"Words that make actions speak louder."
How ironic that President Obama’s jobs summit should be scheduled on the same date (Thursday, December 3) that the Senate Banking Committee has scheduled the reconfirmation hearing of Federal Reserve Chairman, Ben Bernanke. Our economy is in a hole. Bernanke is “waist deep in responsibility.” Reappointing him has been called “the single worst decision [Obama’s] […]
A really smart student intern I’ve had the privilege of working with (Jonathan Flack, GWU 2010) asked a really stupid question. “Why,” he asked, “Do we give China everything it wants? Why don’t we challenge them?” This intern knows what’s going on. He knows about our $2 trillion trade deficit, the manipulation of the Yuan, […]
President Obama is home from China and the U.S.-China Economic and Security Review Commission today releases its 2009 report to Congress. What have we learned? That we need to pay attention because we’re getting schooled. While Obama posed for photos on the Great Wall and talked about a relationship “at an all-time high,” China continues […]
As President Obama packs for China, I thought I’d show him a picture of how China is manipulating its currency. Source: Federal Reserve: Yuan, Broad dollar index. Graphic idea compliments of AAM. The dollar stays flat against the Chinese Yuan, even as it loses value against other major currencies. The dollar is down to $1.50 […]
Today’s unemployment data contain gloomy news. Gloomy, but expected. The interpretation of the data is even worse. First, the data. Unemployment rose to 10.2 percent last month, breaking the double digit barrier. Most people expected it to happen, though the job loss (190,000) was a bit worse than most economic forecasts (175,000). We can maybe […]
Today’s “Productivity and Costs” data from the Bureau of Labor Statistics contain what looks like good news. Productivity increased at a 9.5 percent annual rate during the third quarter of 2009, the largest gain since 2003. The Associated Press called it “sizzling.” The New York Times said we “surged.” It’s good news and I’m happy […]
President Barack Obama announced today $3.4 billion in government grants to help build a “smart” electric grid. Like many Obama initiatives, it’s a smart first step. But much more is needed and one piece is rarely mentioned at all. Start with the problem. America’s electric grid is aging and not keeping up with demand. Electricity […]
Federal Reserve chairman Ben Bernanke recognized today that America’s trade deficit played a central role in the global economic crisis. Then after he recognized the problem, he went on to solve a different one. Start with the real problem, America’s trade deficit. America is spending more than it earns, and buying more than it’s selling. […]
It’s time to take on the banks. 74% of American voters agree that “greed and risky decisions of banks and financial companies led to the financial crisis and recession, and it’s time that Congress cracked down on their reckless practices to protect consumers.” The American people are angry. There is a strong, bi-partisan appetite for […]
New public opinion research by the Economic Policy Institute contains reassuring findings. The American people are smarter than they sometimes look on TV. The survey of 802 registered voters in September 2009, revealed a clear sense of who’s winning and who’s losing in the economy and politics. People were asked who “the government’s policies to […]