"Words that make actions speak louder."
The forum on American debt and deficit had it right. First, don’t panic. Don’t stop the stimulus spending or raise taxes with the economy still near the bottom. The Center for American Progress and Center on Budget and Policy Priorities convened the forum. Guests included Paul Krugman (NYT), Robert Reischauer (Urban Institute, OMB), Senator Mark […]
The G-20 Summit is wrapping up today. We can compare its performance to promises made in advance. Leaders discussed financial markets, of course, but they also made promises about jobs and work. Some highlights: “3. We must promote employment through structural policies, active labour market policies, and training and education.” In other words, leading economies […]
Source: BEA Today is the first day of the G-20 summit in Pittsburgh. Because the G-20 nations represent 80 percent of world trade, it makes sense to look at America’s position within it. The above chart shows our trade balances with respect to the G-20 nations; the numbers are below. What stands out is the […]
In the lead up to the G-20 Summit in Pittsburgh, mainstream media are telling half a story. Everyone seems to agree that heavy industry is a thing of the past. The London Telegraph opens with the “long-gone steel industry” and Business Week with the “rust-stained U.S. Steel tower.” Thankfully, Pittsburgh’s leaders “didn’t spend a lot […]
New data just came in from the Transactional Records Access Clearinghouse (TRAC) at Syracuse University. In the first nine months of fiscal year 2009 the U.S. government reported 67,994 new immigration prosecutions, continuing and accelerating the surge from the Bush years. If this activity continues at the same pace, the annual total of prosecutions will […]
The G-20 Summit is in Pittsburgh later this week. Leaders from the 20 countries that collectively represent two-thirds of the world’s population, 80 percent of world trade and 90 percent of global gross national product, will meet to discuss the global economy and terms of trade. It is fitting that they meet in Pittsburgh. Steel […]
The Republican strategy of obstruction is working. The latest Pew poll shows Congressional Favorability Falls to 24-Year Low Former Senate Republican Whip Trent Lott, R-Miss, didn’t hide his goals. “The strategy of being obstructionist can work or fail…and so far it’s working for us,” he told Roll Call in April of 2007. We call the […]
Today’s “Productivity and Costs” data from the Bureau of Labor Statistics contain what looks like good news. “Labor productivity increased at a 6.6 percent annual rate during the second quarter of 2009.” The Associated Press adds context to the data: “Worker productivity, the single biggest factor determining living standards, grew at the fastest pace in […]
Today’s data from the Bureau of Economic Analysis tell the same old story. National GDP is dropping and personal incomes are dropping along with it. These are troubled times. But wait! There’s more! Corporate profits are on the rise. Source: BEA: GDP, personal income, corporate profits as percent. Are corporate profits a leading indicator of […]
The Congressional Budget Office published revised estimates about the deficit, and people are hyperventilating. “[B]urying our children and grandchildren under a mountain of unsustainable debt,” declared House minority leader John Boehner (R-Ohio). Leave aside for a moment the cause of the deficit. The Economic Policy Institute shows that the biggest cause was the Bush tax […]