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Today's Stories Today's Stories March 15 / 16, 2008 Ralph Nader March 14, 2008 Paul Craig
Roberts Don Santina
Patrick Cockburn
Tim Rinne Robert Fantina
Saul Landau
David Macaray
Franklin Lamb
Michael Neumann
March 13, 2008 Paul Craig
Roberts Mike Whitney
Assaf Kfoury
Andy Worthington Adam Federman
March 12, 2008 Dave Lindorff
R.F. Blader
Yonatan Mendel
Jonathan Cook
Bill and Kathy
Christison James J. Brittain
Ron Jacobs
March 11, 2008 Paul Craig
Roberts Ed O'Loughlin
Ramzy Baroud Kathy Christison
China Hand John Joslin
Mike Averko
Ben Rosenfeld
Thierry Paquot
March 10, 2008 Uri Avnery
Col. Dan Smith
R.F. Blader
Michael Neumann
Bob Fitrakis
and Harvey Wasserman James J. Brittain
Missy Comley
Beattie March 8-9, 2008 Weekend Edition JoAnn Wypijewski
Mike Whitney
Peter Morici
Ralph Nader
Jonathan Cook
Steve Niva
Bill and Kathy
Christison Hervé
Do Alto and Franck Poupeau Eric Walberg
Scott Johnson
Mark Scaramella
Bill Clinton Poet's Basement
Website of
the Weekend March 7, 2008 Patrick Cockburn
Robin Blackburn
Saul Landau
Binoy Kampmark
Chris Floyd
Andy Worthington Will Potter March 6, 2008
March 6, 2008 Vincent Navarro Forrest Hylton Peter Morici George Ciccariello-Maher John Ross Jacob Hornberger Paul Watson Dan Bacher Website of the Day
March 5, 2008 Cockburn /
St. Clair Joanne Mariner Fidel Castro Christopher
Brauchli Steven Sherman Dave Lindorff James Murren Adam Engel Website of Day
March 4, 2008 Wajahat Ali William Blum Bill Quigley Ralph Nader Patrick Irelan James J. Brittain
/ Norman Solomon Jacob Hornberger Andy Worthington Mike Averko Website of the Day
March 3, 2008 Jennifer Loewenstein Alan Farago Richard Gott Wajahat Ali Paul Craig Roberts Robert Weissman Uri Avnery Martha Rosenberg Eva Liddell Michael Donnelly Website of the Day
March 1 / 2, 2008 Alexander Cockburn Paul Craig
Roberts Kathleen and Bill Christison Nelson P. Valdés Christopher Brauchli Ron Jacobs John Ross Robert Fantina Robert Weissman Mohammed Omer Remi Kanazi Bob Jackson Richard Rhames Franklin Lamb Rannie Amiri David Michael
Green Conn Hallinan Faheem Hussain Poets' Basement Website of
the Weekend
February 29, 2008 Matt Gonzalez Jonathan Cook Joshua Frank Anthony DiMaggio Linn Washington, Jr. Binoy Kampmark Robert Bryce Sonja Karkar Dave Lindorff Website of
the Day
February 28, 2008 Patrick Cockburn Fred Gardner Michael Levitin William S.
Lind David Macaray Stephen Fleischman George Wuerthner Laura Carlsen Carl Finamore Michael Dickinson Website of the Day
February 27, 2008 David Rosen Vijay Prashad Harvey Wasserman Andy Worthington Wajahat Ali Peter Morici Stephen Philion Michael Donnelly Erica Rosenberg / Website of
the Day
February 26, 2008 Debbie Nathan Alan Dershowitz
Harvey Wasserman Michael Colby Gary Leupp David Orchard Martha Rosenberg Fran Shor Serge Halimi Global Balkans Website of
the Day
February 25, 2008 Roger Morris Anthony DiMaggio Ralph Nader Patrick Cockburn Paul Craig Roberts Peter Morici Dave Lindorff Saul Landau
/ Heather Gray Robert Weitzel John Halle Website of the Day
Alexander Cockburn Paul Craig
Roberts Wajahat Ali Ralph Nader Jürgen
Vsych Fidel Castro Andy Worthington David Macaray Jeremy Scahill David Krieger Ron Jacobs Michael Garrity Brian McKenna Missy Beattie Fred Gardner Boris Kagarlitsky Mike Ferner Dan Bacher Christopher
Ketcham Poets' Basement Website of
the Weekend
February 22, 2008 Mike Whitney Jason Hribal Liaquat Ali Khan Joshua Frank Dave Lindorff Liliana Segura Robert Fantina Yifat Susskind Norm Kent Website of
the Day February 21, 2008 Saul Landau Elizabeth Schulte Helen Redmond Benjamin Dangl Michael Levitin Liam Leonard Patrick Irelan Linn Cohen-Cole Michael Simmons CounterPunch
News Service Website of the Day
February 20, 2008 Paul Craig
Roberts Paul Krassner Fawzia Afzal-Khan Farzana Versey Allan Nairn John V. Whitbeck Niranjan Ramakrishnan Steve Eckardt Lee Sustar Mike Ferner Website of the Day
February 19, 2008 Uri Avnery Paul Craig
Roberts Gary Leupp Fidel Castro David Macaray Reza Fiyouzat Valerie Morse Walter Brasch Website of the Day
February 18, 2008 Wajahat Ali Diana Johnstone Paul Craig Roberts Andy Worthington Debbie Nathan Anthony DiMaggio Bill Simpich Eva Liddell Christopher Brauchli Stephen Soldz Johann Rossouw Website of
the Day
February 16 / 17, 2008 Alexander Cockburn Ralph Nader David Macaray William J.
Peace Ron Jacobs Diane Christian Alan Maass Ramzy Baroud Michael Donnelly Cpt. Paul Watson James L. Secor Eve Bachrach Nikolas Kozloff Stephen Gowans Missy Beattie David Michael
Green Wajahat Ali Poets' Basement Website of the Day
February 15, 2008 George Szamuely Patrick Cockburn Wajahat Ali Mike Whitney Alan Farago Chris Genovali Jacob Hornberger Dave Lindorff Website of the Day
February 14, 2008 Kathleen and
Bill Christison Mike Whitney Clancy Sigal George Wuerthner Peter Morici John Ross Allan Nairn Rannie Amiri Niranjan Ramakrishnan Donna Volatile Seth Sandronsky Website of
the Day
February 13, 2008 Nikolas Kozloff Alan Farago Christina Kasica Vicente Navarro Hall Greenland Lee Sustar David Macaray Roderick Frazier
Nash Patrick Irelan Anthony Papa Carl Finamore Website of
the Day
February 12, 2008 Frank J. Menetrez Paul Craig
Roberts Dr. Trudy Bond Andy Worthington Col. Dan Smith Ronnie Cummins Ralph Nader John V. Walsh Dave Lindorff Michael Donnelly Ron Jacobs Ben Tripp Website of the Day
February 11, 2008 Cockburn /
St. Clair Wajahat Ali Ray McGovern Allan Nairn Uri Avnery Chris Floyd Martha Rosenberg Stephen Fleischman Marc Lamont Hill Liliana Segura Peter Morici Christopher
Brauchli Website of the Day
February 8 / 10, 2008 Paul Craig
Roberts Patrick Cockburn Mike Whitney Anthony DiMaggio Andy Worthington Linn Cohen-Cole Firmin DeBrabander Cpt. Paul Watson Kenneth S. Pope Jacob G. Hornberger Robert Bryce P. Sainath Allan Nairn Fred Gardner
/ Andrew Wimmer Robert Fantina David Michael Green Kevin Zeese Peter Morici Chris Driscoll Prairie Miller Poets Basement
February 7, 2008 Patrick Cockburn Bill Christison David Anderson Ron Jacobs Nikolas Kozloff Jane Rockefeller Andy Worthington
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Weekend
Edition But Which Advisers Have the Candidates' Ears?It's Still the Economy, StupidBy ROBERT POLLIN "It's the economy, stupid" was the one memorable slogan to have emerged out of Bill Clinton's successful first run at the presidency in 1992, and it became the overarching theme of his eight years in office. As the U.S. economy has continued to spiral downward in the first months of 2008, the economy is again emerging as the single most important question of the presidential campaign, even eclipsing the Iraq war as a concern among voters. What do Barack Obama, Hillary Clinton, and John McCain have to say about our current reality of financial crisis and recession, and the generation-long stagnation in average living standards that has preceded the crisis of the moment? There aren't significant distinctions between Obama and Clinton in terms of their campaign platforms, while both Democratic contenders share huge differences with McCain. But the most important question is not where these candidates stand during the campaign; it's what they would actually do while in office. And this is more a matter of political power-which social groups can exert pressure within a new administration-than of economic philosophy. This point was highlighted
in dramatic fashion near the end of the March 4 primary campaigns
in Ohio and Texas when Austan Goolsbe a professor at the University
of Chicago and Obama's chief economic advisor, was reported to
have told Canadian diplomats that Obama was far more sympathetic
to free trade measures such as NAFTA than he was letting on in
his campaign speeches. Goolsbe denied saying this. But the fact
is, we can't know what Obama will really do on NAFTA and related
measures until he becomes president, facing a whole range of
pressures. These will include big business continuing to seek
free access to Mexico's vast pool of low-wage workers. Obama and Hillary Clinton are increasingly advancing an agenda focused on job creation, affordable health care, greater equity in the tax code, limits on free trade, and combining economic growth with environmental protection-so-called "green growth." These are certainly desirable goals. But we must keep in mind that Bill Clinton advanced similar goals in 1992, under his economic program of "Putting People First." Yet Clinton's economic program changed drastically even during the two-month interregnum between his November election and his inauguration in January 1993. During this time, Clinton decided that the first priority of his administration would be to serve the interests of Wall Street. The Clinton years were defined by across-the-board reductions in government spending as a share of the economy's total spending, virtually unqualified enthusiasm for free trade, tepid and inconsistent efforts to assist working people in labor markets, and the deregulation of financial markets. Bill Clinton even conceded during the period before his inauguration that with his new policy focus, "we help the bond market and we hurt the people who voted us in." Either Hillary Clinton or Barack Obama could easily fall into this same trap if they aren't faced with intense pressure from progressive forces to maintain their campaign commitments. Such a concern was certainly underscored by the reports of Goolsbe's comments to the Canadians on NAFTA. We get some insights into the likely economic policy approaches of McCain, Clinton and Obama-probably more than by reading their respective platforms-by considering whom they are listening to now, and who would be likely to serve as high-level advisors in a McCain, Clinton, or Obama White House. McCain has said he will call on people like Pete Peterson and Jack Kemp. Peterson is a billionaire Wall Street investor and a former Commerce Secretary under Richard Nixon. He has long favored cutting deeply into Social Security, Medicare, and other welfare-state policies as a means of maintaining balanced federal government budgets. Not surprisingly, Peterson also believes that Wall Street titans like himself should continue to enjoy lower tax rates than teachers, firefighters, nurses, and waitresses. Jack Kemp was a congressman during the 1970s and 1980s, and was an original advocate of deep, across-the-board tax cuts as a tool for stimulating economic growth. He was thus instrumental in helping define Reaganomics even before Ronald Reagan took office in 1981. Kemp argues that fiscal deficits are not a serious problem and that Republicans like Peterson practice "root canal" economics by harping on such matters. Kemp portrays himself as a populist who wants to unshackle the entrepreneurial energies of the American people by lifting their tax burdens. But the Reagan tax cuts, like those under George W. Bush, heavily favored the wealthy. These tax cuts therefore meant more money in the pockets of the rich, with less government revenue to spend on social programs. This created pressures for cuts in social spending. Here is where the Peterson and Kemp politics converge. In both cases, we almost certainly end up with major attacks on social spending, whether the federal budget is in balance or running a deficit. The economic policy debate should therefore be wide open for either Hillary Clinton or Obama to push hard on an egalitarian agenda focused on jobs, tax fairness, affordable health care, financial regulation, and green growth. At the same time, Obama has said that the people he will want to listen to on economic policy, beyond Goolsbe, include Robert Rubin, Alan Blinder, and Robert Reich. All of them were major economic advisors to Bill Clinton and they are all likely to be recycled by Hillary Clinton. Rubin, in particular, was Bill
Clinton's closest economic advisor as well as Treasury Secretary
for four years. And it was Rubin who, even before Clinton's first
inauguration, explained to the more populist camp within the
newly forming administration that the rich "are running
the economy and make the decisions about the economy." Under Bill Clinton, working people and the middle class lost out to Wall Street. But I think the chances are higher for a major shift in direction under a new Democratic administration, particularly one under Obama. My hunch on Obama-and it is only a hunch-follows from how he stacks up as a political figure, compared to Hillary Clinton. Obama is obviously not bound up with the history of Clintonomics. His campaign also emerged as a widespread popular movement that has energized a new generation of voters. But more important than hunches by me or anyone else is the economic reality before us-that conditions for all but the wealthy have stagnated for a generation, under Reagan, Clinton, and the two Bushes; and that in the short term, we are staring a recession and ongoing financial crisis in the face. The pressures for a viable progressive agenda focused on financial stability, a jobs stimulus, universal health care, and green growth have correspondingly grown. Neither Clinton nor Obama can avoid this reality. After all, Robert Rubin himself, who has been a director and chair of the executive committee of Citigroup since leaving the Clinton administration in 1999, has been humbled by the massive losses at Citigroup tied to the subprime mortgage crisis. Alan Blinder, who was on Bill Clinton's Council of Economic Advisors when the Clinton administration rammed NAFTA through Congress, is now expressing serious concerns about the effects of globalization on middle class living standards. In short, a new Democratic administration may well offer possibilities for a dramatic shift in U.S. economic policy, even if some of the same old Bill Clinton crowd is brought back in as advisors. But if such a major policy shift does occur, it will not be primarily because a Democrat-either Hillary Clinton or Obama-will be sitting in the White House. It will rather be because the people who put one of them there will have gathered sufficient political strength to make them stick to their campaign promises. Robert Pollin is professor of economic and founding co-director of the Political Economy Research Institute at the University of Massachuesetts-Amherst. His groundbreaking book, Contours of Descent: US Economic Fractures and the Landscape of Global Austerity, has just be released in paperback by Verso with a new afterward. A recent interview with Pollin can be read at the PERI site. This article was originally
published by Dollars & Sense Magazine.
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