The EPI has posted a conference call transcript from August 12 on the state of the economy. Participants included two Nobel prize winners and several other prominent economists.
A comparison of the last three recessions shows that even while declines in total output in the 2001 recession were smaller than average, the recovery has been weaker than average. In particular, the employment situation has seen substantial deterioration relative to the start of the recession as well as compared to past recessions.
The first round of IRS rebate checks to middle and upper income families with dependent children have been mailed. In addition, a second mailing by the IRS was conducted, at a cost of $20 million, letting people know a check would be on the way.
This second mailing (see text below) is completely unnecessary and wastes valuable resources at a time when deficits are already exploding.
From a recent email:
LIFT : Let's Invest In Families Today, a new website of the National Center for Children in Poverty, can be found at http://lift.nccp.org/
Nobel Laureate George Akerlof pulls very few punches in a recent interview.
"I think this is the worst government the US has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy. This is not normal government policy. Now is the time for people to engage in civil disobedience."
