The House Ways and Means Committee voted this week to add $310 billion to the U.S. deficit by making permanent six tax credits for businesses. To put their fiscal irresponsibility into context, $310 billion represents half of the entire federal deficit this year -- which is the lowest it has been since President Obama took office.
Some of us cry poverty, some of us boast wealth, but maybe neither of these are accurate -- we may simply be stuck in a bad theory repeating old ingrained behaviors.
We've had a spate of good news on the economic front recently. Does this mean that we are finally out of the fiscal woods? According to our most recen...
Very few taxpayers have ever heard of the Congressional Bed Mandate -- the quota that requires 34,000 undocumented immigrants be detained every single night -- but it's costing them five million dollars, each and every day.
I can try to adult-ify my apartment all I want, but one thing remains true--my finances need to be handled, and I'm the only one who can take control of them.
This has all the makings of a bubble and when it bursts, it will hobble students' ability to borrow for college. Reforms are needed, but there is very little political will and talk of bubbles never penetrates those inside the bubble.
Their growth rate dropped about three percentage points in 2013 from 2010 levels, with more than two thirds of countries seeing a decline -- Brazil, China, and India lead the pack.
In our recent annual review of Turkey's economy, regression analysis suggests that, barring a significant change in policies or the economic environment, the level of growth consistent with a stable current account is in the 2¾ to 3½ percent range. In other words, growth above this speed limit would lead to a wider current account deficit.
The global economy looks poised to display better growth performance in 2014. Leading indicators are pointing upward -- or at least to stability -- in major growth poles. However, for this to translate into reality policymakers will need to be nimble enough to calibrate responses to idiosyncratic challenges.
The good news is that the House, Senate, and president concur in the bi-partisan budget deal. The bad news is that you won't find a bill for $18,000 in your mailbox. That is bad news because the government needs that much from the average family every year to avoid going broke.
With further pressures likely to build over the period ahead -- as economic growth has slowed, commodity prices have softened, and external funding costs are bound to rise -- now is the right time to rethink fiscal policies across the region.
Now don't get me wrong: they're partially defusing a fiscal time-bomb they set themselves, so no one should mistake this for a great advance in bi-partisan fiscal policy.
Two weeks ago, the IMF organized a major research conference, in honor of Stanley Fischer, on lessons from the crisis. Here is my take.
It's time for the president to live up to the spirit of his campaign promises. He should voice his support for this bill and encourage both houses of Congress to attach it to their next major piece of budgetary or fiscal legislation.
Yesterday, at the farmers market in Santa Monica, Calif., I saw a young, beautiful mother shopping with her adorable 5-year-old daughter. The daughter reached into her purse, pulled out a $5 bill and paid the vendor for a basket of organic strawberries. There are so many great lessons here, almost too many to count.
Put very simply, Congressional gridlock is killing the American dream. It is being sacrificed on the altar of ideological purity and partisan sanctimony. We need to put the brakes on that approach or we will break apart.