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Recent Articles
- Obamacare: Buy Now, Pay Later - November 16, 2009
- There is an air of absurdity to what is mistakenly called "health-care reform." Everyone knows that the United States faces massive governmental budget deficits as far...
- Is Roubini Painting Too Grim a Picture? - Newsweek - November 10, 2009
- Up Against a Wall of Debt, Part II - Newsweek - November 7, 2009
- In my latest NEWSWEEK column, I suggested that the unthinkable had become thinkable: some advanced society"”say, the United States, Spain, Italy, Japan, or...
- Could the United States Go Broke? - November 2, 2009
- The idea that the government of a major advanced country would default on its debt -- that is, tell lenders that it won't repay them all they're owed -- was, until...
- Debt: What If Governments Can't Repay? - Newsweek - October 30, 2009
- The idea that the government of a major advanced country would default on its debt"”that is, tell lenders that it won't repay them all they're...
- Why Stimulus 2.0 Might Backfire - Newsweek - October 17, 2009
- What can government do to crank up America's creaky job machine? We'll be arguing ferociously about that in coming months, and the answer, frankly, isn't clear. Diehard...
- The Government Averted a Depression - October 5, 2009
- How close did we come to the Great Depression 2.0? That question will spawn a cottage industry of books, studies and conferences. But Christina Romer, the head of...
- The Banks Bail Out Uncle Sam...Not Really - September 23, 2009
- It seemed like a classic "man bites dog" story. America's banks, having been repeatedly rescued by the government in the past 18 months, were about to turn the tables...
- Obama's Tire Tariff: Bad Policy, Right Message - September 21, 2009
- For years, American presidents have faced a China conundrum: How to deal with a country that practices predatory trade without unleashing global protectionism? President...
- Candor Needed With Healthcare - September 14, 2009
- We cannot, it seems, have a candid national conversation on health care. President Obama's speech the other night was a brilliant performance, and it may improve...
- Both Parties Duck the Deficit Issue - August 31, 2009
- The problem of the burgeoning government debt is mainly political, but the adverse consequences may be economic. The trouble is that we don't know what those...
- Bernanke's Reappointment a No Brainer - August 26, 2009
- It would have been insane (not to be too subtle) for President Obama not to nominate Ben Bernanke to a second term as chairman of the Federal Reserve Board. The...
- Will U.S. Recovery Go Global? - August 17, 2009
- Before we get too giddy about any U.S. economic "recovery," we should remember that the preceding economic collapse was global. No recovery can succeed unless it, too,...
- California's Reckoning--And Ours - Newsweek - August 3, 2009
- Obama's Squandered Stimulus Plan - July 20, 2009
- It's not surprising that the much-ballyhooed "economic stimulus" hasn't done much stimulating. President Obama and his aides argue that it's too early to expect...
- The Consequences of Big Government - July 13, 2009
- The question that President Obama ought to be asking -- that we all should be asking -- is this: How big a government do we want? Without anyone much noticing, our...
- Why Economists Missed the Crisis - July 6, 2009
- Niall Ferguson is one of those rare characters: a respected scholar who's also a successful popularizer. Ferguson, a Brit, has taught at Oxford and New York University...
- 'Reforms' Won't Prevent Future Crises - June 29, 2009
- Since its earliest days, the United States has suffered periodic financial crises. The first dates to 1792. In the 19th century, bank panics occurred regularly. Then, of...
- The U.S. Can't Deliver On All Its Promises - June 22, 2009
- Raised in an individualistic culture, Americans dislike the concept of the "welfare state" and do not use the term. But make no mistake, the United States has a welfare...
- Deflation or Inflation? Or Both? - June 8, 2009
- The lesson for today: Psychology matters. What economists call "expectations" shape how workers, managers and investors behave. If they fear inflation, they act in ways...
- The Economic Crisis America Needs - May 25, 2009
- That the programs will ultimately go bankrupt is clear from the trustees' reports. On Pages 201 and 202 of the Medicare report, you will find the conclusive arithmetic:...
- Barack Obama's Risky Deficit Spending - May 18, 2009
- But wait: Even these totals may be understated. By various estimates, Obama's health plan might cost $1.2 trillion over a decade; Obama has budgeted only $635 billion....
- Addressing Overseas Tax Dodge Questions - May 11, 2009
- For most people, the multinational company is a troubling concept. Loyalty matters. We like to think that "our companies" serve the broad national interest rather than...
- Obama's Bias Against Oil and Gas - May 4, 2009
- None of these sources, of course, will quickly provide oil or natural gas. Projects can take 10 to 15 years. The OCS reserve estimates are just that. Oil and gas must...
- Selling the Green Economy - April 27, 2009
- Re-engineering the world energy system seems an almost impossible undertaking. Just consider America's energy needs in 2030, as estimated by the Energy Information...
- Our Great Depression Obsession - April 20, 2009
- Anyone who wants to know why should read this engrossing book. Ahamed, a professional money manager, attributes the Depression to two central causes: the misguided...
- Spend More, Get Less: Obama's Mirage - April 13, 2009
- What Obama proposes is a "post-material economy." He would de-emphasize the production of ever-more private goods and services, harnessing the economy to achieve broad...
- China Engages In Dollar Deception - April 6, 2009
- It may surprise Americans that, up to a point, his analysis is correct. The dollarized world economy developed huge instabilities -- vast trade imbalances (American...
- Uncle Sam's Massive Hedge Fund - March 30, 2009
- But succeed or fail, Geithner's plan illuminates a fascinating irony. "Leverage" -- borrowing -- helped create this mess. Now it's expected to get us out. How can this...
- American Capitalism Is Besieged - March 23, 2009
- Almost everything about Schumpeter's diagnosis rings true, with the glaring exception of his conclusion. American capitalism has flourished despite being subjected to...
- The Shadow of Depression - March 16, 2009
- What's more, the Depression changed our thinking and institutions. The human misery of economic turmoil has diminished. "American workers [in the 1930s] had painfully...
- Obama's Double Talk On the Budget - March 9, 2009
- With today's depressed economy, big deficits are unavoidable for some years. But let's assume that Obama wins reelection. By his last year, 2016, the economy presumably...
- Obama's Stunted Economic Stimulus - February 24, 2009
- His politics compromise the program's economics. Look at the numbers. The Congressional Budget Office (CBO) estimates that about $200 billion will be spent in 2011 or...
- If Banks Aren't Revived, Economy Will Stay Down - February 9, 2009
- Here's how the vicious circle works.With the economy weakening, more loans go into default. Distressed households and businesses can't meet payments. Diane Vazza of...
- Stimulus Offers Too Little Bang for Bucks - February 2, 2009
- But it may be mostly hype. For starters, $4.5 billion is a pittance. An industry study in 2004 -- surely outdated -- put the price tag of modernizing the grid at $165...
- We Are Dealing With 3 Crises In One - January 26, 2009
- Second: the financial crisis. Lower lending deprives the economy of the credit to finance businesses, homes and costly consumer purchases (cars, appliances). The deepest...
- Barack Obama's Great Economic Foreboding - January 19, 2009
- Precisely this specter explains why the word "depression" is so routinely deployed, even though we're a long way from the bread lines of the 1930s. But the Great...
- Lessons From the Great Inflation - Reason - December 19, 2008
- The Wealth Effect In Reverse - November 25, 2008
- This last occurred in 1979 and 1980, when inflation reached 13 percent and government seemed incapable of suppressing it. No one knew what might happen. By 1980,...
- Economic Stimulus For the Long Haul - October 29, 2008
- But if Congress and the White House do proceed, they should rise above self-indulgence. The great danger is that a new stimulus will become an excuse for politically...