All Articles on Economy

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Social Security Reform: Stop the Stampede
The Japanese have a wise expression: Isoga ni bamaware. It means, "When you're in a hurry, take the long way around." It could not be any more relevant than right now, with President Bush trying to stampede the country into abandoning the most successful government program of the last 70 years:...
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The Bush Budget Deficit Death Spiral
Lenders talk about a “debtor’s death spiral.” It occurs when borrowers get so far in over their heads they begin borrowing money just to cover the interest payments on past borrowings. The borrowers have to do this to keep the lending flowing but they can no longer plausibly pay down the principal...
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Evaluating Bush's Economic Performance: A Field Guide for the Perplexed
Forbes Magazine's online edition performed a valuable public service in July when it ran a story comparing the economic performance of the ten postwar presidents. Forbes is the right-leaning business publication that goes by the tagline, "Capitalist Tool." Its publisher, Steve Forbes, is a big...
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This is the Fight of Our Lives
Keynote speech - Inequality Matters Forum New York University June 3, 2004 It is important from time to time to remember that some things are worth getting mad about. Here's one: On March 10 of this year, on page B8, with a headline that stretched across all six columns, The New York Times reported...
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Economic Recovery: Losers and Winners
The American economy, indeed capitalism itself, has always gone through boom and bust cycles. Like night dawning into day, cyclical recessions followed by economic recoveries are inevitable, no matter what the policies of the party in power. Where political policy has an impact is on the nature of...
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What Kind of Productivity Do We Need?
On my last visit to India, I walked into a restroom at the airport in Bangalore, the high-tech capital of India, and was greeted by an attendant whose job was to dispense liquid soap and paper towels. The work was, of course, superfluous, but he clearly needed the job and the tips he occasionally...
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How a Bad Bill Becomes Law
Remember the elementary school lesson "How a Bill Becomes a Law"? Well, George W. Bush and Republican Leadership in Congress redefined lawmaking when they forced their Medicare law through Congress. And a brief look at the gnarled twists and turns taken as this bill became law should make any...
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We Are the Majority
How do we build a political movement in this country that represents all of the people and not a handful of millionaires? The middle class is collapsing, the people on top are making out like bandits, and the poorest people are struggling just to keep their heads above water. Today, the...
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Free Trade: Benefit or Peril for the Environment?
One of the most contentious issues surrounding globalization is the concern that free trade hurts the environment, both locally and globally. The classic argument for free global trade is that it is efficient for countries to specialize in producing goods where they have a comparative advantage,...
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How Will Bush Deal With the Deficits? Connecting the Dots to Iraq
Republican hearts are all aflutter over one quarter of strong GDP numbers. But the 8.2% third quarter growth was purchased on credit-the $374 billion budget deficit that was the largest in the country's history. All indications are that next year's deficit will be even larger, exceeding half a...
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