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Employers hogging benefits of productivity growth

It's been about 40 years since U.S. workers have shared in productivity gains resulting from technical innovations like the Internet and the rise of...

New Home Sales Fell to Record Low in 2011

U.S. new home sales fell to an all-time low in 2011, amid growing consumer distrust of a housing industry that helped precipitate the worst economic climate for middle-class Americans since the Great Depression by placing short-term profit growth ahead of the greater good.

Officially, purchases fell 46% to a record low of 302,000 in 2011, from the 560,000 new homes sold to a much smaller population in 1963, when the government began tracking new home sales. The 2011 sales figures represent the third straight record low in as many years.

The real decline is actually 67% once the data is adjusted for population growth. The Cynical Times' figure for sales-per-million Americans is a more accurate measure of the broken bond of trust between American consumers and the U.S. housing and banking industries, and the damage that can be done when the Federal Reserve abandons the middle class to predatory business interests. New home sales per million Americans fell to 962 sales in 2011 from 2,958 in 1963 - the first time annual new home sales have ever fallen below 1,000 per-million-Americans.

"I blame the Fed – front and center," said economist Dean Baker, a member of the reality-based community who is co-director of the Center for Economic and Policy Research in Washington, D.C. "Amazingly, they just didn’t see the housing bubble and just didn't see how it could affect the economy."

Spit Out That Kool-Aid: The Jobs Picture Still Sucks

The mainstream media continues to advance knowing sins of omission in its economic reporting as evidenced by Friday's erroneous report that 1.64 million new...

The Insanity of Annual Profit Growth Expectations

You don't have to be a math major to realize the insanity of the ridiculous profit growth expectations that have taken over big business...

Economic Superhero Joe Stiglitz Slams G.W. Bush

Joe Stiglitiz is a somebody. The Nobel Laureate is one of the greatest economists ever to walk the planet and he takes a stand...

The New Normal: Dire Economic Straits

An interesting Bloomberg article by Sree Bhaktavatsalam suggests that Wall Street's reflexive cheerleading is finally melting off as investors embrace painful truths, like the fact...

Newsroom Insider: Covering U.S. job creation the right way

Bloomberg News produced an excellent jobs story today on the July payroll report that should be required reading for every economic journalist. Kudos to...

Why South Dakota Should be Renamed The Loanshake State

It takes a lot to shock me these days, but South Dakota Gov. Mike Rounds succeeded with his hypocritical support for states' rights and...

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