WASHINGTON — What we are seeing in the continuing march of Donald Trump toward the Republican presidential nomination is the power and significance of political entrepreneurship. If you want to become president (or senator or House member), you don’t need the permission of either party. You just announce, comply with the legal requirements for filing […]
Robert Samuelson
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The U.S. in 1915 compared to 2015
WASHINGTON — By 1915, the United States was the world’s richest nation — and yet, most Americans were dirt poor by today’s standards. Adjusted for inflation, men’s average wages were about a third of what full-time workers now earn. The average work week in manufacturing hovered around 50 hours, and many employees worked a half […]
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CEA report offers new theory on inequality
WASHINGTON — Thumbing through the annual report of the White House’s Council of Economic Advisers (CEA) is always an education. This year’s 430-page edition is no exception, but the most fascinating discussion concerns economic inequality — a hot topic in the presidential campaign. To remind: The figures are stunning. From 1975 to 2014, the share […]
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Economist rationalizes deficit spending
WASHINGTON — Say it ain’t so, Doug. From 2009 to early 2015, Douglas Elmendorf was the widely respected director of the Congressional Budget Office, where he repeatedly warned lawmakers that chronic deficits are unsustainable, pose long-term dangers — and that shrinking them sooner rather than later would make the task easier. Now, economist Elmendorf, who […]
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Conflicting opinions about recession remain
WASHINGTON — It’s economists versus the stock market. Economists generally don’t forecast a recession anytime soon. The stock market does — or at least that’s one plausible interpretation of its recent roller-coaster behavior. Who’s right? We’ll know in a few months. Meanwhile, the dispute highlights the incomplete nature of the present recovery, which has lasted […]
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Emerging-market countries affecting global economies
WASHINGTON — You cannot understand the vulnerable state of the U.S. and global economies — and nervous stock markets — without coming to grips with the crash of “emerging-market” countries. Led by China, these are middle-income countries that, along with the poorest countries, account for 85 percent of the world’s population and 60 percent of […]
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False charms of Sanders’ single-payer
WASHINGTON — Could Bernie Sanders’ “Medicare for all” proposal — national health insurance — be as good as he says? It’s doubtful. No one claims that today’s system is ideal. It’s complex, confusing, costly and incomplete. Even after the Affordable Care Act, about 30 million people remain uninsured. To hear Sanders tell it, his single-payer […]
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U.S. economy: Is it failing or doing just fine?
WASHINGTON — In 1992, James Carville popularized the adage “It’s the economy, stupid.” If the economy is ailing, people tend to vote against the party in the White House. That happened in the 1992 election. A recession that started in 1990 was officially over, but it didn’t seem over to millions of Americans. They sent […]
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Deficits? Who cares about deficits?
WASHINGTON — Just how far have budget deficits drifted off the radar screen of presidential politics? Here’s one indicator: Last week, the nonpartisan Congressional Budget Office (CBO) issued its annual “Budget and Economic Outlook” report — a detailed examination of White House and congressional policies — and hardly anyone paid heed. The inattention is striking […]
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Economy looking better for blacks
WASHINGTON — Here’s some good — and generally overlooked — news about the U.S. economy: Among major ethnic and racial groups, African-Americans scored the biggest job advances in 2015. This conclusion comes from the Economic Policy Institute (EPI), a left-leaning think tank and advocacy group. It reports that black Americans made “notable employment gains … […]