WASHINGTON — OK, the shutdown is over. But no one should be fooled into thinking that this settles the big questions facing the country. Even if (a big “if”) the immigration laws are overhauled and the nearly 700,000 “Dreamers” stay in the United States, at least three large issues remain that neither party has yet […]
Robert Samuelson
Posted inOp-Eds, sj-web
China and the global race for knowledge
WASHINGTON — The National Science Foundation and the National Science Board have just released their biennial “Science & Engineering Indicators,” a voluminous document describing the state of American technology. There are facts and figures on research and development, innovation and engineers. But the report’s main conclusion lies elsewhere: China has become — or is on […]
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Posted inOp-Eds, sj-web
Stock market surge favors upper class
WASHINGTON — Call them the new millionaires. Once upon a time — certainly within living memory — becoming a millionaire was a big deal. It was a badge of economic distinction, enjoyed by a tiny elite. No more. By 2016, slightly more than 9 million U.S. households had a net worth of $1 million or […]
Posted inOp-Eds, sj-web
Does the Fed need a new playbook?
WASHINGTON — The record of economists, including those at the Federal Reserve, over the past half century has been discouraging. The two greatest blunders are well-known: policies that fed double-digit inflation in the 1970s, reaching a peak of 13.5 percent in 1980; and the more recent failure to prevent the 2008-09 financial crisis and Great […]
Posted inOp-Eds, sj-web
Compromise — the real measure of politicians
WASHINGTON — I repeat myself. For years, I have advocated a wall along our Southern border, which would (I believe) discourage illegal immigration without stopping it altogether. But let’s face it: Whatever the virtues or vices of a wall, it has largely become a political symbol. President Trump and Republicans love it; Democrats and immigration […]
Posted inOp-Eds, sj-web
Will standard 2018 economic forcast be derailed?
WASHINGTON — For President Trump, a lot is riding on the economy in 2018. If it continues to do well, it should bolster his popularity and his claim that he understands it better than his critics. But if it slows or drops into a recession, it would weaken that claim — perhaps his strongest selling […]
Posted inOp-Eds, sj-web
People must deal with all aspects of progress
WASHINGTON — As we begin a new year, it is worth reflecting on the paradoxical and frustrating nature of progress. Progress is often disappointing, because even when it indisputably occurs (as it often does), it spawns new problems or reveals that old problems were underestimated in their complexity or inertia. Gains are forgotten and taken […]
Posted inOp-Eds, sj-web
New tax plan is a $1.5 trillion bribe
WASHINGTON — What I most dislike about the Trump/Republican tax plan is the shameless cynicism with which it has been peddled. Recall how it works: The government borrows $1.5 trillion over a decade and instantly uses that money to cut taxes for major constituencies — workers, families, small businesses and big companies. The handouts aim […]
Posted inOp-Eds, sj-web
Yellen’s leadership spurred economy
WASHINGTON — One of Washington’s permanent parlor games is how much credit or blame a president deserves for the state of the economy. Inevitably, then, the question being asked now is whether Donald Trump or Barack Obama created today’s strong economy. The correct answer is: neither. To the extent that personal responsibility can be assigned, […]
Posted inOp-Eds, sj-web
The true tax gap may go as high as $12 trillion
WASHINGTON — When historians examine President Trump’s tax program, they will surely be struck by a large and momentous contradiction. Although the nation faces endless budget deficits — and although the president purports to speak about the future — his tax program does little or nothing to curb long-term deficits and, arguably, might make them […]