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  1. Economists: Spending Cuts Ill-Timed (MSNBC)
      "The nation’s political leaders agreed on Sunday to spend and invest less money in the American economy, a step that economists said risks the reversal of a faltering recovery, in the hope of improving the nation’s long-term prosperity." 07-11

  2. Five Economists Judge the U.S. Debt Deal (Time.com)
      Mohamed El-Erian said "Unlike Greece and other peripheral European economies, America does not have an immediate debt and deficit problem. Yes the budget deficit is high, but there is ample funding available to the US Treasury at extremely low interest rates."

      "At the very last minute, this self-manufactured crisis was addressed through a messy compromise that has only a limited impact on the medium-term fiscal outlook. In the process, however, politicians have put at risk America's valuable AAA rating and inflicted damage on the American and global economy."

      Simon Johnson said "The net effect of our debt ceiling debate is now clear — there will be large spending cuts, starting soon. Such an approach could make sense for some other economy or for the United States at another time. Unfortunately, the timing now could not be worse."

      Alex Taborrok said "instead of a balanced budget amendment I propose a better idea might be an unbalanced budget amendment. Like now, an unbalance budget amendment (unBBA) would allow the government to run a deficit during a recession. But unlike now, the unbalanced budget amendment would require the government to run a budget surplus in good times. So although unBBA allows for deficit spending on things like unemployment and food stamps during a recession, it would have similar effects to a balanced budget amendment over time because surpluses in good times would be spent in bad times. The surpluses, however, would come when we can most afford them, during a boom and the deficits would come when we most need them, during a recession." 08-11

  3. Alternative Proposals for Economic Stimulus (CNN - Jackson)
      Five key proposals to stimulate the economy include the following:

      1. "Speed up tax cuts. The idea is to move up to 2003 some of the federal income tax cuts already on the books, possibly the across-the-board rate cut now set for 2004...." "But it would benefit upper-income taxpayers most. Taxpayers making $1 million a year would get an average reduction of $19,557" while "taxpayers making between $30,000 and $40,000 a year would get only $146."

      2. "Cut taxes on dividends." "Making corporate dividends tax-free to individuals would pump billions into the economy, and also make it easier for corporations to raise funds to invest and create jobs in the future, experts say." "Taxpayers making $1 million or more would get $27,097, while those making $30,000 to $40,000 would get $42."

      3. "Extend unemployment insurance benefits. At the end of December, the struggling economy suffered another setback when almost 800,000 people lost the extended unemployment insurance benefits that Congress had provided as a counter-recession measure." "Renewing those benefits would be -- dollar for dollar -- an even more effective stimulus measure than tax cuts, according to many economists. The reason is that jobless workers tend to spend every dollar of their benefits."

      4. "Payroll tax cut. "As an alternative to speeding up cuts for upper-income taxpayers, some have proposed a cut in payroll taxes, which are paid by every worker starting on the first dollar earned. A temporary payroll tax cut could provide a big economic stimulus: just exempting workers from payroll taxes on the first $10,000 of income for one year could pump $100 billion into the economy. For taxpayers making $1 million it would produce a cut of $1,137, while for those making between $30,000 and $40,000 a year it would bring a cut of $788."

      5. "Fiscal aid to states. A fiscal crisis at the state level is threatening to drag the economy down." "Economists estimate the combined budget gap of all the states as high as $70 billion. The National Governors Association calls it the worst fiscal crunch since World War II." "Some states are laying off workers, adding to unemployment. Some are raising taxes, partially offsetting the economic benefit of cuts in federal taxes." In summary, the first and second proposals will mainly help the wealthy. The third proposal will mainly help the poor. The fourth proposal will help wealthy, middle-class, and poor in almost equal amounts. The fourth proposal, a payroll tax cut, will also be a strong stimulus to the economy. 1-03

  4. 09-05-03 Payrolls Plunge but Unemployment Rate Edges Down (USAToday.com)
      "The number of workers on U.S. payrolls outside the farm sector slid 93,000 in August after dropping 49,000 in July. Economists had epxected a modest increase."

      "But according to a broader survey of U.S. households, the overall unemployment rate fell from a seasonally adjusted 6.2 percent to 6.1 percent of the labor force."

      "Labor Department analysts believe the survey of businesses provides a more reliable picture of the jobs market than the household survey." 9-03

  5. Budget Deficit and the Aging Population (USA Today)
      "When deficits started taking off 20 years ago, the retirement of the baby boom generation was just a distant worry. Now, as the nation faces years of red ink, including at least a $400 billion shortfall in 2003 alone, the graying population is a fast-approaching reality that will put unprecedented strains on Medicare, Social Security and the economy starting around 2010."

      "While recent advances in productivity are expected to help the nation cope with the bulge in retirees, the reduced workforce, possible slowing of immigration and huge new fiscal burdens mean that, unlike the 1990s, the nation could have a tougher time growing out of new budget problems, economists say."

      "At the same time, by locking in years of deficits, lawmakers and the White House are reducing national savings and putting upward pressure on interest rates. That could limit their flexibility to increase taxes, issue bonds or take other steps to reform the massive health and retirement programs — while forcing deeper benefit cuts." 2-04

  6. 07-02-04 More Jobs, Less Joy (CBS News)
      "Employers hired less help in June than economists anticipated — adding 112,000 new payroll jobs — and the unemployment rate remained unchanged at 5.6 percent for a third straight month."

      "Payrolls in April and May also were revised down slightly from the big gains previously reported by the Bureau of Labor Statistics." 7-04

  7. GAO: Americans owe $43 Trillion in Debt (MSNBC News)
      "Meanwhile on Thursday Federal Reserve chairman Alan Greenspan praised the virtues of a consumption tax, which economists such as Laurence Kotlikoff have argued would be one equitable way to help pay the staggering cost of unfunded liabilities for Medicare, Medicaid, and Social Security."

      "According to the General Accountability Office, the government’s fiscal watchdog, the federal government’s net liabilities, unfunded commitments, and other obligations now amount to more than $43 trillion, or about $350,000 for every full-time worker." 3-05

  8. Hubbert's Peak for Oil Production (Princeton.edu - Deffeyes)
      "In 1956, M. King Hubbert predicted that U.S. oil production would peak in the early 1970's. Although Hubbert was widely criticized by some oil experts and economists, in 1971 Hubbert's prediction came true. The 100 year period when most of the world's oil is being discovered became known as 'Hubbert's Peak'. The peak stands in contrast to the hundreds of millions of years the oil deposits took to form. Hubbert's methods predict a peak in world oil production less than five years away." Kenneth S. Deffeyes is author of "Beyond Oil : The View from Hubbert's Peak." 02-06

  9. -06-11-06 Reasons to Worry About the U.S. Economy (New York Times)
      "In short, the federal government seems to have much larger unfinanced liabilities than official data imply. If you compare the present value of all projected future government expenditures, including debt-service payments, with the present value of all projected future government receipts, the gap is about $66 trillion, according to calculations by the economists Jagadeesh Gokhale and Kent Smetters. That's almost eight times the size of the official gross federal debt." 06-06

  10. Experts: Seafood Could Collapse by 2050 (MSNBC News)
      "If current trends of overfishing and pollution continue, by 2050 the populations of just about all seafood face collapse, defined as 90 percent depletion, a team of ecologists and economists warns in a study published in Friday’s issue of the journal Science." 10-06

  11. 01-03-07 For Longevity, Other Factors Pale in Comparison to "Education" (New York Times)
      "The one social factor that researchers agree is consistently linked to longer lives in every country where it has been studied is education. It is more important than race; it obliterates any effects of income."

      "And, health economists say, those factors that are popularly believed to be crucial — money and health insurance, for example, pale in comparison." 01-07

  12. A Theory of Affluence (New York Times)
      "For thousands of years, most people on earth lived in abject poverty, first as hunters and gatherers, then as peasants or laborers. But with the Industrial Revolution, some societies traded this ancient poverty for amazing affluence."

      "Historians and economists have long struggled to understand how this transition occurred and why it took place only in some countries. A scholar who has spent the last 20 years scanning medieval English archives has now emerged with startling answers for both questions."

  13. How the Falling Dollar Affects Americans (Christian Science Monitor)
      "US consumers' standard of living may drop as they pay more for foreign goods, but demand for American labor will rise, say economists." 09-07

  14. Green Investment to Create Jobs (AmericanProgress.org)
      "Today, the Center for American Progress releases a new report by Dr. Robert Pollin and University of Massachusetts Political Economy Research Institute economists. This report demonstrates how a new Green Recovery program that spends $100 billion over two years would create 2 million new jobs, with a significant proportion in the struggling construction and manufacturing sectors. It is clear from this research that a strategy to invest in the greening of our economy will create more jobs, and better jobs, compared to continuing to pursue a path of inaction marked by rising dependence on energy imports alongside billowing pollution." 10-08

  15. What to Expect From the Economic Crisis (Time.com)
      "The pain will soon come to Main Street — in Beijing and Brussels as much as in Boise. Economists are already outlining the downward spiral that they predict will follow. Banks will cut back on their lending to households and businesses. Mortgages and car loans will become harder to get. That in turn will stifle consumer spending and crimp investment in companies, leading to production cuts and job losses. Judging by previous crises, it can take about 18 months to two years for a financial squeeze to spread to the rest of the economy, which means that 2009 is shaping up to be a bleak year everywhere."

      "If the global financial meltdown can be traced to an American export — the subprime mess — the U.S. will import the consequences. As the go-go economies of China and India hit the brakes, so too will demand for American goods and services." 10-08

  16. -01-06-09 Editorial: Obama Really Could Turn the Economy Around (U.S. News)
      "About 70% of Americans say they are optimistic that the Obama administration will be able to spur growth. Economists say confidence is a key element, especially as it relates to consumers. That's a big plus if Obama can deliver quickly enough to keep the momentum." 01-09

  17. -01-30-09 Economy Shrinking Fast (New York Times)
      "The economy shrank at an accelerating pace late last year, the government reported on Friday, adding to the urgency of a stimulus package capable of bringing the country back from a recession that appears to be deepening."

      "The actual decline in the gross domestic product — at a 3.8 percent annual rate — fell short of the 5 to 6 percent that most economists had expected for the fourth quarter. But that was because consumption collapsed so quickly that goods piled up in inventory, unsold but counted as part of the nation’s output."

      "'The drop in spending was so fast, so rapid, that production could not be cut fast enough,' said Nigel Gault, chief domestic economist at IHS Global Insight. 'That is happening now, and the contraction in the current quarter, as a result, will probably exceed 5 percent.' " 01-09

  18. -03-22-09 Treasury Plans to Buy $1 Trillion in Bad Bank Assets (CNN News)
      "Stocks surged Monday, recharging the rally, after Treasury's plan to buy up billions in bad bank assets and a better-than-expected existing home sales report raised hopes that the economy is stabilizing."

      "The government plans to run auctions between the banks looking to unload the bad assets - such as subprime mortgages - and the investors looking to buy them. The Federal Reserve and the Federal Deposit Insurance Corp. will be involved."

      "Economists have said that stabilizing the banking system is key to stabilizing the economy." 03-09

  19. -Editorial: Obama's Style a Challenge for Europe (Christian Science Monitor)
      "Ahead of his visit, in inconclusive meetings in Brussels, there was uncertainty and bickering. What's causing stress in the European Union is not US badgering and unilateralism, but the Obama dynamic of moving toward agreement, concensus, and multilateralism, say some economists and political scientists."

      " 'President Bush was an extraordinary catalyst for Europe, a bogeyman. Even people with diverging views on economic and foreign policy were united against the US policy,' says Karim Bitar, a Paris consultant and scholar at the Institute for International and Strategic Relations. 'But now the US can no longer be accused of all the world's ills. The truth is, Europeans now think more about America than about Europe. There is no European consensus on the most basic questions of our future, what we should be. Under Bush, we could evade them. Not now.' " 04-09

  20. -Taxing the Wealthy (Christian Science Monitor)
      "In the history of taxation, the wealthy have always paid a higher rate. But rates have swung wildly over time. Economists studying past rate changes have had trouble identifying clear effects."

      "Perhaps the best analog to Obama's plan is the 1993 tax hike under President Clinton. Congress raised rates to the same levels Obama is proposing for Americans making at least $250,000 a year. An economic boom followed Mr. Clinton's move."

      "That doesn't mean, however, that the two were necessarily related, says Joel Slemrod, an economist at the University of Michigan and the former editor of the National Tax Journal."

      " '[Obama's] proposal is to move back to top rates [that] the country had not that long ago, and it's hard to find evidence that they had a noticeable deleterious effect on the economy,' Professor Slemrod says. 'Having those tax rates then and knowing the economy did well doesn't prove what the role of tax rates was. It could be true that performance would have been even better without them.' " 04-09

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