Trump’s Perfect Storm that Could Sink the American Economy
Donald Trump has steered the American economy into a perfect storm. In the book, film, and now in real life, a rare combination of destructive forces comes together and magnifies the damage. This storm could break the U.S. economy. Trump’s tariffs are the most destructive force. Their first-order damages begin by arbitrarily driving up the prices of every product and… Continue reading
Mitt Romney is Just Not Ready to be President
For a candidate running for president on promises to reform taxes and entitlements, Mitt Romney provided evidence this week that he understands little about either taxes or federal transfer programs. Here is what he said: 47 percent of Americans are "dependent" on government transfers. They are the same 47 percent of Americans who pay no income taxes. And nothing he…Continue reading
Rewriting Economic History Against Obama
This op-ed written by Dr. Shapiro is reprinted from in the Washington Post on August 16, 2012 Two respected economic advisers to the Romney campaign launched a new line of criticism of President Obama's economic stewardship on this page this week "Obama's faulty math; his economic arguments contradict themselves," op-ed, Aug. 16]. The case offered by Kevin Hassett of the…Continue reading
The Eurozone Crisis is Back, and All of Us Are…
Once again, the Eurozone debt crisis threatens to suck the oxygen out of the global economy. Two years of austerity across most of Europe continues to produce the predicted effects: We learned this week that Europe\'s private sector keeps on contracting. Moreover, global investors began to bail again on Spain, driving interest rates on ten-year Spanish government bonds to an…Continue reading
The LIBOR Mess Could Be the Biggest Financial Fraud in…
If our financial policies were based on recent experience, the debate over government regulation versus self-regulation by Wall Street would be settled. Yet, the refrain that the big banks know best remains the default position of most American conservatives and many policymakers. This childlike faith will be tested by the new scandal swirling around some of the most basic interest…Continue reading
A New Economic Challenge Facing Europe and the United States
I spent much of last week in Geneva, Switzerland. Even in that city of global institutions, in the European country most untouched by the continents sovereign debt crisis, most conversations found their way to hand-wringing over Europes economic decline. As the Eurozone governments struggle to save their common currency, it is increasingly clear that the misguided austerity policies of many…Continue reading
How Much Credit Can Obama Claim on the Economy?
Presidents regularly get the credit or blame for developments beyond their control. Sometimes, they also get no credit or blame for the decisions they do take. Barack Obama fits both molds. A fresh example of the second pattern is the Presidents surprising semi-breakthrough on European debt, at this weeks G20 meeting in Los Cabos, Mexico. For months, President Obama and…Continue reading
An Economic Program for the Fall Campaign and the Next…
With the presidential election turning on the economy, the debate has focused on whats right or wrong with the current recovery, and whos responsible. They agree that growth is too slow and deficits are too high; and unsurprisingly, President Obama blames the GOP for both while Mr. Romney blames the President. The Presidents arguments are stronger, especially given Romneys risible…Continue reading
A Primer on the Eurozone Crisis and How It Could…
The economic viability of the Eurozone continues to slowly leech away. The latest iteration of the crisis originated again in Athens. Last week, voters there chose parties on the left and right that agreed on one thing: No more austerity, including measures already agreed to in exchange for another bailout this summer from the European Union (EU) and the International…Continue reading