WASHINGTON — One lesson of the midterm elections is that economic growth is losing its power to unite the country and to reduce explosive conflicts over race, religion, ethnicity, immigrant status and sexuality. This is unfamiliar. Economic progress has been a routine part of our election narratives. The presumption is that a strong economy favors […]
U.S. economy
Posted inOp-Eds, sj-web
An economic boom is a terrible thing to waste
President Donald Trump is showing that it’s possible to preside over a period of peace and prosperity and still be notably unpopular. Over the past several months, Trump has opened even more of a wedge between the largely benign material conditions in the country and his own political standing, which is precarious and appears to […]
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Posted inOp-Eds, sj-web
There is a hidden threat to the U.S. economy
WASHINGTON — Here’s today’s quiz: What poses the greatest threat to America’s economy? (a) federal budget deficits; (b) China; (c) trade deficits; (d) ineffective schools; (e) the internet; (f) none of the above. The correct answer is (e), the internet — the technological wonder of the age. True, all the other threats are real. Runaway […]
Posted inOp-Eds, sj-web
Will inflation come back to haunt U.S.?
WASHINGTON — Anyone looking for good economic news will be disappointed by the latest inflation report, which showed the Consumer Price Index (CPI) advancing by 0.5 percent in January. By itself, this isn’t especially alarming — prices jump around month to month — but it has troubling implications for the future. To some economists, it […]
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 […]
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Don’t downsize the U.S. government
By Albert Hunt Bloomberg View The Republican vow to significantly reduce the size of government is a pipe dream, Larry Summers says, because of not liberal policy aspirations but structural economic realities. At a lunch on Wednesday, Summers, a former Treasury secretary and a leading Democratic economic-policy thinker, explained the substantive as well as political […]
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Economy’s mixed signals confusing
WASHINGTON — Call it the Snooze Economy. Roughly two months before the presidential election, the economy has turned both boring and mystifying. It hardly impresses anyone, and yet this plodding performance is probably helping Hillary Clinton by minimizing bad economic news. More important: The lackluster expansion, if continued for a few more years, would represent […]
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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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Economy caught in a vicious circle of fear
WASHINGTON — The American economy continues to stumble. It’s creating jobs at a goodly clip, but other aspects of growth are less impressive. Business investment has been lackluster. The housing recovery is improving but remains short of where many economists thought it would be. Consumer spending, representing slightly more than two-thirds of total spending, has […]