TheVoiceOfJoyce Europe, dependent on Russian oil, will be plunged into recession. China is suffering from a real estate ponzu scheme and Zero Covid policy, crippling its economic output. America, we have short term problems brought on by Corporate Greed. Corporations here are monopolies without competition. They charge whatever they can, while keeping labor wages low. It’s a win win for a few. In the 80’s Volcker raised interest rate to curb inflation and it wasn’t until America was plunged into Recession, that the government raised taxes to get us out of the Recession. Both the US and UK should take a policy lesson from the 1980’s, start taxing Corporations now. Go to 28% and close loopholes. Then, it won’t matter if labor get a long deserved increase in pay and benefits. Labor needs these increases to survive. Americans need Corporations and the top 1% to pay their fair share. A 2% tax on the top 1% assets would add billions to the IRS. A 28% tax on Corporations should be the first step towards taxing Corporations. Their free ride, is making it impossible for too many Americans to survive. Raising interest rates is one tool in the Federal toolbox. Another tool is raising Corporate taxes. Then fund the IRS to collect the tax. I always thought, this country needed to put 1000’s of auditors to work and collect the trillions in tax evasion. America should not be inadvertently plunged into Recession. The poor and the middle class need a social safety net. We can have it “all”.

Posted on by jaslvr

www.theguardian.com/business/2022/sep/26/leading-economies-sliding-into-recession-as-ukraine-war-cuts-growth-finds-oecd

The world’s leading economies are sliding into recession as the global energy and inflation crises sparked by Russia’s invasion of Ukraine cut growth by more than previously forecast, according to the Organisation for Economic Co-operation and Development (OECD).

A dependency on expensive gas for heavy industry and home heating will plunge Germany, Italy and the UK into a long period of recession after global growth was projected by the OECD to slow to 2.2% in 2023 from a forecast in June of 2.8%.

With the global economy needing to grow by about 4% to keep pace with rising populations, the OECD said incomes per head would be lower in many countries.

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