An interesting study by The Century Foundation. I found it while perusing the NY Times op-eds...specifically, Bob Herbert. It seems that "Household debt and personal bankruptcies are reaching record highs despite low interest rates and rising real estate values."
posted by BlueTrain
on Aug 9, 2004 -
I.M.F. Report Says U.S. Deficits Threaten World Economy With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years--"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates. From The Brookings Institute: Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray (Full Report PDF)
posted by y2karl
on Jan 8, 2004 -
For Richer: the first in a New York Times series on class in the United States. Princeton economics professor Paul Krugman declares the death of the middle class, pointing out disparities between the rich and the poor, examining efforts to cover up class makeup with quantile data, and probing the transformation of corporate executive ethics and influence. Even Glenn Reynolds is taken to task for his Sweden-Mississippi per capita GDP comparison. Krugman's sources are on the slim side, but the question must be asked: Are we living in a new Gilded Age? And, if so, how can citizens and government work to change things?
posted by ed
on Oct 20, 2002 -
What do Greenspan, Enron and the number 11 all have in common?
Economist and NYT colimnist Paul Krugman notes with not too much irony that "Just one month ago the James A. Baker III Institute presented Alan Greenspan with its Enron Prize." (a big wince over regretable timing, and the emphasis is mine)
No big conspiracy here, but the general thrust of Krugman's column (NYT link) is that somethings got to give if things are to again get real (good). Lots of interesting under-reported economic factoids in the article make for enlightening reading.
posted by BentPenguin
on Dec 14, 2001 -