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Obama boosts global collaboration to conquer US economic crisis
Artificial intelligence: Difference Engine: Luddite legacy
America’s Three Deficits - Laura Tyson - Project Syndicate Exit from comment view mode. Click to hide this space BERKELEY – This year began with a series of reports providing tantalizing evidence that economic recovery in the United States is strengthening.
The Economy is Killing Las Vegas
Exit from comment view mode. Click to hide this space CHICAGO – Why did the household savings rate in the United States plummet before the Great Recession? Two of my colleagues at the University of Chicago, Marianne Bertrand and Adair Morse, offer an intriguing answer: growing income inequality. Bertrand and Morse find that in the years before the crisis, in areas (usually states) where consumption was high among households in the top fifth of the income distribution, household consumption was high at lower income levels as well. After ruling out a number of possible explanations, they concluded that poorer households imitated the consumption patterns of richer households in their area. "Democratic Inequality" by Raghuram Rajan
“But, Yossarian, suppose everyone felt that way.” “Then,” said Yossarian, “I’d certainly be a damned fool to feel any other way, wouldn’t I?” —Joseph Heller, Catch-22 Last November 29, American Airlines declared bankruptcy under Chapter 11, the provision of the bankruptcy code that allows a corporation to stiff its creditors, break contracts, and keep operating under the supervision of a judge. The Age of Double Standards
Income Inequality Is Killing the Economy, Obama Says—Is He Wrong? - Derek Thompson - Business The president wants to turn inequality into both a campaign banner and a grand unifying theory of the recovery. But not all economists agree with him. Reuters
One of the harshest realities of America's slow economic recovery -- and there are many -- is the fact in spite of modest job growth, pay for workers is falling. Year over year, average inflation adjusted wages have dropped by 0.6 percent for all private sector employees. They're down a full 1 percent for non-supervisors -- your retail salespeople, your shop floor factory workers, your cashiers. In other words, even as the overall employment picture has improved in fits and starts, the working poor are getting poorer. The Poor Are Getting Poorer. Is It Time to Raise the Minimum Wage? - Jordan Weissmann - Business
Why America spends while the world saves Editor's Note: The following is an edited transcript of my interview with Sheldon Garon, a professor of history and East Asian studies at Princeton University and author of the new book, Beyond Our Means: Why America Spends While the World Saves. Why Americans don't save Amar C. Bakshi: U.S. household saving rates peaked in the 1980s at around 11 percent, and by 2005, they had plummeted to near zero. How did America go from a nation of savers to a nation of consumers?
Exit from comment view mode. Click to hide this space NEWPORT BEACH – The United States has gone through an arduous period of intervention and rehabilitation since the global financial crisis in 2008 sent it to the economic equivalent of the emergency room. It moved from the intensive-care unit to the recovery room and, just recently, was discharged from the hospital. The question now is whether the US economy is ready not just to walk, but also to run and sprint. The answer will powerfully influence global economic prospects. "The American Recovery" by Mohamed A El-Erian
A Nation of Spoiled Brats - Interview by David Rothkopf Financial Times columnist Edward Luce has written a new book called Time to Start Thinking: America in the Age of Descent that has received well-deserved acclaim and recognition not only for its superb reporting of the on-ground reality of America's current economic crisis but also because it is an unflinchlingly brave book. Luce does not shy away from conclusions that are hard for many Americans to hear, nor does he cop out and offer up the happy ending many in his audience may want to read. Rather, he offers what is most needed now: an objective, profoundly thoughtful look at the underpinnings of America's economic troubles, what makes the current crisis different from those of the past, and where we are likely headed from here. Luce recently sat down with Foreign Policy CEO and Editor-at-Large David Rothkopf. Here are some of the highlights of their conversation.
Exit from comment view mode. Click to hide this space MILAN – I have been surprised by the recent coverage in the American press of gasoline prices and politics. Political pundits agree that presidential approval ratings are highly correlated with gas prices: when prices go up, a president’s poll ratings go down. But, in view of America’s long history of neglect of energy security and resilience, the notion that Barack Obama’s administration is responsible for rising gas prices makes little sense. "The Energy Deficit" by Michael Spence
The Spectacular Rise and Fall of U.S. Whaling: An Innovation Story - Derek Thompson - Business An extinct business offers surprisingly current lessons about the triumph of technology, the future of work, and the inevitable decline of industries that might not be worth saving "Some years ago -- never mind how long precisely -- having little or no money in my purse, and nothing particular to interest me on shore, I thought I would sail about a little and see the watery part of the world." -- Moby Dick One hundred and fifty years ago, around the time Herman Melville was completing Moby Dick, whaling was a booming worldwide business and the United States was the global behemoth. In 1846, we owned 640 whaling ships, more than the rest of the world put together and tripled.
Robin Harding and John-Paul Rathbone insist that the United States is feeling pressure from the developing world over the World Bank leadership question. They also think the dynamic surrounding the Bank leadership race is quite different than it was in the case of the International Monetary Fund: In contrast to the recent battle to lead the International Monetary Fund, which was never in real doubt as French finance minister Christine Lagarde raced around the world to secure support, developing countries are organised to challenge a procession to the World Bank presidency. Is the U.S. feeling pressure about the World Bank presidency?
A qualified defense of national privilege Owen Barder of the Center for Global Development is convinced that the World Bank selection process can be a genuine competition. With three official candidates in the running--Jim Young Kim of the United States, Colombia's Jose Antonio Ocampo, and Ngozi Okonjo-Iweala of Nigeria--Barder insists that the outcome is not foreordained: [F]or the first time ever there is a genuine contest. In previous years other shareholders were faced with the choice of accepting or rejecting the US nominee.
What Export-Oriented America Means - Tyler Cowen In his State of the Union address two years ago, President Obama promised to double American exports over the next five years. At the time critics called this an unrealistic political promise, one that voters would forget by the 2012 election. But America is currently on track to meet that goal.
United States' economy: Over-regulated America
Gray Nation: The Very Real Economic Dangers of an Aging America - Derek Thompson - Business Two economists envision a scary -- and scarily realistic -- future where the working population expands slower and slower, and jobless recoveries are the only recoveries we know Reuters In the future, U.S. growth will be slower.
The Two Issues That Can Bring Down the Economy The term “crisis” is frequently overused in Washington, never more so than in budget debates. The problem is that a real crisis requires a hard deadline by which time something must happen or something terrible will happen. There are two hard deadlines approaching, the need to raise the debt limit and expiration of all expiring tax cuts at the end of the year. These two action-forcing events, when combined with more than the usual political uncertainty over control of Congress and the White House next year, mean that the long-awaited fiscal crisis is now here.
"Fed Policy and Inflation Risk" by Martin Feldstein
Can Radical Efficiency Revive U.S. Manufacturing?