s much touted manufacturing job growth has halted over the past year, and the duration of long term unemployment continues to rise while unemployment benefits are being cut. Dr. Rasmus predicts that the meager 88,000 jobs created last month is a better indicator of what’s to come in the months ahead than the 200,000 monthly job gain average of this past winter.
Dr. Jack Rasmus today begins his annual predictions for the US and global economies, in the first of a four part series. Today’s show provides a review of his past annual predictions for 2010-12. Subsequent shows will address predictions for the jobs and housing markets (April 17), government spending (April 24), consumer and business spending (May 1), and for the broader global economy: Eurozone, UK, Japan, China and emerging markets (May . In today’s show, Dr. Rasmus revisits his basic prediction last year, January 2012, that the US economy is headed for a double dip recession sometime in 2013-14 should deficit cutting continue and the Euro banking system experience a deeper crisis in 2013 (both of which are now in progress). For his past predictions, see his blog, jackrasmus.com, for ‘Economic Predictions: 2012-13’ and his 2012 book, ‘Obama’s Economy: Recovery for the Few’, both availabale on his blog and website (www.kyklosproductions.com).
Dr. Jack Rasmus welcomes back Art Stamoulis, Executive Director of Citizenstrade.org, to report on and discuss the latest developments in the ‘Free Trade on Steroids’ deal being pushed by Obama on behalf of transnational US corporations. With an agreement target date of October 2013 set by the US and negotiating parties, the free trade deal that will dwarf prior deals (NAFTA, CAFTA, etc.) to date, appears ‘wired’ and on its way to fast conclusion. What’s the impact on jobs, wages, environment, etc. Also addressed: the parallel agreement, the TransAtlantic Partership, just announced by Obama, and a ‘Free Trade’ double whammy to US jobs, wages, environment, and sovereign democratic rights of US citizens.
Arthur Stamoulis is executive director of Citizens Trade Campaign, a national coalition of labor, environmental, family farm and consumer organizations that works together on questions of international trade policy. Their current focus is the Trans-Pacific Partnership, or TPP. Citizens Trade Campaign organized demonstrations outside TPP negotiating rounds in Virginia, California, Texas and Illinois, and were the first to publish leaked text of several proposed TPP chapters.
Dr. Jack Rasmus welcomes Ellen Brown as a guest and they discuss the Cyprus and European banking crisis, the Euro economy and its deepening recession impact on the US in coming months.
The Progressive Caucus Budget Alternative in Congress to Ryan-Obama Budget Proposals
Dr. Jack Rasmus gives an update on deficit cutting in Congress and predicts no government shutdown on March 27 or May 18, as both wings of the single party system in America (aka Teapublicans and Timidcrats) move toward a final deal on spending cuts to reach $4 trillion target later this summer. Jack welcomes back guests Mike Prokasch of the New Priorities Network and Michael Eisenscher of US Labor Against War to discuss specifically the elements of the Progressive Caucus budget alternative being debated today in Congress. Dr. Rasmus provides a brief overview of Ryan (Teapublican) and Obama (Senate) budgets introduced last week and their proposals to cut social security, medicare, Medicaid, etc. while protecting defense spending and taxes on the rich. Mike and Michael explain how the Progressive Caucus budget proposals offer a dramatic and progressive alternative.