As I do every year, I'm going to to make 2012 a bold, wonderful year. Let all Americans who care commit to being like the majestic American bison that turns and faces the howling storm. Instead of kicking the can down the road, as soulless poltical wimps have done forever, forcing future generations of Americans ultimately to face and pay for our irresponsibility, let's do something bold about it instead of squawking, blamig, complaining, and procrastinating. Let's be the new greatest generation. The new yearclearly will be a pivotal one politically for America, a venerable tipping point. Whom we elect in 2012 will either set us on a course to begin to fill in the economic hole or allow our politicians to continue to demand a bigger shovel and a deeper hole. All elections are importnat,...
At the moment, the United States has a negative balance of payments of $500 billion per year -- equal to 5 percent of the gross domestic product. History tells us that every time this has happened, the country involved has suffered horrendous economic consequences. It would be generous to say that America's economic standing is now "Third World. With the advantage of being able to print paper money anytime we wish, we have also gotten into a bad case of Imperial Overstretch. That's not a liberal vs. conservative issue. The rest of the world understands that, and they have seen America assume a self-elected role as world policeman for the last 100 years.
COMMERCE Department reports show that the share of America's income constituting wages and salaries dropped again during the third quarter of 2004. It has fallen 14 quarters in a row, three and a half years, the longest slide in recent history. Since World War II, wages' share of the gross domestic product had never dropped more than six quarters in a row, until the 2000s. Meanwhile, the share of the nation's income going to corporate profits rose substantially, from 7.8 percent to 10.1 percent during the 13 quarters from early 2001, according to a report by the Center on Budget and Policy Priorities.
NEW YORK - The European crisis is no longer a European crisis. It has morphed into something that could easily engulf the global economy. Because of its size, because it involves governments and not just banks, and because it comes at a moment of great weakness, this crisis is more dangerous than the one posed by the collapse of Lehman Brothers, which filed for bankruptcy three years ago this week. The real problem is Italy, not Greece. Greece represents just 2 percent of the European Union's gross domestic product. Italy is a G- 7 country. Italy's debt is 1.9 trillion euros, or 120 percent of its economy and greater than the debts of Spain, Portugal, Ireland and Greece combined. Italy's bonds are trading at 4 percentage points more than those of Germany, unprecedented in the euro's his...
WASHINGTON, March 16, 2011 /PRNewswire-USNewswire/ -- The following joint statement was issued today by American Businesses for Clean Energy, American Sustainable Business Council, Main Street Alliance, Small Business Majority and the South Carolina Small Business Chamber of Commerce: We, the undersigned organizations representing a diverse set of business interests that range in size from fortune 500 companies to the small businesses that make up the backbone of this country, stand united in opposition to legislative attempts to undermine the authority of the Environmental Protection Agency (EPA) to enforce the Clean Air Act (CAA). The bipartisan CAA has a long standing history of protecting public health and the environment since being signed into law in 1970 and most recently amende...
... as higher employee health costs and productivity loss - to pay the price for dirtier air and will d...
This study uses a state-space model to estimate the "true" unobserved measure of total output in the U.S. economy. The analysis uses the entire history (i.e., all vintages) of selected real-time data series to compute revisions and corresponding statistics for those series. The revision statistics, along with the most recent data vintage, are used in a state-space model to extract filtered estimates of the "true" series. Under certain assumptions, Monte Carlo simulations suggest this framework can improve published estimates by as much as 30 percent, lasting an average of 11 periods. Realtime experiments using a measure of real gross domestic product show improvement closer to 10 percent, lasting for 1 to 2 quarters.
One of the foremost economic forecasters, the Economic Cycle Research Institute, recently predicted that "a recession (defined as two consecutive quarters of negative gross domestic product) is on the way and it is unavoidable." These economists should not be taken lightly. They correctly predicted the last three recessions and developed the methods used by the leading economic indicators. They have a "long history of measuring and predicting turning points" in the economy. If we are headed for a recession, it may not feel much different than what we are experiencing now. Economic activity has been so weak that even if GDP drops for a quarter or two, it may not feel any different.
President Obama and many other Democrats - and even a few Republicans - claim that the huge deficits the United States is experiencing result from the George W. Bush-era tax rate cuts. Is this true, and must we have a tax rate increase? The short answer is no. First, a little budget history. In the 40 years prior to the 2007- 09 Great Recession, tax revenues as percentage of gross domestic product were remarkably constant, never varying more than 2.3 percent above or below 18.3 percent of GDP. This fact is all the more remarkable given that the maximum individual income tax rate during this period varied from a low of 28 percent to a high of 70 percent. Federal government expenditures also were remarkably constant during this same 40-year period, never lower than 18.2 percent or higher ...
Hurrah. The U.S. economy has set a record. In the final quarter of 2010, America's gross domestic product (the value of all goods and services of all sorts) climbed to the highest level in history. The Great Recession is over. The stock market is sky-high. Yes, but....
The failures of federal, state and local officials of both major parties - over many years - have primed a ticking bankruptcy bomb for the United States that will explode the American Dream if we don't disarm it. But it's not too late to reverse course and avert the coming national bankruptcy. That will require fundamental structural reforms of all levels of government and our most politically sensitive entitlement programs. If we do this right, thoroughly modernized entitlements will serve the poor and most vulnerable among us far better, and a new economic boom will restore America's traditional, world-leading prosperity.
... a share of the economy, to the highest in history except during World War II. The national debt, now... already the highest in history relative to gross domestic product except for World War II, and on i...
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