Quick Economic Turnaround not in the Cards
The latest figures indicate that the Canadian economy is becoming more deeply entrenched in recession, with no recovery in sight. Another 34,400 jobs were lost in December, on top of 70,600 in November, for a two-month total of 105,000.
House Takes Steps on Equal Pay
The House of Representatives moved to help promote equal pay for equal work by passing two bills last week, the Lily Ledbetter Fair Pay Act, and the Paycheck Fairness Act.
Venezuelan Opposition Attacks Chavistas during Governor’s Swearing in Ceremony
Over 40 United Socialist Party (PSUV) supporters have been injured by members of the opposition during the swearing in of the newly elected governor of Tachira state, according to national assembly member, Iris Varela.
Obama Pledges Transparency of Economic Recovery Package
In a meeting with his top economic advisors, Jan. 6th, President-elect Barack Obama pledged to ban earmarks from his economic recovery package and to establish an oversight group to ensure the money would be spent wisely.
'Depression Economics,' Recovery and Socialist Transition
“Depression economics” is a term that Krugman came up with over a decade ago. His main point is that monetary policy, once you get into a depression, becomes ineffective, and the only possible way to manage the economy or influence its direction once interest rates have reached zero is by means of very aggressive financial intervention by the federal government.
