The stark realities of the American economy show the political and economic elites sending the country in the wrong direction, destroying the strongest economy and world history. The American people know better and could rule better than the elites. It is time for Americans to organize and mobilize to take power, http://october2011.org.

Dean Baker reminds the media and former Federal Reserve Board Chairman Greenspan that the Fed actual has readily accessible data that contradicts Greenspan’s recent statements on the economy. The data was clearly signaling a dangerous housing bubble.

As the chart shows the interest to GDP ratio is currently at a crushing 1.3 percent, near the post World War II low. However this figure overstates the burden somewhat. Last year the Federal Reserve Board refunded almost $80 billion to the Treasury. This was interest earned on government bonds and other assets it now holds. That leaves a net interest burden of 0.8 percent of GDP, by far the lowest of the post World War II era.

It is China’s own actions that lead to the U.S. borrowing that it is complaining about.

Explaining why the President was putting so much effort into trying to reach a grand bargain with John Boehner that would include trillions in spending cuts on worthwhile government programs, White House Chief of Staff William Daley essentially said that Obama was doing this not merely because we need to raise the debt limit, but because, “this deficit is a serious drag on the economy.”

Think about that: “The deficit is a serious drag on the economy.”

Why not take advantage of this situation—which has the added advantage of being the truth—and demand a clean vote, and only a clean vote, on the debt ceiling? Why not tell the American people that if we do this, and keep the money supply cheap and fluid, then government can do what it is supposed to do—what it can do: care for its people, create jobs in a time of need, repair aging infrastructure, research and develop new, greener energy sources (hint, hint—which will not only wean us off of expensive oil and nuclear power, but it could help build the economic engine that could power the US economy for the next decade), and provide a better life for every level of society?

In response to President Obama’s warning that Social Security recipients may not receive their monthly checks on August 2, FDL is asking people across the country to visit the local offices of their Senators and Representatives on Tuesday July 19, to express their opposition to the radical and unjust proposals to cut Social Security and Medicare benefits currently being contemplated by leaders of both parties.

Last week FDL members put forward the suggestion that we organize office visits, because members of Congress and their staffers need to hear in person just how strongly the American public is opposed to cutting Social Security and Medicare benefits in the way that President Obama has proposed.

This Act may be cited as the Start Doing Our Damn Jobs Act of 2012.

A first-ever presidential Twitter town hall with President Barack Obama kept questions from Twitter users focused to jobs and the economy, avoiding the many questions on the wars, foreign policy and civil liberties issues that have primarily been created because of legislation and policies deemed necessary to prosecute a “war on terrorism.”

European finance ministers agreed to extend more money to Greece yesterday, after the Greeks fulfilled their end of the bargain by passing a severe austerity and privatization package amid mass protests. The finance ministers extended the 8.7 billion euro ($12.6 billion) loan, which added to the 3.3 billion euro loan from the IMF will get Greece through borrowing and debt service for the rest of the summer. This money essentially passes through Greece on the way to European banks, who are the main creditors.