WASHINGTON — We Americans have long been obsessed with economic growth — “prosperity” in everyday lingo. The idea that we have some sort of special aptitude for invention, wealth creation and economic self-improvement is part of our imagined national character. It’s who we are. Not only that, but prosperity plays a crucial political role. It […]
Robert Samuelson
Posted inOp-Eds, sj-web
Work requirement for welfare proposed
WASHINGTON — The Trump administration may have declared it over, but a new War on Poverty is coming anyways. It will be fought largely over the “work requirement” — should the government require welfare recipients either to get a job or to train for one? It’s a philosophical as much as a practical question. A […]
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Posted inOp-Eds, sj-web
The $247 trillion global debt bomb
WASHINGTON — The untold story of the world economy — so far at least — is the potentially explosive interaction between the spreading trade war and the overhang of global debt, estimated at a staggering $247 trillion. That’s “trillion” with a “t.” The numbers are so large as to be almost incomprehensible. Households, businesses and […]
Posted inOp-Eds, sj-web
Why aren't wages rising?
WASHINGTON — It’s a mystery. The U.S. economy seems strong. Since the nadir of the Great Recession, employers have added about 19 million workers. The unemployment rate is 4 percent, near the lowest level since 2000. By standard economic theory, the strong demand for labor should be pushing up wages. But that isn’t happening. Wage […]
Posted inOpinion, sj-web
Neo-isolationalism won't work
WASHINGTON — On this July Fourth, America has taken a turn for the worst. The great delusion of Donald Trump’s presidency is that we can thrive by embracing nationalism even though major economic and political events are increasingly driven by international forces. Trump is an isolationist in an era of globalism. It won’t work. Keep […]
Posted inOp-Eds, sj-web
The return of Smoot-Hawley?
WASHINGTON — The ghost of Smoot-Hawley seems to haunt President Trump. You will recall that Smoot-Hawley was the sweeping tariff legislation that Congress passed and President Hoover signed in mid-1930. Most economists have exonerated the legislation as a major cause of the Great Depression, but it certainly didn’t help. It contributed to the deep economic […]
Posted inOp-Eds, sj-web
U.S. needs help to win the trade war
WASHINGTON — If we are to have a “trade war” with China, it would be best to win it. We should be better off after the fighting. Unfortunately, the chances of this happening seem slim to none, because President Trump’s plan of attack suggests that everyone — us and them — will lose. Interestingly, there’s […]
Posted inOp-Eds, sj-web
If this isn't a 'trade war,' what is it?
WASHINGTON — The escalating trade war between the United States and China poses crucial, though unanswerable, questions: Is this the beginning of the end of the post-World War II international trading system or will the present arrangements survive, as they have for 70 years? Almost certainly, historians will judge favorably the postwar expansion of trade […]
Posted inOp-Eds, sj-web
Who will fill the global power vacuum?
WASHINGTON — The commentariat is bursting with speeches, diatribes, essays, analyses, stories and tweets about the impending collapse of the post-World War II international order. This threatens global peace and prosperity, even if we’re not entirely sure how the threat might actually materialize. When we say “the post-World War II international order,” we mean a […]
Posted inOp-Eds, sj-web
Social contract between generations needs updating
WASHINGTON — The trustees for Social Security and Medicare issued their annual reports last week. This is cause for discouragement because it reminds us how much we’ve mortgaged the country’s future to spending for older Americans. Already, Social Security and Medicare constituted 42 percent of federal spending in 2017, say the trustees. If they had […]