WASHINGTON — It’s been called the “exorbitant privilege”; it might also be termed “the indestructible curse.” Americans are proud of the fact that the dollar — their money — is also the world’s dominant international currency. But this very same global role also helps explain some of Americans’ major complaints about the world economy: why […]
Robert Samuelson
Posted inOp-Eds
Robert Samuelson: Trade pact has political significance
WASHINGTON — The trouble with our trade debates is that people assume that they’re only about economics. Since World War II, U.S. trade policy has also been a pillar of U.S. foreign policy. In the early postwar decades, America encouraged trade with Europe and Japan — allowing more of their exports into the United States […]
advertisement
Posted inOp-Eds
Robert Samuelson: China goes on a science tear
WASHINGTON — No country can be a global power without an engineering and scientific base. It’s necessary to run modern factories, develop new products, analyze and deal with complex social problems — pollution, food safety, sickness and disease — and (if the country chooses) to build and project military might. China’s rise to power once […]
Posted inOp-Eds
Robert Samuelson: Estate tax plays against GOP
WASHINGTON — Maybe congressional Republicans really are nuts, suicidal or both. The latest evidence is House approval of legislation abolishing the estate tax, sometimes called the “death tax.” The chances of this soon becoming law are slim, because even if it passes the Senate, congressional Republicans probably won’t be able to override President Obama’s promised […]
Posted inOp-Eds
Robert Samuelson: Debate needed over generational justice
WASHINGTON — If New Jersey Gov. Chris Christie has his way, the unfolding presidential campaign will focus on generational fairness. It will seek to curb spending on the elderly — mainly Social Security and Medicare — without putting the elderly at risk. This debate would be good for the country, but whether the country can […]
Posted inOp-Eds
Robert Samuelson: Economists reduce economic growth forecasts
WASHINGTON — On any given day, you can expect news of major corporate mergers. Last week, we had decisions from FedEx to buy the Dutch delivery company TNT for $4.8 billion and from Royal Dutch Shell to acquire the BG Group, a British natural gas company, for $70 billion. Mergers and acquisitions have become a […]
Posted inOp-Eds
Robert Samuelson: Lack of business investment slows recovery
WASHINGTON — One of the great disappointments of the weak economic recovery has been the sluggish revival of business investment — spending on new buildings, factories, equipment and intellectual property (mainly research and development, and software). For the United States, this spending in 2014 was about 9 percent above its 2007 record high. Sounds good? […]
Posted inOp-Eds
Robert Samuelson: Bailout is something that worked
WASHINGTON — Every so often, we ought to celebrate our victories. The auto bailout is a case in point. Six years ago, it was wildly controversial, with the fate of General Motors and Chrysler hanging in the balance. Now, it’s clear that the bailout was a solid success. The revitalized auto industry has been a […]
Posted inOp-Eds
Robert Samuelson: Both parties guilty of budget posturing
WASHINGTON — When it comes to the federal budget, what consistently unites Democrats and Republicans is their common capacity to lie to themselves, lie to the public and postpone any serious discussion of the central issues of government spending and taxes. I use the word “lie” reluctantly because it is an unforgiving moral marker. Still, […]
Posted inOp-Eds
Robert Samuelson: After recession, businesses reluctant to expand
WASHINGTON — The latest rap against big corporations is that they’re returning too much money to shareholders through dividends and stock repurchases. What they should be doing, the complaint goes, is using that money to build new factories, create new products and increase research. Their stinginess, the argument continues, is one reason for the lackluster […]