James Galbraith's new book, "Predator State," looks at capitalism's ugly side. From Bill Moyers interview with Galbraith: Deficits unavoidable-spend and create jobs or spend and collapse economy; Increase Social Security permanently; Stop using government for private benefit-like Medicare drug benefit, foreign trade for patent protection and market dominance.
Galbraith basically calls this country a corporate republic.
I'm reminded of the standard Republican line of cutting corporate taxes so businesses can expand and hire more workers. So how's the employment picture working out so far...? Losses in the job market: 760,000 since January.
The last business cycle from 2000 to 2007 failed to generate any growth for middle class working families — on average, they lost over $2,000 a year in inflation-adjusted income. Galbraith has more...