Gordon Brown's Financial Shock and Awe
November 10, 2009
There are two broad views on our newly resurgent global bubbles--the increase in asset prices in emerging markets, fuelled by capital inflows, with all the associated bells and whistles (including dollar depreciation). These run-ups in stock market values and real estate prices are either benign or the beginnings of a major new malignancy. The benign view, implicit in Secretary Geithner’s position at the G20 meeting last weekend, is most clearly articulated by Frederic (Ric) Mishkin, former member of the Fed’s Board of Governors and author of "The Next Great Globalization: How Disadvantaged N
The House Public Plan: Yes, It's Worth It
November 05, 2009
Jacob S. Hacker is the Stanley B. Resor Professor of Political Science at Yale University, author of The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream, and an occasional contributor to The Treatment. Diane Archer is the director of the Health Care Project at the Institute for America's Future and the founder and past president of the Medicare Rights Center. How short memories are in Washington.
Feds Pony Up Toward Great Lakes Water ‘Magic’
November 04, 2009
If your image of Milwaukee is largely derived from Laverne and Shirley re-runs, think again.
Unending Stimulus, or Temporary Stimulus Followed by Restraint?
November 03, 2009
While Congress slogs through the final months of the health reform debate, the American people remain focused on the economy. With good reason: We’re in a very deep hole, and it’s not clear how we’re going to get out. As Christina Romer, chair of the president’s Council of Economic Advisors, pointed out in her recent testimony before the Joint Economic Committee, “The shocks that hit the U.S. economy last fall were, by almost any measure, larger than those that precipitated the Great Depression.” And despite unprecedented government action, the labor market has reflected these shocks.
Where Is the Economic Recovery?
October 30, 2009
After four quarters of decline, GDP finally grew, and at a pace--3.5 percent annually--not seen since the summer of 2007. As my colleagues Alan Berube and Bill Galston point out, and as I argued last month, signs of economic growth don’t necessarily mean a rapid recovery, a sustained recovery, or even a recovery that feels meaningful to the vast majority of Americans. But that’s not the horse I want to ride today.
October 26, 2009
California is a mess, but I love it all the same--especially the Bay Area, where I lived for 15 years. I went to Berkeley in 1962--a refugee from Amherst College, which at that time was dominated by frat boys with high SAT scores. I didn't go to Berkeley to go to school, but to be a bus ride away from North Beach and the Jazz Workshop. In a broader sense, I went to California for the same reason that other émigrés had been going since the 1840s. I was knocking on the Golden Door. Immigrants from Europe had come to America seeking happiness and a break with their unhappy pasts.
October 22, 2009
Jacob S. Hacker is the Stanley B. Resor Professor of Political Science at Yale University. An expert on the politics of U.S. health and social policy, he is author, coauthor, or editor of numerous books and articles, both scholarly and popular, including The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream (2006; paperback, January 2008) and Health At Risk: America’s Ailing Health System and How to Heal It (2008). As closed-door discussions continue in the Senate, the idea of triggering the public health insurance option is once again on the table.
Coping with the Auto Industry's Problems: It’s Not Just Michigan
October 16, 2009
Last week’s Conference on Automotive Communities and Workforce Adjustment, sponsored by the Federal Reserve Bank of Chicago and held at the bank’s Detroit branch, understandably focused a lot on Detroit and southeastern Michigan.
Examining Immigration's Pause
September 30, 2009
For the past decade or so, every time the US Census Bureau released new data, headlines would blare “Immigration Up in the US.” More recent headlines have been hopeful: “Immigration offers Cleveland a chance to import the future.” Others wistful: “Current waves of immigrants offer hope for St. Louis' future.” But mostly, they just repeatedly announced that immigrants were still coming to the United States in large numbers.
Is Immigration Down in the U.S.?
September 22, 2009
Today’s release of data from the 2008 American Community Survey offers demographic data-hounds their first detailed glimpse of the effects that the Great Recession is having on America’s population (no income and poverty numbers yet, however). By far the most reported finding was an apparent drop in the number of immigrants in the United States. This hit the headlines in the Washington Post, the Wall Street Journal, USA Today, and the Chicago Tribune, among others.